The Department of Treasury has announced that it is providing an "offer in compromise" program beginning Jan. 1, 2015. The program allows for a taxpayer to submit an offer to lower the amount of a tax liability for less than the full amount due. A tax liability includes the tax and any related interest and penalty.
During the holiday season, a time for gifts and celebrations, it is important to remember the true meaning of this special time; generosity and kindness. UHY Cares Michigan, a nonprofit 501c3 organization founded by accounting firm UHY LLP, partnered with Angels of Hope Family Cancer Foundation and Volunteers of America to give a merry Christmas to some families who otherwise would not have had one. Cares sponsored 18 local families for the holidays and raised nearly $20,000 through employee raffles, jean days, bake sales, luncheons and partner matches. Over 30 volunteers from UHY’s Farmington Hills and Sterling Heights locations joined forces to shop, wrap and deliver gifts and holiday cheer to 85 people from the metro Detroit area.
The Department of Treasury has notified taxpayers in a recent letter about the new online method for filing sales, use and withholding taxes. For those who may not have received the notification, beginning in January 2015, all sales, use and withholding taxpayers will be required to register online in order to e-file returns and electronically pay taxes.
Over the holiday weekend, UHY LLP sponsored the Distinguished Clown Corps float in the 88th America’s Thanksgiving Parade. The Parade is Detroit’s grandest and most anticipated civic event, the second largest Thanksgiving parade and the third largest parade in the country overall. First televised in 1948, The Parade is now broadcast nationally to more than 65 million viewers.
Macomb, Oakland and Wayne counties have been declared as federal disaster areas due to the damage caused by the severe storms and flooding in August. The declaration permits the IRS to postpone certain deadlines for affected taxpayers of the covered disaster areas.
The Small Business Exemption was passed by the legislature in early 2014, exempting small business from Michigan personal property tax. The taxpayer must have less than $80,000 of true cash value for all business property in a particular taxing jurisdiction and file an affidavit claiming such exemption with the assessor no later than February 10 of each tax year.
The Michigan Legislature has passed Public Act 282 of 2014 that retroactively repeals the Multistate Tax Compact (MTC) and makes changes to the Michigan Business Tax (MBT). More so, the legislation negates the effect of Michigan's Supreme Court's recent ruling in the IBM case (International Business Machines v. Michigan Dept. of Treasury ("IBM") and the potential refund claims resulting from the court decision.
UHY LLP, a leading national CPA firm with over 300 employees in Oakland and Macomb counties, is opening its third Michigan office in the heart of downtown Detroit’s financial district. UHY’s first Wayne County office will be open for business on the sixth floor of the Chrysler House (previously known as the Dime Building) sometime in November. The 23-story historic skyscraper is located at Griswold and Fort streets near Campus Martius Park.
UHY Advisors MI, Inc. has been voted by the Michigan Business & Professional Association (MPBA) as one of 2014’s best and brightest companies to work for in Metropolitan Detroit for the eleventh year in a row! Only companies that distinguish themselves as having the most innovative and thoughtful human resources approach can be bestowed this honor.
Due to the recent flooding in southeast Michigan, many businesses and individuals may be facing the loss or destruction of tax records. In the event of an IRS examination, the burden is on the taxpayer to prove any deductions claimed
The Michigan Supreme Court has made the determination that a purchaser of tangible goods in Michigan is liable for use tax when the taxpayer was unable to prove during an audit that sales tax was paid on the purchases.
If a taxpayer has a tax liability they can't pay or if paying a tax liability would create a financial hardship, the Internal Revenue Service (IRS) and most states have programs that allow taxpayers to settle their tax debt for less that the full amount owed.
Part of the dissension in this great country revolves around who is financing our government spending, coupled with the redistribution of wealth theory.
The financially stressed city of Flint may soon be facing the prospect of being the second major city in Michigan to file for Chapter 9 municipal bankruptcy protection. A retiree lawsuit recently filed to stop the city from enacting proposed health care benefit cuts may push the city into insolvency.
UHY LLP, a certified public accounting firm, operates its charitable giving activities through UHY Cares, an independent nonprofit 501c3 organization. Cares, which was incorporated over five years ago, was an idea inspired by employees and is volunteer based. Through UHY Cares, employees are able to give back to the community, including helping individuals going through personal emergencies or hardships. UHY Cares Michigan has provided assistance to over 150 local charities and families and continues to grow this list every year.
Local municipal governments in Michigan hurt deeply during the recent recession find their revenues lagging former collection levels. The major source of income for most municipalities is property tax revenue which has dropped approximately 32% since 2007. In addition, a significant decline in state revenue sharing has stretched most local governments to the breaking point as they continue to strive to provide necessary services to the public.
Effective the first quarter of 2014, the Unemployment Insurance Agency (UIA) will neither mail nor accept a hard copy of Form UIA 1028, "Employer's Quarterly Wage/Tax Report", from employers identified as having more than five employees. Starting with the first quarter filing due on April 25, 2014, it is a requirement that the contribution and wage information be filed electronically for employers with more than five employees. Interest and penalties will be assessed to those not filing by electronic submission.
UHY LLP, a leading national certified public accounting firm, recently announced that one principal, Josh Kirkbride, has been promoted to partner. Also, six senior managers; Tom Bowen, Tim Brennan, Brent Jones, Michelle Moore, Kyle Percin and Aaron Witalec, have been promoted to principals.
UHY LLP, a leading national certified public accounting firm, recently announced a series of promotions; one managing director, six principals, seven senior managers, six managers, eleven senior accountants, eleven senior staff accountants, one client service associate and one technology specialist.
Between the last three quarters of 2013 and first quarter of 2014, UHY LLP's Michigan offices added 69 employees to their team. The Michigan offices were excited to welcome their biggest hiring class of interns and staff accountants on Monday, January 6. The orientation training was held in the Farmington Hills office.
Michigan consumers will no longer be taxed on the full purchase price of new or used motor vehicles, recreational vehicles, or titled watercraft when a consumer provides a trade-in towards a purchase.
The Michigan Department of Treasury recently issued Bulletin 11 of 2013, highlighting the amendment to the existing industrial and commercial personal property tax laws.
UHY Advisors MI, Inc. has been voted as one of 2013’s best and brightest companies to work for in Metropolitan Detroit for the tenth year in a row.
Governor Rick Snyder recently announced the appointment of Richard (Rick) David to the state of Michigan Board of Accountancy. Mr. David will be representing certified public accountants.
The Michigan Offices of UHY Advisors, a professional tax and advisory services firm, and UHY LLP, a certified public accounting firm, have gone green this past season by filing and sending out ninety-five percent of their returns electronicially.
Accountants, Attorneys and Bankers Laced Up Their Skates and Faced Off On the Ice for Charity.
Rick David, Chief Operating Officer at UHY Advisors, Inc., was honored by the American Arab Professionals Network (AAPN) of the American Arab Chamber of Commerce as the 2013 American Arab Professional of the Year in Finance Award at their Eighth Annual Celebrating Success Banquet on Wednesday, May 15, 2012 at the Bint Jebail Cultural Center in Dearborn, MI. David was recognized for his outstanding accomplishments in Finance.
UHY LLP is proud to have been a sponsor for Winning Future’s Opening Day Party to Benefit Student Mentoring and RARE Everyday Scholarship Program.
Between the last three quarters of 2012 and first quarter of 2013, UHY LLP's Michigan offices added 41 employees to their team and its growth is far from over. This top accounting firm is always scouting seasoned financial professionals who seek to take charge of their careers.
UHY LLP, a leading national certified public accounting firm, recently announced a series of promotions; one senior manager, seven managers, three senior accountants, ten senior staff accountants and one client service associate.
UHY LLP, a leading certified public accounting firm, is hosting its annual Accounting & Regulatory Update at the MSU Management Education Center in Troy on Wednesday, December 5. This complimentary full-day program is geared towards CFO’s, audit committee members and chairs, to learn more about the latest accounting, regulatory, legal and SEC updates. CPE credit will be offered, including an hour of ethics.
UHY LLP, a leading certified public accounting firm, is hosting its annual Tax forum at the MSU Management Education Center in Troy on Wednesday, December 5. This complimentary half-day program addresses the latest tax laws, trends and developments impacting both individuals and businesses. CPE credit will be offered.
An American renaissance
November 1 2012
Join us on-site at UHY’s Farmington Hills office or on-line via webcast
Join us to learn more about the latest industry trends and rebirth of American manufacturing. Topics, speakers and keynote will be announced shortly.
CPE credit will be offered.
Crain’s Detroit Business in Partnership with the Association for Corporate Growth Names UHY Advisors as a Finalist for Dealmaker Adviser of 2011