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The Ohio Department of Taxation is offering a limited time tax amnesty program. This will run from Jan. 1 - Feb. 15, 2018 and will allow relief from penalties and savings of 50 percent on interest charges. If you had unreported or underreported taxes that were due as of May 1, 2017, this is an opportunity to become current with tax liabilities in Ohio. Eligible individuals and businesses are those that have not been contacted by the Department.

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The IRS issued Notice 2018-3, updating optional standard mileage rates for business use of a vehicle.

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Virtual currency, or cryptocurrency, is a digital representation of value that can be exchanged for goods and services or held for investment. These currencies include Bitcoin, Litecoin, Ethereum and many others. For Bitcoin, if a taxpayer "mines" the virtual currency, it needs to be included in gross income at the fair market value upon receipt or discovery of the currency. The character of the income depends on the intended purpose of the currency.

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Under the recently signed Tax Cuts and Jobs Act, Congress added Section 199A, a new provision of the Internal Revenue Code that provides for a potential 20 percent deduction for an individual related to income from pass-through entities and other non-corporate tax structures. The deduction begins in 2018 and is scheduled to end after 2025.

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Beginning in 2018 in Michigan, all companies with no unclaimed property will be required to file a zero or negative report. But, what is unclaimed property? Unclaimed property is any asset, tangible or intangible, belonging to a third party that remains unclaimed for a specified period of time by its rightful owner.

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In response to the federal tax bill signed into law on Dec. 22, 2017, New York state governor, Andrew M. Cuomo, signed an emergency executive order allowing individuals the ability to prepay next year's New York property taxes. The order is intended to protect taxpayers from the impact of the GOP tax bill, which caps the deductibility of state and local taxes at $10,000. By allowing individuals to pay a portion or all of their 2018 property taxes in 2017, the executive order aims to provide individuals with options as a result of the tax bill's negative financial impact.

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With the impending decrease of the corporate tax rate to 21 percent, is it time to change your entity structure to a C corporation? There is no quick answer to this question. Each taxpayer is in a unique situation that would have to be evaluated in order to make the determination of which taxing structure is proper for that taxpayer.

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UHY Advisors and UHY LLP are proud to welcome members from UHY International, one of the largest global accounting and consultancy networks in the world, to the Motor City for the 2018 International Members Meeting to be held in downtown Detroit. The 2018 meeting will be the largest gathering of UHY International partners ever with representatives from over 90 countries coming together to conduct business, gain education and experience the great comeback in Detroit.

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With the tax bill almost complete, the estate and gift tax exemption will double to approximately $11,000,000 in 2018 for an individual or $22,000,000 if you are married.

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The Tax Cuts and Jobs Act passed by the House and Senate this week widens current tax brackets and almost doubles the standard deduction, but also limits or repeals some itemized deductions. Beginning in 2018, the Act increases the standard deduction to $24,000 for married-filing joint filers, $18,000 for head-of-household filers and $12,000 for all others.

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