Manufacturing companies that have equipment subject to the Michigan Essential Services Assessment (ESA) are required to certify through the Michigan Treasury Online website that the essential services tax liability is correct before the ESA can be paid.
Inheriting an IRA means different things to different people. Everyone shares in the grief of a departed loved one, but the options available to those beneficiaries are very different. Spousal beneficiaries have options to treat the IRA as their own or can keep the account in the original owner's name. Non-spousal beneficiaries must keep the account in the original owner's name and are subject to different distribution rules that depend on the age of the original owner.
Check out the latest SALT Alerts from Michigan and Nevada.
If you are a recent widow or widower who thought you missed out on the opportunity for your spouse's estate to make a portability election or perhaps did not think you had a need when your loved one died, the IRS has given you another chance. Earlier this month, the IRS provided a way for the estate of a decedent who was married at the time of death to make a late portability election through recently issued Revenue Procedure 2017-34.
According to UHY partner Christopher Byrne, Internal Revenue Code § 121 provides taxpayers with an exclusion from gross income of up to $250,000 of gain on the sale of a taxpayer’s principal residence. A married couple filing a joint return may exclude up to $500,000. In order to qualify for the exclusion, the residence must have been the taxpayer’s principal residence for an aggregate of 2 years or more during the 5 year period leading up to the sale. The determination of a principal residence is a question of facts and circumstances.
In response to the threat of the Illinois credit rating being downgraded to “junk bond” status, the Illinois General Assembly has passed the first state budget since 2015, and a multibillion-dollar income tax hike to support it. The resulting Illinois Income Tax Act (IITA) produces a number of tax changes that impact individuals, corporations, and most other filing entities.
As part of the Affordable Care Act (ACA), one of the many excise taxes imposed by this act is again quickly approaching. The Patient-Centered Outcomes Research Institute (PCORI) fee is an excise tax imposed on health insurance issuers and plan sponsors of self-insured health plans effective for plan years ending on or after Oct. 1, 2012.
UHY LLP, the fifth largest accounting firm in Southeast Michigan, will host their annual company picnic at Jimmy John’s Field on July 22 during Rockin’ 4 Hunger’s ‘Strike Out Hunger’ night. Employees and their guests are encouraged to bring a non-perishable food item. Proceeds from the game will benefit Macomb Feeding the Need and UHY will also make a monetary donation.
Consider the fact that potential donors often have only the organization’s audited financials and Form 990 to evaluate the organization’s financial strength and how efficiently it would use a potential donation. Evaluating a nonprofit organization’s financial statements is different than evaluating statements of for-profit entities because having large amounts of revenue over expenses is not the main goal of the nonprofit organization and many organizations are budgeted to have zero excess revenues over expenses.
The change of administration in Washington, as well as state and local initiatives, makes this a hard time for nonprofit boards and management to predict and determine the best strategies for sustainability -meeting the needs of its stakeholders and financial viability becomes ever more challenging.
Hosted at UHY LLP
Tuesday November 7 2017 | 7:00AM—9:30AM
Hosted at Albany Institute of History & Art |
Tuesday October 31 2017 | 8:00AM—10:00AM
Hosted at the Detroit Athletic Club
Thursday October 26 2017 | 7:30AM—11:30AM
Hosted at Hilton Albany |
Wednesday September 27 2017 | 7:30AM—9:30AM
Loyola University Maryland - Columbia Graduate Center
Tuesday, September 27 2017 | 8:00AM - 10:30AM