Shareholder loans and the required accompanying documentation are facing increasing scrutiny by the IRS. Any potential deduction that may arise from a worthless shareholder loan must be substantiated by documentation confirming a valid loan exists. When entering into loan agreements with related parties it is important that all notes are expressed in the form of a written formal note, indicate a reasonable interest rate, and authorized in the corporate minute book. Besides having the written documentation, the taxpayer is also responsible to be sure that the terms of the note are being adhered to.
There are several reasons a business owner plans an exit including retirement, liquidity, lack of generational succession, and diminished competitive position to name a few. All things considered, one could make a strong case that 2013 represents the optimal value for many middle market businesses.
Last month, the AICPA released a new financial reporting framework (FRF) for small and medium-sized entities (SMEs) that are privately-held and not required to report under US GAAP. This FRF is not intended to be a replacement for US GAAP when US GAAP reporting is required.
As more and more companies become multi-state, the terms of what creates nexus with a state are consistently changing. Nexus is one of the tests a company must go through to determine if they are required to file a return for the state. Michigan has gone through an overhaul of the taxing structure, moving recently from the Michigan Business Tax (MBT) to a more simplified method of reporting, the Corporate Income Tax (CIT). As part of the CIT nexus determination, the newly released Revenue Administrative Bulletin (RAB) 2013-9 defines the term "Actively Solicits" for purposes of determining if a taxpayer has nexus with Michigan.
As the economy continues to improve, expansion for the firm’s Sterling Heights, MI office proves that job opportunities are on the rise and growth is in this company’s future.
UHY LLP, a member firm of the global accountancy network UHY, introduces an essential guide for companies planning to set up international sales and operations.
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.
Renee Dzieciolowski, a Senior Marketing Associate at UHY LLP, has been appointed National Website Manager, effective July 1, 2013.
Accountants, Attorneys and Bankers Laced Up Their Skates and Faced Off On the Ice for Charity.
UHY International Strengthens Presence in Eurasia: Firm in Georgia joins the Network.
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