Client Need: Our client, a publicly traded retail company, asked us to perfect its system of tracking fixed asset depreciation. They needed one system to track all of the required methods for book, tax, regulatory and state tax purposes.
UHY Advisors' Solution: Using a popular fixed asset software management program, our team was able to track the company's assets in all 102 locations across the U.S. Throughout the process, we utilized a dedicated portal through which the individual controllers at each location accessed their detail depreciation schedules in order to post the depreciation to their individual general ledgers. The corporate headquarters also accessed the schedules on an entity-to-entity basis in order to prepare the consolidated tax returns, financial statements, and deferred tax calculations. We are now in our second year of this client engagement.
Case Study: E&P balancing gas accounts
UHY Advisors' Solution: We acted quickly and assembled a team of six experienced professionals to reconcile their gas balancing records to the detail well production records. The client was under pressure to have the project completed within a six-month period. We delivered three months ahead of schedule and within their target budget.
The word disruption historically has negative connotations associated with it. The specific definition stated by the Cambridge English Dictionary is to prevent something, especially a system, process or event, from continuing as usual or as expected. People are creatures of habit and would really prefer for things to stay the same. Disruption makes us uncomfortable. In layman’s terms, a disruption is a break from the status quo.
Adapting to change today is inevitable as economic stasis is not an option. The concept of resilience, the capability to nimbly adapt to and or drive change, and recover from difficulty, has emerged as a critical characteristic of complex systems in business enterprises. Change not only creates threats to business continuity it also creates opportunities for business value creation. When change occurs so too must business process innovations.
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.
In 2015, the Financial Accounting Standards Board issued Accounting Standards Update Simplifying the Measurement of Inventory (ASU 2015-11). This standard simplifies the subsequent measurement of inventory by replacing the "lower of cost or market" test with a new "lower of cost and net realizable value test." However, entities that use the LIFO or retail inventory methods, will continue applying their current impairment models.
2016 brought significant changes to personal property tax filing in Michigan.