As companies manage current cost structures and expand into new markets, UHY Advisors can be a powerful ally. We offer one of the broadest spectrums of tax planning and compliance services of firms our size. Many of our managing directors and principals bring Big Four and industry experience, and are adept in working closely with individuals and companies to assure they pay their “fair share” of taxes.
For closely held businesses, personal tax and corporate tax issues can be closely related; we have advised such companies and families on such issues for more than 40 years, in some cases over multiple generations.
UHY Advisors also brings unique industry experience and insight for larger corporations who face unique tax opportunities. And for companies with domestic or foreign expansion plans, our deep capabilities in State & Local Tax and International Tax can identify tax opportunities and provide planning services which can mitigate unexpected tax consequences before they occur.
Not only are many manufacturers wondering how the tax law changes will fuel the economy, but how will the key provisions impact my business. Well, usually most answer(s) provided by your advisor take on a typical response like “it depends,” and in some regards that is the case here. However, before we get into specific benefits under the new law, let’s step back and look at what this means from a macro level.
The Bipartisan Budget Act of 2018, passed by Congress and signed by President Trump on Feb. 9, 2018, retroactively extends over 30 tax provisions that had expired at the end of 2016. This one year extension applies to the extended provisions and is effective for 2017 only. Many of the extended provisions are related to energy credits which are especially important for businesses and individual taxpayers.
US individual shareholders of controlled foreign corporations (CFCs) are currently grappling with the one-time US transition tax on post-1986 deferred foreign income accumulated by their CFCs and the impact of new anti-deferral income inclusion rules referred to as the global intangible low-taxed income (GILTI) provisions, along with other generational changes to the US international tax rules, as the United States transitions from a worldwide tax system to a quasi-territorial tax system.
Signed into law in November of 2015, the Bipartisan Budget Act of 2015 made sweeping changes to the way partnerships are audited. These changes apply for tax years beginning after Dec. 31, 2017 and are intended to simplify the audit process for the Internal Revenue Service (IRS).
Retirement means different things to different people. Some people look at this as the last chapter in a long life. They wish to slow down, travel a bit and spend more time with their families. Other people look at retirement as an opportunity to reshuffle the cards and pursue new dreams or passions that their earlier career did not provide.