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.
Recent court decisions and the Internal Revenue Service (IRS) Chief Counsel Memorandum (CCM) reinforce the need to keep accurate records and adequately disclose all charitable contributions as well as gifts made to others.
The Internal Revenue Service has recently announced the launch of country-by-country (CbC) reporting pages on irs.gov which will provide background information on CbC reporting, frequently asked questions and other helpful resources, including a list of jurisdictions that have concluded competent authority arrangements with the United States.
2018 inflation-adjusted figures for contributions to HSAs have been released by the IRS.
A major change is on the horizon to how partnerships and LLCs are taxed and the relationships they have with their current and former partners. When the new audit regulations of the Bipartisan Budget Act of 2015 (the BBA rules) take effect Jan. 1, 2018, it will be the first time ever in the history of audits that a tax could apply to a partnership or LLC.
According to UHY partner Christopher Byrne, the Internal Revenue Code provides that, in general, income from the sale of personal property is sourced based on the residence of the seller. Therefore a sale of personal property by a US resident is sourced in the United States, while such property sold by a non-resident of the United States is treated, for US tax purposes as sold outside the US.