UHY's Steve Wolf participated on a Baltimore Business Journal Table of Experts panel regarding the importance of succession planning and preserving generational wealth. The expert panel also included Matthew Cohen, Business Banking Team Leader from M&T Bank and Maurice Office, Principal and Co-Founder of Offit Kurman.
With the 2018 tax deadline rapidly approaching, taxpayers will face fraudulent attempts by scam artists using the April 15 deadline as a way to gain financial and personal information. These attempts are made through a wide range of elaborate schemes via a number of tactics - especially phone scams.
In 2018, the federal tax withholding tables changed because of lower individual tax rates in the Tax Cuts and Jobs Act. As a result, individuals received larger paychecks because of the lower rates. A downfall of this was individuals potentially not withholding enough taxes to cover their tax bill in April and being subject to underpayment penalties.
On March 4 the Financial Accounting Standards Board issued a draft proposal ASU 2019-400: Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606) that modifies ASU 2018-07: Compensation - Stock Compensation (718): Improvements to Nonemployee Share-Based Payment Accounting and is intended to further improve upon the measurement and recording of share-based compensation awarded to customers in conjunction with selling goods or services.
Starting April 1, the State of Michigan is set to begin strict enforcement of many of the new requirements for cannabis owners and operators. If you are considering investing, or starting a business in the cannabis market, we have a dedicated team that can help you navigate this ever changing landscape. Call 248 355 1040.
As tax season rages on, cyber criminals are targeting taxpayers with new scams. After a 60 percent jump in so-called phishing scams in 2018, the IRS is warning us to be extra vigilant this year. Hackers are using the advancements in technology to target taxpayers year-round but tax season is prime phishing season.
Qualified Opportunity Zones were established as part of tax reform, and they allow investors to defer or minimize tax on a capital gain by investing in a fund or zone investment. Assuming a taxpayer sells a stock and recognizes a $200,000 gain, investing that gain in a qualified investment within 180 days, coupled with a tax return election, will allow for deferral of the payment of tax until the earlier of the date the zone investment is sold or Dec. 31, 2026.
“We’re all dependent on people working together, and I believe it’s more fun to treat people with sugar than vinegar,” said Rick David, chairman of UHY International and Chief Operating Officer of UHY Advisors, Inc. “Nice is not a four-letter word.”
Qualified small business taxpayers may be able to change their overall method of accounting to the cash method, eliminate inventory accounting (other than for materials and supplies), or account for long-term contracts under the completed contract method of accounting. We think this is a big benefit in many cases, and may simplify a taxpayer’s overall record keeping burden.
The Tax Cuts and Jobs Act (Tax Act) which was signed into law in late 2017 includes the controversial treatment of qualified transportation fringes (QTF). The Tax Act disallows the deduction of QTFs provided by taxpayers to their employees. The tax treatment of QTFs for nonprofit employers will mirror those of for profit employers as an effort to “level the playing field” between for profit and nonprofit organizations. What has been coined the “parking tax” has stirred up some confusion. To help clear up some of the confusion, let’s break it down.