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.
According to a new Standard & Poor’s report, there are two key indicators that will tell you what kind of shape the manufacturing industry is in. The first is the Institute for Supply Management’s Purchasing Manager’s Index and the second is the Federal Reserve’s Capacity Utilization Index for motor vehicles and parts.
In the simplest terms, Industry 4.0 is the intersection of machines, devices, sensors, data and people all communicating in real time via the cloud, intranet or network (ERP/MRP) system. “Smart factories” will begin to propel manufacturing into a new era where production, information technology and communication (internet) are all connected together to improve processes and supply chain optimization. The ultimate manufacturing goal is to make more informed decisions that will move products faster through the supply chain. These premises are the foundation of the Industrial Internet of Things (IIoT).
General Data Protection Regulation (GDPR) is the most prescriptive global data protection law regulating enterprises that process personal data of European Union (EU) residents. The primary goal of the regulation is to provide a set of standardized data protection laws to make it easier for EU residents to understand how their personal data is being used and allow them to raise complaints, even if they do not reside in the country where the violation occurred.
Tax reform provides an opportunity for simplification and tax relief for "small" businesses. Under the Act, a small business is defined as a taxpayer with average gross receipts during the previous three tax years of $25,000,000 or less. The $25,000,000 limit will be indexed for years after 2018. So what are qualifying taxpayers eligible for?
Michigan's new Motor Fuel tax processing system, "Michigan Automated Tax System" (MiMATS) will begin July 30, 2018. With the implementation of the new system, paper returns will no longer be accepted. The last date to file in the current system will be July 20, 2018.