In today’s ever changing world, UHY Advisors assists clients in managing complex tax issues by combining deep technical knowledge and a practical real world perspective. We seek an understanding of each client’s needs. We believe our experience, expertise and dedication sets us apart and makes us the top firm of choice.
Our dedicated team of experienced professionals is constantly evaluating opportunities to propel incremental growth and offer value-added solutions. We provide insightful tax planning and compliance services to reduce your tax burdens. Whether you are concerned about your business, personal or estate taxes, our firm offers specialized service offerings suited to your specific needs.
The President signed the Setting Every Community Up for Retirement Enhancement (SECURE) Act on Dec. 20, 2019. The goal of this bill was to help simplify some retirement plan rules, and make it easier for companies to implement one. While the SECURE Act provides many benefits it also comes at great costs for many.
In December 2017, the Tax Cuts and Jobs Act (TCJA) was passed and amended the Internal Revenue Code to increase the basic exclusion amount (BEA) from $5 million to $10 million (adjusted for inflation) on gifts made or estates of decedents dying after Dec. 31, 2017 and before Jan. 1, 2026.
If a taxpayer undergoes an IRS audit, appeal, refund claim or collection matter and the IRS takes an unreasonable position against them, they may be able to recover some of the costs of the procedure.
The Protecting Americans from Tax Hikes (PATH) Act of 2015 made the research and development tax credit permanent, and presented a new savings opportunity to businesses with $50 million or less in gross receipts by allowing these entities to offset the R&D credit against the alternative minimum tax. The changes even allow certain small businesses under $5 million in gross receipts to offset the R&D tax credit against payroll taxes.
With much of the rhetoric in Washington D.C. during the past couple of weeks over funding of the border wall and the current government shut down, employers still may have reporting requirements for 2018 under the Affordable Care Act (ACA). The Act requires insurers, self-insuring employers, and those employers with 50 or more full-time equivalents (FTEs) to report certain information to the IRS and Social Security Administration using forms 1095-B, 1095-C and 1094.