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.
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.
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.
The Tax Cuts and Jobs Act is the biggest tax reform in 30 years and still a very new concept for Congress, the IRS and other regulatory bodies. The analysis and interpretations of each of the different areas of the new legislation are very much still evolving. Some of these areas are extremely complex.
On Oct. 4, 2018, New Jersey adopted several changes to the New Jersey Corporation Business Tax including requiring combined reporting for tax years ending on and after July 31, 2019. This requires companies that have common ownership and are engaged in a unitary business to file a combined New Jersey return if at least one of the entities is subject to New Jersey Corporation Business Tax.