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Cross-Border Tax Planning
Proactive international tax planning is a requisite to avoid unnecessary foreign taxes, high withholding rates and double taxation on your U.S. tax return. In addition, new U.S. compliance rules for 2011 put a premium on accurate reporting of all cross border transactions.
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Archive
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Have you missed an issue or recently joined our mailing list?
All past newsletters can be downloaded from our archive for your reading pleasure.
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Supreme Court Rules on Affordable Care Act: What You Need to Know Now
Key Tax Provisions Survive
Yesterday, the Supreme Court ruled to uphold the constitutionality of the Patient Protection and Affordable Care Act, known as PPACA. This means that for the most part, PPACA remains intact. For the 26 States that filed the lawsuit, there is some relief for States regarding Medicaid. The key point is that nothing previously communicated by UHY Advisors regarding the impact of PPACA on group and individual medical plans has been altered or stricken by this ruling. So those with covered medical plans need to be prepared to press ahead with PPACA's requirements.
As we have reported to you in the past, PPACA contains a number of tax related provisions.
For example, the following key tax-related provisions take effect in 2013:
- An additional 0.9% in Medicare taxes will be assessed on wages in excess of $200,000 for single filers and $250,000 for married filing jointly filers ($125,000 each when married filing separately.)
- A new 3.8% Medicare tax on "net investment income" will be assessed for those taxpayers whose "adjusted gross income" ("AGI") exceeds the thresholds shown above.
- The itemized deduction threshold for medical expenses increases from 7.5% of AGI to 10% of AGI.
- The maximum amount that can be contributed to a "flexible spending account" ("FSA") is reduced from $5,000 to $2,500.
And, beginning in 2014, the following key tax-related provisions first become effective:
- The mandate remains that most individuals obtain "qualifying health insurance" coverage (either from their employer or on their own), or else be subject to an annual monetary penalty (i.e., tax) for failing to do so.
- Certain large employers (generally those employers having an average of at least 50 full-time employees during the preceding calendar year) which fail to offer a statutorily minimum level of health insurance coverage for all of its full-time employees are potentially subject to a new excise tax which is based on the number of its full-time employees in excess of 30.
For a more detailed summary of these and other provisions of PPACA, please refer to the UHY Advisors' publication: The 2010 Health Care Reform Act - A Quick Tax Overview.
For more information please contact your professional at UHP LLP in Farmington Hills (248) 355-1040 or Sterling Heights (586) 254-1040, or visit us on the Web at uhy-us.com.
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Events Calendar
9/12 Petroleum & C-Store Briefing Webinar Series: Succession Planning
Please join us for this quick hitting lunch hour geared towards petroleum and c-store business owners, chief executives and chief financial officers. Is your succession plan in order? 2012 may be the final year to take advantage of the $5 million gift tax limitation. Tune in as our experts address your questions. Webinar will conclude with an open discussion.
Wednesday, September 12, 2012
12:00 PM-1:00 PM EST
CPE credit will be offered. Pre-registration for this complimentary webinar is required. Multiple registrations are welcome. Please contact Courtney Gray via email cgray@uhy-us.com or phone 586-843-2533 to register. Log-in information will be sent via email to each registered attendee a few days prior to event.
10/23 Annual Construction Outlook
Please save the date for UHY LLP's Annual Construction Outlook that will be held in the Farmington Hills office conference center. Join us to learn more about industry trends, bonding update and the latest financial and tax developments.
Tuesday, October 23, 2012
7:00 AM-9:00 AM EST
CPE credit will be offered. Pre-registration for this complimentary event is required. Multiple registrations are welcome. Please contact Courtney Gray via email cgray@uhy-us.com or phone 586-843-2533 to register. Formal invitation to follow.
Save the date! More UHY events are just around the corner...
7/28 6th Annual Cruisin' for Charity Car Show
10/16 UHY BRIC Series-International Roundtables
11/1 UHY LLP Annual Manufacturing Outlook
12/5 UHY LLP Annual Accounting & Regulatory Update
12/5 UHY Advisors Annual Tax Forum
Contact Courtney Gray via email cgray@uhy-us.com or phone 586-843-2533 to save your spot or for more information
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Special Announcements
Experienced Recruiting Update
UHY Michigan is actively looking for experienced candidates to fill key positions in both our Sterling Heights and Farmington Hills office. Please review the openings below, split up by office, and if you know someone who may be interested in any of these roles please reach out to Rina Madias, Recruiting Manager, via email rmadias@uhy-us.com or phone 248-204-9331.
Sterling Heights
Tax Managers
Senior Tax Staff
Tax Staff
SALT Manager
Audit Manager
Farmington Hills
Senior staff accountant (2-4 years of experience with CPA)
UHY Goes Mobile
I would like to share some very exciting news! UHY has gone mobile. That's right, we have just released the UHY Mobile site, making it easier to access uhy-us.com through your mobile device. This is another illustration of what our pledge to 'The Next Level of Service.' To access the UHY Mobile site, simply type www.uhy-us.com into your mobile device and you will automatically be redirected to our new mobile enhanced web pages. Please make sure to bookmark the page. Enjoy!
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Published by UHY LLP News.
Copyright � 2011 UHY LLP. All rights reserved.
Our firm provides the information in this newsletter as tax information and general business or economic information or analysis for educational purposes, and none of the information contained herein is intended to serve as a solicitation of any service or product. This information does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisors. Before making any decision or taking any action, you should consult a professional advisor who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of "UHY Advisors." UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. and UHY LLP are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. "UHY" is the brand name for the UHY international network. Any services described herein are provided by UHY Advisors and/or UHY LLP (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.
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