Special Announcements 

Recruiting Update

Rick David Joins MACPA Board of Directors

Amy Gallagher Receives Distinguished Leadership Award

Project Solutions Group

Looking for accomplished professionals to meet the interim staffing needs in the areas of finance and accounting, tax and internal audit? Having the right people on your side can add immediate value, whether it's for staffing projects or looking for individual resources to address discrete needs due to employee transitions or temporary increases in workload.

Contact your UHY professional today.

Have you missed an issue or recently joined our mailing list?  

All past newsletters can be downloaded from our archive for your reading pleasure.

Additional Medicare Tax After 2012

For tax years beginning after December 31, 2012, not only will individuals have to pay an additional 2.0% FICA tax due to the expiring payroll tax holiday, but possibly an additional 0.9% Health Insurance (or Medicare) tax which may be imposed on taxpayers.  The additional 0.9% Medicare tax was added to help pay for the 2010 Health Care Act.

Individuals will incur the additional 0.9% tax if their wages or self-employment income is in excess of:

• $250,000 for joint returns
• $125,000 for married taxpayers filing a separate, or
• $200,000 in all other cases

For married individuals filing a joint return, the determination of the $250,000 threshold is not on an individual basis but on a joint basis. For example, if husband and wife each earn $200,000, they will incur the additional 0.9% tax on the excess of their combined wages over the $250,000, thus generating an additional tax of $1,350.

This tax will be in addition to the regular Medicare tax rate of 1.45% of employment wages received by employees, however, employers do NOT have to match this additional 0.9% as part of their employer FICA match.

It is important to note that the employer is required to withhold the additional 0.9% Medicare tax on wages (only on wages in excess of $200,000 that the employee receives from the employer) and will be liable for the tax that it fails to withhold from wages or to collect from the employee where the employer fails to withhold. Employers will remit and report these additional taxes in the same manner as their current payroll reporting.

For more information or questions on this topic, please contact your professional at UHY LLP in Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040 or visit us on the Web at uhy-us.com.

Back to top

Events Calendar

12/5        UHY LLP Annual Accounting & Regulatory Update

You're invited to attend UHY's Annual Accounting & Regulatory Update at the MSU Management Education Center in Troy. Join us for this full-day program geared towards CFO's, audit committee members and chairs, to learn more about the latest accounting, regulatory, legal and SEC updates. CPE credit will be offered, including an hour of ethics.

Wednesday, December 5, 2012

8:30AM-9:00AM Registration, Networking & Complimentary Breakfast

9:00AM-10:30AM SEC Accounting & Legal Update

10:30AM-10:40AM Refreshment Break

10:40AM-11:30AM Ethics

11:30AM-12:00PM Structured Finance

12:00PM-1:00PM Complimentary Lunch & Networking

1:00PM-2:00PM Succession Planning

2:00PM-2:30PM Analyzing 408(b) Disclosures for 401(k)

2:30PM-2:45PM Refreshment Break

2:45PM-3:30PM Information Security in the Age of Anonymous

3:30PM-4:45PM Health Care Reform Update

4:45PM-6:00PM Complimentary Cocktail Afterglow Reception

Pre-registration for this complimentary program is required. Breakfast, lunch and a cocktail afterglow will be provided. Space is limited. Multiple registrations are welcome. Please contact Courtney Gray via phone 586 843 2533 or email cgray@uhy-us.com to register.

12/5        UHY Advisors Annual Tax Forum

You're invited to attend UHY's Annual Tax Forum at the MSU Management Education Center in Troy. Join us to learn more about the latest tax laws, trends and developments impacting both individuals and businesses. CPE credit will be offered.

Wednesday, December 5, 2012

12:00PM-1:00PM Registration, Networking & Complimentary Lunch

1:00PM-1:45PM Estate & Gifting Update

1:45PM-2:30PM Business Valuations

2:30PM-2:45PM Refreshment Break

2:45PM-3:30PM State & Local Update

3:30PM-4:45PM Business & Individual Update

4:45PM-6:00PM Complimentary Cocktail Afterglow Reception

Pre-registration for this complimentary program is required. Lunch and a cocktail afterglow will be provided. Space is limited. Multiple registrations are welcome. Please contact Courtney Gray via phone 586 843 2533 or email cgray@uhy-us.com to register.

Back to top

Special Announcements

Experienced Recruiting Update

UHY Michigan is actively looking for experienced candidates to fill key positions in our Farmington Hills and Sterling Heights Offices.  Please review the openings below and if you know someone who may be interested in any of these roles please reach out to Rina (Madias) Henning, Recruiting Manager, via email rhenning@uhy-us.com or phone 248 204 9331.

Sterling Heights

Tax Managers

Audit Seniors (2-5 years experience)

Farmington Hills

IT Audit and Compliance Senior (5+ years Audit and IT controls combined)

Rick David Joins MACPA Board of Directors

Rick David, Executive Vice President and Chief Operating Officer of UHY Advisors, Inc., has been appointed to The Michigan Association of Certified Public Accountants (MACPA) Board of Directors for the next three years. While having served on various task forces in the past, this is the first time Mr. David will sit on the Board. "I'm very excited to give back to a profession that has given so much to me," Mr. David said about his new position. "UHY is one of the largest CPA firms in the state. We strongly support any initiatives that support our profession and I personally look forward to making a contribution to the future of CPA's in Michigan." The Michigan Association of Certified Public Accountants, with 18,000 members, is the leading statewide professional organization dedicated to promoting and enhancing the value of the CPA profession. MACPA represents Michigan CPAs working in business, education, government and public accounting. Congratulations, Rick!

Amy Gallagher Receives Distinguished Leadership Award

Amy Gallagher, Principal at UHY Advisors, was honored with the APICS President's Distinguished Leadership Award. APICS (The Association for Operations Management) is the global leader and premier source of the body of knowledge in supply chain and operations management, including production, inventory, materials management, purchasing and logistics. Since 1957, individuals and companies have relied on APICS for its superior training, internationally recognized certifications, comprehensive resources and worldwide network of accomplished industry professionals. She is Board Member and Vice President of Programs for the Atlanta APICS Chapter. Congratulations, Amy!

Back to top