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Pay or Play?
Are you aware of the employer responsibility provisions under the Affordable Care Act? An assessment is necessary to determine if you will be subject to these penalties that are set to take effect in 2014.
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 IRS Issues Guidance on Nonresident Filing Requirements and Foreign Asset Reporting By Jared Schroeder, CPA
The IRS recently issued a reminder to certain U.S. citizens, dual citizens and resident aliens that filing deadlines are approaching.
The warning was addressing individuals that lived overseas including those individuals with dual citizenship, U.S. citizens or resident aliens or members of the military serving outside the U.S. on the regular due date of their tax return. Taxpayers who meet the criteria above are granted automatic two-month extensions to file their income tax return pushing their deadline to Monday, June 17, 2013. A statement must be attached to the taxpayer's return explaining which of the two situations apply in order for the extension to be granted.
Nonresident aliens who received income from U.S. sources during 2012 must also determine whether they have a filing obligation. The filing deadline for nonresident aliens is normally April 15. A June 17th deadline applies if the nonresident alien is not an employee, is not self-employed or does not receive non-employee compensation subject to U.S. income tax withholding or if he or she has no office or place of business in the United States.
Generally, U.S. Citizens, resident aliens and in some cases nonresident aliens are also required to report specified foreign financial assets on Form 8938 if the aggregate value of those assets exceed certain thresholds at any time during the tax year. The thresholds vary depending on filing status but start as low as $50,000. The form is due with the taxpayer's annual return.
Separately, taxpayers with foreign accounts whose aggregate value exceeds $10,000 at any time during the tax year must file Treasury Department Form TD F 90-22.1. This threshold does not vary depending on filing status and the form is due by June 30, 2013.
Failure to file either form can result in harsh penalties from the IRS. Incomplete or non-filing of Form 8938 or TD F 90-22.1 carries a penalty of $10,000.
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 www.uhy-us.com.
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Reminder: Required Fee Disclosures for Employee Benefit Plans
By Kyle Krukowski, CPA
Effective July 1, 2012, covered service providers to ERISA-qualified plans were required to provide written disclosures about their services, fiduciary status and compensation to the "responsible plan fiduciary" for all of their existing plan clients. Regulation 408(b)(2) requires plan fiduciaries to act prudently and solely in the interest of the plan's participants and beneficiaries. An overview of the items, specifically related to fees and expenses, required to be disclosed to the plan participants and beneficiaries is as follows:
- An explanation of any fees and expenses for general plan administrative services that may be charged to or deducted from all individual accounts. Examples include fees and expenses for legal, accounting, and recordkeeping services.
- An explanation of any fees and expenses that may be charged to or deducted from the individual account of a specific participant or beneficiary based on the actions taken by that person. Examples include fees and expenses for plan loans and for processing qualified domestic relations orders.
Failure to disclose the above items is considered a prohibited transaction under ERISA. In addition to the required disclosures above, qualified service providers are required to assess whether these fees and expenses are deemed "reasonable." For a qualified service provider to conclude that the fees and expenses that their plans are charging are deemed "reasonable" requires some type of benchmarking, research, independent third party assessment, etc.
These fees should be evaluated thoroughly and periodically throughout the year. If all the mandatory disclosures are made and the arrangement is otherwise deemed "reasonable", the fiduciary is protected.
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 www.uhy-us.com.
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Events Calendar
Save the date! More UHY events are just around the corner...
6/22 Eighteenth Annual Dan McCarty Golf Classic (D.M.G.C.)
7/27 Seventh Annual Cruisin' For Charity Car Show
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Special Announcements
Experienced Recruiting Update
UHY Michigan is actively looking for experienced candidates to fill key positions in our local 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)
CSA (Full Charge bookkeeper with 1040 experience)
Website Content Coordinator (Bachelor's degree in Marketing, Business, Management Information Systems, or Computer Science)
Farmington Hills
Tax Manager
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Published by UHY LLP News.
Copyright � 2013 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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