During 2012, the Internal Revenue Service issued a new ruling regarding the taxation of automatic gratuities included on the tabs of restaurant guests. The ruling is effective January 2014 and will require automatic gratuities to be classified as service charges, which are treated as regular wages by the IRS. This means the automatic tips are subject to payroll tax withholding. With this new ruling, many restaurants are experimenting with other ways of automatically charging gratuities and many are dropping the practice all together.

 

It is common practice for restaurants to include an automatic tip of a specified percentage to the bill of large parties to help ensure their servers are not short changed on large tabs. With the new ruling, restaurants will need to factor automatic gratuities into pay and begin withholding Federal and State taxes on the wages. This change will result in increased paperwork and administrative expenses for restaurants, in addition to various financial consequences for wait staff. Some restaurants are starting to include suggested gratuity on tabs, instead of automatically adding it into the bill, to avoid the new tax consequences. This practice still allows the customer to decide on the final tip and, therefore, has not been deemed a service charge by the IRS.

 

With the increased costs of healthcare reform and other items on the horizon, this is another issue to be considered by restaurants when planning for the upcoming 2014 tax year.

 

 

The fourth installment in a series of exposure drafts (EDs) on top-of-the-mind areas for private companies has been issued by the Private Company Council (PCC), which was created by FASB's parent, the Financial Accounting Foundation. The new ED outlines an alternative within GAAP for applying consolidation guidance to leasing companies under common control. A key point is that the proposed GAAP alternative, 'Applying Variable Interest Entity Guidance to Common Control Leasing Arrangements' would exempt many private companies from applying variable interest entity (VIE) guidance to lessor companies under common control from which the operating entity has a leasing arrangement with the lessor entity, and substantially all of the activity between the two companies is leasing activity. If the guidance is adopted by a company, additional disclosures would be required about the leasing arrangement.

 

10/24 UHY LLP Annual Construction Outlook

 

Join us in Farmington Hills for Construction Outlook 2014! The schedule of events is as follows:

 

7:00AM-7:30AM Registration, Breakfast and Networking

7:30AM-7:40AM Opening Commentary

7:40AM-8:10AM Legislative Construction Update 

8:10AM-8:30AM Right To Work

8:30AM-8:50AM Lending and Investments Activity

8:50AM-9:10AM Insurance and Bonding Issues

9:10AM-9:20AM Refreshment Break

9:20AM-9:50AM Health Care Reform

9:50AM-10:20AM Tax Update

10:20AM-10:30AM Interactive Discussion

 

CPE credit will be offered.

 

Pre-registration for this complimentary program is required. Breakfast will be provided. Space is limited. Multiple registrations are welcome. To RSVP contact Shannon Gnesda via email sgnesda@uhy-us.com or phone 586 843 2637.

 

10/30 UHY Advisors State & Local Tax Forum II: Concepts & Current Developments of Nexus

 

States are continuing to push nexus limits and the traditional "physical presence" nexus standards are shifting to include economic, affiliate and "click-through" activities. Will the changes create more tax exposure for your company? Join us to gain an understanding of the key concepts of nexus, determining when nexus creates a filing obligation and what you can do once a filing obligation exists.

 

7:30AM-8:00AM Registration, Breakfast & Networking

8:00AM-8:15AM Opening Commentary

8:15AM-9:15AM Concepts & Current Developments of Nexus

9:15AM-9:45AM Civil & Criminal Tax Litigation

9:45AM-10:00AM Interactive Discussion

 

CPE credit will be offered.

 

Pre-registration for this complimentary program is required. Breakfast will be provided. Space is limited. Multiple registrations are welcome. To RSVP contact Jessica Bollenberg via email jbollenberg@uhy-us.com or phone 248 204 9356.

 

11/13 UHY LLP Annual Manufacturing Outlook

 

Join us either onsite at UHY's Farmington Hills office or online for Manufacturing Outlook 2014! The schedule of events is as follows:

 

8:30AM-9:00AM EST Registration, Breakfast and Networking

9:00AM-9:15AM EST Opening Commentary / Racing To Gain A Competitive Edge

9:15AM-9:45AM EST Global & Domestic Economic Forecast 

9:45AM-10:05AM EST Mergers & Acquisitions

10:05AM-10:15AM EST Refreshment Break

10:15AM-10:45AM EST Automotive Forecast

10:45AM-11:05AM EST "Big Data" Case Study: Driving Operational Efficiency

11:05AM-11:35AM EST Capital Markets

11:35AM-11:45AM EST Interactive Discussion

 

CPE credit will be offered.

 

Pre-registration for this complimentary program is required. Breakfast will be provided. Space is limited. Multiple registrations are welcome. To RSVP contact Shannon Gnesda via email sgnesda@uhy-us.com or phone 586 843 2637. Please declare either onsite or online. Webinar instructions will be released at a later date.

 

12/4 UHY LLP Annual Accounting & Regulatory Update

 

Save the date for this year's Accounting & Regulatory Update at the MSU Management Education Center in Troy from 8:30AM-6:00PM, with keynote L. Brooks Patterson, Oakland County Executive.

 

This program is geared towards CFO's, audit committee members and chairs, and others who want to learn more about the latest accounting, regulatory, legal and SEC updates. Topics and speakers will be announced shortly. CPE credit will be offered.

 

Pre-registration for this event is required. Breakfast, lunch and cocktail reception with hors d'oeuvres are complimentary. Space is limited. Multiple registrations are welcome. To RSVP contact Jessica Bollenberg via email jbollenberg@uhy-us.com or phone 248 204 9356. Formal invitation to follow.

 

12/4 UHY Advisors Annual Tax Forum

 

Save the date for this year's Tax Forum at the MSU Management Education Center in Troy from 8:30AM-6:00PM, with keynote L. Brooks Patterson, Oakland County Executive.

 

This program will cover the latest tax laws, trends and developments impacting both individuals and businesses. Topics and speakers will be announced shortly. CPE credit will be offered.

 

Pre-registration for this event is required. Breakfast, lunch and cocktail reception with hors d'oeuvres are complimentary. Space is limited. Multiple registrations are welcome. To RSVP contact Shannon Gnesda via email sgnesda@uhy-us.com or phone 586 843 2637. Formal invitation to follow.

 

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UHY Advisors MI, Inc. Recognized as One of the "Best & Brightest Companies To Work For" for the Tenth Consecutive Year

 

Top talent in Michigan is becoming a limited resource. Companies that want to succeed in this economy are dedicated to their employees and best practices in human resources. Only 101 companies that have demonstrated exceptional commitment will be honored by the Michigan Business and Professional Association (MBPA) and named "Metropolitan Detroit's 101 Best and Brightest Companies to Work For™."

 

The 101 winners will be celebrated at a luncheon on Wednesday, October 30 at the Henry Hotel located at 300 Town Center Drive in Dearborn. The winning 101 companies also compete for 12 elite awards, one granted for each category. Also, an overall winner that has excelled in all categories will be honored with a "Best of the Best Overall" award. The elite award winners will be revealed during the luncheon.

 

"The selection, recognition and awarding of this year's 101 companies allows our organization to showcase their best practices. The honorees have clearly demonstrated why each of them would be an ideal place for employees to work. Companies that capitalize on their greatest resource-their employees-know how to attract and retain top talent," said Jennifer Kluge, MBPA president.

 

Macomb County's Largest Accounting Firm

 

The UHY LLP Sterling Heights office is proud to be Macomb County's largest accounting firm. Explore its history, involvement in the community, and plans to renovate and remodel to make room for the growth ahead. Click here to read the full press release.

 

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