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INCENTIVE COMPENSATION AGREEMENTS FOR KEY EMPLOYEES
Creating compensation plans that align with the strategic direction of an organization can be difficult. Oftentimes misalignment can cause confusion and frustration which ultimately leads to negative unintended consequences. For example, do you want your key employees to act like team players although they are compensated as an individual contributor? Your trusted advisor can help create agreements that assure alignment between strategy and compensation.
Contact your UHY professional today.
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NEW IDR ENFORCEMENT PROCESS ANNOUNCED
Last summer, the IRS listed new guidelines for Large Business & International (LB&I) examiners and specialists to follow related to Information Document Requests (IDRs) for LB&I companies under IRS examination. Any corporation, subchapter S corporation or partnership will be subject to the LB&I guidelines if their assets are greater than $10 million.
Earlier this month, the IRS issued a directive which provides guidance on the new IDR enforcement process that will be effective January 2, 2014. The main focus of the new process is to clearly identify and state the issue that has led to the IRS examination of the LB&I company. As addressed in the guidance, the examiner must discuss the IDR with the taxpayer in advance of issuing the IDR, as well as determining and discussing with the taxpayer, a reasonable timeframe as to when a response to the IDR is adequate.
The guidance also set forth the process which will be used when a taxpayer does not respond in a timely manner to the IDR. If a LB&I company does not respond to an IDR, the examiner is required to enforce the IDR in three graduated steps: 1) a Delinquency Notice; 2) a Pre-Summons Letter; and 3) a Summons.
The new IDR enforcement process related to LB&I companies are believed to result in a more efficient and transparent examination, reducing the need to enforce summonses.
Again, the new process will be effective January 2, 2014. Any LB&I taxpayer that is currently under examination should have the guidance communicated to them by December 15, 2013.
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
12/4 UHY LLP 2013 Accounting & Regulatory Update
Please join us at the MSU Management Education Center in Troy on Wednesday, December 4 from 8:30AM - 6:00PM for this year's Accounting & Regulatory Update. Topics include a SEC accounting and legal update, the latest on the health care reform, conflict minerals, complex equity and debt transactions, critical controls to defer fraud in your business, fiduciary responsibilities for qualified benefit plans, estate taxes and transfers, and an economic update from keynote L. Brooks Patterson, Oakland County Executive. 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 reserve your seat contact Jessica Bollenberg via email jbollenberg@uhy-us.com or phone 248 204 9356.
12/4 UHY Advisors 2013 Tax Forum
Please join us at the MSU Management Education Center in Troy on Wednesday, December 4 from 8:30AM - 6:00PM for this year's Tax Forum. Discussions include individual, state and local, and international tax updates, the latest on the health care reform, research and development, repairs and maintenance, employee stock ownership plans, and an economic update from keynote L. Brooks Patterson, Oakland County Executive. 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 reserve your seat contact Shannon Gnesda via email sgnesda@uhy-us.com or phone 586 843 2637.
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SPECIAL ANNOUNCEMENTS
UHY Hosts Cross-Border M&A Conference in Shanghai
A forum pertaining to cross-border mergers and acquisitions in the United States was held on October 16, 2013, one day prior to the UHY Annual Members Meeting in Shanghai, China. Discussions included M&A opportunities in the US market, what business owners should know from both a China and US perspective including laws, financing, due diligence and tax planning, and post- m&a success stories.
Bill Kingsley, a partner with UHY LLP and Melanie Chen, a managing director of UHY Advisors NY, Inc., co-presented on financial due diligence and tax planning. Michael Mahoney, Chief Executive Officer of UHY Advisors NY, Inc. gave the closing remarks. In addition, UHY collaborated with several Chinese and US commercial banks and law firms who also participated.
The conference was a great success with over 100 attendees and covered numerous transaction topics from knowledgeable presenters. The local Michigan offices are planning to host similar forums here in the States.
As the US remains a primary destination for Chinese companies to access capital, technology and matured markets, UHY LLP's China Group helps clients navigate complex cross-border challenges. The firm's China Group consists of professionals with cultural, educational, and business backgrounds in both the US and Greater China Region. Many of the members have received advanced degrees in multiple countries, and regularly travel to the Greater China Region. As one of the nation's largest professional services firms, we provide customized accounting, tax and business advisory services for entities seeking to originate, pursue, or expand business opportunities in the US, China and beyond.
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 were 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 competed for 12 elite awards; the winners of the awards were announced at 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.
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 Amanda Sheets by email asheets@uhy-us.com or phone 586 843 2560. Job descriptions can be found on our careers page.
Sterling Heights
Seasonal Tax Consultant (5 years Public Acct. Experience)
Senior Tax Accountant
Senior Audit Accountant
Corporate Finance Analyst and Associate
Sterling Heights or Farmington Hills
Forensic Accountant
Director of Litigation
Farmington Hills
Senior Tax Accountant
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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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