On December 6, the IRS issued Notice 2013-08 updating the optional standard mileage rates for business, medical, moving and charitable expenses. Beginning on January 1, 2014, the standard mileage rates for the use of a vehicle will be:

• 56 cents per mile for business miles drive (a half-cent decrease from 2013)
• 23.5 cents per mile for medical or moving purposes (a half-cent decrease from 2013)
• 14 cents per mile driven in service of charitable organizations (unchanged from 2013)

 

Taxpayers retain the option of deducting their actual costs, rather than selecting the IRS standard mileage rate. The optional standard mileage rates are used to easily calculate the deductible expenses for business, medical, moving and charitable purposes.

 

As noted above, these updated rates go into effect at the beginning of 2014. If necessary, based on the changing variable costs to operate a vehicle, the IRS may issue updated rates in the middle of the year as they did in 2011.

 

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. 

Jerry Grady Elected to EMU Advisory Board and Recognized as Alumnus of the Year

 

Gerald ("Jerry") Grady, partner at UHY LLP, was elected to the Eastern Michigan University Accounting and Finance Advisory Board on November 8, 2013. He was also chosen to chair this group and will be working with the department head and Dean of the School of Business.

 

On November 15, Grady humbly accepted the Eastern Michigan University Alumnus of the Year Award. The award was presented by the Accounting Department Chair, Zafar Khan. Upon Grady's acceptance, he provided students and faculty with a dynamic presentation focused on networking, the importance of 'dressing for success' and giving back to the community. He also took the time to discuss how many students came through Michigan's fall recruitment process this year and how many were hired - a few of which were in attendance that evening. Eastern Michigan University spoke very highly about Grady and UHY LLP's recruitment efforts.

 

Congratulations, Jerry!

 

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.

 

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 (five years public accounting 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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