|
|
|
|
|
1040 REVIEW
By quickly looking over your 1040 we are able to derive not only income planning opportunities but additional planning strategies to minimize taxes, maximize deductions, increase cash flow and plan for the future.
Contact your UHY professional today.
|
|
ARCHIVE
| |
Missed an issue? New subscriber? Visit our
news archive.
| |
|
|
|
|
APPROACHING DEADLINE TO FILE REFUND CLAIMS FOR SEVERANCE PAYMENTS
On January 14, 2014, the Supreme Court heard oral arguments in United States v. Quality Store. This ongoing case questions whether severance payments made to employees whose employment was involuntarily terminated are considered wages and subject to tax under the Federal Insurance Contributions Act (FICA). The case had been previously heard from the US Court of Appeals for the Federal Circuit which held that "supplementary unemployment benefit" payments (SUB payments) are wages and are subject to FICA tax. Subsequently, the Sixth Circuit opposed this decision and held that the SUB payments are not subject FICA tax.
The Supreme Court is expected to issue their ruling sometime this year, possibly this summer. If they decide that an expanded class of severance payments should not be subject to the FICA tax, employers may receive a refund for FICA taxes previously paid. While the decision may not be upheld, employers, especially employers in the Sixth Circuit (Kentucky, Michigan, Ohio and Tennessee), should strongly consider filing a protective refunds claim with the IRS by April 15, 2014 to protect their potential refund with respect to the 2010 calendar year. A protective claim can be filed on Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund.
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.
Back to top
|
|
SPECIAL ANNOUNCEMENTS
Connie Ku Elected to Treasurer of the Asian Pacific American Chamber of Commerce
Connie Ku, principal of UHY LLP and APACC member of more than seven years, has been elected to treasurer of the Asian Pacific American Chamber of Commerce (APACC). The Chamber was established in the year 2000 and is headquartered in Troy, Michigan. APACC is governed by an 18-member Board of Directors and the operations and programs are supported by membership dues and financial contributions. Their membership is comprised of Fortune 500 corporations, multi-ethnic private business enterprises, small businesses, and corporate professionals in a broad spectrum of industries. APACC is an organization that represents Asian Pacific American businesses that have origins that are either Asians, Pacific Islanders and Subcontinent Asian Ancestry, which includes persons from Burma, Thailand, Malaysia, Indonesia, Singapore, Brunei, Japan, China, Taiwan, Laos, Cambodia, Vietnam, Korea, The Philippines, US Trust Territory of the Pacific Islands, Guam, Samoa, Macao, Hong Kong, Fiji, Tonga, Kiribati, Tuvalu, Nauru, Northern Mariana Islands, India, Pakistan, Bangladesh, Sri Lanka, Bhutan and Nepal.
"I see APACC as the organization that connects the East and West, nurtures adventures into unfamiliar territories and provides opportunities for global success and prosperity," said Ku. "I look forward to being the treasurer of APACC and am grateful for the opportunity to give back to my community and contribute to global integration."
Connie Ku joined UHY LLP in 1999. She is a member of the Audit and Assurance Department where she manages a group of professionals devoted to providing comprehensive tax, audit and business consulting services to companies in a variety of industries. She is also a leading member of the firm's China group. Ku has a Master of Arts degree in Accountancy from Southern Illinois University at Carbondale and Bachelor of Arts degrees in International Accounting and Finance from the International School of Shanghai University. She is also a licensed CPA in the State of Michigan.
Congratulations, Connie!
Experienced Recruiting Update
UHY wishes to connect with top talent in our Michigan market. We are always on the lookout for professionals with experience in tax, audit, attest, finance, fraud and forensics, litigation support and business advisory. Be sure to visit our careers page for the most up-to-date career listings or contact Amanda Sheets at asheets@uhy-us.com to learn how we can help you take charge of your career path now. Current Michigan openings include:
Sterling Heights
Seasonal tax consultant (five years public accounting experience)
Tax manager
Senior audit accountant
Sterling Heights or Farmington Hills
Forensic accountant
Director of litigation
Senior tax and audit accountants (must have CPA license)
Back to top
|
|
|
|
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.
|
|
|
|
|
|
