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 PLANNING FOR CHARITABLE GIVING AS THE SEASON APPROACHES
In order to deduct charitable contributions on your personal return, you must adhere to the following guidelines:
- Charitable contributions are deductible only if you take itemized deductions (vs. the standard deduction) on your tax return.
- In order to be deductible, contributions must be made to qualified organizations. Gifts to an individual or a foreign organization are generally not deductible.
- Generally, you cannot deduct more than 50% of your AGI but other limitations apply in some cases. There are deductibility status codes on the IRS' website to help you identify these limitations. Also, if your charitable contributions are over 50% of your AGI in the current year, the remainder may be carried forward for five years.
- To deduct a charitable donation of money in any amount, you must have a bank record or a written document from the charity. These records should include the name of the charity, the date and the amount paid.
- To deduct a donation of clothing or household items, they generally must be in good used condition or better.
- If a contribution entitles you to merchandise, goods or services or admission to an event, you can deduct only the amount that exceeds the fair market value of the benefit you received.
- For a gift of $250 or more, you must obtain and keep in your records a receipt from the organization.
- For a non-cash contribution of $500 or more, Form 8283 must be completed and attached to your return. This form requires the date the property was acquired and how it was acquired, a description of the property, cost of the property, the fair market value at the time of contribution and how the fair market value was determined.
- Contributions are deductible in the year made. Donations charged to a credit card by December 31 count for 2014, even if the bill isn't paid until 2015. Same goes for checks, as long as they are postmarked by December 31.
According to Charity Navigator, approximately 40% of charitable giving takes place from Thanksgiving to New Year's Eve, which makes it a great time to review charitable contribution rules and IRS substantiation requirements.
Should you have any additional questions regarding charitable contributions and tax planning for 2014, 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
11/20 UHY LLP Annual Manufacturing Outlook
Join us at the Detroit Athletic Club for Manufacturing Outlook:
An Era of Disruptive Transformation, featuring keynote Jacques Panis, president of Shinola. The schedule of events is as follows:
7:30AM-8:00AM Registration, breakfast and networking
8:00AM-8:10AM Opening commentary
8:10AM-8:35AM Manufacturing 2015 and beyond
8:35AM-9:05AM Global economic forecast
9:05AM-9:35AM Pros and cons of manufacturing in Detroit
9:35AM-9:45AM Refreshment break
9:45AM-10:15AM Transforming the shop floor
10:15AM-10:40AM Manufacturing a deal: M&A case study
10:40AM-11:10AM Manufacturing in Detroit "against all odds"
11:10AM-11:15AM Interactive discussion
CPE credit available. Shinola watch will be raffled off.
Pre-registration for this year's complimentary program is required. Breakfast will be provided. Space is limited. Multiple registrations are welcome. To RSVP contact Jessica Dalessandro.
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 on Thursday, December 4 from 8:00AM-6:00PM, with keynote Mark Hackel, Macomb County executive.
This complimentary program is geared towards board members, audit committee members, CFO's, controllers 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 included. Space is limited. Multiple registrations are welcome. To RSVP contact Jessica Dalessandro. 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 on Thursday, December 4 from 8:00AM-6:00PM, with keynote Mark Hackel, Macomb County executive.
This complimentary 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 included. Space is limited. Multiple registrations are welcome. To RSVP contact Jessica Dalessandro. Formal invitation to follow.
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SPECIAL ANNOUNCEMENTS
UHY Opens Third Michigan Office In The Heart Of Downtown Detroit's Financial District
UHY LLP, a leading national CPA firm with over 300 employees in Oakland and Macomb counties, is opening its third Michigan office in the heart of downtown Detroit's financial district. UHY's first Wayne County office will be open for business on the sixth floor of the Chrysler House (previously known as the Dime Building) sometime in November. The 23-story historic skyscraper is located at Griswold and Fort streets near Campus Martius Park.
Ironically, this is the same building that founding partner, Gordon Follmer, first started his accounting career while going to night school at University of Detroit in 1960. "We're excited to expand operations in Detroit as the revitalization of business growth in the City is gaining momentum," Follmer said. He also feels the downtown addition will be excellent for recruiting and retention, "A lot of our new team members, the younger ones, the next generation of leaders, have expressed interest in working downtown".
Many of their Detroit-based clients including Hiram Jackson, CEO of Real Times Media and publisher of the Michigan Chronicle; Cindy Pasky, founder, president and CEO of Strategic Staffing Solutions and chair of the Detroit Downtown Partnership Board of Directors; Bridgewater Interiors' president and CEO Ron Hall; and John James, founder, chairman and CEO of James Group International have encouraged and supported the firm's move to the City. "We're delighted to see UHY open an office in Detroit. They've been our accounting firm for a very long time and done wonderful things for us. They will be a great addition to Detroit's growing financial community," said James.
UHY LLP is one of many companies who have moved into the 352,000 square foot building since it was acquired by Bedrock Real Estate Services in August 2011. The neoclassical Daniel Burnham-designed structure is within short walking distance from Campus Martius Park, Westin Book Cadillac Hotel, Cobo Center, PeopleMover station and sports venues.
"UHY joins an impressive list of more than 45 retail, professional services and corporate tenants," said Jim Ketai, co-founder and managing partner of Bedrock.
"We are really excited about this new beginning in the downtown area," said Tony Frabotta, CEO of UHY Advisors MI, Inc. and managing partner of UHY LLP. "This is a great opportunity for UHY to be part of Detroit's comeback story."
UHY Recognized As A "Best & Brightest" Company For The Eleventh Consecutive Year
UHY Advisors MI, Inc. has been voted by the Michigan Business & Professional Association (MPBA) as one of 2014's best and brightest companies to work for in Metropolitan Detroit for the eleventh year in a row! Only companies that distinguish themselves as having the most innovative and thoughtful human resources approach can be bestowed this honor.
101 companies have demonstrated exceptional commitment and named "Metropolitan Detroit's 101 Best and Brightest Companies to Work For™." The winning 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 a luncheon on Tuesday, September 23 at the Detroit Marriott at the Renaissance Center.
"We are honored to recognize the efforts of this year's 'Best and Brightest' companies. These companies have created impressive organizational value and business results through their policies and Best Practices in human resource management. This award has become a designation sought after by hundreds of Metro Detroit's area companies and is a powerful recruitment tool in the drive to attract and retain exceptional employees," said Jennifer Kluge, MBPA president.
The B&B is a program of the MBPA that provides the business community with the opportunity to gain recognition, showcase their best practices and demonstrate why they are an ideal place for employees to work. This national program celebrates those companies that are making better business, creating richer lives and building a stronger community as a whole.
Careers At UHY
Are you ready to take charge of your career path? Be sure to visit our careers page for the most up-to-date career listings or contact Amanda Sheets at asheets@uhy-us.com or 248 204 9482. Check out some of the current opportunities in our Sterling Heights and Farmington Hills locations:
- Tax senior staff accountant, 2-4 years of experience
- Audit senior staff accountant, 2-4 years of experience
- Tax senior accountant, 5-7 years of experience, CPA required
- Audit senior accountant, 5-7 years of experience, CPA required, working with municipalities a plus
- Audit manager, 7+ years of experience
- Director of litigation, testifying experience required
- Tax manager, 7-10 years of experience
- Marketing associate, 2+ years of experience, bachelor's degree in marketing or related field
- Marketing intern (PR and communications), pursuing marketing or related degree
- Experienced recruiter, 1-3 years of experience, preferably working within public accounting
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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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