IN THIS ISSUE 

Online Filing of Sales, Use, Withholding and Unemployment Taxes 

Tax Deduction Increases 

FATCA Compliance 

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The Department of Treasury has notified taxpayers in a recent letter about the new online method for filing sales, use and withholding taxes. For those who may not have received the notification, beginning in January 2015, all sales, use and withholding taxpayers will be required to register online in order to e-file returns and electronically pay taxes. As a result of the new online services, the sales, use and withholding tax booklets will no longer be mailed to taxpayers. However, not all taxpayers will be required to file online. Those that will continue to file by paper will have to go to the state's website to obtain forms.

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As we move into the new 2015 tax year, there are some important tax numbers that will increase due to the inflation adjustments required by law. Below is a summary of a few changes that will affect your 2015 income tax returns:

• The basic standard deduction for 2015 will be $6,300 for single taxpayers (up from $6,200 for 2014). For married couples filing jointly the deduction will be $12,600 (up from 12,400 for 2014). The standard deduction for those that qualify as "head of household" will rise to $9,250 (up from $9,100).
• The maximum earned income tax credit will increase to $6,242 for 2015 for taxpayers filing jointly and who have three or more qualifying children (up from a maximum of $6,143 for 2014).
• The foreign earned income exclusion will be $100,800 for 2015 (up from $99,200 for 2014).
• The personal exemption will be $4,000 for 2015 (up from $3,950 for 2014) however this is subject to a phase out, which starts when the taxpayers' adjusted gross income reaches $258,250 for single taxpayers or $309,900 for married couples filed jointly. The exemption completely phases out at $380,750 for single taxpayers and $432,400 for married couples filing jointly.
• The limitation on itemized deduction will start when income levels reach $258,250 and higher for single taxpayers and $309,900 and higher for married couples files jointly.
• The federal estate tax inclusion will increase to $5.43 million for 2015 (up from $5.34 million for 2014).

For more information contact your professional at UHY LLP in Farmington Hills at 248 355 1040 or Sterling Heights at 586 254 1040, or visit us on the web at www.uhy.us.com.  

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By Jeremy Ries

Taxpayers and preparers can expect to see a new check box on a familiar form in 2015. Just last week, the Internal Revenue Service (IRS) issued the 2015 version of Form 1099-MISC. This most recent version features a new check box to identify foreign financial institutions filing to satisfy their FATCA (Federal Account Tax Compliance Act) reporting requirements. According to the tax code, foreign banks are required to disclose information to the IRS about accounts held by US owners or face withholding tax up to 30%. Many foreign countries have already entered into information sharing agreements with the US to facilitate this disclosure.

The list of released 2015 Form(s) 1099 which feature the FATCA check box as of November 24 is as follows:

For assistance with FATCA compliance, contact your professional at UHY LLP in Farmington Hills at 248 355 1040 or Sterling Heights at 586 254 1040, or visit us on the web at www.uhy.us.com.

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SPECIAL ANNOUNCEMENTS

 
UHY LLP Participates In Nearly 90-Year-Old Detroit Thanksgiving Tradition

Over the holiday weekend, UHY LLP sponsored the Distinguished Clown Corps float in the 88th America's Thanksgiving Parade. The Parade is Detroit's grandest and most anticipated civic event, the second largest Thanksgiving parade and the third largest parade in the country overall. First televised in 1948, The Parade is now broadcast nationally to more than 65 million viewers.

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."

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: 

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