Now that another tax filing season is behind us, is it possible that Congress will jumpstart reviewing the numerous expired tax provisions or the much talked about tax reform? Both the House and Senate agree that tax reform is needed, however, both agreed last year, and a one year "fix" was passed in mid-December 2014. While the Tax Increase Prevention Act of 2014 ("the Act") did not technically delay the start of the 2015 filing season, it did make tax planning for 2014 nearly impossible and chaotic as the year came to a close.

The Act retroactively extended nearly 60 individual and business tax deductions and credits from Jan. 1, 2014 through Dec. 31, 2014. As a result, many popular tax breaks and credits are already expired for the current year. The expired business provisions include 50 percent additional first-year depreciation, expanded Section 179 expensing limitations and the R&D credit. Expired individual provisions include an option to deduct sales tax and the above-the-line deductions for teaching expenses and qualified tuition expenses.

Since April 15th, the House has already passed a few, small tax bills. The passed bills permanently extend the deduction for sales taxes in lieu of state and local income taxes, codify the taxpayer rights before the IRS and repeal the estate tax. Despite some recent legislative action, none of the significant expired provisions have been addressed. In addition, it appears time is limited for a complete tax overhaul.

In an interview with Bloomberg on April 23, House Speaker John Boehner said that there was a "50/50 chance at best" that corporate tax reform would be passed in the upcoming year. Likewise, House Ways and Means Committee Chairman Paul Ryan stated "tax reform is a 2015 thing for sure", however time for a major bill is running short. Ryan stated tax reform has to be done by the end of summer. There are only a few more months to make progress before the focus shifts to the 2016 election.

So how does a taxpayer effectively plan for 2015 with the uncertainty of tax extenders and possible tax reform? Rely on the tax laws and provisions as they currently stand, and focus on your business and/or personal goals. More than likely, revised tax planning will again happen late in the year, as was the case for 2014. As always, UHY will keep you posted on any changes or developments. If you have any questions, please contact your professional at UHY LLP in Detroit 313 964 1040, Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040, or visit us on the web at www.uhy-us.com.

Please join us at UHY's training center in Farmington Hills on Thursday, May 21 from 7:30AM - 9:45AM where a panel of experts will be discussing ways to get the most out of your nonprofit board.

Many of us have sat on or worked with organizations that had ineffective directors on their board or did not have the ability to retain the effective directors they had. Either of these problems significantly affects the success of an organization. Building a strong and reliable nonprofit board of directors is no easy task, but leveraging simple best practices and utilizing innovative strategies can mean the difference between an engaged, effective board of directors and a social club with minimal leadership and poor results.

CPE credit will be offered.

Pre-registration for this complimentary program is required. Continental breakfast will be provided. Space is limited. Multiple registrations are welcome. To RSVP or if you have general questions, contact Jill Andree via email jandree@uhy-us.com or phone 248 204 9338. 

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UHY LLP CPAs Take A Break from Tax Season to Help Make Wishes Come True

With over $25,000 of generous contributions, UHY Cares was able to use a portion of the money to adopt the wish of Jayden A., 11, from White Lake. Jayden has progressive muscle disease that causes severe muscle weakness, inhibiting his ability to take part in certain activities. His wish was to go to Walt Disney World with his family. Thanks to successful fundraising efforts from UHY, Jayden and his family were able to take their trip in mid-April. 

"We had a record turnout at this year's poker event. It's through this direct support that we were able to raise the funds needed to adopt Jayden's wish, as well as give back to several other local charities", said Scott Miller, MAW board member and partner at UHY LLP. "Although Make-A-Wish Michigan grants approximately one wish a day, each wish experience is unique and frequently a source of inspiration and optimism helping to strengthen and empower children undergoing difficult medical treatments. Imagine how a child's spirit will be lifted from planning, sharing and treating his or her family to a wish experience of their choosing." 

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 Yolanda Rountree at yrountree@uhy-us.com or 586 843 2642. Check out some of the current opportunities in our Michigan offices:

• Audit manager, 7+ years of experience, manufacturing experience is highly preferred
• Audit accountant, 2-10 years of experience working with municipalities
• Audit senior staff accountant, 2-4 years of experience
• Tax manager, 7-10 years of experience
• Tax senior accountant, 5-7 years of experience, CPA required
• Director of litigation, testifying experience required
• Senior associate (Corporate Finance), 2-4 years of Big 4 experience highly preferred 

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