On May 4, the IRS announced in Revenue Procedure 2015-30, the annual contribution limits for health savings accounts (HSA) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high deductible health plans for calendar year 2016.

Individuals who participate in a health insurance plan with a "high deductible" are permitted a tax deduction for contributions to qualified HSAs. These individual and family plans are designed to help taxpayers pay their qualified medical expenses in a tax-free manner.

To be eligible to contribute to an HSA, an individual must participate in a "high deductible health plan". The IRS has defined this term as a health plan with an annual deductible that is not less than a certain limit each year and for which the annual out-of-pocket expenses do not exceed a certain limit each year.

For calendar year 2016, the maximum allowable deduction for an individual with self-only coverage under a high deductible health plan is $3,350. For taxpayers with family coverage under a high deductible health plan, the maximum deduction is $6,750.

Also for 2016, a "high deductible health plan" has been defined as annual deductibles that are not less than $1,300 (self-only coverage) or $2,600 (for family coverage), and the annual out-of-pocket expenses cannot exceed $6,550 (self-only coverage) or $13,100 (family coverage).  

For more information on the new HSA contribution limits, 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. 

As reported in Crain's Detroit Business in late March, UHY Advisors' Corporate Finance team presented private equity firm O2 Investment Partners LLC with the potential acquisition of a technology client, PC Treasures, Inc. At first Jay Hansen, managing partner of O2, had a hard time grasping PC's business. PC Treasures is a multi-channel distributor of licensed multimedia bundles and cutting-edge computer, tablet and smartphone accessories, and other specialty products. It took a while for Hansen and his staff to understand PC's niche, causing the deal to take longer, but the light finally went on.

Due diligence taught Hansen and Todd Fink, another O2 managing partner, that there was a profit to be made in bundling. They also learned that they were compatible with the co-founders of PC Treasures. The deal was especially complex because PC has a unique business model. They were launching a new major product and it was the middle of their busiest season. It was also imperative that the "family" culture remained intact to maintain great customer relationships built on mutual trust and quickly capitalize on new market opportunities.

The unique nature of the transaction forced the advisors on the deal to come up with creative solutions that would meet the needs of all parties. Despite the complications, the deal went smoothly and PC's co-founders Brian Austin and Les Thomas agreed to invest some of the proceeds from the sale back into the company.

The deal closed in November 2014, PC Treasures busiest season, and was awarded "Deal of the Year: Best Deal under $100 Million" by Crain's Detroit Business. UHY's team played a crucial role in facilitating the transaction. Operating under Steve McCarty; Aaron Witalec, Bob Kendall and Alex Conti acted as sell side advisors on the deal.
 

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

Employees, their friends and associates of UHY LLP, certified public accountants, in conjunction with UHY Cares, the firm's independent 501c(3)organization, celebrated their eighth annual Texas Hold 'Em tournament on February 19. The charity poker event was held at Star Lanes at Emagine Royal Oak and was packed with players, sponsors and donors who helped raise funds for Make-A-Wish� Michigan, a statewide nonprofit that grants the wishes of Michigan children with life-threatening medical conditions to enrich the human experience with hope, strength and joy.

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 [email protected] 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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