|
|
NOVEMBER 2015
|
|
|
ARCHIVE
| |
Missed an issue? New subscriber? Visit our
news archive.
| |
|
|
The latest 2016 edition includes eight great case studies, with a range of international clients across a variety of market sectors: automotive, chemicals, food packaging, human resources, mining, retail, training and consultancy. Two of which are right in our backyard: Bartech Group, a client based in Southfield, MI and Plasan Carbon Composites, another UHY-Michigan client.
In 2016 UHY member firms across the world are celebrating 30 years as an international network. From a small group of senior forward-thinking executives three decades ago, to a leading mid-tier global network today.
|
|
|
2016 RETIREMENT PLANS CONTRIBUTION LIMITS
By Tara Treat, CPA
The IRS recently announced the 2016 retirement limits. These limits are adjusted each year based on the cost of living index and, due to low inflation, most retirement limits will remain the same as 2015.
|
|
| 2015 | 2016 | 401(k), 403(b) or 457(b) plan elective deferrals
| $18,000 | $18,000 | 401(k), 403(b) or 457(b) plan catch up contributions for those age 50 and older
| $6,000 | $6,000 | Maximum contribution to a defined contribution plan (Section 415(c)(1)(A))
| $53,000 | $53,000 | SIMPLE plan employee deferrals
| $12,500 | $12,500 | SIMPLE plan catch-up contributions
| $3,000 | $3,000 | Maximum annual benefit under a defined benefit plan (Section 415(b)(1)(A))
| $210,000 | $210,000 | Annual compensation limit
| $265,000 | $265,000 | Key employee compensation in top-heavy plan (Section 416(i)(1)9A)(i))
| $170,000 | $170,000 | Highly compensated employee (Section 414(q)(1)(B))
| $12,000 | $12,000 | Maximum ESOP account balance subject to 5-year distribution preiod
| $1,070,000 | $1,070,000 | Threshold for determining if a multiemployer plan is a systematically important plan (Section 432(e)(9)(H)(v)(III)(aa))
| $1,012,000,000 | $1,000,000,000 |
|
A few other changes noted by the IRS were:
For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple's income is between $184,000 and $194,000-up from $183,000 and $193,000.
The adjusted gross income (AGI) phase-out range for taxpayers making contributions to a Roth IRA is $184,000 to $194,000 for married couples filing jointly, up from $183,000 to $193,000. For singles and heads of household, the income phase-out range is $117,000 to $132,000-up from $116,000 to $131,000.
The AGI limit for the saver's credit (also known as the retirement savings contribution credit) for low- and moderate-income workers is $61,500 for married couples filing jointly, up from $61,000; $46,125 for heads of household, up from $45,750; and $30,750 for married individuals filing separately and for singles-up from $30,500.
For more information or questions on this topic, 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.
|
CLOUD COMPUTING SERVICES: TO TAX OR NOT TO TAX?
After her presentation at the third annual Mark R. Solomon Tax Symposium at Walsh College, discussing the tax issues related to cloud computing, DBusiness asked Susan Wagner to write an article for the publication's "Guest Blog" section on their website. Click here to read the article. Wagner is a resident state and local tax expert with UHY Advisors. |
AUDIT PLANNING: KEY AREAS OF RISK
By Jessica Brandreth
As planning for 2015 audits has begun, it is important to take into consideration key areas of risk, as determined by the Center for Audit Quality (CAQ) and the PCAOB, which include the following:
Professional skepticism: A questioning mind, being alert to conditions which may indicate possible misstatement due to error or fraud, and a critical assessment of audit evidence are imperative to performing a quality audit with due professional care.
Internal control over financial reporting (ICFR): To minimize risks in this area, select appropriate controls to test, evaluate if those controls are adequate and test the operating effectiveness of them.
Risk assessment and audit planning: Risk assessment should be completed during the planning phases of the audit and continue through the audit. When there is timely involvement by the engagement partner and engagement quality review partner, it helps ensure effectiveness of the risk assessment.
Supervision of other auditors: It is the responsibility of the engagement partner to supervise the work of all engagement team members to ensure that the work is performed and supports the conclusions and opinion reached.
Testing issuer-prepared data and reports: The auditor should evaluate whether information prepared by the client and being used as audit evidence is both sufficient and appropriate for the purposes of the audit.
Revenue recognition: The auditor should determine the adequacy of management's required disclosure of the impact of the new accounting standard for revenue recognition even though it has not yet taken effect.
Auditing accounting estimates, including fair value measurements: When auditing accounting estimates, the auditor is responsible for three things; 1) evaluating the development of the estimates, 2) assessing the reasonableness, and 3) assessing if the estimates were presented in conformity with applicable accounting principles and are properly disclosed.
|
UHY GLOBAL: ISSUE 1
UHY Global is a new twice-yearly publication that gives our readers insight into current business affairs in countries and business cultures around the world, and how our experts deal with challenges and bring solutions.
Included in this issue:
The OECD base erosion and profit shifting (BEPS) project
Challenges of internationalization
What's happening in the automotive sector and supply chain
...and much more
|
EVENTS CALENDAR
11/12 UHY LLP ANNUAL CONSTRUCTION OUTLOOK
Join us in Farmington Hills for Construction Outlook 2016! The schedule of events is as follows:
7:00AM-7:20AM Registration, breakfast and networking
7:20AM-7:30AM Opening commentary
7:30AM-8:00AM "Cement Shoes": How to retain your key people
8:00AM-8:30AM Management and unions working together
8:30AM-8:40AM Refreshment break
8:40AM-9:00AM Using mobile technology to advance construction profitability
9:00AM-9:10AM Tax update
9:10AM-9:25AM Affordable Care Act update
9:25AM-9:30AM Interactive discussion
CPE credit will be offered. Pre-registration for this complimentary program is required. Breakfast will be provided. Space is limited. Multiple registrations are welcome. To RSVP contact Drew Matthews. 12/2 UHY LLP ANNUAL ACCOUNTING AND BUSINESS CONFERENCE
Join us at the MSU Management Education Center for this year's Accounting and Business Conference, featuring keynote Mary Kramer of Crain's Detroit Business. The schedule of events is as follows:
8:00AM-8:20AM Registration, breakfast and networking
8:20AM-8:30AM Opening commentary
8:30AM-10:00AM SEC accounting and legal update
10:00AM-10:15AM Refreshment break
10:15AM-11:15AM Currency risk management
11:15AM-12:00PM Detroit Homecoming
12:00PM-1:00PM Complimentary lunch
1:00PM-2:00PM Cyber security and cloud computing, the digital revolution
2:00PM-2:45PM Corporate advisory boards to gain access to experience and expertise
2:45PM-3:00PM Refreshment break
3:00PM-4:00PM Attracting and retaining talent
4:00PM-6:00PM Cocktail reception
CPE credit will be offered. Pre-registration for this complimentary 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.
|
|
SPECIAL ANNOUNCEMENTS
MICHIGAN PRACTICE MEMBERS JOIN UHY ADVISORS' BOARD OF DIRECTORSUHY Advisors announced new board members from its Michigan practice, Thomas Callan and Steven McCarty. Both are well known in the local business community, been with the firm for over 20 years, and alumni of Walsh College. Callan and McCarty will join five others, including the firm's CEO, Anthony Frabotta, who is also a Michigan resident. Frabotta has been with the firm since 1974 and on the board of directors and executive committee since 2000, serves as a member of the board of trustees and treasurer for DMC Legacy, and is a graduate of Wayne State University. Click here to view full press release. HAROLD BURNS, PARTNER OF UHY LLP, IS ST. CLAIR COUNTY COMMUNITY COLLEGE'S DISTINGUISHED ALUMNUS OF THE YEARHarold Burns, a partner of UHY LLP's Michigan practice, has been selected as the 2015 Distinguished Alumnus of the Year by St. Clair County Community College. With over 25 years of experience in public accounting, Harold has acquired a broad range of audit and business consulting knowledge. He is a leader of the firm's audit and assurance and ERISA audit practices. He is also the chairperson for the firm's national health care practice. Harold's civic involvement includes board member of McLaren Macomb Healthcare Foundation, SC4 Foundation and Canterbury-on-the-Lake Senior Living Retirement Community. He is a former board member of Memphis Community Schools, with 17 years of experience, last 13 years as board president. He was honored at the SC4 Foundation's Red Carpet Affair on November 7. Congratulations, Harold! 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 listings or contact Yolanda Rountree. Current opportunities in our Michigan offices include:
- Audit Manager, 7+ years of experience, manufacturing experience is highly preferred
- Audit Manager, 7+ years of experience, SEC experience is highly preferred
- Audit Senior Accountant, 5-7 years of experience, CPA required
- Internal Audit Risk & Compliance Manager, 7+ years of experience
- R&D Tax Specialist, 7+ years of experience
- Tax Manager, 7-10 years of experience
- Tax Senior Consultant, 4-5 years of experience, Big 4 experience is required
- Tax Senior Accountant, 5-7 years of experience, CPA required
- Director of Litigation, testifying experience required municipalities
- Senior Associate (Corporate Finance), 2-4 years of Big 4 experience highly preferred
|
|
|
|
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.
|
|
|
|
|
|
