LLP_Newsletter_NEW_BRANDING

UHY LLP Michigan Practice

JUNE 2016
IN THIS ISSUE
Trump's Tax Returns

SPECIAL ANNOUNCEMENTS
QUICK LINKS 
ARCHIVE

Missed an issue? New subscriber? Visit our  

news archive. 

 
NLOS_NEW_BRANDING
Join Our Mailing List
One
TRUMP: ANOTHER 'TAXING' DISCUSSION
 
It has been all over the news as of late; presumptive GOP nominee and business mogul Donald Trump has been under fire after refusing to turn over his Federal income tax returns to the general public until after a routine audit by the IRS is completed. Although candidates are not required to publically release their tax returns the last seven presidents have. Trump has indicated in several interviews that he would do so after the audit ends, which may not happen before the election. So why is Donald Trump's tax return under audit? We may never know for sure, but what we do know is that you don't have to be a successful business tycoon or presidential candidate to be audited by the IRS. Below are a few of many red flags that could raise suspicion and cause your return to be audited:
  • Home office deductions
  • Large Schedule C and Schedule E losses reported on your return
  • Income from certain business lines that primarily collect income in cash
  • Home mortgage interest in excess of $50,000
  • Returns with itemized deductions over 40 percent of adjusted gross income
  • High amounts of charitable contribution in relation to income  

Back to top

Bucks
MILWAUKEE BUCKS DATA BLUNDER
 
Earlier in the year we reported an increase in email phishing and spoofing scams this tax season. Recently, the Milwaukee Bucks made headlines when an employee leaked player financial information. Click here to read the article from Engadget. The $600 million NBA franchise is the most recent example of why cybersecurity training and awareness are critical to protecting your organization.

UHY Advisors can help you assess your risk and develop the training and awareness program you need to avoid falling victim to a similar scam. For assistance with developing your program, contact your professional in Detroit 313 964 1040, Farmington Hills 248 355 0280 or Sterling Heights 586 254 8141, or visit us on the web at www.uhy-us.com.

Back to top
Apps
EDITOR'S CHOICE: BEST APPS FOR BUSINESS TRAVELERS

As professionals, travel is just part of your job description. Whether it's lunch across town, meeting with a client out of state or attending an international conference, business travel can be frustrating at times. Luckily we have all kinds of mobile applications available in the palm of our hands to make our trips a little easier. Check out our top picks below:

Waze: Avoid traffic jams with accident alerts, construction zones, traffic slowdowns, speed traps and other notifications. Hands-free voice control makes it a synch to operate on the go. 

Expensify: Easier expense reports? Sign me up! Track all expenses as you go, just sync your credit/debit cards to the app, take a picture of your receipt and Expensify will do the rest by compiling an easy-to-navigate report at the end of your trip. 

Teladoc: A doctor's care. Anytime. Anywhere. Teladoc provides on-demand remote health care through mobile devices, online video and phone, and is a great option for patients in need of fast help for non-emergency medical conditions, including prescriptions. Within minutes, a doctor will contact you ready to listen and resolve your issue. Requires membership through your employer or health plan.

Find. Eat. Drink.: FED takes food recommendations a step further than Yelp- especially when you are unfamiliar with the area. It provides recommendations for nearby restaurants, bars, and gift shops from local chefs, bartenders and sommeliers.

AwardWallet: Store all of your rewards programs in one single platform. AwardWallet supports nearly 700 loyalty programs - air, hotel, car rental, credit card and others. It also houses all your login credentials and does not need the internet to run.

Uber: By far the quickest and easiest way to get around when traveling- just enter your pick up location and see all cars in the area. No cash needed, just sync your card to the app. You can even upgrade vehicle type.

Parkmobile: Very helpful when you're trying to park in big cities.

AroundMe: Need to find the closest ATM? Craving a triple skinny vanilla latte that only Starbucks can provide? It's the most used and most reliable local search application around the world.

Study
UHY STUDY FINDS US BUSINESSES PAYING HIGHEST CORPORATION TAXES IN THE WORLD

According to the findings of a recent global study conducted by UHYI, the US corporate tax rate was 41.1 percent on taxable profits of $1,000,000. This is far higher than the average rate of 27 percent and higher than the G7 average of 32.3 percent. However, UHY points out that the US' high corporate tax rate is in fact mitigated by a variety of tax planning opportunities and deductions which result in many businesses' effective tax rate being lower than 41 percent. Click here for full details, which includes a summarized table showing all 31 countries involved.

Back to top
RevProc
AUTOMATIC ACCOUNTING METHOD CHANGES UNDER NEW REVENUE PROCEDURES

In early 2015, the IRS transitioned its listing of automatic accounting method changes from the appendix of the general Revenue Procedure to its own separate Revenue Procedure, giving it the freedom to regularly issue new changes and modifications. On May 5, the IRS did just that in issuing Rev. Proc. 2016-29; among the highlights:
  • issued new changes related to start-up costs under section 195, changes to interest capitalization under section 263A and changes to retail inventory under section 471;
  • eliminated automatic changes from long-term contracts to the percentage-of-competition method; and
  • disallowed changes to deprecation methods on property in which the taxpayer previously received a federal tax credit.
The complete Revenue Procedure can be found here on the IRS' website. If you have any questions, contact your professional at UHY LLP in Detroit 313 964 1040, Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040.

Back to top
Expands
UHY ADDS MEMBER FIRM IN SEYCHELLES

Strengthening UHYI's presence in the African region, Premier Financial Services (Seychelles) Limited provides clients with fiduciary and trust services, company formation, international tax planning and structuring, accounting/bookkeeping and other ancillary services to a portfolio of local but mainly international clients. Click to see the full press release, or to view a map of all UHY locations.
   
Back to top 
SpecAnnounc 
SPECIAL ANNOUNCEMENTS   

UHY CORPORATE FINANCE HAS BEST YEAR YET; TWO RECOGNIZED AS M&A EMERGING LEADERS
Click here

FOLLOW UHY CARES ON SOCIAL MEDIA
Facebook, LinkedIn, Twitter

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.