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UHY LLP Michigan Practice
SEPTEMBER 2016
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ARCHIVE
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UHY-US NAMED ONE OF THE FASTEST GROWING FIRMS BY IPA Inside Public Accounting (IPA) has released its list of 2016 Fastest Growing Firms in the United States. UHY Advisors, Inc., together with UHY LLP, cracked the top 10 with a revenue growth of nearly 15 percent last year. The list highlights only organic growth in net revenue without the influence of mergers. This recognition confirms an upward trend that the firm has been experiencing over many years. Quality work and staff, commitment to client service, increased scope of services and branding are considered to be the core components of the firm's organic growth strategy which drove these revenues on such a large year over year increase.
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POTENTIAL WAIVER FOR LATE ROLLOVERS OF RETIREMENT PLAN FUNDS
By Michelle Sapula
If a distribution from a qualified plan or an IRA is not rolled over to another eligible retirement plan or IRA within 60 days, not only is the distribution generally taxable, but the distribution may also be subject to a 10 percent early withdrawal penalty. Up until now, if a taxpayer missed the 60-day rollover requirement, the only recourse was to request a waiver from the IRS via a letter ruling. Now, a new self-certification procedure (outlined in Revenue Procedure 2016-47) may allow taxpayers to qualify for a waiver of the 60-day retirement distribution rollover requirement without requesting a waiver directly from the IRS. If a taxpayer meets the qualifications under the Revenue Procedure, the taxpayer would provide the plan administrator a written self-certification stating that the contribution meets those requirements. To qualify under the Revenue Procedure, the IRS must not have previously denied a waiver request on the requested rollover and the taxpayer must meet one of the following specified reasons:
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An error was made by the financial institution receiving the contribution or making the distribution to which the contribution relates;
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The distribution check was misplaced and never cashed;
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The distribution was deposited into and remained in an account that the taxpayer mistakenly believed was an eligible retirement plan account;
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The taxpayer's principal residence was severely damaged;
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A member of the taxpayer's family died;
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The taxpayer or a member of the taxpayer's family was seriously ill;
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The taxpayer was incarcerated;
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Restrictions were imposed by a foreign country;
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A postal error occurred;
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The distribution was made on account of a levy and the proceeds of which have been returned to the taxpayer; or
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The party making the distribution delayed providing information that the receiving plan or IRA required to complete the rollover despite the taxpayer's reasonable efforts to obtain the information.
Once the reasons listed above no longer prevent the taxpayer from making the contribution, the rollover contribution must be made to the IRA or plan as soon as possible. There is a 30-day safe harbor to make the delayed contribution. A taxpayer's plan administrator, IRA trustee, custodian or issuer may rely on this self-certification but it may be subject to verification upon audit.
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.
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CLINTON/TRUMP TAX PLANS AT A GLANCE
By Gina Greenhow
As the election draws nearer, more details of the candidates' economic plans are being unveiled. With this we can start to get a better idea of what our tax future may look like. Unfortunately, the majority of the proposed changes from each candidate are based on taxable income and are different for every situation. Below are the basics in no particular order.
Hillary Clinton's plan would keep the majority of the current standards the same. Ordinary income tax brackets are a great example, all would stay the same with the exception of an addition of a 43.6 percent bracket for high income earners (income over $5 million). Itemized deductions would be limited to 28 percent of income and alternative minimum tax (AMT) would increase. Clinton also wants to reduce the estate tax exemption to $3.5 million and increase the tax rate to 45%.
Donald Trump's plan is quite a bit different. The number of ordinary income tax brackets would be reduced from seven to only three, with the new maximum tax bracket decreasing from 39.6 percent to 33 percent. Obamacare, AMT and the estate tax would all be eliminated; deduction phase outs would begin sooner than they do now and the corporate tax rate would be lowered to 15 percent.
Overall, income taxes would increase with Clinton and decrease with Trump. However, these are just their proposed plans and any changes at all would have to go through quite a process before we see them on our tax returns.
Click here to see your tax picture under each candidate. |
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EVENTS CALENDAR
SAVE THE DATE! MORE UHY EVENTS ARE JUST AROUND THE CORNER...10/20 UHY LLP Annual Manufacturing Outlook Click here11/3 UHY LLP Annual Construction Outlook 11/10 UHY LLP Annual Not-For-Profit Update Click here12/8 UHY LLP Annual Accounting & Business Conference
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SPECIAL ANNOUNCEMENTS
BOB KENDALL RECEIVES 'TOP OF CLASS' HONORS
UHY Corporate Finance senior vice president, Bob Kendall, was recognized by Turnaround Management Association as nextGen Top of the Class. This award is presented to financial professionals under 35 that have shown leadership within the organization and in their fields of work.
WAYNE STATE NAMES KRYSTINA BORROCCI 2016 EMERGING LEADER; YOUNGEST TO RECEIVE AWARD
Director of marketing, Krystina Borrocci, 31, was honored in front of a crowd of her peers, alumni and donors of Wayne State University's Mike Ilitch School of Business at their 36th Annual Recognition & Awards Program. Click here to read the press release.
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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.
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