Tag Archives: finance

Former BDO Audit Partner Vin Nguyen Joins UHY LLP

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UHY LLP, certified public accountants welcomes Vin Nguyen as its newest partner residing in the Great Lakes region.

Nguyen has over 25 years of experience working with family-owned, venture capital, private equity and public companies across a broad spectrum of industries. His experience includes working with clients in manufacturing, real estate, health care, and life sciences.

Spending the majority of his career with BDO, he comes with extensive experience planning, executing and managing audit engagements for both public and private companies in accordance with US GAAP, PCAOB standards, and SEC rules and regulations.

“It was a team effort to get Vin on board,” said Tom Callan, regional managing partner of UHY’s Great Lakes region. “We have known Vin for a long time, always knew he was the right fit for UHY. His years of experience working with public companies will allow us to reach deeper and offer our services at a scale that we normally would not be able to.”

Nguyen will work as part of the audit and assurance practice assisting with SEC reporting matters, business consulting and strategic planning.

Nguyen has a Bachelor of Arts in Accounting as well as an MBA from Wayne State University, and is a licensed CPA in the state of Michigan. He is a board member and treasurer for the Epilepsy Foundation of Michigan and a past member of the Asian Pacific American Chamber of Commerce.

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About UHY LLP
UHY LLP, a licensed CPA firm, provides audit and other attest services to publicly traded, privately owned and nonprofit organizations in a number of industry sectors. UHY Advisors provides tax and advisory services to entrepreneurial and other organizations, principally those enterprises in the dynamic middle market.

UHY LLP, operating in an alternative practice structure with UHY Advisors, forms one of the largest professional services firms in the US. While that scale might provide confidence for some clients, others tell us our greatest value is the way we bring these resources to bear to help address today’s evolving business challenges. It’s a philosophy we call “The Next Level of Service”. To learn more visit www.uhy-us.com.

All of the above entities are members of UHY International (“UHYI”), a worldwide network of independent professional services firms that provide audit, tax and advisory services around the globe. UHYI is ranked among the top international accountancy networks and a proud member in good standing of the Forum of Firms. Collectively, our US operating entities (UHY LLP and UHY Advisors) are the largest independent members of UHYI with significant participation, bringing the power of our international network to serve the individualized needs of our clients.

UHY Adds Tax Leaders in Houston

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UHY Advisors, Inc., (UHY), one of the nation’s leading accounting and professional services firms (based in Farmington Hills), announces that Matt Martina, CPA, and Todd Sutherland, J.D., LL.M. (Taxation), have joined the team as tax leaders working out of UHY’s Houston Office.

Matt Martina has joined as Managing Director of International Tax Services. He provides international tax services to clients in Houston, as well as nationally. He has more than 25 years of experience in international business planning and tax consulting. Martina contributes to client service areas including structuring, due diligence, transfer pricing, IP migration, regulatory compliance (including FCPA), M&A advisory and tax optimization. He has extensive experience with complex cross-border tax planning projects.

Martina has a Bachelor of Science degree in accounting from St. Francis University.

Sutherland is new to UHY as the Director of the Research and Development Tax Credit practice. He has over 20 years of experience assisting taxpayers with claiming R&D tax credits, as well as extensive experience in defending R&D tax credit claims under IRS examination. Sutherland specializes in a number of industries including energy, manufacturing, chemical, biomedical, engineering, and contracting.

Sutherland has a Bachelor of Science degree in accounting from Millsaps College, a LL.M. in Taxation from University of Miami School of Law, and a J.D. from Mississippi College School of Law.

About UHY LLP and UHY Advisors
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 US members of UHYI, a UK company, and form part of the international UHYI network of legally independent accounting and consulting firms. “UHY” is the brand name for the UHYI international network. Any services described herein are provided by UHY Advisors, Inc. and/or UHY LLP (as the case may be) and not by UHYI or any other member firm of UHYI. Neither UHYI nor any member of UHYI has any liability for services provided by other members.

UHY Study Shows Homebuyers in the US Have Some of the Lowest Rates of Property Tax in the World

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Homebuyers in the US have one of the lowest rates of property tax in the world, at just 0.35% compared to the G7 average of 3.6%, shows a new study by UHY, the international accountancy network.

UHY’s study shows that a homebuyer in the US pays just $529 on a purchase of a home worth $150,000, compared with the G7 average of $5,361 (see table below).

UHY Advisors, UHY’s member firm in the US, says that low levels of property transfer tax in the US play a vital role in increasing labor market mobility and growing the economy. High levels of property transfer tax can discourage people from moving for work, as they will be forced to pay a substantial tax bill on the purchase of a new home.

For higher-value properties, tax in the US system is marginally higher at 0.37 percent on the purchase of a property worth $1 million, and 0.39 percent for a property worth $2 million.

UHY calculated an average property transfer tax rate in the US using state and city rates in place across the country – from the zero rates in Texas and Utah to the 1.5 percent and higher rates in New Hampshire and Delaware.

The US charges far lower taxes on a $150,000 property purchase than other major G7 economies such as Japan (11 percent) and France (6.7 percent). The average tax charged worldwide on the purchase of a home worth $150,000 has now reached 4.51 percent – a cost of $6,771 even for a relatively modest home.

UHY says that the cost to Governments worldwide of the coronavirus pandemic could result in pressure to increase property taxes in the coming years. A combination of lower tax revenues and expensive economic stimulus measures will leave many countries with major budget deficits that will need to be addressed.

UHY Advisors explains that the US does not have a federal system for taxes on property purchases, allowing states and cities to set their own rates. While most have kept rates low at under 0.5 percent of the property’s value, some locations have begun to levy higher taxes.

Homebuyers in Washington D.C. are taxed at the highest rates in the country on their property purchases. Someone purchasing a home in the US capital is subject to a levy of 1.1 percent on the transfer of the property and another 1.1 percent on the value of the mortgage. That means a buyer in Washington D.C. is taxed at a higher rate than in the UK, China or Canada. The US’s zero-tax states for property transfers include Oregon, Missouri, Indiana and Idaho.

The average tax paid on a home purchase has risen quickly in recent years. A previous study of property taxes by UHY, in 2013, found that G7 countries charged an average of 2.29 percent tax on the purchase of a home worth $150,000. This has now risen to an average of 3.57 percent in 2020.

Dennis Petri, Chairman of UHY International says: “Taxing property purchases is one way to increase tax receipts to address the costs of coronavirus. However, US states’ tax systems for property purchases have traditionally taken the approach of keeping the burden on individuals low, and that allows Americans to move wherever they need to go to work. That has played an important role in building the robust economy this country has.”

“Not every state and city have the same low-tax approach, however. It can be a very unpleasant surprise for someone moving to Washington D.C., New Jersey or New Hampshire to find that the closing costs on their new home include several thousand dollars of tax payments to the state.”

“Luckily for most Americans, they will never have to deal with the double-digit tax rates on home purchases that they would face in some other parts of the world.”

UHY’s study also shows that several major developed economies now charge tax worth more than 10% on the purchase of a home worth $150,000, including Belgium (11.66 percent) and Japan (11 percent).

Rates of tax on a purchase of a home worth $2 million across the United States average just 0.39 percent, while Russia levy no tax at all on purchases of residential property, regardless of value.

UHY tax professionals studied tax data for individuals purchasing a house worth $150,000, $1 million and $2 million in 27 countries across its international network, including all members of the G7, as well as key emerging economies.

Click here to see full results: https://uhy-us.com/insights/2020/july/uhy-study-shows-homebuyers-in-the-us-have-some-of-the-lowest-rates-of-property-tax-in-the-world

CFA Institute Grants Walsh Affiliate Status

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Walsh one of nine Michigan colleges and universities with this gold standard financial certification

Troy, Mich., June 1, 2020 – The CFA Institute has granted Walsh’s Master of Science in Finance (MSF) program the internationally prestigious recognition of Affiliate status. The CFA Institute is committed to leading the investment profession globally by promoting the highest standards of ethics, education, and professional excellence. According to the CFA Institute website, “An Affiliated University signals to their students and to employers that their curriculum is closely tied to the practice of investment management and is helpful to students preparing for the CFA® Program exams.”

CFA (Chartered Financial Analyst) is the “gold standard” certification in the finance and investment fields and is recognized globally. This significant achievement places Walsh’s Master of Science in Finance (MSF) program in the same company with elite colleges and universities around the world, not just the United States. There are 235 CFA affiliate colleges and universities in the United States, including Cornell, Baylor University and The Ohio State University, to name a few.

“The CFA affiliation sets Walsh and its students apart from the competition and opens doors for graduates to move ahead in their careers.” said Walsh Finance Professor William Greshak. “During their time at Walsh, MSF students gain the knowledge and hands-on skills that will be highly applicable in their profession because our curriculum is directly tied to the CFA candidate body of knowledge.” Greshak is one of several Walsh faculty members who are CFAs.

Greshak said that though CFA learning objectives are incorporated into every part of the MSF curriculum, these are not prep courses for actually taking the CFA exam. The exam, which is one of the most rigorous, comprehensive certification exams, takes at least several hundred hours per year of individual study time beyond a degree.

“CFA certification follows the standards of the market,” said John Moore, Ph.D, CPA, professor and chair of Walsh’s finance department. “A CFA-affiliated program, like Walsh’s MSF, is structured to keep students aligned with the most current needs of the industry and employers.”

The CFA’s affiliate recognition also brings scholarship opportunities to Walsh students to take their CFA exam.

This is not Walsh’s first recognition of educational excellence. Other distinctions include one of the Best Online MBA Programs in the U.S., a Tier One Global Online MBA, one of the Best Online Colleges in Michigan, and one of the Best Online Masters of Science in Finance.

For more information, visit www.walshcollege.edu/future-students

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ABOUT WALSH
Walsh is an all-business, private, independent, not-for-profit, fully accredited college offering undergraduate, graduate and doctoral business and technology degrees, as well as certificate programs. Founded in 1922, Walsh is one of Southeast Michigan’s largest graduate business schools, offering classes in several locations and online. Our nationally-ranked programs integrate theory and application to prepare graduates for successful careers. Walsh degree programs include accounting, finance, information technology, human resources, management, marketing, taxation and other fields. For more information, please visit www.walshcollege.edu.

Walsh is accredited by the Higher Learning Commission (www.hlcommission.org) and the Accreditation Council for Business Schools & Programs (www.acbsp.org).

11 Walsh Alumni Named Crain’s Notable Women in Finance

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TROY, Mich., May 5, 2020 — Crain’s Detroit has released its 2020 list of Notable Women in Finance and Walsh alumni account for more than 25 percent of the honorees. The women featured were selected based on career accomplishments, track records of success, community involvement and commitment to mentoring others. Walsh and the University of Michigan were the only two schools represented by more than 25 percent of the list, each with 11 alumni featured.

Walsh alumni included graduates from the Bachelor of Accountancy program, nationally ranked Master of Science in Finance, and internationally ranked Master of Business Administration:

Jackie Buchanan BAC ‘94
President and CEO, Genisys Credit Union
Walsh Trustee

Courtney Chang MSF ‘06
Senior Vice President and Assistant Treasurer, Flagstar Bank

Kathleen Crockett ’90 BBA & MSA ‘01
Managing Director, UHY Advisors

Kathleen Dobrovic MSF ‘10
Director of Finance, Treasury and IT, SEG Automotive North America LLC

Krystal Giacchina MBA ‘18
Controller, Superior Electric Great Lakes Co

Michelle Kotas MBA ‘09
CFO and Senior Vice President of Corporate Services, YMCA of Metro Detroit

Betsy Meter Honorary Doctorate of Laws ‘20
Michigan Managing Partner, KPMG LLP

Sonya Nicks MBA ‘19
Director of Finance and Administration, Henry Ford Learning Institute

Roberta Remias MSA ‘89
Vice Chancellor for Administrative Services, Oakland Community College

Rebecca Sorenson BAC ‘85
Senior Vice President of Wealth Management USA, UBS Financial Services Inc.

Cathy Stoner BAC ‘02
Vice President, Chief Compliance Officer and CFO, Schwartz Investment Counsel Inc.

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ABOUT WALSH
Walsh is an all-business, private, independent, not-for-profit, fully accredited college offering undergraduate, graduate and doctoral business and technology degrees, as well as certificate programs. Founded in 1922, Walsh is one of Southeast Michigan’s largest graduate business schools, offering classes in several locations and online. Our nationally-ranked programs integrate theory and application to prepare graduates for successful careers. Walsh degree programs include accounting, finance, information technology, human resources, management, marketing, taxation and other fields. For more information, please visit www.walshcollege.edu.

Walsh is accredited by the Higher Learning Commission (www.hlcommission.org) and the Accreditation Council for Business Schools & Programs (www.acbsp.org).

Walsh Earns Three Top Ten Rankings for Online Master’s Programs

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TROY, Mich., April 15, 2020 — Walsh has ranked in the top ten of the 2020 Best Online Colleges for Value by Guide to Online Schools for its master’s degree programs in finance, management, and human resource management. Programs are evaluated based on annual tuition costs, accreditation and salary. Guide to Online Schools uses PayScale to pull median mid-career salaries of graduates to illustrate the program’s return on investment after ten years in the industry.

This is not the first top ranking for Walsh’s online Master of Science in Finance, which was also recently named one of the best in the nation by thebestschools.org. Walsh Online degrees are identical to the school’s traditional degree programs, offering a combination of academic theory and practical application to prepare students for successful careers.

Walsh was an early adopter of online education, offering its first remote learning experience in 1998, and is frequently recognized for excellence in online education. Other recent distinctions include a Tier One Global Online MBA for the second consecutive year, a Top Five Bachelor of Business Administration in Management, one of the Best Online Colleges in Michigan and one of the Best Online Cybersecurity Master’s Degree Programs.

View Guide to Online Schools’ complete list of rankings by degree program:
Master’s in Finance: www.guidetoonlineschools.com/degrees/masters-finance
Master’s in Management: www.guidetoonlineschools.com/degrees/masters-management
Master’s in Human Resources: www.guidetoonlineschools.com/degrees/masters-human-resources

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ABOUT WALSH
Walsh is an all-business, private, independent, not-for-profit, fully accredited college offering undergraduate, graduate and doctoral business and technology degrees, as well as certificate programs. Founded in 1922, Walsh is one of Southeast Michigan’s largest graduate business schools, offering classes in several locations and online. Our nationally-ranked programs integrate theory and application to prepare graduates for successful careers. Walsh degree programs include accounting, finance, information technology, human resources, management, marketing, taxation and other fields. For more information, please visit www.walshcollege.edu.

Walsh is accredited by the Higher Learning Commission (www.hlcommission.org) and the Accreditation Council for Business Schools & Programs (www.acbsp.org).

New member firm in Nicaragua joins UHY network

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UHY welcomes Morales, Tellez & Asociados CÍa Ltda, its new member firm in Nicaragua, to the global accountancy network UHY, extending its coverage within the Central Americas region. The firm is in the process of adopting the UHY branding and will soon be known as UHY Auditores & Consultores.

The firm was established in 2012 as an accounting and consulting firm and is based in Managua, Nicaragua, the largest country in Central America. As part of the growth strategy of Morales, Tellez & Asociados CÍa Ltda, the partners are developing their offering throughout Central America in collaboration with UHY Pérez (Guatemala), a member of UHY since 2008.

Morales, Tellez & Asociados CÍa Ltda has four partners and eleven other professional and administrative staff. The firm’s managing partner is Omar Pérez and the senior partner is Mario Tellez who alongside the other partners is a licenced accountant.

Managing partner Omar Pérez comments: “The global UHY network has over 8,200 colleagues sharing expertise and knowledge for the benefit of clients and these combined resources strengthen the offering of Morales, Tellez & Asociados CÍa Ltda. UHY looks forward to a successful cooperation together with UHY Pérez (Guatemala) and across the global UHY network to help its clients operate more efficiently in a competitive marketplace”.

The firm offers a full range of services include Administration, Management Consulting, Finance, Accounting, Tax Consulting, Human Resources and Auditing. Morales, Tellez & Asociados CÍa Ltda operates across many sectors, specialising in the Pharmaceutical, Shipping, Retail, Technology and Manufacturing sectors and has a client base that includes Costa Rica, Panama, Guatemala, Colombia and Honduras.

Dennis Petri, chairman of UHY comments: “Nicaragua’s economic resources offer many opportunities. Examples include its exports such as clothing, coffee, beef, sugar as well as light manufacturing. We are delighted to welcome Morales, Tellez & Asociados CÍa Ltda to the UHY network; the firm extends our coverage and capabilities to serve clients in Nicaragua, across Central America and internationally”.

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About UHY LLP
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. 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 and UHY Advisors, Inc. are US 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 LLP and/or UHY Advisors (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

About UHY
Established in 1986 and based in London, UK, UHY is a leading network of independent audit, accounting, tax and consulting firms with offices in over 300 major business centres across 100 countries. Our staff members, over 8,200 strong, are proud to be part of the 16th largest international accounting and consultancy network. Each member of UHY is a legally separate and independent firm. For further information on UHY please go to www.uhy.com.

UHY is a member of the Forum of Firms, an association of international networks of accounting firms. For additional information on the Forum of Firms, visit www.forumoffirms.org

UHY liaison office for Morales, Tellez & Asociados CÍa Ltda
Contact Omar Pérez, Managing Partner on +502 2503 5900 operez@uhy-perez.com
W: www.uhy-perez.com

UHY global press contact: Leigh Lyons, marketing & business development manager, on +44 20 7767 2624 l.lyons@uhy.com – www.uhy.com

Jerry Grady, Partner, UHY LLP To Speak at the annual Executive Forum North America

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DETROIT, Mich. — UHY LLP is proud to announce that Jerry Grady, Partner, will be a featured speaker at the 2020 Executive Forum North America: Strategies for a New World, taking place this March.

Hosted by Staffing Industry Analysts (SIA), the annual Executive Forum conference is the premier annual staffing event, offering a powerful lineup of top executives, world-renowned keynote speakers, state of the art industry suppliers, hard-hitting insights backed by industry data and real-time analyses for leaders looking to accelerate their growth and stay competitive in the global talent marketplace.

Jerry will address Cash Management Strategies on March 11, 2020 at 11:45 am

Jerry Grady has acquired a wealth of knowledge throughout his nearly 35 years in public accounting. He is the leader of the National Staffing Practice and sits on the board of a number of regional staffing industry associations. Grady is a regular speaker and webinar host for many regional staffing organizations. He spoke on Mergers and Acquisitions for the Staffing Industry Analysts in 2016.

“I am looking forward to be a part of an impressive line up of speakers and sessions at Executive Forum. Speaking at the Forum allows UHY LLP to be able to share thoughts and insights to leaders from across the industry. It is an honor to speak at this event and be a thought leader for the industry” said Jerry Grady, national staffing practice leader, UHY LLP.

“With the best of the best from across the industry, and leaders from organizations of all sizes exchanging viewpoints and insights, we have an incredibly robust and diverse line up of speakers and sessions on the agenda for Executive Forum North America,” said Barry Asin, SIA President. “We are entering a new decade in which the status quo no longer applies, and there has never been a more urgent moment to reset strategic and tactical priorities. I am especially excited to welcome attendees to our flagship event and largest annual conference, and for the conversations as we re-envision a new world for a new decade.”

Executive Forum North America 2020: Strategies for a New World will be held March 9th-12th at the Fontainebleau Hotel in Miami Beach, FL.

​For more information and registration, visit http://www.siexecutiveforum.com|@ExecForum.va

UHY Advisors Names Michael Antovski as Chief Operating Officer

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DETROIT, Mich., — UHY Advisors (“UHY”), one of the nation’s leading professional services firms has hired Michael Antovski as its Chief Operating Officer. Antovski will be responsible for the oversight of the firm’s national shared services including finance, information technology, marketing, corporate compliance and human resources. He will be active in all facets of the firm’s acquisition initiatives, and will be instrumental in executing the strategic vision of the Board of Directors.

Antovski comes to UHY with over twenty years working with professional services firms, including a Wall Street law firm, a multi-national accounting firm, and a number of middle-market focused law firms. Antovski has served as the lead tax partner on many mergers and acquisitions, and has led corporate restructuring initiatives. He has extensive experience working with entrepreneurs, private equity firms and financial services organizations which has helped him develop practical operational experience.

“Michael’s depth of knowledge and hands on experience compliments our strong performance-oriented culture. He will fill a key role on our national leadership team as we witness an unprecedented amount of professional services firms desiring to merge up.” said Steve McCarty, CEO of UHY Advisors.

Antovski will reside in the firm’s corporate headquarters in Farmington Hills, Michigan. He graduated from Michigan State University with a B.A in Accounting, and a J.D. from University of Detroit Mercy School of Law, and earned his LL.M in Taxation from Georgetown University Law Center.

UHY Strengthens Presence in the Middle East: New Member Firm in Kuwait Joins UHY Network

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UHY Strengthens Presence in the Middle East: New Member Firm in Kuwait Joins UHY Network

Sterling Heights, Mich February 13, 2020 —We welcome Pillars Advisory, our new member firm in Kuwait, to the global accountancy network UHY, strengthening our representation in the Middle East. The firm has adopted the UHY branding and will be known as UHY Pillars with UHY Pillars Advisory as the full member firm and UHY Pillars Audit as its affiliate.

Pillars Advisory has both local and international clients across many sectors in over 20 countries with the top five sectors being real estate, non-profit, retail, services and contracting. The firm initially offered consultancy and accountancy reviews services but now also offers assurance services.

Managing partner Wael Arafa comments “Being part of the UHY global network underpins our commitment to deliver quality services and enhances the services and advice we can offer our clients. The global presence of the network combined with the expertise and knowledge shared among UHY’s 8,200 colleagues around the world strengthens our own market position, locally and internationally and will be of great value to our current and potential clients and their operations.”

Dennis Petri, chairman of UHY comments: “We are delighted to welcome Pillars Advisory and its affiliate firm Pillars Audit to the UHY network. The addition to our network of the two firms extends our coverage and capabilities in the Middle East. Kuwait has huge reserves of natural resources, a strategic location in the Persian Gulf and is part of the implementation of Gulf Gateway projects.”

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About UHY LLP
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. 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 and UHY Advisors, Inc. are US 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 LLP and/or UHY Advisors (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

About UHY
Established in 1986 and based in London, UK, UHY is a leading network of independent audit, accounting, tax and consulting firms with offices in over 300 major business centres across 100 countries. Our staff members, over 8,200 strong, are proud to be part of the 16th largest international accounting and consultancy network. Each member of UHY is a legally separate and independent firm. For further information on UHY please go to www.uhy.com.

UHY is a member of the Forum of Firms, an association of international networks of accounting firms. For additional information on the Forum of Firms, visit www.forumoffirms.org

UHY liaison office for Pillars Advisory
Contact Wael Arafa, Managing Partner on 965 966 26 663 wael@pillarsadvisory.com
W:: www.pillarsadvisory.com

UHY global press contact: Leigh Lyons, marketing & business development manager, on +44 20 7767 2624 l.lyons@uhy.com – www.uhy.com