Tag Archives: finance

Top Business Leaders Lend Their Expertise at Financial Futures Event

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Walsh College will host its second annual Financial Futures event highlighting opportunities in the career of finance, on Tuesday, April 19, 2022, from 8-9:30. This free event will feature a panel of industry leaders including:

Ryan Drews, CFP, DBA, Director of Investments and Planning, Private Fund
Jeffrey Leithauser, Senior Vice President, Fifth Third Bank
Selena Passano, Financial Management Analyst, US Army
Vince Vitale, CFA, CAIA, President, CFA Society of Detroit.
The event moderator will be John Moore, Ph.D., Chair and Professor of finance at Walsh. When asked why this event is so exciting for students and graduates alike, he stated:

“We all seek rewarding career paths that are challenging, satisfying, and rewarding. This represents an opportunity to hear directly from real-world professionals across different finance backgrounds and at different stages of career development, and provide participants with a practical ‘real world’ perspective on the opportunities and challenges of a career in finance.”

Walsh’s Master of Science in Finance is a Chartered Financial Analyst (CFA) Institute-affiliated program. Which means Curriculum is aligned with the most current practice of investment management. CFA is a globally-recognized certification and considered the “gold standard” in the finance and investment fields.

UHY Advisors appoints twelve new managing directors, six from Great Lakes region; including largest female class

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UHY Advisors, Inc. (“UHY Advisors”), one of the nation’s leading professional services firms and fifth largest in Southeast Michigan, announced the appointment of twelve new managing directors, including six from the Great Lakes region Jeremy Falendysz, John Gallo, Jenna Lamb, Matt Munn, Jeff Solis, and Loni Winkler. This year’s round of managing directors was the largest class of women, adding from other regions: Amy Bloom and Jeanine Marino from the Northeast, and Gina James in the Midwest.

Additionally, UHY Great Lakes promoted 77 other employees, including ten principals : Brian Baker
Preston Bencsik, Alison Dunleavy, Michael Federlein, Jennifer Pawlowski, Ben Raymond, Jonathon Schumaker, Brian Sparks, Jesse Stuart and Pat Wood.

“This group of managing directors demonstrates our firm’s young talent who are proven leaders” said Tom Callan, Great Lakes regional managing director. “We are continuing to diversify what our leadership structure looks like, including more female representation. We have tremendous growth plans on the horizon and this new group of talented professionals will be instrumental in executing our firm’s goals and initiatives. It’s a great time to be a part of such a people-driven organization.”

Jeremy Falendysz is a managing director of UHY Corporate Finance. With over 18 years of Wall Street and investment banking experience at some of the largest financial institutions in the world, he has completed more than 80 transactions with a total enterprise value of over $65 billion. He specializes in sell-side and buy-side M&A transactions for private/public enterprises and private equity funds, capital raises, general M&A advisory and pre-sale preparation processes, among other investment banking services. Jeremy is often called upon to speak at industry events and has been recognized multiple times for his work in the M&A space. His leadership has been helpful during the growth of UHY Corporate Finance from a handful of employees to over 20 in the last several years.

John Gallo is a managing director of UHY Advisors in the Great Lakes. He is a member of the tax practice with over 20 years of tax planning and compliance experience. He specializes in Internal Revenue Code Section 460 guidance and various construction revenue recognition methods and develops internal programs and training for construction accounting and taxation matters. Gallo leads the national construction practice, and for the first time this year, the firm was ranked in the top 25 of the “Largest Construction Accounting Firms” by Construction Executive Magazine.

Jenna Lamb is a managing director of UHY Advisors in the Great Lakes. She specializes in working with middle market companies providing a wide range of services that include attestation, business and strategic planning, financial reporting, and other related services. In addition to her involvement in the national manufacturing practice, she assisted in the establishment of the Great Lakes chapter of the Women Invested in Success and Excellence group (WISE).

Matt Munn is a managing director of UHY Advisors in the Great Lakes. He is a leader of the retirement plan and employee benefits services group specializing in designing and establishing retirement plans that maximize tax-deferred growth and accumulate wealth. Munn also has extensive experience with multi-state taxation issues, retirement plan compliance, IRS audit resolution and buy-side and sell-side advisory services. He is often called upon to contribute thought leadership in the PEO industry and is a member of multiple professional organizations in the PEO space.

Jeff Solis is a managing director of UHY Advisors in the Great Lakes. He is a member of the audit and assurance practice and leader of the national professional employer organization (PEO) practice. He specializes in performing financial statement audits and advising his middle-market clients on tax, transaction, and operational strategy. Solis is often called upon for thought leadership in the PEO space and is heavily involved in the National Association of Professional Employer Organizations.

Loni Winkler is a managing director of UHY Advisors in the Great Lakes. She is a member of the tax practice managing a group of professionals in areas of individual, corporate, and state and local taxation. Her 15 years of experience includes working closely with business owners and high net worth individuals implementing innovative strategies to minimize risk, maximize profits, preserve wealth and reduce taxes. Winkler was recently recognized in the “Women to Watch” by MICPA and is former “Notable Woman in Finance” by Crain’s Detroit Business.

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About UHY Advisors

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.’s subsidiaries, including UHY Consulting, Inc., provide tax and business consulting services through wholly owned subsidiary entities that operate under the name of “UHY Advisors” and “UHY Consulting”. UHY Advisors, Inc., and its subsidiary entities are not licensed CPA firms. UHY LLP, UHY Advisors, Inc. and UHY Consulting 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 LLP, UHY Advisors and/or UHY Consulting (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.

UHY hosts American Junior Golf Association tournament at Forest Lake Country Club

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UHY LLP Certified Public Accountants is proud to partner with the American Junior Golf Association (AJGA) to host the UHY Detroit Junior at Forest Lake August 3-5.

Headlining this year’s boys’ field is PJ Maybank, a rising high school junior from Cheboygan, Michigan. Maybank recently won the AJGA Coca Cola Junior Championship at Boyne Highlands shooting 4-under par over three rounds. Maybank, currently ranked 156 in the country on the Junior Golf Scoreboard, is also the 2020 Michigan Junior State Amateur champion and a past winner of the Drive, Chip & Putt Championship at Augusta National. Other top-ranked boys competing include Sam Dossey from Austin Texas, Jason Gordon from Northbrook, Illinois, and Andrew Petruzzelli from Dallas, Texas.

Leading the girls’ field is Jacqueline Nguyen from Houston, Texas, who is currently ranked 101 in the country on the Junior Golf Scoreboard. Nguyen, who will start her collegiate golf career at Houston Baptist this fall, is a past champion of the AJGA Junior at Kingwood. Other top-ranked girls competing include China’s Flora Zhang, Erica Lee from Arcadia, California who was recently runner-up at the AJGA Thunderbird Junior All Star, and Lauren Sung from Palo Alto, California.

Local boys competing include Villanova commit Vimal Alokam from Ypsilanti, Drexel commit Brockton English from Shelby Township and Grand Valley State commit Braden Falk from Portage. Local girls competing are led by Kate Brody from Grand Blanc, Allison Cui from Okemos, and Bridget Boczar from Canton.

Juniors earning spots in the field as a result of top finishes at the UHY Prep Series – Detroit held in April at Oakland University’s Katke-Cousins course include Sam Havey from Mason, Drew Wallace from Crestwood, Kentucky, Adie Maki from Canton, and Megha Vallabhaneni from Northville.

“Detroit recently hosted the Rocket Mortgage Classic and now we are hosting aspiring professional golfers,” said Tom Callan, regional managing partner of UHY in the Great Lakes. “The AJGA partnership has been great in that it serves to grow the game of golf and grow the talent pool of young accountants through our internship at the AJGA.”

The UHY Detroit Junior will feature 78 of the country’s best juniors from 12 states stretching from California to Florida in addition to international players from China, Taiwan and Thailand.

The AJGA has been conducting tournaments for more than 40 years to aid the growth and development of young men and women who aspire to earn college golf scholarships through competitive junior golf. To learn more about AJGA, visit ajga.org.

UHY strengthens presence in Asia Pacific region: New member firm in South Korea joins the UHY network

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We welcome Daeyoung Accounting Corp., our new member firm in South Korea, to the global accountancy network UHY, strengthening our representation in the Asia Pacific region. The firm is in the process of adopting the UHY branding and will soon be known as UHY Daeyoung Accounting Corp.

Daeyoung Accounting Corp. was established in 2010 and has over 60 professional staff, including 25 CPAs, primarily handling accounting and tax services, particularly for foreign clients doing business in Korea. Industries represented by clients include packaging, automotive manufacturing and real estate.

The firm offers services in fluent English and provides a wide range of commercial services, including business set up, statutory audit/review, book keeping, tax management and M&A support. A number of the firm’s professionals were formerly with Big 4 firms as auditors, tax specialists and finance/accounting consultants.

Managing partner of Daeyoung Accounting Corp., San Kyu (Sam) Shin comments “Being part of the UHY global network will be of great value to our current and potential clients. The global presence of the network combined with the expertise and knowledge shared among UHY’s 8,500 colleagues around the world strengthens our own market position, locally and internationally.”

Dennis Petri, chairman of UHY comments: “We are delighted to welcome Daeyoung Accounting Corp. to the UHY network. Their capabilities strengthen our presence in the Asia Pacific region where we have members in 20 countries. South Korea has developed into one of the world’s major economies. Manufacturing accounts for a significant segment and the country exports a range of goods including vehicles, chemicals, and integrated circuits (microchips). We believe the firm’s knowledge and expertise should present a very good fit for our network”.

ENDS
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 Daeyoung Accounting Corp.
Contact San Kyu (Sam) Shin Managing Partner on +82 32-427 3210 or +82 10 8955 3047 skshin@daeyoungcpa.com
W: http://www.daeyoungcpa.co.kr/

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

UHY Advisors appoints ten new managing directors, two from Great Lakes region

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UHY Advisors, Inc. (“UHY Advisors”), one of the nation’s leading professional services firms, announced the appointment of ten new managing directors from four regions: Patrick Farrelly, Don Felmlee, Eric Hennessey, Nancy Johnson, Daniel Jones, Jody Lurk, Denise Pisciotta, Eric Ribachonek, Stephanie Rosenbaum and Kate Vasiliev. Felmlee and Rosenbaum are both based in Michigan, where the firm is headquartered.

Additionally, UHY Great Lakes promoted 63 other employees, including four principals: Amanda Bertelsen, Greg McEvoy, Larry Stoklosa and Amber Sutter.

The firm’s Michigan practice is the fifth largest accounting firm in southeast Michigan with over 400 employees and is rapidly growing. Most recently the firm has expanded in Ann Arbor with the addition of Pietrasiuk Kelley & Kelley P.C. One year ago, it was the merger with Stewart, Beauvais & Whipple P.C. in Port Huron.

Don Felmlee is a managing director of UHY Advisors in the Great Lakes. Felmlee specializes in assisting companies in developing and implementing strategic plans to improve operations, protect assets and maximize profitability. He has built his practice across a broad spectrum of industries, but has extensive subject matter knowledge in the manufacturing and distribution, and petroleum spaces. He is a leading member of the national petroleum practice and is called upon to speak at seminars and other thought leadership events. Felmlee received his B.A. in Accounting from Northwood University and is a licensed CPA in the state of Michigan.

Stephanie Rosenbaum is a managing director of UHY Consulting and is a leader of the Resource Solutions Group in the Great Lakes. Rosenbaum specializes in both providing upper-level and executive accounting and finance support to companies with interim and permanent placement needs, as well as generating new assurance, tax, and consulting clients within the region. She has more than 15 years of development and recruiting experience in the finance and accounting industry. Rosenbaum received her B.S. in Finance and Marketing from the Stephen M. Ross School of Business at the University of Michigan.
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About UHY Advisors
UHY Advisors provides tax and advisory services to entrepreneurial and other organizations, principally those enterprises in the dynamic middle market. 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, operating in an alternative practice structure with UHY LLP, 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 Urbach Hacker Young International Limited (“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, the US operating entities (UHY Advisors and UHY LLP) are the largest independent members of UHYI with significant participation, bringing the power of the international network to serve the individualized needs of US clients.

UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of “UHY Advisors.” 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 its subsidiary entities are not licensed CPA firms. 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 LLP CPAs Grows Footprint in Ann Arbor with Addition of Pietrasiuk, Kelley & Kelley P.C.

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UHY LLP, certified public accountants, with over 400 employees in Macomb, Oakland, St. Clair, Washtenaw and Wayne counties, has acquired Pietrasiuk, Kelley & Kelley P.C. (PKK), of Ann Arbor. After doubling in size from its opening in 2017, the Ann Arbor office grows again with the addition of PKK. Todd Kelley, Managing Director of PKK has been well known in the community for more than 30 years.

“Expanding in Ann Arbor is a strategic move for our firm, it improves campus recruiting in the area and our ability to serve clients,” said Tom Callan managing director of UHY’s Great Lakes region. “Adding staff to the Ann Arbor office will help serve our growing client base in Washtenaw County and beyond.”

Jerry Grady, office managing partner of the Ann Arbor practice has seen exponential growth (even through the pandemic) and with a heavy interest from employees to be a part of their success story. Jerry and his team are heavily involved in the local community, and with campus recruiting at the area’s major universities.

We are thrilled to be part of the UHY team, said Todd Kelley, managing director. “UHY’s dynamic organization will allow us to provide expanded services to our clients and professional growth opportunities for our staff.”

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About UHY Advisors
UHY Advisors provides tax and advisory services to entrepreneurial and other organizations, principally those enterprises in the dynamic middle market. 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, operating in an alternative practice structure with UHY LLP, 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 Urbach Hacker Young International Limited (“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, the US operating entities (UHY Advisors and UHY LLP) are the largest independent members of UHYI with significant participation, bringing the power of the international network to serve the individualized needs of US clients.

UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of “UHY Advisors.” 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 its subsidiary entities are not licensed CPA firms. 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.

Low Taxes in US Will Help Tourist Economy Bounce Back When Travel Ban Ends, But Further Tax Cuts Could Be Considered

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● Only four countries in study have cut taxes to aid tourist economies
● Extension to tax cuts “will almost certainly be needed” as COVID restrictions continue

Low taxes in the US will help its tourist economy bounce back when travel bans finally end shows a new study by UHY, the international accountancy network. The study shows a tourist in the US pays an average of 9.7% in tax on a typical daily spend compared to a global average of 13.7%.

UHY says that despite low tax levels on the tourism industry, US states could do more to support the industry by cutting tourism taxes like other countries such as the UK has recently done.

UHY’s study shows that a tourist in the US pays $24.74 in tax on a typical daily spend worth $255, compared with global average of $34.82.

The US’s low taxes on tourism ranked it 19th in UHY’s study covering 25 countries. UHY measured the tax paid on a number of everyday purchases by tourists – one night in a four-star hotel in a major tourist city ($150), a meal for two in a restaurant ($75) and a bottle of wine ($30).

The US charges significantly lower taxes on tourist spending than economies in the region, such as Canada (16.4%) and Mexico (18.9%).

Tourism taxes vary from state to state, with some states such as New York, which is the most visited state in the country, levying a combined sales tax of 8.52% on goods and services. Other states, which may not be as popular with tourists such as Oregon, has no sales taxes, in an effort to stay competitive and attract visitors.

While tourism represents a relatively small part of the overall US economy, in many states it is a significant segment of the economy and supports many jobs. However, the travel restrictions imposed as a result of the pandemic are having a significant impact on the industry, with travel bookings at third of what they were this time last year*. As a result, the US economy could lose around $155bn**.

However, UHY’s study found that while the UK, Ireland Germany and China have been quick to make significant tax cuts to aid the tourism industry, 21 of 25 countries in the study, including the US have not yet made any cuts. The firm says that governments could consider further tax cuts to help their tourism economies.

UHY says that there is significant scope for central and local governments around the world to stimulate demand for tourist businesses by cutting taxes on consumption, alcohol duties and local taxes in tourist cities.

Even in the countries that have cut taxes on tourism, extensions will almost certainly be needed until the sector begins to recover. The UK’s 5% VAT rate for the leisure and hospitality sector is set to expire and return to 20% at the end of March 2021, while China’s zero VAT rate ends on December 31 2020. Germany has already announced that its temporary 7% VAT rate will not return to its usual 19% until July 2021. Ireland has temporarily cut its VAT rate for hospitality and tourism businesses from 13.5% to 9% until December 2021.

The tourist industry has been among those worst-hit by COVID, with restrictions on travel set to continue for at least several more months. The International Civil Aviation Authority reported in May that the pandemic is likely to have reduced air passenger numbers by 1 billion by the end of September 2020. This has caused substantial knock-on effects for sectors including hotels, restaurants and visitor attractions.

Dennis Petri, Partner at UHY LLP and Managing Director at UHY Advisors says: “Overall, the low tourist taxes for the US as a whole give it more of a helping hand compared to many other countries. However, we may soon need to do more to help the industry through one of the most difficult periods it has ever faced.”

“The US is already extremely popular among travelers and is home to some of the worlds most visited destinations. Tax cuts could be a way to not only attract tourists back when international travel restrictions are lifted but also stimulate domestic travel in the interim. With a vaccine finally on the horizon, we need to start planning for the post-coronavirus recovery.”

“It’ll be up to states with significant tourism industries such as California and New York to make a concerted effort to drum up travel through more attractive tax rates in order to boost the sector for the US as a whole.”

“This is a state issue – local and regional governments could also do more to help. Some cities levy specific taxes on hotel rooms and suspending those charges for a period would lift a little more of the burden from tourists and the hospitality industry.”

UHY says that Europe (11.3%) has lower taxes than the global average on tourism. Some European countries that rely relatively heavily on their tourism industries have among the lowest tourist taxes in UHY’s study, including Spain (10%) and France (11.6%).

*LSE October 2020
**World Travel & Tourism Council

Tourism taxes in the US make up 9.7% of a tourist’s typical daily spend

ENDS

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, the network
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 320 major business centres across more than 95 countries. Our staff members, over 8,100 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 press contact: Leigh Lyons on +44 20 7767 2624 Email: l.lyons@uhy.com – www.uhy.com

Nick Mattison or Richard Crossan
Mattison Public Relations
+44 20 7645 3631
+44 74 4637 5555
Email: richard.crossan@mattison.co.uk

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 is an international association of independent accounting and consultancy firms, whose organizing body is Urbach Hacker Young International Limited, a UK company. Each member of UHY is a separate and independent firm. Services to clients are provided by the UHY member firms and not by Urbach Hacker Young International Limited. Neither Urbach Hacker Young International Limited nor any member of UHY has any liability for services provided by other members.

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