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The Internal Revenue Service (IRS) recently announced a delay of approximately one to two weeks to the start of the upcoming tax-filing season, which is a result of the 16-day federal government shutdown. The original start date of when the IRS would begin accepting and processing tax returns was expected to be January 21, however, it now appears that start date will likely be sometime between January 28 and February 4.

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The Private Company Council (PCC) has finalized two proposed accounting standards that would provide alternatives within US Generally Accepted Accounting Principles (GAAP) for private companies. These two standards mentioned address accounting for certain interest rate swaps and accounting for goodwill subsequent to a business combination. The proposed standards have been sent to the Financial Accounting Standards Board (FASB) for endorsement as final Accounting Standards Updates.

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The FBI recently announced two electronic identity theft scams that are flourishing. The first scam is through your mobile phone. Smartphone users should be aware of scams that target Android operating mobile devices by infecting them with malware programs, leading to identity theft. Fraudsters trick victims to click on links with advertisements which lead them to websites that will embed malware on their device.

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In September, the IRS proposed taxpayer-friendly changes to Section 174 to clarify the definition of research and experimental (R&D) expenditures incurred in connection with the development of tangible property, including expenditures to develop a pilot model (i.e. prototype).

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On September 2, 2013 Dr. Robert “Bob” Straub, a treasured, fifty year client of UHY LLP, passed away peacefully.

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UHY LLP in the US welcomes two new member firms in Ghana, Voscon Chartered Accountants and Douglas Godwinson World, to the global accountancy network UHY, of which our firm has been a member since 2001. Both firms will rebrand to UHY Voscon and UHY Godwinson respectively and are both based in Accra, the Ghanaian capital.

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There is still not a great deal of federal tax news to report given the extensive time spent by Congress during late September and much of October in addressing the funding of the government's current operations and also extending the nation's borrowing authority.

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Companies typically have thousands of vendors and all of them are trying to figure out a strategy to sell your company more and more of their goods or services. Often times, and especially common in many facets of the energy industry, a vendor starts to push the envelope in terms of gifts and entertainment, bid rigging, or vendor kickbacks that are the result of that vendor exploiting a relationship with someone at your company to obtain an unfair advantage over other vendors. Of course, even though we all hope that we don’t have employees that are looking for ways to obtain “extras” from vendors in exchange for directing work their way, employees can also be guilty of exploiting the vendor relationship. Unfortunately, in either case, few companies have robust processes and internal controls to detect and prevent such activities, which are mostly “off the books”.

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One of the key provisions of the Patient Protection and Affordable Care Act (ACA), which was enacted by Congress and signed into law by President Obama in 2010, required each state to establish an "American Health Benefit Exchange" (sometimes simply referred to as an “Exchange" or the "Health Insurance Marketplace"). Exchanges are intended to permit those individuals without some other form of health insurance to purchase health insurance from competing private health insurance carriers that choose to participate in the Exchange.

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UHY Advisors MI, Inc. has been voted as one of 2013’s best and brightest companies to work for in Metropolitan Detroit for the tenth year in a row.

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