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.
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”.
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.
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.
During 2012, the Internal Revenue Service issued a new ruling regarding the taxation of automatic gratuities included on the tabs of restaurant guests.
The IRS has issued proposed regulations regarding the small business health care credit which will come into effect for tax years beginning after December 31, 2013.
Wealthy Americans considering giving up their citizenship to avoid higher taxes might want to hold on to their U.S. passports. Living aboard could result in bigger tax bills for Americans, especially if they want to buy an expensive abode.
With Congress only recently returned from recess, there is little in the way of current legislative developments. However, in the regulatory area, the IRS has issued final regulations dealing with the rules for deduction vs. capitalization of tangible property. These regulations are briefly summarized below.
There have been many updates surrounding the Affordable Care Act ("ACA") with regards to guidance for employers. Most recently, is a written notice (the "Notice") that the ACA requires of many employers. The Notice must be provided by October 1, 2013 to all of the employer's current employees (whether full-time or part-time) and is intended to inform them of the health insurance coverage options available in the new Health Insurance Marketplace mandated by ACA.
It is that time of year when companies (“holders”) begin to ramp up their unclaimed property reporting activities. It is good business practice to assign one person at the company who is responsible for escheat compliance, and insert this responsibility in their job description to insure continuity.
Most unclaimed property reports and remittances are due to the states on or before November 1. These are the “fall states”. A few states are due in March, April or even July.