At UHY LLP, our professionals take great pride in being at the forefront of the services we provide and the industries we serve. It’s all a part of what we call The Next Level of Service.
Because of our philosophy, you can be sure our firm is on top of the latest technical developments to make your audit a seamless and hands-on process. Our professionals are deeply invested in a number of audit related activities, including:
UHY LLP provides services that will be tailored to the needs of your organization—whether a publicly traded middle-market company, privately owned company, family owned business, sole-proprietor, LLC, partnership, LLP, or other form of businesses.
UHY LLP, in an alternative practice structure with UHY Advisors, Inc., also provides other services you may require, including:
The Financial Accounting Standards Board (FASB) issued a new Accounting Standard Update in early 2017 (ASU 2017-05) to clarify guidance on Accounting Standard Codification (ASC) Subtopic 610-20 - Gains and Losses from the Derecognition of Nonfinancial Assets. All public entities should apply the amendments in ASU 2017-05 to annual reporting periods beginning after Dec. 15, 2017.
The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2017-08 to update the amortization period of certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. Entities generally amortize the premiums and discounts on callable debt securities over the contractual life of the instrument under current GAAP.
The Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2017-01 in order to have more consistent application of accounting principles relating to business and asset acquisitions and disposals. The ASU aims to achieve this by clarifying the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses.
With the release of Accounting Standards Update (ASU) 2016-09 by FASB, accounting for employee share-based payments will take a more simplified approach to both accounting and financial reporting. One change noted in the ASU is that any excess tax benefit that used to be recognized as additional paid-in capital is now to be recorded as income tax expense. Any tax deficiencies are now to be reported on the income statement and cannot be used to offset accumulated excess tax benefits.
The Budget Act of 2015, which was signed into law in November 2015, made major changes to the rules governing federal tax audits of partnerships. The legislative change repealed the partnership audit procedures commonly known as TEFRA (Tax Equity and Fiscal Responsibility Act of 1982). Generally, a partnership with eleven or more partners at any one time during the partnership's tax year is a TEFRA partnership. TEFRA audits are subject to additional administrative procedures during an IRS audit.