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The Financial Accounting Standards Board has released Accounting Standards Update No. 2018-17, "Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities," expanding the nonpublic company alternative that allows nonpublic companies to elect not to apply VIE guidance to legal entities under common control.

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2018 continued to generate a robust level of M&A activity in North America and Europe with over 15 thousand transactions completed through September representing over $2.4 trillion of deal value, according to Pitchbook, while valuation multiples rose slightly and remain above 9.0x.

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With much of the rhetoric in Washington D.C. during the past couple of weeks over funding of the border wall and the current government shut down, employers still may have reporting requirements for 2018 under the Affordable Care Act (ACA). The Act requires insurers, self-insuring employers, and those employers with 50 or more full-time equivalents (FTEs) to report certain information to the IRS and Social Security Administration using forms 1095-B, 1095-C and 1094.

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Businesses throughout the state are being warned by the Secretary of the State and Attorney General about an official looking "Annual Report Instruction Form" they may receive in the mail. The form stating that payment is required by CT law is being sent by "Workplace Compliance Services."

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There have been sweeping changes made to the guidance for revenue accounting within ASC Topic 606 by the Financial Accounting Standards Board (FASB) as part of a convergence project with the International Accounting Standards Board (IASB). Those changes come into effect January 1, 2019 for all non-public companies including homeowners associations, condominiums and cooperatives. Because the revenue recognition standard will eliminate the transaction- and industry-specific revenue recognition guidance included in current GAAP and replace it with a principle-based approach, it is important for management companies to gain an understanding of the standard and how it may impact the entity’s revenue recognition.

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The IRS issued Notice 2019-2, updating optional standard mileage rates for business use of a vehicle.

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It is nearly certain that the fourth rate hike of 2018 will come in the next Federal Reserve meeting on December 19, NEARLY is the key word. According to meeting minutes from the last session, experts believe there is roughly a 75 percent chance that the Fed will raise interest rates by 0.25 percent following their meeting later this week.

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As we have witnessed the national sweepstakes for the right to host Amazon’s new headquarters, it has heightened the awareness that corporate executives and high-level employees must have for the potential state and local tax consequences of relocation or even participating in the decision-making process.

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As the seasons change, so does the investment and political environment that the M&A markets face for the remainder of 2018 and well into and beyond 2019.

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On Thanksgiving morning as many of us prepared turkey and green bean casserole, 11 Distinguished Clowns represented UHY LLP in the 92nd Annual America's Thanksgiving Parade! This was the firm's fifth year sponsoring the Distinguished Clown Corps and participating in one of the most storied and important civic events for the city of Detroit.

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