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UHY LLP's David Barton talks with WSB Radio's Pete Combs about the security problems with the new health care exchange hubs being set up as part of the new Affordable Healthcare Act.

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Governor Rick Snyder recently announced the appointment of Richard (Rick) David to the state of Michigan Board of Accountancy. Mr. David will be representing certified public accountants.

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This is a final reminder that ALL employers covered by the Fair Labor Standards Act are required to provide a written notice to their employees about the Health Insurance Marketplace (aka the Health Care Exchange) by October 1, 2013. This notice is required regardless of whether employers currently offer health insurance coverage or not. Full Article: This is a final reminder that ALL employers covered by the Fair Labor Standards Act are required to provide a written notice to their employees about the Health Insurance Marketplace (aka the Health Care Exchange) by October 1, 2013. This notice is required regardless of whether employers currently offer health insurance coverage or not.

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Payment fraud continues to be a growing threat. This type of fraud occurs when unauthorized transactions are made through identity theft, forgery, counterfeiting or other criminal activity.

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Many employers classify some of their workers as "independent contractors" rather than as "employees". Doing so saves the employer from the withholding requirements for payroll taxes as well as the payment of the employer's portion of FICA, Medicare, and FUTA taxes which would otherwise be applicable to the workers' compensation if they were classified as employees. The IRS is on record, however, that many of those workers now classified as independent contractors should in fact be treated as employees for both employee payroll tax purposes as well as other employee benefits.

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Spain and UK top table for highest purchase taxes for prime properties

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The determination of whether a worker is an employee or independent contractor is an important decision for businesses owners to make. Hiring workers can involve potential liabilities and added reporting requirements, while the improper classification of a worker as an independent contract, rather than an employee, can result in severe penalties from the IRS and Department of Labor. In an effort to simplify this determination the State of Michigan has announced implementation of the IRS’ 20-Factor test.

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categoryPEO

Shareholder loans and the required accompanying documentation are facing increasing scrutiny by the IRS. Any potential deduction that may arise from a worthless shareholder loan must be substantiated by documentation confirming a valid loan exists. When entering into loan agreements with related parties it is important that all notes are expressed in the form of a written formal note, indicate a reasonable interest rate, and authorized in the corporate minute book. Besides having the written documentation, the taxpayer is also responsible to be sure that the terms of the note are being adhered to.

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There are several reasons a business owner plans an exit including retirement, liquidity, lack of generational succession, and diminished competitive position to name a few. All things considered, one could make a strong case that 2013 represents the optimal value for many middle market businesses.

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Last month, the AICPA released a new financial reporting framework (FRF) for small and medium-sized entities (SMEs) that are privately-held and not required to report under US GAAP. This FRF is not intended to be a replacement for US GAAP when US GAAP reporting is required.

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