Hurricane Tax Relief, ERC, and Looking Ahead to 2023
Welcome to UHY Insights, where we break down the complex world of U.S. accounting into manageable pieces and actionable intelligence for you and your business. Our authors are a variety of credentialed audit, advisory, consulting, and tax professionals addressing the most pressing issues they are seeing from clients.
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IRS Grants Tax Automatic Extension for Taxpayers Affected by Hurricane Ian
The latest IRS relief postpones tax filing and payment deadlines for federal individual and business tax returns with deadlines occurring beginning on September 23, 2022, until February 15, 2023. The relief applies to any area designated by the Federal Emergency Management Agency (FEMA), meaning any individuals and households that reside or own a business anywhere in the states of Florida, North Carolina, and South Carolina are eligible.
Employee Retention Credit Claims Get a Closer Look from the IRS
Many companies have utilized the Employee Retention Credit (ERC) as an incentive to keep employees on their payroll even as the company faced shutdowns as a result of COVID-19. As one of the many relief options contained in the CARES Act, the ERC is a fully refundable credit available to all employers who experienced a significant decline in gross receipts due to COVID-19, including tax-exempt organizations. Since its inception, guidance has been issued ad nauseam with changes, enhanced eligibility, filing requirements, etc.
Solutions for Implementing the New Lease Accounting Standards
ASC-842, the new lease accounting standard, has been in effect for private companies with fiscal years ending December 31 since the beginning of the year and public companies since 2019. ASC-842 provides a new definition of a lease based on whether one party obtains the right to control the use of an identified asset for a period of time in exchange for consideration. It also classifies all leases as either finance or operating, and there is no scope exception for leases of low-value assets such as personal computers or copiers.
North American M&A Activity Is Coming Back Down to Earth in 2022, But Not Necessarily Downsizing
After prolific levels of M&A activity in 2021 and current economic conditions and geopolitical factors, the slowdown in activity for 2022 has some sounding the alarm bells, but that may be a slight overreaction. As hot as the market was in 2021, there was bound to be a correction, and we look at the current market conditions as an opportunity to re-evaluate M&A strategy rather than go silent. In the future, 2022 could be remembered as the year that disruptors capitalized upon, while others were more tentative and missed opportunities.
2023 UHY Middle Market Survey
Your perspective matters. As we approach 2023, UHY is focusing on the most pressing issues facing middle market executives according to people like you. Take our survey today.
Upcoming Webinars & Events
The Research and Development Tax Credit is a dollar-for-dollar cash incentive for US-based businesses that experiment and create more efficient processes and products. Unfortunately, there is a large number of businesses that are missing out because of some confusion surrounding the credit. Join UHY as we learn more about recent changes to the tax credit, the nature of the R&D activity that is relevant, and how your business can receive the maximum financial benefit from utilizing the credit.
There is much uncertainty among manufacturers right now. Hear from industry professionals on what it takes to mitigate risks and capitalize on opportunities. This national hybrid conference will be hosted in-person in Detroit, at the Detroit Athletic Club, and accessible via live stream for our attendees across the country.
We’ve all heard the acronym ESG (Environmental, Social, and Governance), but what does it mean to you and your business? ESG is best characterized as a framework that helps stakeholders understand how an organization is managing risks and opportunities related to environmental, social, and governance criteria. Join us for this informative webinar as we learn how ESG analysis plays an important role in investing and how it can impact your business’s reputation and performance.
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