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Special Announcements
UHY Goes Mobile |
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RSI Compilations
Many small business owners find that they don't have the time for monthly bookkeeping. We have a designated team ready to assist you and prepare monthly financials so you can track your business performance.
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Archive
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Have you missed an issue or recently joined our mailing list?
All past newsletters can be downloaded from our archive for your reading pleasure.
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Small Employer Health Insurance Tax Credit Disappoints
For the 2010 through 2013 tax years, the Small Employer Health Insurance Tax Credit is a credit available for up to 35% of the employer's contributions toward employee health insurance premiums paid under qualified plan arrangements. For tax years starting after 2014, the credit is increased to 50% of qualifying premiums and can be applied against regular or alternative minimum taxes.
If you are a small business owner with fewer than 25 full-time equivalent employees, pay an average wage of less than $50,000 a year, and pay at least half of employee health insurance premiums, you may be eligible to claim the credit.
The tax credit has been viewed as a disappointment by many. According to a report issued by the Government Accountability Office (GAO) in May 2012, only 170,300 small employers claimed the credit in 2010. The average credit amount claimed in 2010 was $2,700. The report estimates that 1.4 million to 4 million small businesses may be eligible.
According to the GAO report, there are several factors that may have led to the low use of the new tax credit. First, many small employers do not offer health insurance and according to many the credit was not large enough to create an incentive to begin offering insurance. Another contributing factor is that many small business owners do not believe the credit is substantial enough to put in the time and effort to complete some of the complex calculations.
Due to the relative small percentage of eligible businesses claiming the credit, if you are a small business owner, you should evaluate if you are eligible for the credit and if in fact the credit was taken on your tax return.
For more information or questions on this topic, please contact your professional at UHY LLP in Farmington Hills (248) 355-1040 or Sterling Heights (586) 254-1040 or visit us on the Web at uhy-us.com.
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Events Calendar
9/12 Petroleum & C-Store Briefing Webinar Series: Succession Planning
Please join us for this quick hitting lunch hour geared towards petroleum and c-store business owners, chief executives and chief financial officers. Is your succession plan in order? 2012 may be the final year to take advantage of the $5 million gift tax limitation. Tune in as our experts address your questions. Webinar will conclude with an open discussion.
Wednesday, September 12, 2012
12:00 PM-1:00 PM EST
CPE credit will be offered. Pre-registration for this complimentary webinar is required. Multiple registrations are welcome. Please contact Courtney Gray via email cgray@uhy-us.com or phone 586-843-2533 to register. Log-in information will be sent via email to each registered attendee a few days prior to event.
Save the date! More UHY events are just around the corner...
7/28 6th Annual Cruisin' for Charity Car Show
10/16 UHY BRIC Series-International Roundtables
10/23 UHY LLP Annual Construction Outlook
11/1 UHY LLP Annual Manufacturing Outlook
12/5 UHY LLP Annual Accounting & Regulatory Update
12/5 UHY Advisors Annual Tax Forum
Contact Courtney Gray via email cgray@uhy-us.com or phone 586-843-2533 to save your spot or for more information
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Special Announcements
UHY Goes Mobile
I would like to share some very exciting news! UHY has gone mobile. That's right, we have just released the UHY Mobile site, making it easier to access uhy-us.com through your mobile device. This is another illustration of what our pledge to 'The Next Level of Service.' To access the UHY Mobile site, simply type www.uhy-us.com into your mobile device and you will automatically be redirected to our new mobile enhanced web pages. Please make sure to bookmark the page. Enjoy!
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Published by UHY LLP News.
Copyright © 2011 UHY LLP. All rights reserved.
Our firm provides the information in this newsletter as tax information and general business or economic information or analysis for educational purposes, and none of the information contained herein is intended to serve as a solicitation of any service or product. This information does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisors. Before making any decision or taking any action, you should consult a professional advisor who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of "UHY Advisors." UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. and UHY LLP are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. "UHY" is the brand name for the UHY international network. Any services described herein are provided by UHY Advisors and/or UHY LLP (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.
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