UHY LLP News Alert - The Election is Over...Now What?

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11/13 Health Care Reform Update

12/5 Accounting & Regulatory Update

12/5 Tax Forum

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The Election is Over...Now What?

President Obama has won re-election, the Democrats maintained control the Senate and the Republicans maintained control the House. From a political perspective, not much has changed. However, as we rapidly approach the end of the year and the beginning of a new year, the "Fiscal Cliff" is also fast approaching. This could result in significant change in tax law and government spending.

The "Fiscal Cliff" is a combination of tax increases and government spending cuts to programs that were put in place by the Budget Control Act of 2011. Over 1,000 government programs are expected to experience significant cuts and of primary concern are the defense budget and Medicare. Some of the major tax law changes to take place on January 1, 2013 are:

End of last year's temporary FICA tax cuts resulting in a 2% tax increase for all workers
The end of certain tax breaks for businesses
Shifts in the alternative minimum tax
The end of the Bush tax cuts for income tax and estate tax and the beginning of taxes related to Obamacare

There are reports that indicate businesses have been bracing themselves in fear of the "Fiscal Cliff" by holding on to their cash and doing less investment and hiring. As we navigate through this pending fiscal cliff, there are many unresolved tax law changes which could possibly create one of the most challenging tax planning times ever.

Taxpayers must focus on planning for these changes and planning for compliance with the health care reform law now.

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

11/13 Health Care Reform Update

Please join us for this quick hitting, early morning interactive discussion aimed at business owners with 25 or more employees. Tune in as our experts address important aspects of the Health Care Reform Law including legality, tax law changes, Census considerations, employer shared responsibility, and post-election planning opportunities.

Tuesday, November 13, 2012

7:00AM-9:30AM EST

Pre-registration for this complimentary update is required. Multiple registrations are welcome. Please contact Courtney Gray via email cgray@uhy-us.com or phone 586 843 2533 to register. Formal invitation to follow shortly.

12/5 UHY LLP Annual Accounting & Regulatory Update

Save-the-date for UHY's Annual Accounting & Regulatory Update at the MSU Management Education Center in Troy. Join us for this full-day program geared towards CFO's, audit committee members and chairs, to learn more about the latest accounting, regulatory, legal and SEC updates.Topics, speakers and keynote will be announced shortly.

Wednesday, December 5, 2012

8:30AM-6:00PM EST

Pre-registration for this complimentary program is required. Breakfast, lunch and a cocktail afterglow will be provided. Space is limited. Multiple registrations are welcome. Please contact Courtney Gray via phone 586 843 2533 or email cgray@uhy-us.com to register. Formal invitation to follow.

12/5 UHY Advisors Annual Tax Forum

Save-the-date for UHY's Annual Tax Forum at the MSU Management Education Center in Troy. Join us to learn more about the latest tax laws, trends and developments impacting both individuals and businesses. Topics, speakers and keynote will be announced shortly.

Wednesday, December 5, 2012

12:00PM-6:00PM EST

Pre-registration for this complimentary program is required. Lunch and a cocktail afterglow will be provided. Space is limited. Multiple registrations are welcome. Please contact Courtney Gray via phone 586 843 2533 or email cgray@uhy-us.com to register. Formal invitation to follow.

Published by UHY LLP News.

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.

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