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Special Announcements
Recruiting Update |
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Employee Benefit Plans
Prior court cases have ruled that individual participants can bring suit against an employee benefit plan for fiduciary shortcomings. Especially when small business owners are the plan trustees, it is crucial to review your plan to make sure it properly addresses fiduciary obligations.
Contact your UHY professional today.
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Archive
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All past newsletters can be downloaded from our archive for your reading pleasure.
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Research and Development Tax Credit Extended!
Update
Along with the highly publicized individual tax provisions of the American Taxpayer Relief Act of 2012 ( the "Act"), there are also numerous business provisions. One of the most eagerly anticipated business provisions relates to the extension of the Research and Development Credit under Section 41 of the Internal Revenue Code.
The Research and Development Credit ("R & D Credit") last expired on December 31, 2011. This particular provision has constantly expired and been renewed since its inception, but has never been made a permanent part of the tax code. In the past year since its expiration, practitioners and taxpayers have generally assumed it would be retroactively extended, but were precluded from filing returns claiming credits for Qualified Research Expenses ("QRE's") incurred after December 31, 2011.The Act provides a two year extension of the R & D credit, effective retroactively from January 1, 2012 through December 31, 2013.
Opportunities
Numerous taxpayers are able to take advantage of credits earned for research and development. If a taxpayer is doing design work, engineering work, manufacturing a product, developing software solutions, or any other activities that require the application of science or technology in a trial and error process in order to create a new or improved product or process, they are almost certainly incurring QRE's that are eligible for the R & D tax credit.
All types of entities are able to claim the credits...and the benefits can be significant! As head into the 2012 tax return filing season, now is the ideal time to investigate the benefits R & D credits can provide before it's time to make those final tax payments. To help determine the amount of credit to which you are entitled, as well as the level of effort necessary to capture and document the information, 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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Special Announcements
Experienced Recruiting Update
UHY Michigan is actively looking for experienced candidates to fill key positions in our local offices. Please review the openings below and if you know someone who may be interested in any of these roles please reach out to Rina (Madias) Henning, Recruiting Manager, via email rhenning@uhy-us.com or phone 248 204 9331.
Sterling Heights
Tax Managers
Audit Seniors (2-5 years experience)
CSA (Full Charge bookkeeper with 1040 experience)
M&A Associate (2-5 years experience)
HR Administrative Assistant
Farmington Hills
Tax Manager
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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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