By Todd Tigges, CPA

With much of the rhetoric in Washington D.C. during the past couple of weeks over funding of the border wall and the current government shut down, employers still may have reporting requirements for 2018 under the Affordable Care Act (ACA). The Act requires insurers, self-insuring employers, and those employers with 50 or more full-time equivalents (FTEs) to report certain information to the IRS and Social Security Administration using forms 1095-B, 1095-C and 1094.

On a positive note, the IRS has extended the due dates for the 2018 ACA information reporting to each individual with Notice 2018-94. The insurers and employers with 50 or more FTE's will now have until March 4, 2019, instead of Jan. 31, 2019, to issue their 2018 Form 1095-B or 1095-C to their employees and covered individuals. This extension does NOT apply to the employer reporting to the IRS along with Form 1094 transmittal, which will remain at February 28 (March 31 if filing electronically). Employers are still encouraged to report and issue the necessary 2018 information statements as soon as possible.

As was the case during the past year, individual taxpayers wishing to file their annual income tax returns do not need to wait for the 2018 forms to be received from their employers or coverage provider. They may rely on other information received from their employer or coverage provider for the purposes of filing their return or determining tax credit eligibility.

For assistance with the implementation of the many provisions of the Affordable Care Act, contact us in one of our many locations.

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By Ben Hartman 

2018 continued to generate a robust level of M&A activity in North America and Europe with over 15 thousand transactions completed through September representing over $2.4 trillion of deal value, according to Pitchbook, while valuation multiples rose slightly and remain above 9.0x. In addition, US private equity firms raised $121 billion for investment and corporate balance sheets remain strong with ample liquidity to pursue M&A, partially due to tax reform.

Axial's Middle Market Review asked readers what their M&A expectations are for 2019. Survey respondents believe M&A activity in 2019 will grow, based on: (i) the booming economy; (ii) baby boomers' need to sell businesses; (iii) expanding GDP; and (iv) a lower barrier to growth given the more favorable business environment promoted by the Trump administration. Although the M&A outlook for 2019 is robust, there is worry about rising interest rates, global economic uncertainty and stock market volatility.

As we close out 2018 and begin 2019, M&A activity and competition looks to remain strong as private equity firms continue to raise significant amounts of capital, corporations continue to pursue grow through M&A, and access to credit remains relatively cheap. For more information on the outlook for 2019 and M&A trends, please contact a member of UHY's Corporate Finance practice at 313 964-1040.

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UHY Advisors CEO Steve McCarty has been recently named as one of the top 100 Irish-American leaders in business. He was honored at the 33rd Annual Business 100 Awards dinner last month at the Metropolitan Club of New York in Manhattan.

The Annual Business 100, given by Irish America magazine, honors the best and the brightest Irish-American and Irish-born leaders representing some of the most innovative and influential companies and corporations in the world. Now in its fourth decade, the Irish America Business 100 has a long history of providing recognition to a fundamental core of American business.

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By Mark Maddens, CPA

The Financial Accounting Standards Board has released Accounting Standards Update No. 2018-17, "Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities," expanding the nonpublic company alternative that allows nonpublic companies to elect not to apply VIE guidance to legal entities under common control. The current guidance supersedes the 2014 nonpublic company exception applying to common control leasing agreements and, if elected, must be applied to all applicable entities under common control. Entities must meet the following criteria to qualify:

1. The reporting entity and the legal entity are under common control.
2. The reporting entity and the legal entity are not under common control of a public business entity. 
3. The legal entity under common control is not a public business entity. 
4. The reporting entity does not directly or indirectly have a controlling financial interest in the legal entity when considering the general subsections of this topic. The variable interest entities subsections shall not be applied when making this determination. 

The amendments in the update are effective for a nonpublic company for fiscal years beginning after Dec. 15, 2020, and interim periods within fiscal years beginning after Dec. 15, 2021. The amendments must be applied retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. For more information contact us in one of our many locations.

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The pivot from one year to the next often comes with challenges and changes. The traditional year-end workload spike can sometimes seem overwhelming. Then, as the New Year begins, new initiatives requiring additional resources take center stage. Properly addressing these challenges can necessitate an increase in resources on either a temporary basis or permanently.

UHY's Resource Solutions Group can help. If you have a need for accomplished accounting professionals to get you through a spike in workload or help you complete a troublesome project, we can assist. Using our RAPID RESOURCING® approach, we can provide access to core accounting capabilities quickly; sometimes very quickly should the need for interim help arise. If you need to add professional staff to your team our permanent placement services are also available. Every year we assist dozens of companies in recruiting and hiring staff at all levels of the organization. This includes accountants, analysts, controllers and CFOs.

Contact Mark Bealin at [email protected] should you have a need for either interim staff support or permanent placement assistance, and follow us on LinkedIn.

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2/7 UHY Cares 12th Annual Texas Hold Em' Tourney, contact  Jessica Labut

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