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05/29/2023

04/20/2023

UPC Insurance unit reaches agreement with Florida Department of Financial Services
20th April 2023 - Author: Akanksh*ta Mukhopadhyay

United Insurance Holdings’ (UPC Insurance) unit, American Coastal Insurance Company (ACIC), has entered into an agreement with the Florida Department of Financial Services’ Division of Rehabilitation and Liquidation (DFS), regarding the Reinsurance Allocation with the company’s former subsidiary, United Property & Casualty Insurance Company (UPC).

The Allocation Agreement was put in place on June 1, 2022, and received approval from the Florida Office of Insurance Regulation on December 5, 2022. It outlines how shared reinsurance agreement recoveries are divided between ACIC and UPC.

The agreement ratifies and affirms the Allocation Agreement, with future reinsurance recoveries for Hurricane Ian losses to be paid directly to ACIC.

Any over-collected payments will be remitted to UPC, the company said.

Commenting on the company’s fourth quarter results of 2022, Dan Peed, CEO, had said: “We are deeply disappointed with our fourth quarter results driven by Hurricane Ian loss development that ultimately exhausted the reinsurance available to our subsidiary, UPC.”

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According to Peed, the company’s top priority was to cooperate fully with the Florida Department of Financial Services in completing the separation and run-off of UPC. “Our team remains optimistic that our continuing operations led by our commercial lines business underwritten by American Coastal Insurance Company will return us to profitability in 2023,” Peed had said.

04/20/2023

IRS’s Plan Includes Increased Audits for Corporate and High-Income Taxpayers
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On April 6, 2023, the Internal Revenue Service released its much-anticipated strategic operating plan. The plan outlines how the agency will use the additional $80 billion in funding from the Inflation Reduction Act. Of particular note is the IRS’s plan to ramp up audits of complex corporate and partnership returns, including audits of taxpayers with more than $400,000 of income.

Treasury Secretary Janet Yellen had explicitly directed the IRS not to increase audit rates for households and small businesses making less than $400,000 per year – criteria that IRS Commissioner Danny Werfel reiterated during a call with reporters on April 6.

The IRS said it plans to leverage data analytics and technology to audit complex tax returns and hire specialists to focus on audits of large companies, partnerships, and high-income individuals in fiscal year 2023. The IRS will also increase enforcement of cryptocurrencies and estate, gift, and employment taxation – areas where audits have decreased in recent years.

Corporate taxpayers and individuals earning more than $400,000 per year should be aware of the increased scrutiny and potential for audit. Taxpayers who took overly aggressive positions should factor the increased likelihood of examination into their analysis and take this as an opportunity to reevaluate their approach to federal income compliance.

The IRS’s report also includes plans to improve taxpayer services, enhance technology, and boost cybersecurity.

[View source.]

04/20/2023

https://blog.ssa.gov/help-someone-you-know-apply-for-social-security/?utm_medium=email&utm_source=govdelivery

04/06/2023

Arriba Siempre

https://www.fisherphillips.com/news-insights/immigration-planning-top-5-options-manufacturing-companies.html

04/06/2023

Arriba Siempre

The manufacturing industry has been facing a significant skilled labor shortage for years, and the COVID-19 pandemic has only exacerbated this issue. With the industry in constant need of skilled…

04/06/2023

Has Click informate sobre tu comunidad latina orgullo siempre

The Governor’s Council on Latino Empowerment is going to be “focused on solutions” to issues facing the Latino community in Massachusetts, council Chair Josiane Martinez said afte…

04/04/2023

Issue Number: IRS Tax Tip 2023-44
___________________________________________________________

Employers: Watch out for Employee Retention Credit schemes

The IRS and tax professionals continue to see third parties aggressively promoting Employee Retention Credit schemes on radio and online.

Filers should carefully review the ERC guidelines before trying to claim the credit and be wary of offers promising tax savings that are too good to be true. Tax professionals are also reporting receiving undue pressure from clients to claim the ERC as a result of these scams.

These promoters push ineligible people to file a claim for the credit while charging the filer either large upfront fees or a fee that is contingent on the amount of their refund. Plus, the promoters may not inform taxpayers that they must reduce the wage deductions they claimed on the business’ federal income tax return by the amount of the credit.

The IRS has been warning about this scheme since last fall, but there continue to be attempts to claim the ERC made by ineligible filers during the 2023 tax filing season. This is a valuable credit for those who qualify but claiming it improperly could result in taxpayers having to repay the credit along with potential penalties and interest.

Qualifying for ERC
The ERC is a refundable tax credit for businesses who continued paying employees while shut down due to the pandemic or who had significant declines in gross receipts.

Eligible taxpayers can claim the ERC on an original or amended employment tax return during a qualifying period.

To be eligible for the ERC, employers must have:

sustained a full or partial suspension of operations due to orders from an appropriate governmental authority due to COVID-19 during 2020 or the first three quarters of 2021,
experienced a significant decline in gross receipts during 2020 or a decline in gross receipts during the first three quarters of 2021, or
qualified as a recovery startup business for the third or fourth quarters of 2021.

04/04/2023

Amigos amigas recuerda de ayudar a tu gente, a nuestros latinos del futuro que emprende USA pais con muchos suenos para el manana.
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