MDR Outlook

Industry: Manufacturing, Distribution & Retail

• 05.18.2012 - FAQ: What is a Family Partnership?
  The family partnership is a common device for reducing the overall tax burden of family members. Family members who contribute property or services to a partnership in exchange for partnership interests are subject to the same general tax rules that apply to unrelated partners. If the related persons deal with each other at arm's length, their partnership is recognized for tax purposes and the terms of the partnership agreement governing their shares of partnership income and loss are respected.
• 05.09.2012 - 2011 Form 90-22.1 Report of Foreign Bank and Financial Accounts (FBAR)
  The purpose of this alert is to remind you of the requirement to file the 2011 United States (U.S.) Treasury Department Form 90-22.1 for non-U.S. bank and financial accounts if the aggregate value of the financial account(s) exceeds $10,000 at any time during the year.
• 05.09.2012 - A Difficult Tax Year Behind Us, But 2012 Could Be Even Harder
  Another grueling tax season has passed, this one more difficult than the previous one. Thanks to new increased disclosure filing requirements for Schedule D, brokerage statements that came later than usual, and the mere fact that there was an extra day due to Leap Year, made this year’s season seem longer and much more of a challenge. It’s great to have it behind us, but now is the time – believe it or not – to start looking towards next year.
• 05.09.2012 - The Death of SAS70 - The Birth of SSAE16 Standards
  In 1980 the American Institute of Certified Public Accountants (AICPA) implemented the Statement on Auditing Standards No. 70, commonly known as SAS No. 70, to review and evaluate the internal controls of a service organization. SAS No. 70 quickly became a standard for the user organizations to obtain assurance that their data was being protected and managed in a secure manner. At the same time, service organizations were using SAS No.70 as a way to show existing and potential customers that they were utilizing industry best practices.
• 04.30.2012 - Survey Results: Addressing Your Business Needs for 2012 and Beyond
  At BlumShapiro, we are committed to providing our clients and friends with the most relevant and current information available in the industry. Throughout the year, BlumShapiro regularly conducts surveys of manufacturing, distribution and retail companies to understand how the economic, regulatory and fiscal environment impacts business.
• 04.27.2012 - Solar Power: Forward Thinking Businesses See a Growing Benefit
  There are signs that the national economy may be slowly digging its way out of its long-term slump, and now could be a good time to review fixed business expenses with an eye toward stability and predictability.
• 04.27.2012 - Are Healthcare Costs Still on the Rise?
  Are rising healthcare costs still outpacing general inflation? What is really pushing costs upward, and is there an end in sight? What about healthcare reform? Won’t that limit cost increases? For those of us in the industry, these questions are asked almost daily. They reflect the concerns of many employers and employees, along with their families. Depending upon which healthcare cost study you review, the answers are similar.
• 04.27.2012 - Business Software Technology Alignment
  In our last newsletter we introduced the concept of reviewing and assessing the alignment of your business software technology with your business strategy, processes and people. You might wonder how your business software could get out of alignment in the first place and what impact it could have on your business. It is important to understand how to recognize the symptoms and be able to make critical business decisions for your business when the time comes.
• 04.03.2012 - The ABCs of Cloud Computing
  The term “cloud computing” is the new buzz word and hot topic among many businesses and professionals. Unfortunately, many people do not truly grasp its capabilities, limitations and benefits.
• 03.30.2012 - Alternative Minimum Tax: Now It’s Personal
  This stealth tax, originally aimed at only the highest echelon of taxpayers, is expected to apply to four million taxpayers on 2011 returns, according to the Tax Policy Center. Even worse, the number is projected to explode to more than 31 million in 2012, absent any new legislation.
• 03.30.2012 - Change of Accounting Rules/Audit Instructions Issued on New Repair Rules
  At the end of 2011, the IRS issued comprehensive and far-reaching temporary regulations on the capitalization of costs relating to tangible property (see January 2011 article, Sweeping New IRS 'Repair Regulations' Impact Most Businesses). The regulations are generally effective for tax years (or costs incurred in tax years) beginning on or after January 1, 2012. The IRS has now followed up with transitional guidance on how taxpayers can obtain IRS approval to change their method of accounting to comply with the new regulations. In light of the transitional guidance, the IRS’s Large Business and International Division (LB&I) followed with a directive that provides guidance on the handling of audits for various years before and after the regulations take effect.
• 03.30.2012 - Avoiding Taxes on Real Estate Transactions Through Like-Kind Exchanges
  With most of the country experiencing a depressed real estate market, you may find it difficult to sell a business building or apartment building. To make matters worse, a sale could result in significant tax consequences for real estate property that has appreciated in value since it was acquired.

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