MDR Outlook

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Thought Leadership

Industry: Manufacturing, Distribution & Retail

Industry Topic Content
1|2|5|6| 2|6| 10.10.2010 - Putting The Right Price On A Business
A well-constructed buy-sell agreement among owners of a particular business entity can prove to be invaluable to that particular business and can often help to avoid shareholder disputes and litigation.
1|2|6|8| 7|9|12| 01.01.2011 - White Paper: Dashboards & Scorecards - What Exactly Are They?
As companies continue to invest in business intelligence, analytical tools are becoming more commonplace. Performance reports are no longer enough. For effective performance management, the numbers need to be accompanied by how and why so that managers know what to do next. Dashboards and scorecards are analytical tools that allow you to focus on the measurements that are important to your business. Before you implement either of these tools, you need to understand the differences between them to determine which one is most appropriate for your needs.
1|2|6|8| 7|9|12| 01.01.2011 - White Paper: Escaping the Spreadsheet Quagmire
Now more than ever, effective use of scarce financial resources is essential to driving higher levels of business performance. Unfortunately finance teams spend too much time on the physical machinations of consolidation, internal reporting and external reporting. As a result, finance can’t spend enough time with business leaders analyzing performance and identifying new opportunities. Companies can escape this “Spreadsheet Quagmire” by implementing a Performance Management (PM) solution.
1|2|3|4|5|6|7|8| 1|7| 01.01.2011 - White Paper: The Strategic Role of Finance
Finance organizations can be a catalyst for improved business performance by providing actionable information to a company’s most valuable assets – its leaders. Leaders possess a keen knowledge of the marketplace and critical competencies. They combine their market knowledge with internal company information to make operational, tactical and strategic business decisions. The sum of these decisions dictates how well a company performs. For finance to rise to its growing role, it must transform to overcome its current orientation of skills, processes and tools towards transaction processing and historical analysis.
1|2|5|6| 10| 02.01.2011 - Hiring Trends for 2011 – Growing or Going?
As an Accounting and Finance staffing firm, every day we are asked about hiring and employment trends. While we have found most companies either laid off or did very little hiring in 2009 and 2010, we anticipate 2011 will look completely different.
1|2|5|6| 11| 02.02.2011 - Which Business Entity Is Best for You?
As you are probably well aware, there are several different types of business entities. Which type best suits your current needs?
1|2|5|6| 11| 02.03.2011 - Age-related Milestones
In an era filled with uncertainty, you can count on one thing for sure: Time marches on! This article covers some important age-related tax and financial planning milestones that you should keep in mind for yourself and loved ones.
1|2|5|6|9| 11| 01.31.2011 - New Year Brings With It Significant Tax Law Changes
With the new year now here and the focus soon turning to the upcoming tax season, there are a number of significant changes to state and federal tax laws of which people should be aware. Knowledge of these important changes could prove beneficial as state residents soon prepare to begin their 2010 tax returns.
1|3|4|6|7|8| 8|12| 02.04.2011 - A Cloud Full of ESI
Cloud computing is alive and flourishing. It has become the popular technology tool for many who want to shift from local PC/Network computer storage and processing to external computers in "the cloud" (on the Internet) handling these types of services.
1|2|3|4|5|6|7| 11| 01.26.2011 - How Do I Implement the 2011 Payroll Tax Cut for Employees?
In 2011, millions of employees will receive a significant boost in their take-home pay as a result of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act) enacted December 17.
1|2|5|6| 11| 01.13.2011 - Businesses Get Boost With 100-percent Bonus Depreciation and Code Sec. 179 Expensing
Businesses will benefit from a number of extended and enhanced tax breaks under the recently enacted Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act).
1|2|3|5|6|7|9| 1| 01.13.2011 - Changes Ahead for Organizations with Operating Leases
In August 2010, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued exposure drafts that, if finalized in their current form, would have a significant impact on how companies account for leases.
1|2|5|6| 1| 01.06.2011 - International Financial Reporting Standards - The Future for Private Companies?
Currently, private companies in the U.S. are not required to use a particular basis of accounting when preparing financial statements. Instead, the company can choose to prepare their statements in accordance with GAAP or another comprehensive basis of accounting such as cash or income tax basis, or even IFRS for SMEs based on the needs of the users. The choice is usually driven by contractual obligations with third-party users, including banks, bonding companies, state agencies, etc.
1|2|5|6| 11| 12.08.2010 - Connecticut Sales and Use Taxes on Services, Taxable Services
Connecticut's sales and use tax laws include a proliferation of tax on "enumerated services." In contrast, most states tax somewhere between no services and a few select ones. The roots of this Connecticut anomaly date from when a Connecticut income tax was a "sacred cow," and the legislature tried everything in its power to maintain its revenue base without one.
1|2|3|4|5|6|7|8| 9|12| 12.03.2010 - Master Data Management Series - Part 2
In the last article we introduced the concept of Master Data Management (MDM) and why it is relevant to a broad range of organizations. We ended the article with some of the indicators you might look for to determine whether you have an operational or analytical MDM challenge within your organization.
1|2|3|5|6|7| 6| 12.02.2010 - Forensic Accounting in the Underground Economy
More recently, U.S. Senator Carl Levin (D-Michigan) estimated that the U.S. Treasury loses $100 billion each year in unpaid taxes alone. This is commonly called the underground economy. In this article, I shall discuss the sources that fund the underground economy, how those funds are hidden and, more importantly, how they may be detected by forensic accountants.
1|2|3|4|5|6|7|8| 12| 11.03.2010 - Master Data Management – Part I
Regardless of the size of your organization, if you've integrated multiple lines of business systems (such as ERP, CRM, etc.) into your environment, you likely have a Master Data Management (MDM) problem. The likelihood of this is further amplified if you've acquired or merged with other businesses. This article is the first in a series that will serve to educate organizations on the importance of MDM, as well as some of the best practices and pitfalls associated with implementing an MDM solution.
1|2|5|6| 11| 11.08.2010 - Foreign Tax Provisions in the 2010 Education and Jobs Act
To help offset the cost of a temporary increase in funding for Medicaid and state education, the recently enacted 2010 Education and Jobs Act (Act) tightens the rules on the use of foreign tax credits that multinationals use to lower their U.S. tax bill.
6| 11| 02.01.2011 - Is Your Company Introducing or Improving Products?
Manufacturers often overlook significant tax savings from the Research and Development Tax Credit because they don't understand what activities qualify under the tax code.
6| 1| 02.08.2011 - Struggling With Chargebacks?
As retailers cope with lagging sales and escalating costs, manufacturing and distribution companies feel the domino effect with chargebacks (also known as customer deductions and short pays).
1|6| 11| 02.14.2011 - Tax Tip: Small Business Jobs Act and R&D Tax Credit
The Small Business Jobs Act of 2010 should greatly enhance the ability of many businesses to fully enjoy the benefits of their business credits generated in a tax year beginning in 2010. Under the new law, business credits ("eligible small business credits") generated in tax year 2010 by an eligible small business can be used to offset regular tax and AMT.
1|9|7|6|5|4|3|2| 11| 04.15.2011 - Health Care Reform Requires Employers to Disclose the Cost of Health Care on Form W-2
Beginning in tax year January 1, 2012, The Patient Protection and Affordable Care Act (PPACA) requires that employers disclose the aggregate value of employer-sponsored health coverage to each employee on form W-2, Box 12D. Employers do not need to specify the cost of the different types of health coverage, but only report the total cost of coverage.
1|2|6| 11| 10.20.2010 - Tax Tip: Small Business Healthcare Tax Credit
The new health reform law gives a tax credit to certain small employers that provide healthcare coverage to their employees, effective with tax years beginning in 2010. The new law, the Patient Protection and Affordable Care Act, was passed by Congress and was signed by President Obama on March 23, 2010.
3|6| 11| 05.14.2010 - IRS Has Announced Limited FBAR Reporting Relief
A recent notice (Notice 2010-23) provides some administrative relief to certain persons who may be required to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), for calendar year 2009 and earlier calendar years.
1|2|5|6| 11| 01.06.2010 - House Passes Extenders Bill
On December 9, 2009 the House of Representatives passed the "Tax Extenders Act of 2009" ("the Act"). The Act extends a host of expiring tax provisions and adopts several new provisions that are aimed at raising revenue. The next step in the process is to have the Senate and President approve the Act in order to make it law.
1|2|6| 11| 01.06.2010 - The Roth IRA Conversion Opportunity – Is it Right for You?
Effective January 1, 2010, for the first time, a new federal law allows individuals who have modified adjusted gross incomes in excess of $100,000 a year to have access to the tax and estate planning benefits of Roth IRAs.
1|2|5|6| 11.02.2009 - A Valuable Lending Resource for Connecticut Businesses
The Connecticut Development Authority (CDA) is a quasi-public agency whose mission is to work with businesses and their lenders to help ensure that the State maintains jobs in the near term and plays a role in stabilizing businesses for potential job creation in the future.
1|2|3|4|5|6|7|8| 4| 09.16.2009 - Ten Signals of Occupational Fraud - It Could Happen to You
We all think "it can't happen to us." Our business is safe and our controls are sound. Don't be fooled. Fraud is rampant and is increasing rapidly as recessionary pressures take hold of our economy.
1|2|5|6|8| 10.15.2009 - Technical Economic Recovery is Underway, But Job Recovery is Uncertain
Many economic doomsayers continue spreading the word that the economy is in terrible shape and will get worse, but the facts just don't back that up. While government finances are still in turmoil, consumers remain skittish, and job growth is lagging, the worst is definitely behind us and, according to numerous economic indicators, a technical recovery is underway.
1|2|5|6| 4|6| 09.30.2010 - Shell Games Affect Creditors: Various Methods Used to Conceal Assets
What happens when debtors fail to disclose assets on their bankruptcy petitions? Creditors are left holding the bag. The bankruptcy system in the United States is designed to provide a "fresh start" to debtors in financial distress who are unable to meet their financial obligations.
1|2|6| 1| 12.01.2009 - When Intangible Assets Show Up on Balance Sheets
Intellectual property and - more broadly - all intangible assets have become a growing part of many companies' balance sheets. The valuation and financial treatment of these assets has become of increasing interest to boards and executives of companies across industries.
1|2|6| 11| 09.18.2009 - Connecticut Enacts Tax Legislation
After many months of deliberation, the Connecticut legislature enacted a budget bill that provides broad tax legislative changes.
1|2|3|4|5|6|7|8| 4|8|12| 01.15.2010 - Making it Easier to Wave the Red Flag if You Detect Identity Theft
As part of the Fair and Accurate Transactions (FACT) act of 2003, the "Red Flags Rule" requires financial institutions and creditors to develop and implement a written Identity Theft Prevention Program (ITPP) to identify possible identity theft that mitigates the potential damage caused by this crime.
1|2|3|4|5|6|7| 4|6| 02.05.2010 - Managing the Business Risk of Fraudulent Activity
In the 2009 business world, the unfortunate reality is occupational fraud is everywhere, and it is costing businesses enormous amounts of money when it goes unchecked and undetected.
1|2|6| 11| 02.08.2010 - IRS Makes Case for Greater Disclosure from Businesses
In a move geared to increase transparency, the IRS has announced that corporate and other business taxpayers now subject to FIN 48 and similar financial reporting rules will be soon required to report uncertain tax positions on their annual Form 1120, U.S. Corporate Income Tax Return or other applicable tax return.
1|2|6| 7|11|12| 02.12.2010 - Strategic Leadership for 2010 & Beyond - Improving the Bottom Line
The recession has hit many companies hard, forcing them to cut costs and focus on their bottom line. A recent study published in The Boston Business Journal indicated that 9 out of 10 companies have put cost-cutting strategies in place, and 50% of companies have made permanent workforce reductions as is evidenced by the double-digit unemployment rate.
1|2|3|4|5|6|7| 4|6|15| 03.05.2010 - Corporate Account Take Over – The Latest Cyber Crime
The alarm has been sounded; online crime was up by 600% in 2009. A large portion of that increase was in the area of electronic funds transfers placed through the Automated Clearing House ("ACH"). Late last year the Electronic Payment Association (NACHA) and the Internet Crime Complaint Center (iC3) issued warnings about what has come to be known as Corporate Account Takeover. In a Corporate Account Takeover, a business finds that, virtually overnight, funds have been stripped.
1|2|3|4|5|6|7| 11| 03.12.2010 - Healthcare Reform 101: New Responsibilities and Taxes for Employers and Individuals
Healthcare reform is now law, and many employers are asking how it affects my business and employees. The first thing to keep in mind is that reform is gradual. The healthcare reforms and tax provisions in the new healthcare reform package play out over time, with some taking effect this year or next year, but others not until 2014 and beyond.
1|2|3|4|5|6|7|8| 9|12| 04.01.2010 - Cloud Based Services Are Here. Are You Ready?
Email, like the telephone, has become a standard form of communication that most people, especially in the business world, take for granted. In order to provide users with this "always on" capability, many large organizations have invested in a variety of technologies (clustering, SANs, etc.) that have cost tens of thousands, perhaps hundreds of thousands of dollars, and continue to invest to keep software and hardware up-to-date.
1|2|6| 11| 05.03.2010 - IRS Issues Forms, Instructions for HIRE Act Employer Tax Incentives
Wasting little time in helping important business hiring, the IRS has released forms and instructions for the employer tax breaks in the Hiring Incentives to Restore Employment (HIRE) Act. The IRS unveiled new Form W-11, Employee Affidavit, which employees can use to certify that they meet the criteria of the HIRE Act.
1|2|5|6| 11| 05.13.2010 - IRS Holds to Timetable on Reporting of Uncertain Tax Position
The IRS has issued drafts of new Schedule UTP (Uncertain Tax Positions), which business taxpayers will use to report their uncertain tax positions with their annual tax return, beginning for the 2010 tax year. The draft schedule reflects the IRS' decision to move forward quickly with its controversial proposal to require certain taxpayers to report uncertain tax positions with their annual tax returns.
2|6| 11| 08.05.2010 - IRS Approves Like-Kind Exchange of Emission Reduction Credits
Like-Kind exchanges are valuable business tools. Generally, if you exchange business or investment property solely for business or investment property of a like kind, no gain or loss is recognized under Code Sec. 1031. The IRS recently approved the like-kind exchange of emission reduction credits between a taxpayer and its subsidiary.
1|2|5|6| 11| 09.08.2010 - CBO Revenue Scoring — The Mystery Behind Tax Legislation
How often do we now hear the famous quote by Otto von Bismark from the 19th century, "There are two things you don't want to see being made - sausage and legislation?" Barely a day goes by without media coverage of deficit projections, with the news focused on how to close the budget deficit. Depending on one's policy viewpoint, there will inevitably be a discussion on the merits of tax increases and spending reductions.
1|2|3|4|5|6|7|8| 9|12| 09.15.2010 - Lead, Follow or Get Out of the Way -- 5 Technology Trends to Consider
We can always avail ourselves of new technology solutions to tackle problems in new ways. Some are evolutionary, some are revolutionary and some are subversive. There are five technology trends that your organization can take the lead on, wait for a few first movers and then follow, or simply get out of the way and let the trend pass.
1|2|5|6| 11| 10.01.2010 - Gifting Opportunities for 2010
There is good news in 2010 for high net worth individuals considering wealth transfer opportunities. Since Congress has failed to address any transfer tax reform this year, there is a growing belief there will be no new legislation in the near future. This result can be beneficial for those who are considering gift-planning opportunities before year end.
3|2|1|9|7|6|5|4| 11| 04.15.2011 - IRS Issues 2011 Vehicle Depreciation Dollar Limits
The IRS has issued the limitations on depreciation deductions for owners of passenger automobiles, trucks and vans first "placed in service" (i.e. used) during the 2011 calendar year. The IRS also provided revised tables of depreciation limits for vehicles first placed in service (or first leased by a taxpayer) during 2010 and to which bonus depreciation applies.
1|2|5|6| 11| 10.01.2010 - Deducting Receivables as Bad Business Debts
While the economy continues to slowly recover, many businesses continue to face customers struggling to pay outstanding bills for services or goods. The Tax Code provides relief to businesses faced with the inability to collect on accounts receivable. Businesses that are unable to get customers to pay the bill can claim a deduction for the "bad debt."
1|2|3|4|5|6|7| 11| 10.05.2010 - How Do I Prepare For the New W-2 Reporting for Healthcare Coverage?
Over the next few years, employers will face a number of new compliance and reporting obligations, among others, as a result of the new healthcare reform package (the Patient Protection and Affordable Care Act). On the horizon for employers is the requirement to report the value of health insurance coverage they provide to each employee on the employee's annual Form W-2, Wage and Tax Statement.
1|2|5|6|9| 11| 03.24.2017 - Uncertain Tax Positions
In July 2006, the Financial Accounting Standard Board ("FASB") issued Interpretation No. 48 ("FIN 48") – Accounting for Uncertain Tax Positions – to try and put all companies on the same playing field.
1|2|5|6| 11.01.2010 - CBIA/BlumShapiro 2010 Survey of Connecticut Businesses
For the ninth consecutive year, BlumShapiro and the Connecticut Business & Industry Association (CBIA) have partnered to produce the Survey of Connecticut Businesses. This annual report examines the economic, financial and regulatory climate in which Connecticut companies operate, gauging their business outlook and highlighting relevant policy issues.
1|2|5|6| 11| 11.02.2010 - Congress Passes Individual and Business Tax Incentives in the Small Business Jobs Act of 2010
Congress has passed a small business jobs bill, the Small Business Jobs Act of 2010 (H.R. 5297), with valuable individual and business tax incentives totaling approximately $12 billion. Many of these tax incentives are temporary so you have only a short window of time in which to take advantage of them.
1|2|3|5|6|7| 11| 11.02.2010 - IRS Defers Reporting of Employer-Provided Health Insurance Costs on Form W-2
Employers are eligible for a one-year deferral of mandatory reporting of the costs of employer-provided health insurance on an employee's Form W-2, Wage and Tax Statement. According to the IRS, many employers need more time to make the necessary changes to their payroll systems to ensure accurate reporting.
1|2|6| 1| 01.14.2011 - International Financial Reporting Standards - The Future for Private Companies?
During 2008, the Securities and Exchange Commission (SEC) set 2014 as the target date whereby large public companies would be required to submit all reports using International Financing Reporting Standards (IFRS).
1|2|5|6|9| 2| 03.01.2011 - Exit Planning and Valuation
There are many unsystematic – or company specific – risks that a business owner may have more control in trying to minimize. Two common risk areas are lack of management depth (key man risk) and customer or supplier concentration.
1|2|3|4|5|6|7|9| 4| 03.01.2011 - Protecting Your Organization From Fraud
The Association of Certified Fraud Examiners estimates that organizations lose 5% of annual revenue to fraud. Frauds include Ponzi schemes, asset misappropriation, computer hacking and identify theft, just to name a few. Small- and mid-size businesses tend to be the most vulnerable because they generally have fewer controls in place to detect and deter fraud.
1|2|3|6|9| 03.01.2011 - Jobs, Jobs, Jobs - An Economic Update
While Connecticut's economy has been gradually improving since June 2009, the "official" end of the recession, job growth here has been excruciatingly slow.
4|3|2|1|5|6|7|8|9| 1|8|12| 05.03.2011 - New Massachusetts Data Security Law Can Mean Harsh Penalties
A law passed in Massachusetts placed stringent new regulations on companies and organizations that are in possession of customers’ personal financial information. These data security measures also included harsh penalties for companies found not to be in full compliance by March 1, 2010, subjecting businesses who fail to adequately protect credit card, debit card, bank account or other financial information to potential fines of more than $100,000.
1|2|3|4|5|6|7|9| 11| 05.16.2011 - Highlights of Tax Changes in the 2011-2013 CT Budget Bill
Governor Malloy signed the much-discussed Connecticut (CT) biennial budget bill, now known as Public Act 11-6, on May 4, 2011. The Act contains numerous tax changes. We are highlighting the changes that affect the broadest cross section of our clients, though there are additional changes not covered herein. In addition, there are other tax proposals in various phases of consideration. The success or failure of obtaining a cost-cutting agreement with state employees could affect the need for additional revenue to balance the budget. The legislature is in session until June 8, 2011 so more tax changes could still be enacted.
1|2|5|6|9| 05.17.2011 - Tax Angles to Capital Gains and Losses - New Law Extends Favorable Capital Gain Rules
The tax rules for offsetting capital gains and losses can be confusing, even for experienced investors. However, the new 2010 Tax Relief Act extends favorable tax treatment for long-term capital gains. This latest extension lasts through 2012. For simplicity, the following discussion is limited to capital gains and losses arising from sales of securities. (Additional special rules may apply to other capital assets such as sales of collectibles and property subject to depreciation recapture.)
1|2|3|4|5|6|7|9| 3|11| 06.16.2011 - New Form 8955-SSA: Ensuring Compliance
Pension plans have used Schedule SSA of Form 5500 to report participants who separate from service with deferred vested benefits. However, with the start of the mandated 5500 electronic filing requirement for annual reports with the 2009 plan year, that information could not be filed through the Department of Labor’s EFAST2 electronic filing system. As a result, Schedule SSA has been eliminated.
2|3|4|5|6|7|9| 11| 06.17.2011 - Changes to the Estate and Gift Tax
In an effort to reduce the state deficit, the governor signed the state budget which included changes to the estate and gift tax retroactive from January 1, 2011.
1|2|3|4|5|6|7|9| 06.17.2011 - Economic Recovery Remains Slow and Problematic in the State
The economic recovery is in its 24th month, but growth has been disappointing due to frequent obstacles, including surges in oil and commodity prices that have prevented steady improvement or noticeable acceleration. While some areas of the economy are strong, including exports and commodities, others, especially housing and general construction, seem stuck.
1|2|6|9| 11| 06.17.2011 - Extension and Expansion of Taxpayer Favorable Depreciation Rules
In late September 2010, the Small Business Jobs Act of 2010 (the Jobs Act) retroactively restored the 50% first-year bonus depreciation and enhanced expensing under Section 179. Then, in late December 2010, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the Tax Relief Act) allowed 100% first-year bonus depreciation, further extended 50% first-year bonus depreciation and extended the 15-year property rule for qualified leasehold, restaurant and retail property. Recently issued Rev. Proc. 2011-26 provides eagerly anticipated guidance on how the 100% bonus depreciation rules work and the options that are available to taxpayers
6| 7|12| 07.11.2011 - Connecticut Seeing Some Recovery in Manufacturing Sector Due to Leaner, More Efficient Companies
While the state’s economic recovery remains slow, some encouraging news has been seen lately in the Connecticut manufacturing industry, where modest increases in job growth have been seen in 2011 for the first time in several years. While this is by no means a call for celebration just yet, it does make for a more optimistic manufacturing outlook than we’ve seen in quite a while.
1|2|3|4|5|6|7|9| 3| 07.12.2011 - Inflation-adjusted amounts released for 2012 Health Savings Accounts
The IRS has provided the inflation-adjusted amounts that will govern health savings accounts (HSAs) for 2012. Amounts are increased for changes in the cost-of-living adjustment. The amounts generally have increased from 2011.
1|2|3|4|5|6|7|8|9| 07.12.2011 - PCI Compliance – It's All In The Numbers
Whether it is 14 or 16 numerical digits in length, securing and protecting credit card numbers and all associated information is extremely important. In an age where electronic information can be shared from anywhere in the world at a moment’s notice, people need to know more than ever that their credit card information is being protected. The consequences of this information falling into the wrong hands are simply too severe – identity theft.
1|2|3|4|5|6|7|9| 11| 07.13.2011 - Details of Connecticut Sales and Use Tax Legislative Changes Emerging
The Connecticut Department of Revenue Services (“DRS”), was forced into fast action by the Connecticut legislature’s passage of significant sales and use tax changes which took effect on July 1, 2011. We very briefly outlined those changes in our newsletter of May 16, 2011. Since that time, DRS has provided some much needed guidance with respect to many of the changes. This newsletter will highlight some of those changes in more detail per the DRS guidelines. We are not trying to be all-inclusive.
6|8| 9|12| 01.17.2012 - Is Your Business Aligned to Move Forward?
The past few years have been as challenging an economy as most of us have ever seen. And the competitive pressures do not seem likely to ease greatly – at least in the short term. One approach that many successful businesses take to remain competitive and profitable is to periodically review and assess the alignment of their business. In particular, they check to make sure that their people, processes and their technology are working well together and delivering as planned. Just like regularly aligning your car tires to minimize wear and get the most miles per gallon of gas, you need to make sure that your fundamental business resources and activities are well balanced and working together smoothly with respect to your particular marketplace, operational goals and strategic objectives.
1|2|3|4|5|6|7|9| 11| 08.05.2011 - White House and Congressional Leaders Agree to Raise Debt Ceiling - Tax Provisions Under Consideration
White House and Congressional Leaders have agreed to raise debt ceiling - creating a joint committee on deficit reduction.
1|2|3|4|5|6|7|9| 08.05.2011 - Tax Breaks for Energy Saving Can Provide Stimulus for Homeowners and Businesses
Federal tax laws provide some potential good news across the board in terms of lowering energy costs, as a number of key energy savings incentives exist for homeowners and businesses alike. What follows is a brief overview of the key tax rules in this area and the potential savings that may occur.
1|2|3|4|5|6|7|9| 09.13.2011 - It’s Still Jobs, Jobs, Jobs! But most economists raise chances of a double dip.
The most critical factor determining Connecticut's prospects for real and sustained economic recovery is, simply, jobs! More jobs will cure many of our state's ills, from tepid consumer spending to a stalled housing market and the state's long-term fiscal health.
1|2|3|5|6|7|9| 11| 09.13.2011 - Year-end Planning: Take Advantage of Business Provisions That May Sunset for Good on December 31, 2011
Although it's only September, taxpayers are well-advised to consider how to make the most of tax breaks that are available this year but may not be around next year, or may survive only in diluted form. Given the wrenching political battle that played out in July over deficits and the debt ceiling, many tax provisions expiring at the end of this year may not be given another lease on life. Those provisions that aid a particular industry or group of taxpayers could be the most at risk. This article reviews the tax breaks for businesses that are available right now but may sunset on Dec. 31, 2011.
1|2|3|5|6|7|9| 11| 09.13.2011 - Highlights of Bonus Depreciation for Vehicles
The Small Business Jobs Act of 2010 (the 2010 Jobs Act) and the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the 2010 Tax Relief Act) were very favorable to taxpayers placing assets, including vehicles, in service in 2010 through 2012.
1|2|3|5|6|7|9| 11| 09.13.2011 - Debt Forgiven? You Are Not Home-Free - Tax May Apply to Cancellation-of-Debt Income
Let’s say an individual owes money to a third party, relating to a loan for business or personal reasons. Due to extenuating circumstances, the lender agrees to a settlement of an amount less than what the borrower owes in principal and interest. So the full amount of debt is effectively wiped off the books. Case closed, right?
6| 1| 09.21.2011 - The State of International Financial Reporting Standards
By the end of this calendar year, the Securities and Exchange Commission (SEC) should come to its long awaited decision as to whether or not it will require publicly-traded companies in the U.S. to report in accordance withInternational Financing Reporting Standards (IFRS). The debate over IFRS in the U.S. has been whether or not the SEC should permit or require a switch to IFRS for U.S. public companies. This change would ultimately trickle down and affect privately owned entities. Originally, the SEC set 2014 as the target date whereby public companies would be required to submit all reports using IFRS; however concerns over the time and cost required to implement the changes successfully, the need to educate financial statement users and whether or not IFRS are sufficiently developed, have delayed the earliest implementation to 2015 and could cause the SEC to either drop the requirement all together or permit companies to choose between reporting in accordance with Generally Accepted Accounting Principles (GAAP) or IFRS.
6|9|8| 9|12| 09.21.2011 - Cloud-Based Services are Here - Is Your Organization Ready?
Remember 1983? The A-Team debuts, the final episode of M*A*S*H airs and Cabbage Patch Kids were in high demand. Now, imagine a similar situation today. What if you needed to flex your IT infrastructure to meet a significant spike in demand? You could do it with significant capital outlay, but what about when the fad fades? In 1985 Coleco saw over $600 million in sales, but by 1986 sales dropped to around $250 million. You’d now be stuck with servers, software and staff that are being under- or un-utilized.
9|6|2|1| 11| 10.23.2014 - IRS Finalizes Guidance on the Treatment of Tangible Property Under MACRs
On August 14, 2014, the IRS released final regulations on the treatment of dispositions of tangible property under the Modified Accelerated Cost Recovery System (MACRS) and Code Sec. 168. The final regulations clarify how taxpayers should identify which assets are subject to the rules, how to compute gain and loss from dispositions of assets (particularly in the context of general asset accounts), and how to approach partial dispositions of tangible property. The final regulations apply to tax years beginning on or after January 1, 2014. However, taxpayers have several implementation options in regard to tax years beginning on or after January 1, 2012 and before January 1, 2014.
6| 10.03.2011 - Doing Business in China; Opportunities in a Major Emerging Market
China, a land in the midst of dynamic internal changes, offers unparalleled opportunities to the well-prepared company or individual seeking to expand overseas. The Chinese government is working to bring its massive population into a modern market-driven economy, and, in the process, opportunities abound for businesses ranging from multinational corporations to budding entrepreneurs. The Chinese government believes that opening their economy to overseas investors is a viable pathway to modernization, and it will help the well-prepared businesses and individuals avail themselves of unprecedented opportunities.
6|9| 10.04.2011 - Survey Shows Manufacturing Remains Biggest Key To Connecticut’s Economic Success
For the 10th consecutive year, BlumShapiro and the Connecticut Business and Industry Association (CBIA) recently released the Connecticut Business Survey, a detailed report on the state of business in Connecticut. The report sheds some fascinating light on the good and the bad about the state’s business community, and the best part is it comes directly from more than 700 business owners who took part in the survey.
1|2|3|5|6|7|9| 10.06.2011 - Health Care Tax Credit Could Mean Savings For Small Businesses
One area where we have been advising some of our small business clients to explore this year for potential savings is a new Small Business Health Care Tax Credit, made possible by the new federal Affordable Care Act (ACA).
1|2|3|6|7|9| 11| 10.06.2011 - Personal Use of Employer-Provided Cell Phones Generally Non-taxable Under New Guidance
Close to one year after cell phones were removed from the "listed property" category of Code Sec. 280F , IRS has explained the practical consequences of the change. In sum, where an employer provides employees with cell phones primarily for noncompensatory business reasons, neither the business nor personal use of the phone results in income to the employee, and no recordkeeping of usage is required. And, in most instances, an employer's reimbursement to employees for their providing a cell phone for bona fide business use won't be taxable. The guidance applies for all tax years after Dec. 31, 2009.
1|2|3|4|5|6|7|9| 4| 10.25.2011 - Re-Shaping Businesses To Eliminate Fraud Triangle
White collar criminals (or fraudsters) are not easily picked out from a crowd. They blend in seamlessly with society and do not look like criminals. They are likely educated, with no criminal record, and probably do not abuse drugs or alcohol.
1|2|3|4|5|6|7|9| 10.25.2011 - Ask the Expert: Minimizing Tax Burden in an Unusually High Income Year
I just sold my company. What can I do to minimize the tax bill that results from the event?
1|2|3|4|5|6|7|9| 11| 10.25.2011 - Determination of Employer's Liability for Certain Employment Taxes — Voluntary Worker Classification Settlement Program
IRS detailed new program for employers to receive relief from payroll taxes otherwise owed for agreeing to prospectively treat workers as employees. To be eligible, employer must have filed Form 1099s for each worker for past 3 years, and not be currently under audit. In exchange for agreement to treat workers as employees, employer will be liable for 10% of liability due for most recent tax years, as determined under reduced rates of Code Sec. 3509; , but won't be liable for penalties and interest and won't be subject to audit for employment tax issues. Employer participating in program will agree to extend period of limitations on assessment of employment taxes for three years for first, second and third calendar years beginning after date on which employer has agreed under program to begin treating workers as employees. Those who are accepted into program will execute closing agreement with IRS and pay full amount due at same time.
6|9| 1| 04.07.2015 - Revenue Recognition Update
Back in May 2014, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. This ASU creates a single source of principle-based revenue guidance for all entities in all industries and replaces most of the industry specific and transaction-specific guidance under current U.S. GAAP. The scope of this standard includes all contracts with customers, except lease contracts, insurance contracts, financial instruments, guarantees and non-monetary exchanges between entities in the same line of business to facilitate sales to customers.
9|1|2|3|4|5|6|7| 11| 11.09.2011 - The Three Most Important Connecticut Economic Initiatives - Jobs, Jobs, Jobs
Following a special fall session of the Connecticut General Assembly, Connecticut Governor Dannel Malloy recently signed into law tax legislation as part of a broad economic stimulus package. Among the most significant tax legislation enacted was the creation of a new jobs tax credit and revisions to the recently enacted Manufacturing Reinvestment Account program.
1|2|6|9| 6| 11.12.2012 - Has Your Business Operation Been Impacted by Storm Sandy?
Hurricane Sandy has brought unimaginable devastation to the east cost of the United States. Businesses throughout the Northeast and Mid-Atlantic states have been forced to shut down due to property damage and power outages. Some will be out of business for days, some for months and some of the hardest hit may never recover.
1|2|3|4|5|6|7|9| 11| 12.01.2011 - New Law Repeals 3% Government Withholding, Provides Hiring Credits for Veterans, and More
On November 21, President Obama signed into law the 3% Withholding Repeal and Job Creation Act. The new law does much more than merely repeal withholding on government contractors. The new law enhances the Work Opportunity Tax Credit (WOTC) for veterans of the U.S. Armed Forces, expands the IRS' continuous levy authority, and more.
9|7|6|5|4|3|2|1| 3| 12.10.2014 - Retirement Plan Fund Revenue Equalization
Since the issuance of the fee disclosure regulations related to employee retirement plans, more transparency of fees and revenue-sharing agreements has resulted. This transparency has prompted a number of questions regarding the fees being paid, who they are being paid to and how revenue-sharing agreements play a role in the administration of the plan.
1|2|4|5|6|9| 1| 01.06.2012 - Revised Standard Simplifies Goodwill Testing for Impairment, Testing Goodwill for Impairment
On September 15, 2011, Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) No. 2011-08, Testing Goodwill for Impairment. This update is intended to reduce the cost and complexity of the annual goodwill impairment test by simplifying how an entity tests goodwill for impairment.
1|2|4|5|6|9| 1| 01.06.2012 - Cash Flow Planning: A Good Reminder During These Uncertain Times
Many people solely consider profit when measuring the success of their business. The trouble is that profits do not necessarily coincide with their associated cash flows. The fact is, most failed businesses fail as a result of lack of cash flow. During these uncertain economic times, cash flow planning is an important exercise when running your business, regardless of the size of your operation. Trying to manage your business without a cash flow plan in today’s environment is like traveling to a new location without a map or a GPS device.
1|2|3|4|5|6|7|9| 01.06.2012 - Payroll Tax Cut Extension
At the eleventh hour, Congress approved a two-month extension of the employee-side payroll tax cut in the Temporary Payroll Tax Cut Continuation Act of 2011. The two-month extension, for January and February 2012, is intended to give lawmakers additional time to negotiate a full-year extension of the payroll tax cut through the end of 2012.
1|2|3|5|6|7|9| 11| 01.06.2012 - New Hire Retention Credit
The Hiring Incentives to Restore Employment Act of 2010 (HIRE Act) contained several provisions to give employers incentive to hire employees. One of the provisions authorized a credit of up to $1,000 for “retained workers”. This credit is called the New Hire Retention Credit.
1|2|6|9| 11| 02.02.2012 - Key Changes in Federal Tax Law Will Have Impact on Your Taxes
Like every other year, there are changes taking effect this year regarding federal income tax filings for individuals. With 2011 W-2 forms now out and people focused on getting their taxes done in the next 2 ½ months, they should be mindful of many of these changes.
1|2|3|4|5|6|7|9| 11| 02.02.2012 - The 2012 Offshore Voluntary Disclosure Program
On January 9, 2012, the IRS reopened the offshore voluntary disclosure program (the “2012 OVDP”) to give taxpayers with unreported foreign accounts a chance to become current on their taxes and reporting obligations while mitigating the risk of criminal prosecution.
1|2|3|5|6|7|9| 1| 02.02.2012 - Sweeping New IRS 'Repair Regulations' Impact Most Businesses
The IRS has released much-anticipated temporary and proposed regulations on the capitalization of costs incurred for tangible property. They impact how virtually any business writes off costs that repair, maintain, improve or replace any tangible property used in the business, from office furniture to roof repairs to photocopy maintenance and everything in between. They apply immediately, to tax years beginning on or after January 1, 2012.
2|1|3|4|5|6|7|9| 11| 02.02.2012 - Connecticut Job Expansion Tax Credit (JET) Presentation Now Available
Connecticut businesses can be eligible for Connecticut tax credits of $500 per month for each new full‐time Connecticut job created. If the new employee is receiving vocational rehabilitative services from the Bureau of Rehabilitative Services, receiving unemployment benefits, or is a veteran then the tax credit is increased to $900 per month. These credits will be available for each new Connecticut employee hired between January 1, 2012 and prior to January 1, 2014 for a period of three years. Download our presentation to learn more about which taxes the credit may be applied against and how to apply.
4|2|1|9|5|6|7| 11| 02.22.2012 - Congress Passes Payroll Tax Cut Extension Through 2012
On February 17, Congress passed H.R. 3630, the “Middle Class Tax Relief and Job Creation Act of 2012” (the Act) and sent it to the President for his signature. The Act extends the 2-percentage-point payroll tax cut through the end of 2012, and also repeals a number of estimated tax shifts for large corporations. Here are highlights of the tax changes in this new law.
1|2|3|4|5|6|7|9| 02.24.2012 - Middle Class Tax Relief and Job Creation Act of 2012
President Obama on February 22, 2012, signed into law a much-anticipated extension of the employee-side payroll tax cut through the end of 2012. After weeks of uncertainty over whether an agreement could be reached, the House passed the Middle Class Tax Relief and Job Creation Act of 2012 (H.R. 3630) by a vote of 293 to 132 on February 17, 2012.
1|2|3|5|6|7|9| 03.12.2012 - Connecticut’s Economy Shows Improvement, Although Caution Signs Ahead
Connecticut’s economy showed steady signs of improvement in the last quarter, but there is still reason to be cautious.
1|2|5|6|9| 11| 03.12.2012 - Expiring Tax Provisions Add to Uncertainty in the Business World in 2012
A number of key tax provisions have either expired or will soon expire. With a struggling economy and recent inaction by Congress resulting in failure to reach an agreement on reducing the budget deficit, this could only add to the uncertainty many businesses are facing in 2012.
1|2|5|6|9| 03.12.2012 - Recordkeeping Rules for Charitable Deductions
Year in and year out, charitable donations often provide big deductions for high-income individuals at tax return time. Deductions for charitable gifts may be claimed only by taxpayers who itemize their returns, but even itemizers are at risk if they do not have the requisite proof to back up their claims.
1|2|3|5|6|7|9| 11| 03.12.2012 - Payroll Tax Holiday Extended for All of 2012
On February 22, President Obama signed the Middle Class Tax Relief and Job Creation Act of 2012. The new law extends the employee-side payroll tax holiday, giving wage earners and self-employed individuals 12 months of reduced payroll taxes in 2012.
1|2|3|5|6|7|9| 11| 03.12.2012 - Administration Unveils Framework for Business Tax Reform
A reduced corporate tax rate, elimination of many business tax preferences, a new minimum tax on overseas profits, and much more are all part of President Obama's recently released Framework for Business Tax Reform (the "Framework"). The much-anticipated blueprint of the administration's plans for corporate tax reform was unveiled on February 22, 2012, in Washington, D.C.
1|9|6|2| 11| 12.22.2014 - 2014 Tax Increase Prevention Act - Key Individual and Business Tax Breaks
Congress has passed the 2014 Tax Increase Prevention Act (2014 TIPA), and the president is expected to sign the act into law shortly. The 2014 TIPA extends a variety of individual and business tax provisions that had previously expired in 2014.
1|2|6|9| 1|11| 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.
1|2|6|9| 11| 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.
1|2|3|5|6|7|9| 11| 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.
1|2|6|9| 11| 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.
6|9| 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.
1|2|3|4|5|6|7|8|9| 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.
6| 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.
1|2|3|5|6|7| 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.
1|2|6|9| 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.
1|2|3|4|5|6|7|8|9| 8|9|12| 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.
1|2|6|9| 11| 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.
9|6| 11| 12.09.2014 - The Importance of Making an Entity Classification Election
The nature of today's global society propels an increasing number of U.S. companies to operate lines of business internationally as they seek new markets or try to cut costs. This movement into foreign countries can bring with it unintended consequences unless the appropriate entity classification election is made for U.S. tax purposes.
1|2|3|4|5|6|7|9| 11| 06.07.2012 - The Sales and Use Taxation of Software – Software Accessed from the Cloud
Since software was first invented, state tax authorities and taxpayers have spent a considerable amount of time and resources to determine its sales and use taxation. With the introduction of the “Software as a Service” distribution model, the taxation of software has become increasingly complex. This article will provide an evolutionary background on software taxation, as well as sales and use taxation in relation to cloud computing.
1|2|3|4|5|6|7|9| 11| 06.08.2012 - The Tangible Property "Repair" Regulations : Amounts Paid to Acquire or Produce Tangible Property
A taxpayer must capitalize amounts paid to acquire or produce a unit of real property or personal property, including leasehold improvement property, land and land improvements, buildings, machinery and equipment, and furniture and fixtures. Temporary Regulation 1.263(a)-2T provides guidance on whether to capitalize costs related to the acquisition or production of tangible property including a de mimimis rule. The rules under Temporary Regulation 1.162-3T also provide guidance for the treatment of materials and supplies and rotable and temporary spare parts.
1|2|3|4|5|6|7|9| 11| 06.08.2012 - The Tangible Property "Repair" Regulations : Improvement to Tangible Property
The temporary regulations provide that generally a taxpayer must capitalize amounts paid to improve a unit of property owned by the taxpayer.
1|2|3|4|5|6|7|9| 11| 06.08.2012 - The Tangible Property "Repair" Regulations: Unit of Property
In order to understand whether or not there has been an improvement to tangible property required to be capitalized under the temporary regulations, it is essential to understand the unit of property for that purpose. For example, if you replace the roof on your building, if the unit of property is the roof, then replacing it would clearly be a material improvement. If the unit of property is the building, then it might not be as clear to say that the building was improved by replacing the roof. Therefore, the temporary regulations define the unit of property rules for the purposes of section 263(a).
1|2|3|4|5|6|7|9| 11| 06.08.2012 - The Tangible Property "Repair" Regulations: Asset Accounting and Dispositions
The temporary regulations allow taxpayers to account for MACRS property by either treating each asset as an account (a “single asset account” or “item account”) or combining two or more assets in a single account (as a “multiple asset account” or “pool”). A taxpayer must account for a MACRS asset using a single asset account when the asset is used both in a trade or business and in a personal activity, the asset is placed in service and disposed of during the same tax year, when the general asset account treatment terminates, if accounted for in a multiple asset account and is disposed of, or if a component of a larger assets and is disposed.
2|6| 3| 06.21.2012 - New Disclosures Required for Entities that Participate in Multiemployer Pension Plans
In September 2010, the Financial Accounting Standards Board (FASB) issued an exposure draft of proposed Accounting Standards Update – Compensation – Retirement Benefits – Multiemployer Plans (Subtopic 715-80): Disclosures about an Employer’s Participation in a Multiemployer Plan. One of the major provisions of this update was to require employers to disclose the amount of any potential liability that would be incurred if the employer were to withdraw from the multiemployer plan, even if such a withdrawal was not probable. The FASB received over 300 comment letters on this exposure draft and, as a result, they re-deliberated on this proposed update and released a revised update.
1|2|3|4|5|6|7|9| 11| 06.08.2012 - Change in Accounting Method to Comply with the Tangible Property Regulations
The IRS released two Revenue Procedures, 2012-19 and 2012-20, in March 2012 to explain the procedures by which a taxpayer may obtain IRS's automatic consent to change to the accounting methods provided in recently issued temporary regulations under IRC Section 162 and 263.
2|1|9|6|5| 11| 08.20.2012 - Now is the Time to Start Next Year’s Tax Planning
The most recent tax deadline has long-since passed and the furthest thing from most people’s minds is the next one. However, 2013 is expected to be a year of uncertainty due to potential major changes regarding tax laws and rates, and the time to start planning for it is right now.
1|2|6|7|9| 1|3| 06.21.2012 - New Disclosure Requirements for Benefit Plans
In an effort to increase fee transparency in benefit plans, the U.S. Department of Labor (DOL) has issued two new regulations that require certain disclosures be provided to plan sponsors and plan participants. These disclosures are intended to provide both plan sponsors and plan participants with information regarding the fees charged in their retirement plans.
1|2|3|4|5|6|7|8|9| 11| 07.03.2012 - The Health Care Act Deemed Constitutional by the Supreme Court
On June 28, 2012, the U.S. Supreme Court (the Court) made a historic decision on the Patient Protection and Affordable Care Act (PPACA) and its companion law, the Health Care and Education Reconciliation Act (HCERA). In a 5 to 4 decision, the nation's highest court upheld all of the tax provisions and health insurance reforms that were part of the overall health care reform legislation passed in 2010 except for a certain Medicaid provision involving state funding. Critical to the Court's approval of President Obama's signature health care law was its finding that the new law’s mandatory penalty for certain individuals who fail to obtain “minimum essential health insurance coverage” was constitutional based upon Congress' power to tax.
1|2|3|4|5|6|7|8|9| 12|15| 09.23.2015 - When BYOD is as Common as a Morning Coffee
As the practice of “Bring Your Own Device” (BYOD) to work becomes as much of a business norm as a morning coffee, the question becomes how will companies remain secure as businesses — especially those that fall under compliancy rules (such as PCI and HIPAA) — which are still required to comply with regulations when allowing the BYOD model.
6|8|9| 9|12| 08.10.2012 - Software Selection Best Practices
In our last newsletter, we discussed how to recognize if your business software technology aligns with your business strategy, processes and people. If, after undertaking this type of assessment, your organization has decided it’s time for a new software application, it is important to understand the players and processes involved.
6| 11| 08.10.2012 - Are You Taking Full Advantage of The Research and Development Tax Credit?
According to IRS statistics, manufacturers have historically claimed approximately 70% of the total amount of research and development tax credits given out by the federal government. As this statistic shows, manufacturers are the largest industry group taking advantage of the credit. However, we continue to find that many manufacturers are not aware of the credit and those who are aware are not taking advantage, or full advantage, of the credit because of common misconceptions about its applicability to their operations.
1|2|6|9| 11| 08.10.2012 - Planning for the Personal Residence
A personal residence is one of the most significant assets owned by many people. Often people are unwilling to transfer their personal residence outright and thus they may likely retain a life use or life estate upon transfer.
6| 1|11| 08.10.2012 - The Tangible Property "Repair" Regulations for Manufacturers, Distributors
On December 23, 2011, the IRS released 200 plus pages of regulations regarding the deduction and capitalization of tangible asset costs in temporary and proposed form. In other words, temporary regulatory measures have been put in place while the proposed permanent forms are deliberated upon and implemented. The Temporary Regulations apply to tax years beginning on or after January 1, 2012 or to amounts paid or incurred in tax years beginning on or after January 1, 2012, as applicable, and will affect every taxpayer that acquires, produces or improves tangible property.
1|2|3|4|5|6|7|9| 10| 08.10.2012 - Hiring Trends Update
The summer of 2012 has seen a marked increase in new job openings across different industries for accounting and finance professionals. We have recently seen a much higher demand for professionals on a permanent and temporary basis. We are recognizing that in addition to hiring a candidate directly, there has been a shift in the way companies are hiring. They are focusing on hiring on an as needed basis for project related work. This gives companies the ability to help alleviate the work load within their existing departments without having to add to their head count.
1|2|3|4|5|6|7|9| 09.10.2012 - The 2012 Survey of Connecticut Businesses
For over a decade, BlumShapiro and CBIA have partnered to produce the annual Survey of Connecticut Businesses, which explores the economic, fiscal, and regulatory climates for companies of all types and sizes throughout the state. This study takes the pulse of Connecticut’s business community and examines business leaders’ forecasts for conditions over the next 18 months. Findings help shape our government affairs agenda and set priorities for policymakers in order to strengthen the state’s economic competitiveness and grow jobs.
1|2|3|4|5|6|7|9| 09.17.2012 - CBIA/BlumShapiro Release the 2012 Survey of Connecticut Businesses
BlumShapiro and the Connecticut Business and Industry Association (CBIA) released their annual survey of Connecticut’s businesses on September 7. This year’s survey shows that while some progress is being made and profitability is up, Connecticut continues to struggle to grow in a post-recession economy, and the overall sentiment about Connecticut as a place to do business is still negative.
6|2|1|9| 1| 12.09.2014 - Private Company Council Update
Back in May 2012, the Financial Accounting Foundation’s Board of Trustees approved the establishment of the Private Company Council (PCC), a new body to improve the process of setting accounting standards for private companies.
1|2|3|4|5|6|7|9| 10.15.2012 - Will Online Sales Tax Issues Finally Be Put to Rest?
For well over a decade, states have been grappling with the issue of collecting sales tax from online sales. Growing internet shopping has state tax commissioners scratching their heads trying to hatch ideas for getting in on those sales tax revenues.
1|2|3|4|5|6|7|9| 3| 10.16.2012 - Pay or Play—What Is It, What You Need to Know and Is There a Penalty in Your Future?
Among other things, the Patient Protection and Affordable Care Act (ACA) imposes new obligations on “large employers." These rules (outlined in Internal Revenue Code § 4980H) will increase reporting obligations for all affected employers and may increase costs for certain employers.
1|2|3|4|6|9| 10.22.2012 - New York’s Metropolitan Commuter Transportation Mobility Tax Held Unconstitutional – Potential Tax Refund Opportunity – Action Needed By November 2, 2012
If you had or have employees working or are self-employed (including partners in a partnership or members in a limited liability company with self-employment earnings) doing business in New York’s Metropolitan Commuter Transportation District (MCTD), a potential tax refund opportunity may be available.
1|2|5|6|9| 10.30.2012 - Major Changes to Gift/Estate Taxes Looming By Year’s End
There could be significant changes coming by the end of 2012 to laws regulating taxes on gifts and estates, so if you have not already planned for these changes, now is the time to prepare for the possible impact.
1|2|3|5|6|7|9| 1| 11.14.2012 - FASB Issues Guidance to Simplify Impairment Testing for Indefinite-lived Intangible Assets
On July 27, 2012, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2012-02 to simplify impairment testing of indefinite-lived intangible assets other than goodwill. ASU 2012-02 applies to intangible assets that are not subject to amortization. Examples of intangible assets subject to the revised standard include indefinite-lived trademarks, licenses and distribution rights.
6|8|9|1|2| 2| 11.14.2012 - Value Drivers For Your Business
By most accounts, there is a wave of small- and medium-sized businesses that will be sold in the next five to ten years. Studies have shown that of the 78 million members of the baby boomer generation, nearly 10% are small business owners. In addition, nearly two-thirds of business owners in the United States do not have children that plan on taking over the family business. This leaves an estimated five to seven million small businesses without a family succession plan. In all likelihood, these businesses will come to market in one of three ways: 1) the owner will leave the business to his or her estate who will either sell or dissolve the company, 2) the owner will become an absentee owner or dissolve the company and retire (leaving market share to be taken by another entity), or 3) the company will be sold to employees or a third party. Of the three scenarios, maximum value to the owner is typically achieved only by a sale to a third party.
1|2|6|9| 11| 11.14.2012 - A Changing Nexus Environment
In an effort to curtail budget deficits, states are becoming increasingly aggressive in asserting their right to tax out-of-state businesses exploiting their marketplace. These “nexus” assertions can apply to business entity income and franchise taxation, pass-through entity (e.g., limited liability companies, partnerships and S corporations) owner income taxation, sales and use taxation and other tax types.
6| 11.26.2012 - Survey Shows Manufacturers Like Connecticut, Optimistic for the Future
Connecticut manufacturers are reporting encouraging balance sheet news, with a large majority showing profitability despite the economic downturn of previous years. A recent survey of 150 Connecticut-based manufacturing companies, conducted by BlumShapiro and the Connecticut Business and Industry Association to assess their enthusiasm for maintaining a business presence in this state, also shows that a majority see Connecticut as an excellent place to work and live.
1|2|6|9| 10| 12.05.2012 - Hiring the Right People
There is a function that every manager has to do regardless of industry, company size or economic conditions. There are many who are very good at it, those who are not and others who make the same mistakes time and time again. This function is hiring. What’s even more important is understanding the difference between hiring and hiring the right people for your organization to build a winning team.
6|8|9| 7| 12.05.2012 - Blue Chip Lessons: Optimizing Non-Core Processes
Most transactional processes are not core to your business. Typically, your business’ core competencies are likely something other than accounting, processing payroll or handling payable transactions. However, in order to manage the business, you are reliant on outputs (monthly reports, sales data) from these processes. If not managed well, especially if your business has grown over time, these non-core processes can take time and resources away from operations, depress margins and cost the business thousands of dollars in wasted cash flow.
1|2|6|9| 12.10.2012 - Year-End Tax Planning in the Midst of Uncertainty
The expiration of the “Bush tax cuts”, the temporary cut in social security taxes on December 31, 2012 and the implementation of the new income taxes on high income earners in 2013 passed under Obama’s 2010 Healthcare Act, is what has been coined the “fiscal cliff”. The fiscal cliff is expected to raise more than $500 billion in taxes in 2013. It appears that Washington is going to call on nearly all Americans to help reduce the deficit by raising taxes across the board on all taxpayers. Low-income tax earners will be most affected by the reduction in the childcare credit, the elimination of the 10% tax bracket and the expiration of the temporary cut in social security taxes. High-income households would be hit harder by higher tax rates on ordinary income, the expiration of the 15% tax rate on long term-capital gains and qualified dividends, the additional 3.8% Medicare tax on investment income and the .9% Medicare tax increase on earned income starting in 2013.
4|3|2|1|9|7|6|5| 11| 01.14.2016 - It’s Tax Time Again and the IRS Sent Me a Personal Identification Number
If your 2014 tax return was rejected by the IRS because a return had already been filed, then you should have submitted Form 14039, Identity Theft Affidavit. Once you file Form 14039, the IRS will assign you a six digit Identity Protection Personal Identification Number (IP-PIN). You will need to use your assigned IP-PIN number for the subsequent year’s tax return.
1|2|6|9| 3|11| 12.13.2012 - Hurricane Sandy Relief
The Internal Revenue Service (IRS) and the Department of Labor (DOL) have issued guidance providing relief for those affected by Hurricane Sandy.
1|2|6|9| 11| 01.02.2013 - Fiscal Cliff Averted?
As Americans woke this morning it was learned that the House of Representatives had passed “The American Taxpayer Relief Act”. Now the only thing left is for President Obama to sign and enact the bill into law, which he is expected to do. After what feels like months of negotiations, the following major tax provisions will be enacted:
9|6|2|1| 11| 11.19.2014 - Where Will We Be This Year-End – The Uncertainty of 2014 Tax Planning
Election Day has come and gone and we still have no answers. The hope is that the new Republican-controlled Congress and President Obama can begin negotiating on common ground. With so many tax provisions expiring at the end of 2013, it has left many taxpayers wondering what can be done for 2014. Some of the tax breaks may be retroactively reinstated and extended. The IRS has already pleaded with the Treasury to act swiftly in order to not cause a delay in the opening of tax season. Many tax practitioners are also hoping for this as tax busy season seems to get more condensed every year.
1|2|6|9| 01.09.2013 - Turning the Tide, Moving Forward in 2013
Now that we’ve backed away from the fiscal cliff, Connecticut’s economy could be in for a better overall year in 2013. For starters, what has been uncertain for so long is now a deal, and certainty in taxes is a valuable factor for businesses to be able to move forward.
9|1|2|6| 11| 01.16.2013 - Connecticut JET Credit Report Due As Soon As Possible
A business that has applied for and is eligible to claim the Connecticut Job Expansion Tax (JET) Credit must complete and return DECD Forms JET-1, Summary of New Full-time Employment Positions Created and Retained, and JET-2, Schedule of Employees at End of Reporting Period, along with the supporting documentation to the Connecticut Department of Economic and Community Development (DECD) as soon as possible in order for the business to determine the tax credit it is eligible to claim on its 2012 Connecticut income tax return.
9|7|6|5|4|3|2|1| 1|11| 10.22.2014 - Affordable Care Act Update: Employers Get First Look at Health Insurance Information Reporting
Since passage of the Affordable Care Act, several key requirements for employers have been delayed, including reporting of health coverage offered to employees, known as Code Sec. 6056 reporting. However, as 2015 nears, and the prospects of further delay appear unlikely, employers and the IRS are preparing for the filing of these new information returns. While the reporting requirement is not mandatory until 2015, employers must start planning now for how the required information will be acquired and reported, and by whom it will be reported.
1|2|6|9| 11| 01.22.2013 - Delayed Application of the Tangible Property "Repair" Regulations
On December 23, 2011 the IRS issued regulations on the deduction and capitalization of expenditures related to tangible property and accounting for, and dispositions of, depreciable property. The regulations, issued in temporary and proposed form, were originally applicable to tax years beginning on or after January 1, 2012.
1|2|6|9| 11| 01.22.2013 - 2012 Taxpayer Relief Act - Key Individual Tax Breaks
On January 2, 2013, the President signed into law the American Taxpayer Relief Act of 2012 (“2012 Taxpayer Relief Act”). The new laws may be seen in many lights as there are both positive and negative aspects to the changes. The largest and most publicized component of the 2012 Taxpayer Relief Act is the restoration of the pre-Bush era income tax rates for some high-income taxpayers. As we peel back the layers of the tax laws, we see not only increases in tax rates from 2012 but a reduction in deductions allowable by higher-income taxpayers. With that being said, there are some very positive aspects of the new law such as permanently increasing the AMT exemption amount and restoring favorable tax credits.
9|1|2|5|6| 11| 01.29.2013 - Tax Breaks Retroactively Reinstated and Extended by the 2012 Taxpayer Relief Act
As part of the much discussed ‘Fiscal Cliff’ legislation which addresses many of the expiring Bush era tax cuts, provisions of the American Taxpayer Relief Act of 2012 retroactively reinstated various business and individual tax breaks which expired at the end of 2011. While legislation was designed and passed in 2013, taxpayers, as in years before 2012, once again have the opportunity to benefit from the following items retroactively to 2012.
1|2|6|9| 6| 02.19.2013 - Beware of the Discount Rate
The objective of an expert’s opinion of damages in a lost profit engagement is deceptively simple: measure in financial terms, the extent of harm a plaintiff has suffered because of defendant’s alleged wrongdoing. The purpose of awarding damages is to restore an injured party to a position they were in prior to being injured.
6|9| 11| 02.25.2013 - Energy Efficiency Could be New Wave for Connecticut Manufacturers
The Connecticut manufacturing sector is edging toward more efficient forms of energy to provide power, heat and cool buildings and reduce the cost of doing business.
6|9| 02.25.2013 - Exporting: Just for the “Big Guys”? Think Again
All too often, small businesses are denying themselves a seat at the global export table. The inability of the small business manufacturer to actively pursue overseas markets is quite often not founded on empirical evidence, but the lack of knowledge dealing with the intricacies of exporting.
6| 02.25.2013 - CCAT’s Advanced Manufacturing Center Helps Companies Compete
As our region’s small- to mid-sized manufacturing companies increasingly perform on a worldwide scale, they will be faced with the need to improve their processes and increase production – all without interrupting their workflow. The Connecticut Center for Advanced Technology (CCAT), through its Advanced Manufacturing Center (AMC) in East Hartford, addresses this dilemma. At the AMC, CCAT applies new machining technology techniques and optimization to help companies gain a competitive edge in today’s high-tech global market.
1|2|6|8|9| 7| 02.22.2013 - Whitepaper: Your Finance Function: How Do You Measure Up?
Your Finance Organization may be simple or complex; its structure dependent on the size and complexity of you overall organization. However, its relationship to the business will change over time. Processes that worked in the past may not really be working effectively right now.
1|2|6|9| 2| 03.18.2013 - Succession Planning: A Requirement for Fiscal Fitness
Time is passing — and there is no stopping it — but as business professionals we can plan for the changes that it brings. Whether your goal is staying competitive and profitable now or creating an exit plan that will make the eventual transition to new owners as seamless as possible, there is no substitute for fiscal fitness. This is true especially for family owned operations.
1|2|6|9| 10| 03.19.2013 - Why Recruitment is NOT Dying
With the rise of social media and internet visibility, many have speculated that the need for recruiters has changed dramatically. There has been inference that, the recruiting industry, is losing business to LinkedIn, Facebook and blogs, which have recently been on the rise. We have established that it is indeed a candidate market at the present time; there are more job openings than there are qualified candidates.
1|2|3|4|5|6|7|9| 11| 04.11.2013 - The Affordable Care Act: Very Soon, Businesses Need to Decide if They Are Going to “Play or Pay”
Come the start of next year, hundreds of businesses across Connecticut will have to have answered a critical question when it comes to healthcare – do they want to play or pay?
1|2|3|4|5|6|7|9| 6| 04.18.2013 - Calculating Damages of Early Stage Intellectual Property Infringement
As technology advances and its usage becomes even more widespread, intellectual property law and the related litigation becomes more relevant.
1|2|3|4|5|6|7|9| 05.17.2013 - Five Years Later, It’s Still About Jobs
What Connecticut needs most to achieve a real and sustained economic recovery is still, not surprisingly, more jobs. But we won’t get those jobs without both a housing recovery and a more confident business community.
6| 06.10.2013 - Latin America Offers Export Opportunities for New England Aerospace Manufacturers
New England aerospace manufacturers take note, the aerospace industry in Latin America needs you. The economies of countries like Panama, Peru and Chile are growing at a fantastic rate each in excess of approximately 5%.1 These expanding markets offer tremendous potential for New England manufacturers, specifically in the fields of aerospace products and services and MRO.
1|2|3|4|6|7|9| 11| 05.17.2013 - Is Tax Reform on the Horizon
There are several tax reform proposals being bantered about. All of the proposals have one common goal: reduce the federal government's approximate $16 trillion federal budget deficit. To reduce the budget deficit, many of the plans propose to cut spending and raise revenues.
1|2|5|6|9| 11| 05.17.2013 - Massachusetts Small Businesses Eligible for New Wellness Tax Credit
Promoting employee wellness through workplace education, incentives and other programs can have a direct and positive impact on productivity while also helping to control employer healthcare costs. A 2011 study published by the American Journal of Health Promotion found that healthcare costs rose at a 15 percent slower rate among employees who participated in wellness programs. Now small businesses in Massachusetts can earn a state tax credit worth 25 percent of the cost to implement qualified wellness programs.
6|8| 05.17.2013 - Why do I need a Data Warehouse?
Businesses measure all sorts of things in order to better manage their business. They measure how much a customer has spent on their products, what products have the best margin and how long it takes to get a product delivered to the customer after the order is confirmed. You name it, and most assuredly someone or some business out there is measuring it.
1|2|6|9| 1|7| 11.19.2014 - Preserving Healthcare Benefits Promised to Retirees
With the passage of the Affordable Care Act (ACA), private and public healthcare insurance exchanges offer the best and most cost-effective solution for an employer’s younger retirees who are not yet eligible for Medicare, provided that collective-bargaining agreements don’t preclude their use by union members.
1|2|3|4|5|6|7|8|9| 7|8| 06.10.2013 - White paper: Your Finance Function - Where do you spend your time?
In our last white paper, we began with an adage that tends to hold true for most organizations: “the thinking that got you where you are may not be the thinking that propels you to the next level”. Your finance function will change, as change is an inevitable reality in a competitive business landscape. The pace is fast. As we know from experience, one day runs into the next and when a finance organization takes a breath, it may find itself with processes that are not as effective as they once were.
1|3|6|9| 11| 06.18.2013 - This Year, the Deadline for Reporting Foreign Financial Accounts Is June 28
Taxpayers required to file an annual Report of Foreign Bank and Foreign Accounts (FBAR) with the Treasury Department should keep in mind that the deadline for doing so this year is June 28, not June 30. The due date is slightly accelerated due to an anomaly in Treasury Department filing rules.
1|6|9| 11| 06.18.2013 - Senate Passes Internet Sales Tax Bill That Will Require State Sales Tax on All Online Purchases
On May 6, 2013 the Senate passed the Marketplace Fairness Act of 2013 (Act) by a 69-27 vote. Passage in the Senate was considered a major hurdle for taxing Internet sales. The Act is now being considered in the House and it is likely that the House will propose changes to the Act that was passed by the Senate.
1|2|6|9| 11| 06.19.2013 - Connecticut Tax Amnesty Program
The Connecticut legislature passed Public Act 13-184, which includes a tax amnesty program. The tax amnesty program will cover all state taxes except for motor carrier road taxes and is available for any taxable period ending on or before November 30, 2012.
1|2|6|9| 3|11| 06.21.2013 - New Excise Tax Due July 31, 2013 on Plan Sponsors of Self-Funded Plans
The Affordable Care Act imposes fees on issuers of specified health insurance policies and on plan sponsors of applicable self-insured health plans. Self-insured health plans also include health reimbursement arrangements (HRAs).
2|9|6|1| 11| 11.19.2014 - 2014 Tax Planning Strategies for Businesses and Business Owners
Enclosed are some of the year-end steps that can be taken to save taxes for businesses and business owners. You should reach out to your tax advisor to discuss your particular situation. There may be more opportunities if Congress acts swiftly to reinstate the tax extenders. If that happens, make sure you call your tax practitioner to see what else can be done.
9|1|2|3|4|5|6|7| 11| 07.02.2013 - Many Tax Planning Questions Arise After Supreme Court's DOMA Decision
On June 26, the U.S. Supreme Court held that Section 3 of the federal Defense of Marriage Act (DOMA) is unconstitutional (E.S. Windsor, SCt., June 26, 2013). Immediately after the decision, President Obama directed all federal agencies, including the IRS, to revise their regulations to reflect the Court's order. How the IRS will revise its tax regulations - and when - remains to be seen; but in the meantime, the Court's decision opens a number of planning tax opportunities for same-sex couples.
1|2|4|6|9| 07.18.2013 - How are vacation homes taxed?
Vacation homes offer owners many tax breaks similar to those for primary residences. Vacation homes also offer owners the opportunity to earn tax-advantaged and even tax-free income from a certain level of rental income. The value of vacation homes are also on the rise again, offering an investment side to ownership that can ultimately be realized at a beneficial long-term capital gains rate.
6| 08.14.2013 - Manufacturing in Connecticut: A Proud Heritage, But What Does the Future Hold?
For more than a century Connecticut has been a leader in manufacturing innovation, the state from which the rest of the nation often takes its cue when it came to the newest and best technological advancements.
1|2|6|9| 11| 08.14.2013 - Changes to Massachusetts Sales and Use Tax on Computer and Software Services Law Effective July 31, 2013
Effective July 31, 2013, pursuant to newly-enacted legislation, An Act Relative to Transportation Finance, St. 2013, c. 46 (the Act), Chapters 64H and 64I of the Massachusetts General Laws have been amended to apply the sales and use tax to certain services relating to (1) computer system design and (2) the modification, integration, enhancement, installation or configuration of standardized or prewritten software.
1|2|6|8|9| 4|6|9|12| 08.15.2013 - eDiscovery and SharePoint 2013 as a Litigation Tool
Electronic discovery or eDiscovery is the process of searching for electronically stored information (ESI) with intentions of using it for legal purposes. Electronically stored information can be found in any type of electronic form; documents, emails, videos or instant messages. It includes any type of file containing information pertaining to a civil lawsuit, audit or investigation.
1|2|6|9| 08.15.2013 - For Family Owned Businesses, Succession Planning Is Essential
In the majority of family owned businesses, there is usually a strong desire to keep that business ownership within the family and to maintain that legacy, even when the founding generation prepares to retire and move on.
1|2|6|9| 08.15.2013 - FAQ: To What Extent are Business Meals Deductible?
A business can deduct meals only if they are ordinary and necessary expenses and not lavish or extravagant. Further, the amount allowable as a deduction for business meal and entertainment expenses, whether incurred in-town or out-of-town is generally limited to 50 percent of the expense.
1|2|3|6|9| 11| 08.15.2013 - U.S. Delays FATCA's Withholding, Reporting and Other Rules For Six Months
The scheduled January 1, 2014 rollout of withholding, reporting and other rules in the Foreign Account Tax Compliance Act (FATCA) has been delayed six months, the Treasury Department and the IRS have announced. The six-month delay is expected to give the U.S. more time to conclude negotiations and sign agreements to implement FATCA with foreign governments. The Treasury Department and the IRS have not, however, delayed the rules for reporting by individuals.
8|6| 12| 08.29.2013 - Should Your Employees Bring Their Own Devices to Work?
We are witnessing a remarkable increase in the number and variety of portable devices available to consumers. These devices have fundamentally re-defined the concept of what a computer can do, what it can offer us and how it can serve our continuing drive to maximize the productivity of every waking moment. They have become enormously popular; according to a report published by Cisco earlier this year, there will be more mobile devices than people on Earth by the end of 2020.
6|9| 08.30.2013 - Energy Savings for Corporate Efficiency
As a business advisor to my clients, I often discuss with them ways to improve their businesses such as optimizing their business processes, maximizing growth opportunities and managing profitability in a shifting tax landscape. But I also encourage my clients to take a closer look at all of their expenses — including utilities — in which they can find six-figure cash flow savings as close as a light switch away.
1|2|6|9| 09.24.2013 - With Many Encouraging Signs, What’s Next for Businesses in Connecticut?
For the 12th year in a row, the Connecticut Business and Industry Association (CBIA) and BlumShapiro recently released the Survey of Connecticut Businesses, which serves as a snapshot of how our state’s business leaders are feeling about doing business in Connecticut. And this year’s report, without question, builds on the gradual momentum we’ve seen since the state’s economy reached its nadir in 2009.
1|2|6|9| 11| 09.24.2013 - IRS Releases Comprehensive Repair/Capitalization Final Regulations
The IRS has released much-anticipated final “repair” regulations (T.D. 9636) governing when taxpayers must capitalize and when they can deduct their expenses for acquiring, maintaining, repairing and replacing tangible property. The final regulations make significant tax-payer-friendly changes to the 2011 temporary regulations. Compliance with the labyrinth of rules in the final regs, however, will challenge virtually every business, especially in light of an approaching January 1, 2014 effective date.
1|2|6|9| 09.24.2013 - FAQ: What Important Provisions Are Taking Effect Under the Affordable Care Act?
The Patient Protection and Affordable Care Act (PPACA)—the Obama administration's healthcare reform law—was enacted in 2010, and many of its provisions have taken effect. Other important provisions will first take effect in 2014 and 2015. These provisions of the law will require affected parties to take action—or at least to be aware of the law's impact—in 2013 and 2014. These provisions affect individuals, families, employers and health insurers, among others.
1|2|6|9| 09.24.2013 - Are You Prepared to Implement the FASB’s New Revenue Recognition Model?
Revenue is a key performance indicator and considered to be of critical importance to many users of financial statements. U.S. Generally Accepted Accounting Principles (GAAP) contain multiple industry specific revenue recognition guidance that sometimes result in different accounting treatment for transactions that may be economically similar. Furthermore, revenue recognition guidance for companies following U.S. GAAP is different than guidance contained in International Financial Reporting Standards (IFRS) which further impedes comparability of financial statements.
1|2|6|9| 11| 09.24.2013 - 2013 Year-End Tax Planning – Plan Now
It is never too late to start strategizing for year-end tax planning. Due to recent tax legislation (or lack thereof) along with new IRS rules and regulations, 2013 personal and business tax planning is vital. Looking ahead to year-end 2013, there are many planning strategies to explore and evaluate.
9|6|2|1| 11| 11.19.2014 - 2014 Tax-Planning Strategies for Individuals
Enclosed are just some of the year-end steps that can be taken to save taxes for individuals. You should reach out to your tax advisor to discuss your particular situation. There may be more opportunities if Congress acts swiftly to reinstate the tax extenders. If that happens, make sure you call your tax practitioner to see what else can be done.
1|2|6|8|9| 7| 10.22.2013 - Businesses Need to Avoid the “Virtual Blind Spots”
Often times in the business world, companies can be undermined by what is known as the “virtual blind spot.” Much like actual blind spots on the road, those areas we are unable to see and therefore make us vulnerable. In the business world, these are areas where business leaders fail to identify new opportunities until it’s too late. So how do businesses avoid virtual blind spots?
1|2|6|8|9| 12| 10.23.2013 - Enterprise Social Networks: Should Your Organization Use One?
At home, millions of employees have their own Facebook, Twitter, LinkedIn and other social networking accounts. At work, do you use these tools to organize events and communicate with your co-workers? For most, the answer is probably not. With good reason, these social networks are not managed, private or secured within the confines of each business’ virtual walls. However, a new wave of online, cloud based services called enterprise social networks (ESNs) have entered the market over the last few years and matured.
1|2|5|6|9| 2| 11.14.2013 - Why Exit Planning? Why Now?
As advisors, we know that business owners who create business plans are able to react more quickly to new events—events of the past few years in this economy and this world come to mind—than those who don’t.
1|2|3|4|5|6|7|9| 3| 11.16.2013 - Two Things Your Employee Benefit Plan Cannot Live Without
It is not uncommon in the retirement plan marketplace for plan sponsors to place the responsibility of investment selection on the participants in the plan. However, the fiduciary responsibility remains with the plan sponsor, who is charged with oversight over the plan. The Employee Retirement Income Security Act of 1974 (ERISA) was designed to protect participants, not the plan administrator or the plan sponsor.
1|2|3|4|6|7|9| 11.19.2013 - Give Yourself Credit For Hiring!
Employers considering hiring or who hire on a continuous basis should give themselves some credit. The Work Opportunity Tax Credit (WOTC) allows an employer a credit of $1,200 to $9,600 per employee hired from certain targeted groups. The credit is based on potential wages paid to these targeted new hires and the group in which they qualify.
6| 12.06.2013 - 2013 Year-End Tax Planning for Manufacturing Companies
It is never too late to start strategizing for year-end tax planning. Due to recent tax legislation (or lack thereof) and new IRS rules and regulations, 2013 personal and business tax planning is vital. Looking ahead to year-end 2013, there are many planning strategies for manufacturing companies and their owners to explore and evaluate.
6|8| 13| 12.06.2013 - A Checklist for Product Portfolio Management
Unless you manufacture commodities or specialize only in building custom products, the lifeblood of your business is innovation and new product development. What issues and risks are impacting the speed and success of your product pipeline? If your organization is like most, you’re likely struggling with having too many new product development projects for the available resources to work on, trying to get the new products out to market as soon as possible and reprioritizing efforts in order to adapt to constantly changing business conditions.
6| 1| 12.06.2013 - Latest Financial Accounting News
2013 is coming to a close and has been yet another busy year in the accounting world. Convergence of accounting standards is still underway, with projects such as lease accounting continuing to draw much attention (and criticism). Please see below for the latest accounting news and feel free to contact us with any questions.
2|6|9| 2| 12.17.2013 - Time: Too Much or Too Little?
Given that it takes time to not only create the plan but also to implement and achieve measurable results, it is time for you to start planning the most important financial event of your life—your exit from your company!
1|2|3|4|5|6|7|9| 12.17.2013 - 2013 – Flashback to 2000
This year has brought many changes to the tax landscape. The top rates have been increased and deductions are being phased out. Although we knew this was coming, reality has set in and it is time to deal with it. As we compare 2013 to 2012 it is very likely that if you are affected by the higher tax rates and phase-out of deductions, you could see a 15% to 20% increase in your tax bill. As 2013 comes to an end there are three numbers you should keep in mind.
9|7|6|5|4|3|2|1| 1|2|4|6| 07.11.2017 - Financial Statement Red Flags
The last 15 years have produced some of the most notable financial statement frauds in U.S. History, including: Enron, WorldCom, Tyco, HealthSouth and AIG. The magnitude of the losses associated with recent accounting scandals continues to inform users of financial statements about the importance of recognizing financial reporting red flags. These red flags are often indicative of underlying operational or economic distress.
9|2|3|4|5|6|7| 1| 01.27.2014 - FASB Issues New Standards to Simplify Private Company Accounting for Goodwill and Interest Rate Swaps in Certain Instances
On January 16, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Updates 2014-2 Intangibles – Goodwill and Other: Accounting for Goodwill (a consensus of the Private Company Council) and ASU 2014-3 Derivatives and Hedging (Topic 815): Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps—Simplified Hedge Accounting Approach (a consensus of the Private Company Council). These new standards will allow private companies simplified alternatives to existing accounting principles for goodwill and certain receive-variable, pay-fixed interest rate swaps.
9|1|2|6| 01.27.2014 - Potential for Good Things on Connecticut’s Horizon
As the new Year begins there are several encouraging factors in the U.S. economy. In 2013 there was more progress on energy independence, a reawakening of business confidence and job creation, and a very strong year on Wall Street.
9|2|6| 2|7| 01.27.2014 - Which Comes First? Estate Planning or Exit Planning?
Once owners see that successful business Exit Plans and successful Estate Plans share the same goals, they can appreciate how to leverage the time and money they spend developing their exit plans into the design of their estate plans.
9|1|2|3|4|5|6|7| 3| 01.27.2014 - Errors in Employee Benefit Plans – What are Your Options?
No plan sponsor wants to find an error in their employee retirement plan, but mistakes happen and no plan is perfect. The key to avoiding severe penalties and tax qualification issues is to identify and correct mistakes in a timely manner. If plan sponsors roll the dice and hope for the best, corrections can get very expensive. Both the Department of Labor (DOL) and the Internal Revenue Service (IRS) offer various correction programs to facilitate the correction of errors found in employee benefit plans.
1|2|3|4|5|6|7|9|10|13|12|11|14| 09.01.2017 - Tips to Prepare for the Employee Benefit Plan Year-End Audit
Many companies are in the process of gathering information for the year-end audit of their employee benefit plan. This article provides a checklist of review procedures the plan sponsor should complete in order to fulfill and provide support of compliance with some of their fiduciary duties. Completing these procedures will help your organization prepare for the employee benefit plan year-end audit, as well as provide strong fiduciary oversight. This is not a comprehensive list, but rather a reminder of the more common areas which are often overlooked.
9|6|2|1| 11| 03.14.2017 - Connecticut Residents Beware - Tax Implications of Your Ties to New York
If you're a Connecticut resident, you can relate to the feeling that Connecticut is just a place between New York and Boston. We are often merely the link between our larger neighbors and there is no larger neighbor than New York City. But, your ties to New York can have major implications for your income tax liability – specifically if you own or rent a second home in New York or if you "telecommute" to an office there.
6|8| 12| 03.05.2014 - Big Data and Business
According to a research report from International Data Group (IDG) published earlier in the year, companies are getting serious about Big Data. Nearly half of all respondents (49%) stated that they either have or have begun implementation of a Big Data solution. Of those companies investing, respondents cited the CEO as the “Largest Supporter of Big Data Efforts”. Manufacturers, distributors and retailers stand to gain a great deal from Big Data, provided they understand what it is, how it differs from traditional reporting and how cloud computing drives the ROI, even for small companies.
6| 11| 03.05.2014 - Manufacturers Can Recognize Dramatic Results from Cost Segregation
Manufacturers who have purchased, renovated or constructed property in the last 15 years can often generate significant tax savings and increase cash flow by using the technique of cost segregation. Cost segregation is the identification and separate depreciation of personal property components and land improvements. Like its predecessor, component depreciation, cost segregation allows a taxpayer to separately depreciate various elements of a building more rapidly than the underlying building itself.
1|2|6|9| 3| 03.18.2014 - 401(k) Loan Policies – What to Consider
Although it is not required by law to maintain a participant loan feature within an employee retirement plan, most plans do allow these programs. When choosing to allow a loan program within an employee retirement plan, it is important to adopt the loan policy features that are right for the plan.
1|2|6|9| 7| 03.18.2014 - Economic Downturn Gives Owners Time to Work on Value Drivers
Value Drivers are the intrinsic characteristics of a company that buyers look for when deciding what company to buy and how much to pay. Value Drivers are an important aspect in a successful sale of a business, and consequently it is the work of the owner (not employees) to create and to nurture them. Installing value drivers in your company is the best thing you can do to increase both the salability of your company and its price tag, but doing so takes time. Today’s economic downturn gives you the time you need to prepare your company to sell when the M&A market recovers.
9|8|6| 12| 12.09.2014 - Workforce Science and Big Data
Workforce science is the application of Big Data methodologies to predict employee performance. In case you need a review, the value of Big Data lies in our ability to leverage massive computational scale to process massive amounts of structured and unstructured data and arrive at a simple prediction.
1|2|6|9| 11| 05.16.2014 - Take Me Out to the Ball Game – Can I Deduct That?
Many companies in the normal course of business entertain vendors or clients. With the success of the sports teams in New England, more and more companies have purchased seasons tickets to entertain and thank their clients. As a result, the question often arises as to whether the season tickets are deductible.
1|2|6|9| 11| 05.04.2017 - What are "AFRs" for Tax Purposes?
Each month, the IRS provides various prescribed rates for federal income tax purposes. These rates, known as Applicable Federal Rates (or AFRs), are regularly published as revenue rulings and are available on the IRS website. AFRs are used for loans that are considered to be below-market loans, which are defined as loans in which the stated interest rate is lower than the rate required for tax purposes. Various types of below-market loans exist, such as gift loans, compensation-related loans and corporation-shareholder loans.
1|2|3|4|5|6|7|8|9| 7|9|12| 05.19.2014 - Is Cloud Computing Right for Your Company?
With all of the hype surrounding the convenience and efficiency of cloud computing, business owners often ask whether it’s worth moving their financial applications to the cloud. You’ve probably wondered this yourself. The benefits of the cloud are real, but the risks can be, too. What’s important is that you look at the unique features of your company and determine whether the cloud is right for you. In contemplating a switch to cloud computing, one of your first steps should be to consider the potential benefits given your company’s work style, culture and location(s).
1|2|3|4|5|6|7|9| 3| 05.19.2014 - Employee Benefit Plan Fiduciaries: What is Your Responsibility?
As a fiduciary of an employee retirement plan, it is important to understand your responsibilities as well as the responsibilities of the other fiduciaries of the plan. An understanding of these responsibilities can be obtained by reviewing various plan instruments, including the plan document and related adoption agreement, trust document, service agreements, collective bargaining agreements and internal policies and procedures manuals. This article provides a brief description of the key parties to a retirement plan (which are generally the fiduciaries of the plan) and their responsibilities.
1|2|6|9| 11| 05.19.2014 - Looking Back Before Moving Forward: Post Filing-Season Check-up for 2014 Tax Savings
Now is the time to learn the lessons from last year’s tax return that can make a difference in your 2014 filing situation.
9|1|2|3|4|5|6|7| 1|3| 06.17.2014 - Reducing or Suspending Safe Harbor Contributions Mid-Year
Beginning with plan years after 2014, under Treasury Regulation 9641, 401(k) safe harbor matching contributions may be reduced or suspended mid-year under the same circumstances that apply to safe harbor non-elective contributions.
1|2|6|9| 11| 06.17.2014 - Congress Juggles Immediate and Long-term Tax Issues
Nearly halfway into the year, tax legislation has been hotly debated in Congress but lawmakers have failed to move many bills. Only one bill, legislation to make permanent the research tax credit, has been approved by the House of Representatives (the House); its fate in the Senate still remains uncertain.
1|2|3|4|5|6|7|9| 1| 06.17.2014 - Revenue Recognition Changes… Are you Ready?
As the business climate continues to evolve and become more global, it has become increasingly important to ensure comparability of financial information reported by companies around the world. Accounting Standards Update 2014-09, Revenue from Contracts with Customers (the Update), was a result of a joint project between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) with the goals of clarifying the principles regarding revenue recognition and developing a common revenue standard for both U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
6| 11| 06.17.2014 - Use of Manufacturing Reinvestment Accounts to Reduce Corporation and Pass-Through Owners’ Connecticut Income Tax Liabilities
Recently enacted Connecticut legislation reduces the number of manufacturers that can participate in the MRA program from 100 to 50, but it increases the maximum number of employees a manufacturer may have to be eligible as a small manufacturer from 50 to 150. In addition, the legislation eliminates the 50% income inclusion for distributions from a manufacturing reinvestment account (MRA) used for eligible purchases or expenses.
6|8| 7| 06.17.2014 - Tools To Help Keep Your Manufacturing Business Efficient
Today, the manufacturing industry faces many challenges. There is global competition, the economy is still rocky and technology is constantly changing. On a positive note, lawmakers are working to find ways to revive an industry (manufacturing) that once fueled our local economy. These tips are a guide to improving your business through efficiencies. They will assist in dealing with today’s constantly changing technology which, in turn, will lead to greater profits.
6| 11| 06.25.2014 - The Last of the Export Incentives
For companies looking to reinvest back into their businesses, take a second look at your exports. Thanks to one overlooked export tax incentive, they maybe more valuable than you realize.
1|2|5|6|9| 11| 07.16.2014 - Tax Changes in 2015 Rhode Island Budget Bill Will Impact Businesses and Individuals
Last month, Rhode Island Governor Lincoln Chafee signed the state’s fiscal year 2015 budget bill. The bill enacts widespread changes to the Rhode Island tax system across a number of tax areas. The most significant changes will be to the corporate income tax, but changes were also made that impact both personal income tax and the estate tax.
1|2|3|4|5|6|7|9| 11| 07.16.2014 - Connecticut Tax Legislation Highlights: 2014 Session
The recently concluded 2014 legislation session of the Connecticut General Assembly passed (with the governor’s approval) important broad-based tax measures which will impact individual and business taxpayers. Following is a brief explanation of the enacted legislation which will likely have the broadest impact in the areas of individual income taxation, sales and use taxation, property taxation and business entity taxation.
1|2|6|9| 1|7| 08.05.2014 - The Connecticut Economy: What Makes a Top State for Business?
Sponsored by BlumShapiro, Ion Bank, and UIL Holdings, this is the fall's most important economic event. Hear from top executives and leading economists about which industries are adding jobs, what's driving (and deflecting) business investment in Connecticut, and how state fiscal policy will impact the strength and pace of economic recovery. We will also release results of the 2014 Survey of Connecticut Businesses. All attendees receive a free copy of the report.
6|8| 12| 09.18.2014 - Securing Your Cloud (Before You Fall From the Sky)
The cloud is a revolutionary technology solution for businesses worldwide. Cloud utilization has led to a reduction in capital expenses, lessened IT department responsibilities and increased workforce access to information. Today, a considerable number of manufacturing businesses take advantage of what cloud computing has to offer. Although the cloud offers a wide array of benefits, it does not mean inherent risks do not exist. Implementing a cloud solution does not automatically protect a business from traditional IT threats and security risks. If you want to enjoy the benefits of the cloud and sleep easy at night, it is vital to fully understand what hazards exist in the world of cloud computing. This article explains cloud computing risks and the approach to take when evaluating a cloud provider.
1|2|3|4|6|7|8|9| 8|12|15| 08.18.2014 - How to Safely “BYOD”
As technology advances and new mobile devices emerge daily, businesses need to continuously evolve their security strategies in order to protect their organizations.
1|2|6|9| 11| 08.18.2014 - Tax Updates Affecting Massachusetts Businesses and Individuals
On July 11, 2014, Governor Deval Patrick signed into law the fiscal year 2015 Massachusetts budget bill. This article shares a brief summary of the tax legislation that has the broadest impact.
1|2|3|4|5|6|7|9| 3| 08.18.2014 - Pension Plan De-Risking Trending Upwards
Among the many trends seen in the pension plan arena over the past several years is the continued annuitization of defined benefit plans. Large and small companies continue to investigate strategies to lower their pension liabilities and shift the obligations from the sponsoring company to an insurance company.
1|2|6|9| 08.18.2014 - Phishing Scams – What Should You Look Out For?
Phishing is a scam typically carried out by unsolicited telephone calls, emails and/or websites that pose as legitimate sites and lure unsuspecting victims to provide personal and financial information. Recently, headlines have shared phishing scams involving people claiming to be from the IRS.
6|8| 12| 09.18.2014 - Improving Your Business through Globalization, Digitization, Rationalization and Transparency
As the pace of change continues to accelerate for manufacturers, distributors and retailers (MDR) of all sizes, we see four driving forces at play: Globalization, Digitization, Rationalization and Transparency. We will take a quick look at defining these for you, but, more importantly, we will describe how technology, more specifically the cloud, can enable MDR companies of all sizes to manage and take advantage of these forces to improve your business.
6| 11|12|6| 07.19.2017 - Does an Intercompany Asset Transfer Require a Sales Transaction?
Often multinational companies contemplate making an intercompany transfer of an asset, commonly for operational or tax planning purposes. Intercompany transfers frequently include the sale of an entity for restructuring purposes, a trademark or patent sale customer relationships, among others. When such a transfer is contemplated, the company will often question whether a sales transaction needs to take place, particularly since the asset(s) is remaining “in the family”. This most commonly occurs when there is a transfer of intellectual property.
1|2|3|4|5|6|7|9| 1| 09.25.2014 - The Importance of Establishing a Record Retention Policy for Your Organization
As accountants and business consultants, we are often asked how long business records should be saved. Recordkeeping is important because it provides information to support decision-making by management and is generally required by legal retention requirements.
1|2|6|9| 1|3| 09.29.2014 - DOL Updates Guidance on Locating Missing Participants in Defined Contribution Plans
On August 14, 2014, the U.S. Department of Labor (DOL) issued Field Assistance Bulletin No. 2014-01 (the FAB). When a defined contribution plan, such as a 401(k) or a 403(b) plan, is terminated, it is the plan sponsor’s responsibility to locate all participants and distribute their accumulated balances held by the plan as soon as administratively feasible. The FAB addresses a plan fiduciary’s duties regarding “missing” or “lost” participants in terminated defined contribution plans.
9|6|2|1| 1|11|6| 10.23.2014 - OECD Provides Guidance on Transfer Pricing Documentation
A transfer price is the price for goods, services or intangibles that are sold or transferred between related legal entities within a multinational enterprise. Transfer pricing strategies have been employed by multinational companies that shift profits to countries with low corporate tax rates, even though the company may have little or no economic activity in that country. The practice of artificially shifting income into tax-advantaged environments is referred to as base erosion and profit shifting (BEPS).
2|1|9|6|5| 1|3| 10.23.2014 - 401(k) Trends: Target Date Funds
Has your plan recently implemented Target Date Funds? Although they have been around for a number of years, Target Date Funds have grown in popularity exponentially in recent years. As plan sponsor fiduciary responsibility is emphasized more and more each year, these investment options have become more popular in 401(k) plans.
1|2|6|9| 11| 01.26.2015 - Tax Implications of the Final Massachusetts Market-Based Sourcing Regulations
The Massachusetts Department of Revenue (“DOR”) recently released a final regulation 830 CMR 63.38.1 addressing the 2013 statutory change to its sourcing rules for the sale of services and transactions involving intangible property in Massachusetts. Under the new statute, all entity taxpayers (including C corporations, S corporations and partnerships) are required to use market-based sourcing rather than cost of performance for the assignment of these gross receipts in the income apportionment calculation. The final regulations are effective for taxable years beginning on or after January 1, 2014 and are extremely important for companies and practitioners to review based on the level of complexity and wide range of taxpayers who will be impacted by the change.
1|2|6|9| 01.26.2015 - Top Tax Developments of 2014 with Impact on Businesses in 2015
2014 was a notable year for tax developments on a number of fronts, and selecting the "top" 2014 tax developments affecting businesses in 2015 requires judgment calls based upon uniqueness and forward-looking impact on 2015 and beyond. There certainly were others that may prove more significant to any particular business, so please feel free to contact any of our tax professionals for a more customized look at the impact of 2014 developments upon your organization’s unique tax situation.
1|2|6|9| 1| 02.23.2015 - Management Soon to be Required to Assess Going Concern Under U.S. GAAP
In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-15 regarding Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under the standards, prior to this update, there was no guidance related to management’s responsibility to evaluate the going concern of the entity or to provide the related footnote disclosures to the financial statements.
1|2|6|9| 11| 02.23.2015 - Healthcare Reform News: IRS Grants Penalty Relief for 2014 Premium Credit Shortfalls, Issues New Tax Forms
Healthcare tax incentives can result in unexpected penalties for underpayment of estimated taxes, as well as late payment of taxes in some cases. The IRS issued notice 2015-9 to provide some relief from penalties that result from a reconciliation of advanced premium payments/subsidies and the Premium Tax Credit that is ultimately calculated on a taxpayer’s return.
1|2|6|9| 11| 02.24.2015 - IRS Continues Program for Disclosing Offshore Accounts
The IRS continues to provide programs for U.S. taxpayers who have failed to disclose offshore assets and pay taxes due. Recently the IRS provided guidance and clarifications that apply to taxpayers who apply for relief under the streamlined filing compliance procedures. These new instructions are effective for applications submitted on or after July 1, 2014.
1|2|3|4|5|6|7|9| 1|3| 07.18.2017 - Liquidation Basis Accounting Standards for Employee Benefit Plans
With interest rates on the rise, it has become more attractive to plan sponsors to terminate their legacy-defined benefit pension plans. When a plan sponsor decides to terminate an employee benefit plan, they must look to the liquidation basis of accounting requirements for proper presentation of their plan's financial statements.
1|2|6|8|9| 12| 03.20.2015 - Overcome the Challenge of Outsourcing Technology
At some point in time, technology outsourcing becomes a necessity for all businesses. Whether your staff lacks the expertise to manage and maintain network infrastructure, or your data requires secure off-site storage, there are a number of reasons why technology outsourcing eventually develops into an operational requirement. Even mega-tech giants like Microsoft and IBM, whose core competencies exist through excellence in all things IT, outsource their technology functions to some degree.
6|9| 1| 03.20.2015 - Accounting Standards Update
The Financial Accounting Standards Board (FASB) continues to approve accounting standards updates, focusing on areas in which significant amount of questions or uncertainty arises. In regard to the manufacturing, retail and distribution industry, the recent updates affecting this industry include updates related to the liquidation basis of accounting, going concern evaluation and disclosure and the elimination of extraordinary items.
6|9| 11| 03.20.2015 - The Benefits of Establishing an Interest Charge Domestic International Sales Corporation
Shareholders of businesses that sell “export property” can benefit from establishing an Interest Charge Domestic International Sales Corporation (IC-DISC) to ultimately reduce their income tax liability.
1|2|3|4|5|6|7|9| 11| 04.13.2015 - New Health Care Provisions Impact Tax Returns
Tax Day on April 15 is fast approaching, and both business and individual filers across the state should be busy preparing their returns in anticipation of the looming deadline. As this is done, filers need to be mindful of one of the most significant pieces of legislation to be signed into law in the past decade — the Affordable Care Act, known colloquially as Obamacare — and the tax implications that exist this year that need to be considered. These include new forms to be filed as well as penalties businesses and individuals face for failing to comply with the ACA.
1|2|3|4|5|6|7|9| 4|8| 04.24.2015 - Fraud and Internal Controls
The most recent recession sharpened a trend already in place across the national economy – companies run leaner today than they did 5, 10 or 15 years ago. The financial difficulties many companies are experiencing have reinforced a movement spurred by technological advances. Mainly, there are fewer people in the workplace handling more responsibilities. Unfortunately for business owners and senior corporate executives, reduction of the workforce equates to fewer supervisors, thus less availability to oversee and audit operations. This condition is an invitation for employees to pilfer from a company -- either by walking off with inventory or inappropriately handling receipts.
1|2|6|9| 11| 05.12.2015 - Tax Legislation Advances as Filing Season Concludes Successfully
The tax filing season concluded on April 15 with the IRS Commissioner reporting that return and refund processing went smoothly. Congress returned to work in April after a two-week recess, and the House immediately passed a number of tax-related bills. House lawmakers voted to repeal the federal estate tax, make permanent the state and local sales tax deduction and make reforms to the IRS.
1|2|3|4|5|6|7|9| 1|4|7| 05.15.2015 - Payroll Fraud – An Often Overlooked Risk and How to Address It
We often hear or read stories in the news about fraud occurring within businesses. Frequently, such businesses are victimized when an individual in a position of financial authority makes unauthorized withdrawals or disbursements from bank accounts, or misdirects cash deposits. In response to these risks, controls are often implemented to prevent and detect fraud relating to cash, but what is often overlooked is the potential for payroll fraud.
1|2|5|6|9| 11| 06.12.2015 - Connecticut’s Tax Budget Increases Taxes
During its regular session ending on June 3, 2015, the Connecticut General Assembly passed a $40 billion biennium budget (House Bill, H7061). The budget is expected to increase revenues by over $2 billion over the next two years (July 1, 2015 through June 30, 2017), largely by raising taxes and canceling previously approved tax exemptions, tax cuts and phase-outs.
1|2|6|9| 11| 06.12.2015 - Transfer Pricing - It’s No Longer Just for Multinational Companies
Many states are facing budgetary short-falls and seek new revenue sources to fill the gaps. States are increasing scrutiny of transfer pricing as a means to address budget shortfalls without publicly increasing taxes. As a result, transfer pricing compliance is no longer just an issue for multinational enterprises; rather, it is now a concern for all companies that transact across state borders with related party entities.
1|2|5|6|9| 7| 06.12.2015 - The Time for Family Businesses to Start Thinking About Succession Planning Is Now
One challenge family owned businesses are now facing is what happens when the current generation of leadership retires. Will the sons and/or daughters take over? Will it remain partly in the family with other relatives? Will the next generation be unwilling (or perhaps unqualified) to run the business, requiring current management to consider selling or looking to outside investors? These questions are extremely important and extremely real, and they point to one clear business strategy that must be employed—succession planning.
6|9| 11| 06.29.2015 - Opportunities Remain to Make the Tangible Property Regulations Work for your 2014 Taxes
There has been much conversation about the final “repair” regulations since their implementation became mandatory. The final analysis, however, is that many of the rules are the same but “the names have been changed to protect the innocent”. Betterments, Restorations and Adaptations are the new buzzwords. There are some opportunities that should not be overlooked for those businesses and individuals who find themselves currently on extension for 2014.
6| 1| 06.29.2015 - The Vital Role of the Supply Chain in 21st Century Manufacturing
For the past five years, U.S. manufacturing has been back on the rise. The U.S. Department of Commerce indicates that, since early 2010, manufacturers have added nearly 900,000 jobs, making this the first sustained growth manufacturers have seen since the 1990s. This resurgence is welcome news, both nationwide and here at home in Connecticut.
6|8| 1| 06.29.2015 - Manufacturing Productivity – Cost Reduction Why the Confusion
Today, manufacturers face the constant challenge of providing competitive products to an ever-changing and dynamic marketplace. Besides the daily challenge of producing a quality product within the four walls of the factory, there are numerous external factors at work in the global marketplace influencing customer perceptions and product demand patterns.
6| 11| 06.30.2015 - Connecticut Manufacturing Innovation Fund Voucher Program (MVP)
Earlier this year, the State of Connecticut’s Department of Economic and Community Development (DECD), along with the Connecticut Center for Advanced Technology (CCAT), developed a matching grant program to assist Connecticut manufacturers and allied service providers who undertake innovative projects that improve productivity, efficiency and competitiveness. This program, labeled the Connecticut Manufacturing Innovation Fund Voucher Program, or CT MVP, is being administered on a first-come, first-served basis. Grant awards from the program range from $5,000 to $50,000 and must be matched dollar for dollar by the applicant.
6|5|4|3|2|1|9|7| 11| 02.04.2016 - How Long Should I Keep My Tax Records?
One record retention guideline is often misconstrued; the retention guideline pertaining to tax returns and related documents. A common misconception is that the Internal Revenue Service can only audit tax returns related to the last three years.
1|2|5|6|9| 11| 07.10.2015 - Malloy Signs Connecticut Budget, Many Tax Increases Remain
On June 30, 2015, following up on its regular session ending on June 3, 2015, the Connecticut General Assembly passed a $40 billion biennium budget (Senate Bill, 1502, a budget implementation bill, amending House Bill 7061) and the governor has signed it.
6| 1|3|9| 07.02.2015 - Accounting Standards Update
The mission of the Financial Accounting Standards Board (FASB) is to establish and improve standards of financial accounting and reporting and provides decision-useful information to investors and other users of financial reports. The Accounting Standards Updates (ASU) discussed in this article were issued during 2015 and could affect manufacturers, distributors and retailers.
1|2|3|4|5|6|7|9| 1|3| 07.21.2015 - Tibble v. Edison: Lessons for 401(k)/403(b) Plan Sponsors
In 2007 a lawsuit was brought against the Edison International company sponsored 401(k) plan. The suit alleged that the plan sponsor and its fiduciaries failed to monitor the fees charged to the company retirement plan. There are five key outcomes from this case that plan sponsors and fiduciaries should pay close attention to. These lessons, outlined below, should be implemented by all sponsors of company retirement plans.
1|2|6|9| 11| 08.20.2015 - Lawmakers Hear From Small Businesses About Tax Complexity, Compliance
Small business tax reform was the topic of two Congressional hearings in July. House and Senate lawmakers heard from small business owners and leaders in the tax and accounting area about concerns over tax complexity, compliance and penalties. After the hearings, the chair of the Senate Small Business Committee said that he is moving forward with a small business tax compliance reform bill.
1|2|3|4|5|6|7|9| 1|3| 08.21.2015 - Penalty Relief for Form 5500-EZ Late Filings
In 2014, the IRS established a one-year pilot program that provided penalty relief for failure to timely file annual reports for one-participant retirement plans. The feedback from the pilot program was favorable, and it was suggested that a permanent penalty relief program be put in place. In June 2015, the IRS issued Revenue Procedure 2015-32, which establishes a permanent penalty relief program for filers of Form 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan.
6|9| 11| 09.28.2015 - IRS Releases Temporary Regulations to Coordinate Arm’s Length Standard and Best Method Rule for Transfer Pricing
On September 14, the IRS issued temporary regulations that address the determination of arm’s-length transfer prices for interrelated transactions among related parties.
6|9| 10.05.2015 - The Benefits of Credit Insurance
The U.S. economy has not always been on the cutting edge of exports. Our trading history is much younger than that of our European forebears. Over hundreds of years, trade between European countries grew quickly because of the close proximity. However, European exporters were faced with currency differences, as well as numerous legal frameworks when selling outside their country. Trade finance and other credit instruments slowly evolved in these markets, primarily out of Germany and France. Credit insurance is a prime example of a trade instrument that developed in Europe more recently (over the past 20 years) and is becoming much more active here in the U.S.
6|8|9| 7|15| 02.01.2016 - How Can You Sleep At Night?
As an executive and leader of your company, you ask yourself the simple question: “As a business, are we protected against a cyber-attack?” It sounds simple. We ask our IT manager or outside IT support company, “Are we protected?” You knew the answer before you asked the question, “Of course we are!” So, you got the answer you wanted…but is it the truth?
6|8|9| 12| 10.06.2015 - Why You Should Care About the Internet of Things
What if you could predict the future? No, seriously, what if you had the ability to know when a machine was likely to break down in your plant, when the escalator would stop working or when the water flow through a cooling pipe had become insufficient? These are all real capabilities that your business can embrace to reduce cost, increase revenue and edge out your competitors by leveraging the Internet of Things (IoT).
6|9| 6|11| 10.08.2015 - Top 5 Things to Think About Regarding Your Transfer Pricing
With the release of the OECD’s Base Erosion and Profit Shifting (BEPS) action plan on October 5th, transfer pricing has been at the top of the minds of many tax executives. The plan is one of the largest scale efforts in history to standardize tax laws across national borders. As a result, audits may become more aggressive as tax authorities implement the OECD’s recommendations.
6| 10.09.2015 - A Manufacturing Challenge: Thinking Differently to Compete Globally
To survive in today’s economic climate, it has become evident that small to mid-sized manufacturing companies need to continually think and act creatively about the factors which will allow them to achieve global competitiveness.
1|2|6|9| 11| 11.11.2015 - Family Owned Businesses Need to Start Succession Planning Today
A recent study that our firm developed with Baker Tilly International indicates that, while this alarming number of businesses have not yet begun the planning process, there are serious advantages to those businesses who start that process several years out. This is a never-before-seen generational shift we are experiencing and will continue to experience through 2025, and it gives businesses the impetus to put these plans in place.
6| 6| 12.11.2015 - The Latest on Valuation Discounts
When it comes to estate planning with respect to closely-held family businesses, one important component in the valuation is adjustments for lack of control and lack of marketability(commonly referred to as valuation discounts).
1|2|6|9| 1| 12.15.2015 - Accounting and Auditing Standards Update
The mission of the Financial Accounting Standards Board (FASB) is to establish and improve standards of financial accounting and reporting that foster financial reporting that provides decision-useful information to investors and other users of financial reports. The Accounting Standards Updates (ASU) discussed below were issued between July 1, 2015 and the date of this article. These updates will affect manufacturers, distributors and retailers.
1|2|6|9| 11| 12.15.2015 - Recent Items of Interest Regarding Tangible Property Regulations
In 2014, the IRS issued final guidance on the treatment of costs for tangible property under the sweeping “repair” regulations that impact most businesses. Since that time, there has been much conversation about the final regulations since their implementation became mandatory. Most recently, the Internal Revenue Service (IRS) released guidance pertaining to two areas in which business taxpayers must determine whether to capitalize or deduct certain costs.
9|6| 1|2| 12.15.2015 - Elements of a Plan to Sell to Insiders
Today we discuss the essential elements of a plan owners use to transfer a business to insiders (with the help of skilled advisors) that keeps the owner in control until he or she is paid the sale price. If you suspect that the children, key employees or co-owners you would pick to succeed you do not have the funds to cash you out, consider the following 10 elements that make insider transfers successful.
9|6| 11| 12.17.2015 - As End of Year Approaches, Tax Planning Opportunities Exist
As the end of the year draws near, there are a number of opportunities people have to take advantage of to ease their tax burden, as well as a few tax “pitfalls” of which to be aware. With tax season right around the corner, taking advantage of these opportunities now—as well as heeding potential issues that could arise—could make it a happier new year for everyone.
1|2|6|9| 11| 12.18.2015 - Congressional Budget Agreement Means Tax-Saving Opportunities for Businesses
Now that Congress has reached an agreement on a variety of key tax provisions, once President Obama signs them into law, it should mean a number of beneficial tax deduction extenders are available to businesses if they choose to take advantage of them. In particular, here are five key provisions that could provide businesses with opportunities for tax savings.
9|1|2|5|6| 11| 01.06.2016 - Connecticut December Special Session Passes Tax Legislation
On December 8, 2015 the Connecticut General Assembly passed the state’s third major budget and revenue bill (Senate Bill 1601). Subsequently, on December 29, 2015 the governor signed Public Act No. 15-1 containing a number of significant retroactive and prospective tax law changes that address tax legislation passed earlier this year (see Malloy Signs Budget and CT Tax Budget articles) as well as including new tax legislation to provide tax relief to individuals and Connecticut-based businesses.
9|1|2|6| 11| 04.22.2016 - Congress Takes First Steps to Tax Reform
Tax reform continues to be highly touted in Congress. Lawmakers from both parties agree that the U.S. tax system is in need of reform. Congress continues to explore ways to make the U.S. tax system simpler, fairer, and more efficient but identifying and enacting policies that will result in a simpler, fairer, and more efficient tax system remains a challenge. At times this year President Obama and Congressional Republicans seem far apart on a way forward, but at similar times in the past, agreements have quickly and often surprisingly emerged, most recently in the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”).
8|9|1|2|3|4|5|6|7| 8|15| 04.26.2016 - Ransomware - The New Pandemic
What is ransomware? How can you mitigate risk? What do you do if infected by ransomware? Learn about all of the above in this compelling and information packed article.
8|9|1|2|3|4|5|6|7| 8|12|15| 06.03.2016 - Are mobile phones your biggest weakness to cyber threats?
Our phones are no longer only for making calls, they’ve evolved into our hand-held personal computers. With this, comes the storing of sensitive data so it's easily available to us―emails, calendars, contact information, passwords, payment data, etc. While these features are great for the traveling or telecommuting employee, it’s also attractive to hackers.
9|1|2|3|4|5|6|7| 11| 06.08.2016 - Employers Need to Prepare Now For New Federal Overtime Guidelines
Regulations released by the United States Department of Labor establishing new guidelines under which employees must be paid overtime will have a far-reaching impact on employers throughout Connecticut and the nation. Business leaders now must take the right steps to ensure they are in compliance with these new rules before they take effect in December.
1|2|3|4|5|6|7|8|9| 8|12|15| 06.30.2016 - Cyber Security Facts and Trends Infographic
Learn more about the real costs of cyber attacks with our cybersecurity facts, trends and statistics infographic.
6|9| 1| 08.04.2016 - Slow, Steady Growth in Manufacturing Sector
A recent report by the Institute for Supply Management (ISM) indicated that United States manufacturing companies have shown growth for the past three months, the first sustained growth seen in the manufacturing sector since last summer. However, while there is still overall expansion in the industry, it hasn’t come at the rate to which we had grown accustomed in 2014.
6|8| 15| 08.05.2016 - Manufacturers Need to Pay Attention to Cybersecurity Risks
Why has cybersecurity become a risk to manufacturers now when it wasn’t as much of one before? Read our article to find out
6|9| 3| 08.08.2016 - Is an ESOP Right for Your Business?
All privately held businesses deal with succession planning at some point, but the tax and employee benefits offered by ESOPs make them an option that you may wish to consider seriously—here's why. Every company has a natural lifecycle, and at some point, all privately held businesses must transition company ownership, either to a family member, to management or to an outside entity. This is not just to create liquidity for the owner but to select the company’s future form of ownership.
6|8| 9|12| 08.09.2016 - The Futurist
It's clear that the speed of progress is increasing and capabilities developed in the previous industrial revolutions empower the next, so let's take a brief look at the history of the previous industrial revolutions and their impact on business and society
6|9| 1| 08.10.2016 - “Re-shoring” – An Increasing Trend in American Manufacturing
America’s long and admirable legacy as the world’s manufacturing leader set the tone for much of the progress made in the 20th century. From assembly lines to precision manufacturing, from the flight age to the space age, it was American manufacturing know-how that was at the core. Innovation created here led to a demand for high-performance manufacturing and production, and that, in turn, created a strong part of our country’s economic backbone.
1|2|3|4|5|6|7|9| 11| 08.12.2016 - Affordable Care Act Could Bring Additional Challenges for Employers in 2017
As hard as it may be to believe, the Affordable Care Act (ACA, also known to many as Obamacare) is now more than six years old. It was signed into law amid cheers and protests from competing sides, and in that time has survived dozens of efforts by Congress to repeal it. Through all of that it still exists and requires businesses with more than 50 people to provide health insurance for employees. While the results of the November election could have an impact on its long-term viability, it is safe to say that qualifying businesses would be wise to plan to continue adhering to the law into 2017.
4|5|6|8|9| 15| 08.15.2016 - Five Industries with Growing Cybersecurity Needs
While every industry, business, entity and organization is susceptible to cyber-attacks, 2015 has shown a shift in the industries experiencing the highest incident rates. IBM has recently released the 2016 version of its annual IBM X-Force Cyber Security Intelligence Index – a report that provides readers with an overview and detailed look at the types and volume of attacks out there, the industries that are most affected and the key factors enabling hackers to attack.
1|2|5|6|9| 11| 08.16.2016 - Proposed Treasury Regulations Would Limit Valuation Discounts
A tax planning strategy utilized in reducing gift and estate tax has been taking advantage of valuation discounts for family transfers of closely held businesses. However, this strategy may soon evaporate with the recent issuance of regulations limiting valuation discounts.
1|2|3|4|5|6|7|9| 1|3| 09.01.2016 - When Does Your Retirement Plan Need an Audit?
The Employee Retirement Income Security Act of 1974 (ERISA) establishes standards and rules governing employee benefit plans (401(k), 403(b), Pension, other retirement and health and welfare plans), including independent audit requirements. Generally, all large non-governmental and non-church retirement plans are required to be audited by a qualified certified or licensed public accountant on an annual basis. ERISA also generally requires large funded health and welfare plans (normally indicated by the establishment of a trust to hold plan assets) to be audited on an annual basis.
1|2|3|4|5|6|7|8|9| 15| 09.07.2016 - 8 Lessons Learned from History's Biggest Cyber Attacks
Every day, over 4,000 cyber-attacks occur, nearly three attacks every minute. The sophistication and techniques used by hackers is growing and evolving constantly. Fortunately, we can use the lessons learned throughout the history of cyber-attacks to increase our knowledge and awareness, and in turn, better protect ourselves from cyber-attacks.
1|2|3|4|5|6|7|9| 3| 09.27.2016 - How to Select an Auditor for Your Employee Benefit Plan
All employee benefit plans (401(k), 403(b), Pension and other retirement and health and welfare plans) categorized as “large” plans for Form 5500 reporting purposes are required to have an annual audit performed by an independent auditor.
1|2|3|4|5|6|7|9| 3| 11.01.2016 - 401(k) and 403(b) Audit Checklist
It is important to prepare for your annual retirement plan audit to ensure a smooth audit and Form 5500 filing. This checklist is designed as a summary of the items that will typically be reviewed as part of the annual audit of your defined contribution plan (401(k), 403(b) and profit sharing plans). It is not meant to be all-inclusive, but covers the common items requested during an audit of a defined contribution plan.
1|2|3|4|5|6|7|9| 11| 11.14.2016 - What are “excepted benefits” for purposes of the Affordable Care Act (ACA) minimum essential coverage?
The ACA created Code Sec. 5000A whereby individuals must now have minimum essential health insurance coverage, qualify for a health coverage exemption or make an individual shared responsibility payment.
9|6| 11| 11.08.2016 - Treatment of Certain Interests in Corporation as Stock or Indebtedness
In October 2016, the U.S. Treasury Department and the IRS issued final and temporary regulations under Section 385 of the Internal Revenue Code (the 385 Regulations) through Treasury Decision (T.D.) 9790.
1|2|5|6|9| 11| 11.16.2016 - Looking Past Election Day: Tax Reform on the Horizon
Now that the election is over, the focus of many Americans will be on whether Trump will get his proposed tax policy reform passed through the Republican-held Congress and how the proposed tax policy will affect them.
8|1|2|3|4|5|6|7|9| 12| 12.01.2016 - Investing in Technology Helps Businesses Stay Ahead
Everywhere we look, both here in Connecticut and throughout the nation, the largest internal investment being made by businesses is in new technology. Find out how this investment in technology can lead to success for your organization.
8|6| 12| 03.01.2017 - Investing in Technology Helps Manufacturers Stay Ahead
As a manufacturer, your day likely involves concerns around keeping your customers satisfied, ensuring that your plant floor is operating efficiently, having enough inventory on hand to meet demand or getting your job delivered on time. Technology can help ease these concerns and in fact, transition these concerns into a competitive advantage.
6|9| 11| 03.02.2017 - Family Owned Manufacturing Companies May be Significantly Impacted by Proposed IRS Regulations
One of the most discussed tax issues in 2016 was the proposed IRC Section 2704 regulations released in early August 2016 that are designed to limit estate valuation discounts for minority interests. Family-owned manufacturing companies may be among the most harmfully impacted by the proposed IRS rules.
6|9| 03.07.2017 - The Effect of Manufacturing Technology Training in the State of Connecticut
Andrew Lattimer of BlumShapiro recently sat down with Conrad Rioux of Asnuntuck Community College (ACC). Here is the story of what ACC is doing to make a difference in the manufacturing community.
6|9| 11| 04.20.2017 - New England Remote Retailers May Be Subject to Use Tax Collection Due to Economic Nexus
States have begun to pursue legislation on their own that require remote vendors to register for use tax collection due not only to their physical presence but also due to their economic presence within the state.
1|6|9| 11| 06.26.2017 - Use Tax Reporting Requirements for Remote Sellers
The world of sales and use tax compliance is getting exceedingly complex. Remote sellers need to be extremely aware of their nexus footprint, both physical and economical, in order to comply with their sales and use tax collection obligations. Learn more.
3|2|4|5|6|7|9| 11| 06.26.2017 - Senate Unveils Better Care Reconciliation Act of 2017
The future of the Affordable Care Act (ACA) and related taxes is now in the Senate following passage of the American Health Care Act (AHCA) in the House this April. The Senate unveiled their discussion draft, Better Care Reconciliation Act of 2017, on June 22, which contains many tax provision similarities to the House bill in efforts to repeal ACA taxes.
6|8| 15| 06.30.2017 - Are you Prepared for New Department of Defense Security Standards?
With the threat of cybersecurity breaches on the rise, the U.S. Government has implemented new security standards for Department of Defense (DoD) contractors, including manufacturers. Learn more.
8|6| 12| 06.30.2017 - Technology Talks Podcast: Digital Transformation's Impact on the Manufacturing Industry
In this episode of Technology Talks, Hector speaks with Janet Prisole, Partner at BlumShapiro Consulting about the impact of the 4th Industrial Revolution and Digital Transformation on the manufacturing industry.
9|6|13| 11| 07.03.2017 - Are You Leaving Research and Development Tax Credits on the Table?
As food and beverage companies rely more heavily on technology to improve products and increase efficiencies, the importance of reviewing expenditures for the R&D tax credit has become much more critical.
6|13| 08.07.2017 - How Massachusetts grocers can prepare for (and compete with) ‘The Everything Store’
Founded as an online bookstore in Jeff Bezos’s garage back in 1994, has grown into the most valuable retailer in the United States, surpassing Walmart in market capitalization in 2015. It’s responsible for more than half of the United States’ annual book sales and more than 40 percent of the country’s total online shopping activity.
13|9|6| 11| 08.22.2017 - Inventory Held by Amazon Creates State Tax Nexus – Limited Tax Amnesty
Inventory Held by Amazon Creates State Tax Nexus – Limited Tax Amnesty
6|10|11|12|13| 10.02.2017 - GOP Tax Reform Framework and Its Impact on International Tax
The GOP released the much-awaited installment of the tax reform guidelines a few days ago, dubbed as the unified framework to overhaul and simplify the Internal Revenue Code. While the framework is high on expectations, the 9-page document is low on details and substance on how to achieve its purported goals.
6|9|10|12|13| 11| 10.20.2017 - Country-by-Country Reporting: U.S. Filing Requirements
Since 2013, the OECD has been working on changing the tax landscape under its base erosion and profit shifting initiatives. There is a growing perception that governments lose substantial corporate tax revenue because profits are shifted to favorable locations and that traditional international tax principles are no longer adequate to respond to the increasing globalization of international business transactions. Hence, there is a need for the international community to develop appropriate measures to address this problem. Learn more …
6|8|9|13| 9|12|14| 10.26.2017 - The Evolution of Corporate Performance Management
When it comes to Corporate Performance Management (CPM) most tend to think about the technology or tools they are using for their budgeting, planning and forecasting. With the manufacturing, distribution and retail industries dealing with so many moving parts the importance of a CPM solution is something that needs to be considered.
1|2|3|5|6|7|9|10|11|12|13|14| 12.22.2017 - President Trump Signs Sweeping Tax Overhaul
The Tax Cuts and Jobs Act (H.R. 1) was signed today by President Trump. H.R. 1 impacts virtually every individual and business on a level not seen in over 30 years. As with any tax bill, however, there are “winners” and “losers.” This historic bill calls for lowering the individual and corporate tax rates, repealing countless tax credits and deductions, enhancing the child tax credit, boosting business expensing, and more. The bill also impacts the Affordable Care Act (ACA), effectively repealing the individual shared responsibility requirement.
1|2|3|4|5|6|7|9|10|11|12|13|14| 01.11.2018 - Event: Navigating Tax Reform
In what has been the most extensive tax reform in over 30 years, business and individuals alike will be affected. To get a better understanding of how you will be impacted by the tax reform, please utilize our Tax Reform Central for the latest events.
1|2|3|4|5|6|7|9|10|11|12|13|14| 11| 01.23.2018 - Get the latest updates on tax reform
In what has been the most extensive tax reform in over 30 years, business and individuals alike will be affected. To get a better understanding of how you will be impacted by the tax reform, please utilize our Tax Reform Central for the latest events, webinars and articles.
6|8| 9|12| 02.13.2018 - Improving Efficiency by Automating Workflows
A 2014 study determined that the ROI of workflows automation is 176% with a payback in 10.5 months. What’s even more interesting is that the productivity per user jumps 8%-15% - “finding” an extra 4 hours a week per employee. Learn more about workflow automation.
6|9| 11| 02.14.2018 - 2018 Tax Reform Key Provisions Impacting Manufacturers, Distributors, Retailers and Their Owners
Read about the 2018 Tax Reform Key Provisions Impacting Manufacturers, Distributors, Retailers and Their Owners

Advisors | Auditors | Consultants | CPAs – BlumShapiro is one of the premier accounting firms in New England and a Top 100 CPA Firm in the U.S. Our professionals serve manufacturing, distribution and retail companies in Boston (MA), Hartford (CT), Cranston (RI), Shelton (CT), Quincy (MA)and Newton (MA) with audit, tax and business consulting services. We are members of the American Production & Inventory Control Society, Manufacturing Alliance of CT, Association for Manufacturing Excellence and the Rhode Island Manufacturers Association.