We will be closing our offices in celebration of the Christmas and New Year’s holidays. Our holiday schedule will be:
From our family to yours, we wish you a very Merry Christmas and a prosperous New Year!
(Published in Construction Accounting and Taxation, March/April 2013 issue.)
Total annual construction spending put in place in the United States has dropped from a high of over $1 trillion pre-2008 to below $800 billion in the last few years according to FMI Corporation 2012 data. This 20 percent drop in spending has caused most contractors to evaluate their costs more diligently and in many cases to make drastic expense cuts. For construction companies with a large equipment fleet, this can be a daunting task. Continue reading “Taking Command of Your Equipment Fleet”
The Where Opportunity Knox program is part of the Army’s Transition Assistance Program at Fort Knox. It serves soldiers across the globe in transition to a civilian career after their service. Continue reading “Where Opportunity Knox Video Premieres at Army Transition Assistance Conference”
The FASB has agreed to a one-year delay of the effective date for the new revenue reporting standard. Based on feedback from stakeholders and in light of forthcoming amendments to the new revenue standard, the FASB agreed to push back the implementation dates to allow adequate time for effective implementation. While the IASB is considering a similar one-year deferral of the new revenue standard, it has not released a final decision. Continue reading “FASB Delays New Revenue Standard”
Indiana recently enacted several pieces of legislation that will have major effects on the state’s tax laws. Signed by Governor Mike Pence in early May, these bills affect areas such as the tax amnesty program, income tax, sales tax, and property tax.
Continue reading “2015 McGladrey Manufacturing & Distribution Monitor Report”
Federal unemployment taxes could be on the rise for employers in several states. The 5.4% regular credit against FUTA tax is reduced for firms in states that don’t repay loans from the federal jobless fund by November 10. Employers in Indiana and South Carolina face a 1.8% cut in their FUTA credit, which means up to $126 in extra tax per employee. Firms in Kentucky, Ohio, California, Connecticut, New York, and North Carolina are in line for a 1.5% credit reduction, or up to $105 more in tax per employee.
For more information contact Aaron Wilzbacher, CPA at 800.880.7800 ext. 1322 or awilzbacher@hsccpa.com.
The FASB has agreed to a one-year delay of the effective date for the new revenue recognition standard. Based on feedback from stakeholders and in light of forthcoming amendments to the new revenue recognition standard, the FASB agreed to push back the implementation dates to allow adequate time for effective implementation. While the IASB is considering a similar one-year deferral of the new revenue recognition standard, it has not released a final decision.
Key Provisions
Public Entities: The new revenue recognition standard is now effective for fiscal years and interim periods within those fiscal years that begin after December 15, 2017. For those who use a calendar year-end, the new revenue recognition standard applies in their 2018 interim financial statements.
Note: “Public entities” includes public business entities, not-for-profit entities that have issued, or are a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market, and employee benefit plans that file or furnish financial statements with or to the SEC.
Non-public Entities: The new revenue recognition standard is now effective for fiscal years that begin after December 15, 2018 and interim periods within fiscal years that begin after December 15, 2019. For those who use a calendar year-end, the new revenue recognition standard applies to their 2019 annual financial statements and to their 2020 interim financial statements.
Early Adoption: Early adoption of the new revenue recognition standard is permitted except for entities reporting under U.S. GAAP who must wait to adopt the standard. These entities may not apply the new revenue recognition standard earlier than the original effective date for public entities or no sooner than 2017 for entities using a calendar year-end. All entities are permitted to adopt the new revenue recognition standard as early as annual periods beginning after December 15, 2016.
The delay is welcome relief for many as the implementation of the new revenue recognition standard requires substantial change for their organizations’ systems and procedures.
For questions or assistance in evaluating the appropriate implementation strategy, contact Greg Elpers, CPA, CCA at gelpers@hsccpa.com or 800.880.7800.
Gov. Mike Pence has announced that the Indiana Department of Revenue will conduct Tax Amnesty 2015 from September 15 through November 16, 2015. Tax Amnesty 2015 was authorized by the biennial budget, which was signed into law in May 2015. Tax amnesty is a limited-time opportunity for both individuals and businesses to pay past-due base tax liabilities free of penalty, interest, and collection fees. Existing tax liabilities, for all tax types managed by the department, for periods ending prior to January 1, 2013, are eligible to participate in Tax Amnesty 2015. Approximately 40 different tax types are eligible for participation.
In return for the full payment of the base tax, the state will:
Indiana’s first tax amnesty program was conducted in 2005, during which the state collected $244 million in taxes. Taxpayers who participated in the 2005 amnesty program are not eligible to participate in Tax Amnesty 2015.
For more information see http://www.in.gov/dor/amnesty/index.htm. Governor Pence Announces Tax Amnesty to Be Conducted in Fall 2015, Indiana Gov. Mike Pence, June 29, 2015
© 2015 CCH Incorporated and its affiliates. All rights reserved. Used with permission.
In January 2016, some employers will be required to report information regarding their employees and health insurance coverage on a month by month basis for the 2015 year. The filings will be reported on IRS Forms 1094 and 1095. While the first filing is not due until January 2016, it is essential that employers begin tracking this information now in order to capture all relevant information needed to fulfill the reporting requirements.
After completing an extensive evaluation of this reporting requirement, we have determined that the nature of relevant information that will be required in this reporting would be best prepared by those involved with the HR and payroll functions of a business. As a result, Harding, Shymanski & Company, P.S.C., will only be able to provide assistance and preparation of these forms to our full-service payroll clients (those using Millennium Payroll Solutions [Payentry/ MPay] payroll services).
Depending upon the type of insurance (fully insured or self-insured) and depending on the size of your workforce, the actual entity responsible for these filings may vary. In some cases, the employer will be responsible to complete these filings, and in other cases, the insurance company will prepare the filings on the employer’s behalf.
We strongly advise, if you have not already, that you begin discussions with both your insurance provider as well as your payroll provider to ensure that you are prepared to comply with this extensive new filing requirement due in January 2016 for the 2015 calendar year.