Manufacturing & Distribution
IRS Issues Final Regulations Implementing Medical Device Excise Tax
On December 5, 2012, the Internal Revenue Service (“IRS”) published final regulations regarding the implementation of the excise tax on the sale of certain medical devices. This excise tax was enacted by the Patient Protection and Affordable Care Act of 2010, as amended by the Health Care Education Reconciliation Act of 2010 (collectively, “the ACA”), and codified under section 4191 of the Internal Revenue Code (“Code”). Medical Device Excise Tax Effective January 1, 2013, the IRS will administer an excise tax on the sale of certain medical devices by the manufacturer, producer, or importer of the device in an amount. Read More.
Are you squandering money on inefficient energy use?
The latest report from Siemens Financial Services demonstrates the enormous potential energy cost savings of implementing variable speed drives on motors in industrial production environments alone, German industry could save upwards of £5,913m. The incorporation of variable speed drives (VSDs) has the potential of saving the UK industry up to £2,512 million in energy costs, according to Siemens Financial Services’ (SFS) new report ; which predicts Germany, Europe’s industrial colossus, could save upwards of £5,913 million. Traditionally, to change a motors speed of operations, the accepted method was ‘chocking’ the constant speed; consuming significant amounts of electricity. In comparison, VSDs optimise the voltage and frequency. Read More.
CB&H Welcomes Janice Kong to the Firm’s Transaction Advisory Services Group
We are pleased to announce the addition of Janice Kong as Tax Director of the Firm’s Transaction Advisory Services Practice . Janice will work closely with our clients in designing tax efficient acquisition structures and executing tax due diligence designed to identify key risks to be considered in any acquisition or divestiture. Janice has extensive experience in addressing the tax aspects of complex transactions. She has advised private equity firms, public companies, and strategic parties in a variety of industries such as government contracting, professional services, manufacturing and distribution, renewable energy, and life sciences.
IRS Issues Update for Special Per Diem Rates
The IRS recently issued its annual special per diem rate updates (Notice 2012-63), effecting on or after Oct. 1, 2012. As the Journal of Accountancy reports, the IRS no longer provides updates for substantiating deductable expenses except for the special transportation industry rate, the incidental-expenses-only rate, and the list of high-cost localities. Incidental expenses The substantiation rules in Rev. Proc. 2011-47 look to the definition of “incidental expenses” in the federal travel regulations. In Wednesday’s notice, the IRS notes that that definition has changed: Transportation between places of lodging or business and places where meals are taken and the mailing cost of filing. Read More.
WBJ Names “50 Fastest Growing Companies” in DC
CB&H congratulates the winners of the Washington Business Journal’s (WBJ) 2012 “50 Fastest Growing Companies” awards. This marks CB&H’s sixth year as a sponsor of the program, which highlights the success of the 50 fastest growing middle-market companies throughout the Washington, D.C. area. “These award-winning businesses lead through innovation and have great management teams,” says Neal Weber, Market Leader of CB&H’s Washington, D.C. practice. “They prove that significant growth is achievable even in an underperforming economy.” All winners are middle-market companies headquartered in the Washington, D.C. region, ranked based on average annual revenue growth from 2009 through 2011. Click here for WBJ’s. Read More.
Some Web-Based IRS Services Down Through Labor Day
The IRS is launching a redesigned website over the weekend and is taking down certain services as the upgrade occurs. As the Journal of Accountancy reports, the new web platform for IRS.gov should be able to keep pace with increased demand for online tax services. Most services will be back online by noon on Tuesday the 4th. IRS services that will be unavailable include: IRS phone personnel will not be able to access or update taxpayer account information during Thursday and Friday; after 4 p.m. EDT on Friday, the IRS toll-free number will be down. Users will not be able to apply for. Read More.