Cherry Bekaert Hosts International Business Seminar
Attended by representatives from Baker Tilly International member firms in China, India, Korea, Singapore and Hong Kong, and over 70 U.S. companies, along with C-Suite executives from various industry sectors, Cherry Bekaert recently hosted the international business seminar, “Insiders Advice to Doing Business in Asia Pacific.” Held on October 30th in Atlanta, Georgia, the seminar presented participants’ inside knowledge of strategies that have either worked or led to failure when competing in this challenging but lucrative market. Some of the topics covered included: How successful U.S. companies encourage innovation while protecting intellectual property; Important considerations regarding cash management; Exchange rate. Read More.
GSA Leading the Charge for Reusing and Recycling Electronics
The General Services Administration (“GSA”) is reviewing comments on proposed regulations to reuse and recycle electronics. The proposed regulations identify a variety of methods for disposing of functional and nonfunctional electronics owned by federal agencies. Besides the obvious options of reusing them within the agency, transferring them to other agencies, or recycling them with certified recyclers, another option, which GSA has already begun using, is manufacturer take-back programs. The manufacturer take-back programs allow federal agencies to return used electronics to the original seller. In April 2014, Kevin Kampschroer, Deputy Senior Sustainability Official for GSA, reported to a Congressional committee on. Read More.
Topics: Electronic Product Environmental Assessment Tool "EPEAT", Electronics, Environmental Protections Agency "EPA", Federal Agencies, General Services Administration "GSA", Manufacturer Take-Back Programs, Recycle, Sustainability
Participants Wanted for SASB’s Consumption Sector Project
Continuing its efforts to create sustainability accounting standards for over 80 industries and ten sectors, the Sustainability Accounting Standards Board (“SASB”) is looking for experts to help its Industry Working Groups (IWGs) for the consumption sector. Seeking individuals knowledgeable in areas like market participants, corporations and industry associations, and other stakeholders, participants will provide feedback on disclosure items regarding material sustainability for the consumption industries. The consumption sector project is divided into two segments. Starting August 6th, the Consumption I IWG features industries producing items such as meat, poultry, agricultural products and beverages. On October 29th, the Consumption II IWG will include industries like. Read More.
IASB and FASB Announce Joint Revenue Standard
Issued today, the International Accounting Standards Board (“IASB”) and Financial Accounting Standards Board (“FASB”) have released a joint standard on revenue recognition from contracts with customers. This is a major accomplishment of the work to converge a key area of financial accounting between International Financial Reporting Standards and U.S. GAAP. Accounting Standards Update (“ASU”) 2014-09 provides enhancements to the quality and consistency of how revenue is reported. The IASB and FASB’s new standard will require the recognition of revenue as goods or services are transferred to customers in amounts that reflect payment the company expects to receive in exchange. In addition. Read More.
Strategies to Reduce Manufacturer Personal Property Taxes
We find that many manufacturers and distributors are overpaying on their personal property taxes. In fact, if the general fixed assets ledger is used to file personal property taxes, there’s a 99 percent chance you are overpaying on personal property taxes. Let’s explore ideas and strategies to reduce your personal property tax bill. Reduce Personal Property Taxes: Nine Strategies How a manufacturer or distributor reports personal property assets at the local level (i.e. city, county, state) differs as to how personal property is treated for income tax purposes at the federal level. The guidelines around what is taxable or not. Read More.
Topics: Personal Property Tax
The Impact of the Supreme Court’s Decision on Manufacturing and Distribution
After years of lower court decisions unfavorable to the Internal Revenue Service (“IRS”), the U.S. Supreme Court (“the Court”) ultimately sided with the IRS regarding severance pay considered as wages. As a result of the Court’s ruling, severance pay is now considered wages and subject to FICA tax. Let’s explore the impact of this decision and tax planning strategies for employers. Background of the Decision Previously, severance pay was not considered as wages. Thus, severance pay was not subject to FICA withholding. Now, due to the United States vs. Quality Stores ruling, both the employee and employer must pay FICA,. Read More.