September 2, 2014: Georgia’s Purchasing Managers Index (PMI) — a reading of economic activity in the state’s manufacturing sector — increased 12.9 points during August. The Purchasing Managers Index (PMI) Report is underwritten by the Manufacturing and Distribution Group of Smith & Howard, a top Atlanta CPA firm with a focus on serving manufacturing businesses, and is produced monthly by the Econometric Center at Kennesaw State University.
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Recent Posts
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Topics: Commodity Price, distribution, Employment, Finished Inventory, manufacturing, New Orders, PMI, Production, Supplier Delivery Time, Uncategorized
Simplifying the Financial Reporting of Leasing Arrangements
Posted by celliott on Aug 25, 2014 12:21:59 PM
The construction team at Smith & Howard often advises construction clients who have separate, but related, business entities used to buy vehicles, equipment or facilities that they then lease back to their parent company. Earlier in 2014, FASB issued guidance that applies to privately held companies using GAAP providing a way for some construction companies to realize a simpler way to handle the financial reporting of these type of lease/buy-back arrangements.
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Topics: common-control leasing, Construction, FASB, Financial Reporting, GAAP, Uncategorized
Weighing a Joint Venture for Your Next Construction Project
Posted by celliott on Aug 25, 2014 12:12:48 PM
The lure of creating a joint venture as a way to take on a larger-than-normal project is appealing and can create a way to reach large-project goals much easier. Joint ventures may allow you to expand geographically, may boost your working capital and may even spread the risk a bit. But a joint venture requires a leap of faith and serious thought. Following are some things to consider before taking the joint venture "leap":
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Topics: Advisory, Construction, Joint Venture, Uncategorized
Reviewing Your Workforce in a Post-Affordable Care Act World
Remember when the size of your construction company was a strategic matter? Your leadership team work to maintain a streamlined workforce and expand that workforce as business picked up.
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Topics: Affordable Care Act, Construction, large employer, Uncategorized
Stunned Contractor Battles Business Identity Theft
Business owners do not expect to have trusted employees steal from them. And when we mention "identity theft," most people think of individual identities. Unfortunately, identity theft can also strike businesses — including those in the construction industry. Recently, a plumbing contractor learned this the hard way. Our fraud prevention and detection group offers the following story, with some tips for preventing business identity theft and a Smith & Howard resource to help.
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Topics: Red Flag Reporting, Construction, Fraud, Fraud Prevention, Identity Theft, red flag services, Uncategorized
Georgia Gives Day: Nonprofits Register by October 1
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Topics: Food Fight, Georgia Center for Nonprofits, Georgia Gives Day, Georgia Society of CPAs, Uncategorized
IRS Releases Final Rules for Tax Treatment of Dispositions of MACRS Property
Posted by celliott on Aug 20, 2014 1:27:19 PM
The IRS has issued final regulations regarding the proper tax treatment of dispositions of tangible depreciable property under the Modified Accelerated Cost Recovery System (MACRS). The regs largely complete the IRS’s overhaul of the federal tax regulations addressing the proper treatment of expenditures incurred in acquiring, producing or improving tangible assets. The final regs affect all taxpayers who dispose of MACRS property.
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Topics: IRS Regulations, MACRS, Tax, Uncategorized
Phone Scammers Posing as IRS Agents Continue to Claim Victims
Posted by celliott on Aug 15, 2014 1:32:56 PM
Phone scams, in which criminals pose as IRS agents to attempt to get unsuspecting taxpayers to reveal personal financial information and open their financial records (and checkbooks) to them are nothing new. But such scammers are becoming more sophisticated and Smith & Howard wants you to be aware of the latest alert from the IRS, dated August 14, 2014. Below is the full text of the IRS email. If you have any questions or concerns about calls you may have received, please do not provide information to callers. Instead, call the IRS number(s) listed below as well as your Smith & Howard tax professional.
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Topics: Phone Scam, TIGTA, IRS, Tax Fraud, Uncategorized
In a recent speech hosted by the Georgia Center for Nonprofits at the Fox Theatre in Atlanta, Tim Halloran, author of Romancing the Brand talked to attendees about the importance of their nonprofits’ brands. Following is a summary of the key points Halloran made to his audience, written by Stephanie Vaughn, a member of our Accounting, Advisory and Assurance Services and Nonprofit groups. Readers will find an opportunity to win a free copy of Romancing the Brand at the end of the article.
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Topics: Donors, Nonprofit, Romancing the Brand, Stephanie Vaughn, Tim Halloran, Uncategorized
Timely tidbits of information regarding nonprofits, including online giving, "Pay for Performance" contracts, a new nonprofit model and the difficulties attached to government funding.
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Topics: Pay for Performance, Contribution, Government Funding, Nonprofit, Nonprofit Model, Tax, Uncategorized