Archive for the ‘Industry News’ Category
by Brian Enright, CPA and Tim Ayler, CPA | Team Members of the Construction Services Group
By most accounts an iPad (or any PC tablet) is considered an entertainment device or simply a convenient, portable way to check email on a business trip. However, with new construction-based applications and tough protection cases, the iPad is showing that it too belongs on the jobsite.
by Abbey Lakin and Amanda Meko, CPA | Team Members of the Not-For-Profit Services Group
On June 8, 2011 the IRS announced that approximately 275,000 organizations automatically lost their tax-exempt status because they failed to file an annual return or an electronic notice (Form 990-N e-postcard) for 2007, 2008, and 2009.
by Amanda Meko, CPA | Partner, Director of the Audit & Other Assurance Services Group | Team Leader of the NFP Services Group
Many organizations don’t consider their fundraising programs large enough to need a gift acceptance policy. However, even if your charity has not received an unusual gift offer yet, it is probably just a matter of time. Rejecting gifts can be awkward, particularly when there is no structured policy to follow. Having a gift acceptance policy can help guide you in a meaningful donor discussion, one that results in a gift that is beneficial to both your organization and the donor.
by Rex Miller, CPA | Partner, Team Member of the Manufacturing & Distribution Services Group
The steady flow of headlines about recalls should be a warning to manufacturers large and small, in every industry. Recalls — and particularly the mishandling of them — can cost manufacturers millions of dollars. These are dollars most companies can ill afford to waste.
by Tim Ayler, CPA
Partner, Director of the Construction Services Group
How did this happen? Average Builder, Inc. just wrapped up a $1,000,000 construction job, and realized that their job netted a profit of just $10,000, or 1%! While this may seem out of the ordinary, we have seen far too many real situations like this during reviews of various client job schedules for the year ended 2010.
by Jennifer McVey, CPA and Amanda Meko, CPA | Team Members of the NFP Services Group
Nonprofits often ask their advisors how to look at an operating reserve: Is it cash set aside for a rainy day? Is it the same as an organization’s net worth? How much is too little — or too much? Nonprofits often ask their advisors how to look at an operating reserve: Is it cash set aside for a rainy day? Is it the same as an organization’s net worth? How much is too little — or too much
by BJ Lippert, CPA and Rex Miller, CPA, Partner | Team Members of the Manufacturing & Distribution Services Group
The economy is rebounding. Certain industries have realized greater resurgence than others. Certain companies have experienced better results within a specific industry than others. The general consensus, however, is that most business owners and employees can breathe a collective sigh of relief and return to business as usual. For most companies, a sigh of relief is in order, but beware of business as usual. Usual may no longer be good enough.
As your company rebuilds from the recession, be sure to spend wisely, save wisely, and properly nurture the right business relationships.
by Jim Wagoner, CPA | Partner, Director of Professional Services Team
Law firms across the United States remain under clouds of economic uncertainty, making some attorneys eager to keep busy and prove their worth. Sometimes, though, these attorneys are undermining firm profitability by doing work that’s better left to paralegals and creating a ripple effect of staff members performing tasks for which they’re overqualified. To prevent such problems, you need to ensure you’re using your paralegals effectively.
Brandon Cook, CPA | Manager, Tax Services Group and Team Member of the Construction Services Group
317.241.2999 | bcook@greenwaltcpas.com
Back in March of 2009 I wrote my first article on this topic. At that time, not very many professionals or clients were aware of a tiny inclusion buried in the Tax Prevention and Reconciliation Act of 2005. Section 511 of this tax act will require Federal, State, and Local governments with total expenditures of $100 million or more to withhold 3% of a contract’s total payments for goods or services provided to the governmental body to guard against possible business tax evasion. This withholding provision originally was supposed to take effect on payments received on or after January 1, 2011, however, the American Recovery & Reinvestment Act of 2009 delayed the effective date until January 1, 2012.
Angela N. Crawford, CPA and Amanda Meko, CPA | Team Members of the Not-for-Profit Services Group
While compensation is usually considered a private matter, in the not-for-profit world, the Form 990 makes compensation of top officials open to public inspection.
Compensation for individuals is reported in Part VII of Form 990. The individuals to be listed include current officers and directors regardless of compensation amount, current key employees making at least $150,000, and the top five highest compensated employees making over $100,000. Other thresholds exist for payments made to individuals who formerly held these positions.