Our Thoughts On: Weekly electronic newsletter that presents recent articles and Schneider Downs news and events. Latest news pertaining to Our Thoughts On: Weekly electronic newsletter that presents recent articles and Schneider Downs news and events.. http://www.schneiderdowns.com/cms/program/content/rss.php?feed=1 Sun, 12 Dec 2021 03:05:45 +0000 Sun, 12 Dec 2021 03:05:45 +0000 Important Tax Savings News for the Construction Industry: Meals Portion of Per Diem Rate or Allowance Now 100% Deductible for 2021 and 2022 Internal Revenue Service (IRS) Notice 2021-63 recently provided guidance that could provide a significant tax benefit for the construction industry (and other industries that pay their employees a per diem rate or allowance) for 2021 and 2022. Internal ... http://www.schneiderdowns.com/our-thoughts-on/tax-savings-news-for-construction Thu, 09 Dec 2021 00:00:00 +0000 Navigating the Digital Transformation Roadmap Digital transformation is one of the more popular business buzzwords thrown around these days, but what exactly does it mean? The Schneider Downs Digital Transformation team views digital transformation, in its simplest definition, as the use of technology ... http://www.schneiderdowns.com/our-thoughts-on/navigating-digital-transformation Thu, 09 Dec 2021 00:00:00 +0000 What Caused the Recent Amazon Web Services Outage? An outage at Amazon Web Services’ (AWS) biggest data center, the AWS-us-east-1 cloud region, created a chaotic morning for countless smart devices, services and companies on Tuesday, December 7th across the globe. The outage impacted several of ... http://www.schneiderdowns.com/our-thoughts-on/what-caused-the-aws-outage Thu, 09 Dec 2021 00:00:00 +0000 2022 Retirement Plan Limitations The Internal Revenue Service recently announced the cost-of-living adjustments (COLA) that will take effect January 1, 2022 (IRS Notice 2021-61). These COLAs affect various contribution and deduction limits for qualified retirement plans, as well as the ... http://www.schneiderdowns.com/our-thoughts-on/2022-retirement-plan-limitations Wed, 08 Dec 2021 00:00:00 +0000 ASC 842, Leases ASU 2021-09 Provides Additional Guidance on Use of Risk-Free Rate and Required Disclosures for Non-Public Entities As the deadline to implement the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 842 quickly approaches for private companies and not-for-profits, the FASB published a tapered amendment to the previously issued ... http://www.schneiderdowns.com/our-thoughts-on/asu-2021-09-additional-guidance Wed, 08 Dec 2021 00:00:00 +0000 Three New Cybersecurity Bills Pass the House The U.S. House of Representatives has passed three major cybersecurity bills in a continuation of legislation aimed at strengthening national cybersecurity. All the bills passed with overwhelming bipartisan support, with members on both sides of the aisle ... http://www.schneiderdowns.com/our-thoughts-on/house-passes-new-cybersecurity-bills Tue, 07 Dec 2021 00:00:00 +0000 Disappointing News for Employers: Employee Retention Credit Ends Before Fourth Quarter of 2021 The Employee Retention Credit (“ERC”) of the March 2020 Cares Act provided aid to small businesses that did not qualify for Paycheck Protection Program (“PPP”) loans. Congress extended the ERC twice, finally settling on December ... http://www.schneiderdowns.com/our-thoughts-on/employee-retention-credit-ends-fourth-quarter-2021 Tue, 30 Nov 2021 00:00:00 +0000 Build Back Better Tax Legislation Update International Tax Changes This article summarizes the proposed changes regarding international tax provisions of the Tax Cuts and Jobs Act (TCJA). The Build Back Better proposal will mainly affect the following areas: Global Intangible Low-Taxed Income (GILTI) regime; Subpart ... http://www.schneiderdowns.com/our-thoughts-on/build-back-better-international-tax-changes Mon, 29 Nov 2021 00:00:00 +0000 What Are The Most Common Passwords of 2021? For security professionals, passwords can be either a pleasant surprise or an unfortunate reminder of how seriously end users take their security credentials—and usually it’s the latter. Nordpass has released their annual Top 200 Most Common ... http://www.schneiderdowns.com/our-thoughts-on/most-common-passwords-of-2021 Mon, 29 Nov 2021 00:00:00 +0000 Welcome News for the Trucking Industry - Clarification of 100% Meals and Entertainment Deduction for Per Diems With all the current issues related to the driver shortage and supply chain disruptions, there was some welcome news from the IRS for the trucking industry. On November 16, 2021, the IRS issued Notice 2021-63 “Temporary 100 Percent Deduction Applies ... http://www.schneiderdowns.com/our-thoughts-on/per-diem-meals-and-entertainment-deduction Mon, 29 Nov 2021 00:00:00 +0000 IRS Joins Forces to Combat Fraud Against Charitable Organizations During the week of October 18-22, the Internal Revenue Service (the “IRS”) joined many organizations, domestic and international, to raise awareness on fraud schemes conducted against charities. The IRS advised taxpayers that in addition to ... http://www.schneiderdowns.com/our-thoughts-on/irs-to-combat-fraud-against-charitable-organizations Wed, 24 Nov 2021 00:00:00 +0000 Estates and Trusts Tax Update - November 2021 The Schneider Downs team of estate planning professionals provide an estates and trusts tax update for November 2021. We are all familiar with the old proverb that nothing in life is certain but death and taxes. While this may have held true in Benjamin ... http://www.schneiderdowns.com/our-thoughts-on/estates-and-trusts-november2021-update Tue, 23 Nov 2021 00:00:00 +0000 Higher Estate Tax Exemption Amount for 2022 Few estates have been subject to federal estate tax since the enactment of the Tax Cuts and Jobs Act of 2017. The federal estate tax applies to the portion of the estate’s value that exceeds the exemption amount. Effective as of January 1, 2018, ... http://www.schneiderdowns.com/our-thoughts-on/higher-estate-tax-exemption-2022 Wed, 17 Nov 2021 00:00:00 +0000 Proposed Tax Changes to GILTI In August, the Senate Finance Committee released draft legislation that would overhaul the international provisions of the Tax Cuts and Jobs ACT (TCJA). Included in these changes are alterations of the GILTI regime. What is GILTI? Introduced by the 2017 ... http://www.schneiderdowns.com/our-thoughts-on/proposed-tax-changes-to-gilti Mon, 15 Nov 2021 00:00:00 +0000 Postcard from the AICPA & CIMA | PDI Oil & Gas Conference Each November, the AICPA hosts its annual oil and gas conference in Denver. This year’s event kicked off on November 9 with a keynote address from economist Mark Snead, president of RegionTrack, an Oklahoma City-based firm specializing in regional ... http://www.schneiderdowns.com/our-thoughts-on/aicpa-cima-pdi-oil-gas-conference Mon, 15 Nov 2021 00:00:00 +0000 International Fraud Awareness Week 2021 The Association of Certified Fraud Examiners (ACFE) celebrates the annual International Fraud Awareness Week this year from November 14th to 20th. Schneider Downs is proud to once again be a supporter of Fraud Week. We have a long and established role ... http://www.schneiderdowns.com/our-thoughts-on/international-fraud-awareness-week-2021 Fri, 12 Nov 2021 00:00:00 +0000 Foul Ball - John Ruffo Attends a Baseball Game U.S. Marshals recently reported that a man with a strong resemblance to a John Ruffo was quite visibly present at a Los Angeles Dodgers game, four rows behind home plate, on August 5, 2016. That may seem like an innocuous sentence, but there’s obviously ... http://www.schneiderdowns.com/our-thoughts-on/john-ruffo-in-attendance Fri, 12 Nov 2021 00:00:00 +0000 Soccer Kickbacks - Red Cards and Red Flags A scandal involving officials of the Fédération Internationale de Football Association (FIFA), the governing body of international soccer, has been public since 2015, when the United States Department of Justice (DOJ) indicted 14 FIFA officials ... http://www.schneiderdowns.com/our-thoughts-on/soccer-fifa-kickbacks Fri, 12 Nov 2021 00:00:00 +0000 Flag on the Play - Football and Health Care Fraud As part of the NFL’s 2006 collective bargaining agreement, the Gene Upshaw NFL Player Health Reimbursement Account Plan (the “Plan”) was created in order to provide up to $350,000 in tax-free reimbursements for out-of-pocket medical ... http://www.schneiderdowns.com/our-thoughts-on/NFL-and-health-care-fraud Fri, 12 Nov 2021 00:00:00 +0000 Illegal Reception - Former NFL Wide Receiver Receives Fraudulent PPP Loans Joshua J. Bellamy, former New York Jets wide receiver, was charged in 2020 for his alleged participation in conspiring to obtain millions of dollars from fraudulent Paycheck Protection Program (“PPP”) loans. Through his company, Drip Entertainment ... http://www.schneiderdowns.com/our-thoughts-on/wide-receiver-receives-fraudulent-ppp-loans Fri, 12 Nov 2021 00:00:00 +0000 Alley-OOPS! Former NBA Players Indicted on Alleged Insurance Fraud Charges The latest scandal to rock the sports world was the recent announcement that 18 former NBA players have been charged in relation to an alleged multi-million dollar health insurance fraud. The indictment filed with the U.S. District Court in Manhattan ... http://www.schneiderdowns.com/our-thoughts-on/former-nba-players-indicted-on-alleged-insurance-fraud Fri, 12 Nov 2021 00:00:00 +0000 Buyer Beware: 2021 Holiday Shopping Scams With Black Friday quickly approaching, now is an ideal time for a refresher on cyber scams and best practices to keep your information secure this holiday season. As many of us are starting to make our Thanksgiving plans (2021 really went fast, didn’t ... http://www.schneiderdowns.com/our-thoughts-on/2021-holiday-season-scams Thu, 11 Nov 2021 00:00:00 +0000 Approaching Year End, Beware of the Lurking Ninja Tax As we approach the end of the year, investors begin to ponder their taxes ahead of next April’s personal filing deadline. For investors, a material portion of their tax liability can potentially come from capital gains. As most readers know, a capital ... http://www.schneiderdowns.com/our-thoughts-on/year-end-capital-distribution-tax Tue, 09 Nov 2021 00:00:00 +0000 SDWMA Financial Planning Video Series Now Available The Schneider Downs Wealth Management Advisors (SDWMA) team is introducing a new series of videos exploring some of the most important financial planning topics. The series kicks off with a video on the importance of a financial plan because we truly ... http://www.schneiderdowns.com/our-thoughts-on/SDWMA-financial-planning-videos Tue, 09 Nov 2021 00:00:00 +0000 SDWMA Spotlight: The Voyage Program Join Schneider Downs Wealth Management Advisors (SDWMA) Investment Relationship Managers, James Moyer and Alissa Garcia, as they discuss the SDWMA Voyage Program. The SDWMA Voyage Program focuses on individuals and families in the asset accumulation phase ... http://www.schneiderdowns.com/our-thoughts-on/voyage-program-spotlight Tue, 09 Nov 2021 00:00:00 +0000 The IRS Hunt for S Corporation Compensation Underreporting There are a lot of issues for management to keep top of mind these days. The pandemic, of course. The political landscape, and its ever-present promise (or threat, depending on your viewpoint) of new legislation. Then there’s inflation, supply chain ... http://www.schneiderdowns.com/our-thoughts-on/irs-hunt-for-s-corp-compensation-underreporting Mon, 08 Nov 2021 00:00:00 +0000 How Much Does a Data Breach Cost in 2021? This article shares some of the key takeaways and statistics from the IBM Cost of a Data Breach Report 2021 and is a staunch reminder of the impact breaches can have on an organization from a cost, time and labor perspective. The annual report provides ... http://www.schneiderdowns.com/our-thoughts-on/2021-data-breach-cost Thu, 04 Nov 2021 00:00:00 +0000 Michael Jackson vs. Kenny Pickett Two of my long-time personal interests, sports, and music, recently collided with my professional experience. As a little background, I have been a sports fan for as long as I can remember. Baseball, football, hockey, basketball, soccer – professional, ... http://www.schneiderdowns.com/our-thoughts-on/michael-jackson-v-kenny-pickett Tue, 02 Nov 2021 00:00:00 +0000 Cybersecurity Awareness Month is Ending... Now What? This year's Cybersecurity Awareness Month may formally end tomorrow, but cyber threats will continue to target end users every month, week, day, hour and minute of the year. The 18th annual Cybersecurity Awareness Month is coming to an end and chances ... http://www.schneiderdowns.com/our-thoughts-on/cybersecurity-awareness-month-is-ending-now-what Thu, 28 Oct 2021 00:00:00 +0000 Key Takeaways from the September ISM Manufacturing Report In early October, the Institute for Supply Management (ISM) released its latest Report on Business, a monthly publication that provides analysis of industry trends and statistics relevant to the manufacturing industry based on surveys of purchasing and ... http://www.schneiderdowns.com/our-thoughts-on/takeaways-september-ism-manufacturing-report Wed, 27 Oct 2021 00:00:00 +0000 What to Expect When Youre Expecting a Single Audit With the significant uptick in federal dollars authorized to be passed out over the last 18 months, many organizations will likely experience their first single audit. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Coronavirus Response ... http://www.schneiderdowns.com/our-thoughts-on/what-to-expect-single-audit Wed, 27 Oct 2021 00:00:00 +0000 Tax Reform 2021 - Build Back Better: Proposed Changes to Section 199A Qualified Business Income Deduction The Section 199A Qualified Business Income Deduction, enacted as part of the Tax Cuts and Jobs Act in 2017, was meant to provide a tax benefit to smaller flow-through businesses in response to the large decrease in the C corporation tax rate from 35% ... http://www.schneiderdowns.com/our-thoughts-on/proposed-changes-to-section-199a-qualified-business-income-deduction Thu, 21 Oct 2021 00:00:00 +0000 Lease Accounting Guidelines for the Trucking Industry Schneider Downs, in partnership with the Ohio Trucking Association, is pleased to announce the release of the second installment in our series of trucking industry white papers. The series is aimed at addressing the most critical issues currently facing ... http://www.schneiderdowns.com/our-thoughts-on/lease-accounting-guidelines-for-the-trucking-industry Wed, 20 Oct 2021 00:00:00 +0000 Tax Reform 2021 - Build Back Better: Excess Business Losses Further Limited than Under 2017 Tax Cut and Jobs Act Section 461(l), which limits the amount of business loss deductions from trade or businesses that noncorporate taxpayers can offset against other types of income, was enacted as part of the Tax Cuts and Jobs Act in 2017. Business losses in excess of the ... http://www.schneiderdowns.com/our-thoughts-on/excess-business-losses-further-limited Thu, 14 Oct 2021 00:00:00 +0000 Schneider Downs Introduces Digital Transformation Solution Offerings Enhanced services develop strategic transformative solutions for organizations of all sizes October 13, 2021 – Schneider Downs’ Consulting practice announces that it has expanded its existing array of technology and data services with the ... http://www.schneiderdowns.com/schneider-downs-introduces-digital-transformation-solution-offerings Wed, 13 Oct 2021 00:00:00 +0000 Top Risks to Consider in 2022 If nothing else, the past 18 months have shown just how resilient people and companies can be. But now more than ever, corporate leaders are finding themselves focused on risk management and are challenging how their organizations view and manage risk. ... http://www.schneiderdowns.com/our-thoughts-on/top-risks-to-consider-in-2022 Wed, 13 Oct 2021 00:00:00 +0000 Digital Transformation Frequently Asked Questions What are some of the most common questions related to Digital Transformation? Digital Transformation is one of the fastest growing terms across all organizations and industries, but what exactly does this mean, how does it work and why are organizations ... http://www.schneiderdowns.com/our-thoughts-on/digital-transformation-FAQs Wed, 13 Oct 2021 00:00:00 +0000 Stephen Bish examines cyber insurance premiums with TechTarget ... http://www.schneiderdowns.com/stephen-bish-examines-cyber-insurance-premiums-with-techtarget Tue, 12 Oct 2021 00:00:00 +0000 Digital Transformation: Not as Difficult as You Think While understanding the features, functionality, importance, and benefits of emerging solutions is critical to staying in tune with the ever-changing technology space, it is equally important to separate fact versus fiction as it relates to the perceived ... http://www.schneiderdowns.com/our-thoughts-on/digital-transformation-not-as-difficult-as-you-think Tue, 12 Oct 2021 00:00:00 +0000 President Biden Signs K-12 Cybersecurity Act into Law The Biden Administration kicked off Cybersecurity Awareness Month by signing the K-12 Cybersecurity Act of 2021 into law on October 8, 2021. U.S. Senator Rick Scott (R-FL) initially introduced the bipartisan legislation this past May after a string of ... http://www.schneiderdowns.com/our-thoughts-on/k12-cybersecurity-act-signed-into-law Tue, 12 Oct 2021 00:00:00 +0000 Tax Reform 2021 Build Back Better: Proposed Changes to Increase Net Investment (NII) Income Tax on S Corporation Shareholders and Limited Partners Congress is proposing to expand the scope of existing income subject to the Net Investment Income (NII) tax, which originated in 2013 under the Affordable Care Act. As the Joint Committee on Taxation notes in its analysis of the Build Back Better proposed ... http://www.schneiderdowns.com/our-thoughts-on/increase-net-investment-income-tax-on-s-corporation Thu, 07 Oct 2021 00:00:00 +0000 What Are the Top Cybersecurity Questions of 2021? The Schneider Downs cybersecurity team answers some of the top cybersecurity questions of 2021 they have encountered in the field in our new video series. In support of Cybersecurity Awareness Month 2021, members of the Schneider Downs cybersecurity team ... http://www.schneiderdowns.com/our-thoughts-on/the-top-cybersecurity-questions-of-2021 Thu, 07 Oct 2021 00:00:00 +0000 The Benefits of Having an Independent SAP Controls Team on Your SAP S/4HANA Project Many companies using SAP ERP are in the process of implementing or planning for migration to SAP S/4HANA. SAP S/4HANA is not just a new release of SAP.It is a new product that introduces new features and functionality. SAP made significant changes to ... http://www.schneiderdowns.com/our-thoughts-on/benefits-of-independent-sap-controls-team-on-sap-s4hana-project Mon, 04 Oct 2021 00:00:00 +0000 Tax Reform 2021 Build Back Better: Surcharge on High Income Taxpayers and its Impact on Capital Gain Rate Taxes and Planning A provision that burst upon the scene in the current version of the proposed Build Back Better Act (BBBA) legislation (not discussed in earlier versions of tax proposals offered by Democrats and the Biden Administration) is Act Section 138206 which would ... http://www.schneiderdowns.com/our-thoughts-on/surcharge-on-high-income-taxpayers-impact-on-capital-gain-rate-taxes Mon, 04 Oct 2021 00:00:00 +0000 Tax Reform 2021 Build Back Better: Temporary Rule for S-Corporation Conversions to Partnerships One of the surprises contained in the current version of the proposed Build Back Better Act legislation (going against the general grain of proposing increased taxes on the wealthy) is a provision that would allow only certain “S-corporations” ... http://www.schneiderdowns.com/our-thoughts-on/temporary-rule-s-corporation-conversions-to-partnerships Mon, 04 Oct 2021 00:00:00 +0000 Schneider Downs Introduces New Cybersecurity Awareness Month Resources The Schneider Downs cybersecurity practice is introducing several new cybersecurity awareness resources for the 18th annual Cybersecurity Awareness Month. Cybersecurity Awareness Month takes place annually every October and is a joint effort between the ... http://www.schneiderdowns.com/cybersecurity-awareness-month-resources Thu, 30 Sep 2021 00:00:00 +0000 Cybersecurity Awareness Month 2021 October starts tomorrow and that means Cybersecurity Awareness Month is back to help raise awareness about the importance of cybersecurity across the nation. In support of Cybersecurity Awareness Month, the Schneider Downs cybersecurity team is introducing ... http://www.schneiderdowns.com/our-thoughts-on/cybersecurity-awareness-month-2021 Thu, 30 Sep 2021 00:00:00 +0000 Social Securitys Inadequate Cost-of-Living Adjustment As time moves forward, the purchasing power of the consumer gets chipped away as the value of the U.S. dollar decreases due to ever-persistent inflation. Inflation can be especially harmful to those who are receiving fixed payments, such as lenders, owners ... http://www.schneiderdowns.com/our-thoughts-on/social-securitys-inadequate-cost-of-living-adjustment Wed, 29 Sep 2021 00:00:00 +0000 Proposed Legislation Targets Estate and Gift Tax Planning On September 12, 2021, the House Ways and Means Committee introduced a series of proposals to be included in President Biden’s $3.5 million budget reconciliation bill known as the Build Back Better Act. If passed into law, these proposals would ... http://www.schneiderdowns.com/our-thoughts-on/proposed-legislation-targets-estate-and-gift-tax-planning Tue, 28 Sep 2021 00:00:00 +0000 Schneider Downs Trucking Industry White Paper Series Over the past several years, Schneider Downs has partnered with the Ohio Trucking Association (OTA) to publish the annual Business Outlook and Economic Survey report. This resource, drafted based on the responses of OTA members, was historically aimed ... http://www.schneiderdowns.com/our-thoughts-on/schneider-downs-trucking-industry-white-paper-series Fri, 24 Sep 2021 00:00:00 +0000 Persistent Challenges Facing Manufacturing With the majority of the U.S. and the world now attempting to get back to some semblance of normalcy, we are struggling with how to properly transition into a post-COVID economy. Most governmental entities and businesses are committed to safely reopening, ... http://www.schneiderdowns.com/our-thoughts-on/persistent-challenges-facing-manufacturing Wed, 22 Sep 2021 00:00:00 +0000 Biden Administration Announces First Ever Sanctions Against Cryptocurrency Exchange The Biden Administration announced they are imposing the first ever cryptocurrency exchange sanctions on SUEX OTC, S.R.O (SUEX) for laundering cyber ransoms. The U.S. Treasury Department (Treasury) announced the first virtual currency exchange sanctions ... http://www.schneiderdowns.com/our-thoughts-on/biden-administration-sanctions-crypto-exchange Wed, 22 Sep 2021 00:00:00 +0000 Confronting the Driver Shortage Crisis The current labor market, which is consistently and predictably one of the transportation sector’s top pain points, and the resulting driver shortage pose unique challenges within the industry. The imbalance in the supply of and demand for drivers ... http://www.schneiderdowns.com/our-thoughts-on/confronting-the-driver-shortage-crisis Tue, 21 Sep 2021 00:00:00 +0000 Tax Reform 2021: Build Back Better Act Update as of Wednesday September 15, 2021 On Wednesday, September 15, the House Ways and Means Committee (Ways and Means), chaired by Congressman Richard Neal of Massachusetts, completed its markup of proposed legislation (the plan) that could bring significant tax changes (positive or negative ... http://www.schneiderdowns.com/our-thoughts-on/tax-reform-build-back-better-act-update Thu, 16 Sep 2021 00:00:00 +0000 Apple Releases Emergency Security Update to Address Critical Spyware Vulnerability Apple released an emergency security update for its iPhone, iPad, Apple Watch and iMac devices to address a critical vulnerability being exploited by Pegasus spyware. The spyware works by hijacking control of Apple devices through iMessage and using a ... http://www.schneiderdowns.com/our-thoughts-on/apple-releases-emergency-security-update Tue, 14 Sep 2021 00:00:00 +0000 Employee Benefit Plan Audit Requirement FAQs What are the most common questions related to employee benefit plan audits? Employee benefit plan audits are required for a majority of plans that are covered by the Employee Retirement Income Security Act of 1974 (ERISA). With an increased scrutiny on ... http://www.schneiderdowns.com/our-thoughts-on/employee-benefit-plan-audits-faqs Tue, 14 Sep 2021 00:00:00 +0000 REvil Ransomware Group Resurfaces Over Labor Day Weekend REvil, the ransomware group behind the JBS meat supplier and massive July 4th Kaseya attacks, reportedly resurfaced over the U.S. Labor Day weekend. Shortly after what is still considered the largest ransomware attack in history, the Russia-based REvil ... http://www.schneiderdowns.com/our-thoughts-on/revil-ransomware-group-resurfaces Thu, 09 Sep 2021 00:00:00 +0000 IRS Announces New Update Regarding Streamlined Filing Compliance Procedures and Section 965 What is Section 965 Tax? In 2017, Congress passed the most significant tax legislation since 1986 – the Tax Cuts and Jobs Act of 2017 (TCJA). Under the TCJA, U.S. shareholders were required to pay a transition tax on untaxed foreign earnings of ... http://www.schneiderdowns.com/our-thoughts-on/streamlined-filing-compliance-procedures-and-section-965-irs-update Thu, 09 Sep 2021 00:00:00 +0000 New Per Diem Rates Announced for the Transportation Industry Can Your Company Use This as a Driver Retention Tool? The IRS recently released Notice 2021-52 which announced an increase in the Special Per Diem Rates for 2021 – 2022 for the Transportation Industry. The rate for Meals and Incidental Expenses has been increased to $69 from $66 for travel in the continental ... http://www.schneiderdowns.com/our-thoughts-on/new-per-diem-rates-announced-for-transportation-industry Wed, 08 Sep 2021 00:00:00 +0000 Google and Microsoft Announce $30B Cybersecurity Investment at White House Summit Cybersecurity continues to take center stage on Capitol Hill as several high-profile private companies announced initiatives to help strengthen the nation’s cybersecurity, including a $30 billion investment from Google and Microsoft. Business leaders, ... http://www.schneiderdowns.com/our-thoughts-on/google-and-microsoft-announce-30b-cybersecurity-investment Thu, 02 Sep 2021 00:00:00 +0000 Introducing On-Demand CPE Courses from Schneider Downs In the midst of today’s changing times, the need for up-to-date information and analysis on all types of business and financial matters has never been more pronounced. For that reason, Schneider Downs strives to consistently provide informative ... http://www.schneiderdowns.com/our-thoughts-on/ondemand-cpe-courses-from-schneider-downs Thu, 02 Sep 2021 00:00:00 +0000 Experience with a Digital Internship I first heard about Schneider Downs from a family friend. When I mentioned to him that I was going to apply for audit internships following my junior year, he immediately recommended that I apply to Schneider Downs. He said that it was an excellent firm ... http://www.schneiderdowns.com/our-thoughts-on/experience-with-a-digital-internship Thu, 02 Sep 2021 00:00:00 +0000 The unexpected Being an audit intern at the Schneider Downs was one of the best decisions I have ever made. My first interaction with Schneider Downs was in February of 2020. I received an email from school that stated Schneider Downs was interviewing people who want ... http://www.schneiderdowns.com/our-thoughts-on/the-unexpected Thu, 02 Sep 2021 00:00:00 +0000 Tax-Exempt Organizations Must Notify IRS of Responsible Party Changes The IRS recently posted a news release reminding tax-exempt organizations of the requirement to notify the agency whenever there’s been a change to their responsible party. IRS regulations require businesses and tax-exempt organizations with employer ... http://www.schneiderdowns.com/our-thoughts-on/taxexempt-organizations-must-notify-irs-of-responsible-party-changes Thu, 02 Sep 2021 00:00:00 +0000 Schneider Downs Ranked 27th in Construction Executives 2021 Top 50 Construction Accounting Firms Pittsburgh, PA -- Schneider Downs was ranked 27th in Construction Executive’s Top 50 Construction Accounting Firms rankings of the top accounting firms within the construction industry. For the 2021 Top 50 Construction Accounting Firms, Construction ... http://www.schneiderdowns.com/ranked-in-construction-executives-2021-top-accounting-firms Fri, 27 Aug 2021 00:00:00 +0000 Alexander Papson Joins the 2021 Real Men Wear Pink Campaign Pittsburgh, PA -- Alexander Papson, Manager of Fiduciary Solutions with Schneider Downs Wealth Management Advisors, LP, is representing Schneider Downs in the 2021 Real Men Wear Pink Campaign. The Real Men Wear Pink campaign raises breast cancer awareness ... http://www.schneiderdowns.com/alexander-papson-joins-real-men-wear-pink Thu, 26 Aug 2021 00:00:00 +0000 More Than a Marketing Internship One of the key experiences recommended during your undergraduate career is completing an internship. However, after my summer at Schneider Downs & Co. I understand now that an internship is more than just checking off a step on a carefully curated ... http://www.schneiderdowns.com/our-thoughts-on/more-than-a-marketing-internship Wed, 25 Aug 2021 00:00:00 +0000 Family Matters One of the first questions I’m always asked relates to why I chose Schneider Downs after attending the University of South Carolina. As I’ve come to learn, it is apparently somewhat rare for interns and new hires to come from universities ... http://www.schneiderdowns.com/our-thoughts-on/family-matters Wed, 25 Aug 2021 00:00:00 +0000 OMB Releases 2021 Compliance Supplement On August 12, 2021, the Office of Management and Budget (OMB) released the 2021 Compliance Supplement. The Compliance Supplement is issued annually to describe the compliance requirements for organizations that received funding from a variety of federal ... http://www.schneiderdowns.com/our-thoughts-on/omb-2021-compliance-supplement Wed, 25 Aug 2021 00:00:00 +0000 Looking for Clarity from the IRS Regarding Foreign Activities? Be Careful What You Wish For! If you own a foreign entity or joint venture, you’re likely familiar with the associated IRS reporting requirements (if not, contact your tax advisor IMMEDIATELY!). It was about 10 years ago that the IRS started enforcing required reporting for ... http://www.schneiderdowns.com/our-thoughts-on/clarity-irs-foreign-activities Tue, 24 Aug 2021 00:00:00 +0000 IRS Provides Taxpayer-Friendly Guidance for the Employee Retention Credit As if the world of taxes could be any more confusing for business owners, COVID has truly turned things on their heads. PPP, ARP and ERC are just a few of the programs in this alphabet soup that are designed to aid employers during difficult economic ... http://www.schneiderdowns.com/our-thoughts-on/irs-provides-guidance-employee-retention-credit Mon, 23 Aug 2021 00:00:00 +0000 Proposed Interagency Guidance on Third-Party Risk Management Roughly a month ago the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and Federal Deposit Insurance Corporation (FDIC) jointly proposed guidance on Third Party Risk Management that is intended to supersede ... http://www.schneiderdowns.com/our-thoughts-on/proposed-tprm-interagency-guidance Mon, 23 Aug 2021 00:00:00 +0000 Schneider Downs Featured in INSIDE Public Accountings 2021 Best of the Best Accounting Firms List Carmel, Ind. (August 20, 2021) − Schneider Downs, one of the 60 largest public accounting firms in the United States, was one of the firms named among the “Best of the Best” in the 2021 list. Continuing a tradition that stretches back ... http://www.schneiderdowns.com/schneider-downs-featured-in-inside-public-accountings-2021-best-of-the-best Fri, 20 Aug 2021 00:00:00 +0000 Exit and Succession Planning The Challenges of Whats Next According to studies conducted by the McKinsey Global Institute and Oxford Economics, it could take five years or longer for businesses to recover to pre-COVID economic levels. Although the businesses are starting to rebound and are expected to improve ... http://www.schneiderdowns.com/our-thoughts-on/exit-and-succession-planning-challenges-of-whats-next Thu, 19 Aug 2021 00:00:00 +0000 What to Know About the Latest Title IX Guidance On July 20, 2021, the U.S. Department of Education (ED) issued a Q&A to provide additional guidance for institutions navigating the changes to Title IX of the Civil Rights Act of 1964 that took effect last year. The Q&A clarifies how the Office ... http://www.schneiderdowns.com/our-thoughts-on/latest-title-ix-guidance Wed, 18 Aug 2021 00:00:00 +0000 Earmarks Are Back Seven of the Appropriations Bills Approved by the House Committee Include Funding That Would Go Directly to Colleges and Universities. The leadership of the House and Senate Appropriations Committees announced at the beginning of 2021 that, after a 10-year ... http://www.schneiderdowns.com/our-thoughts-on/earmarks-are-back Wed, 18 Aug 2021 00:00:00 +0000 IRS Announces 2021 Automobile Depreciation Limitations This week the IRS released Rev. Proc. 2021-31, which includes the inflation-adjusted annual depreciation limitations and lease inclusion amounts for passenger automobiles placed in service in 2021. It’s important to remember that these depreciation ... http://www.schneiderdowns.com/our-thoughts-on/irs-announces-2021-automobile-depreciation-limitations Tue, 17 Aug 2021 00:00:00 +0000 Universities Are Exploring New Business Models The higher education sector has been headed down a path of declining financial stability for years, which recently has been accelerated by the COVID-19 pandemic. Government funding is fluctuating, causing an ever-increasing reliance on tuition revenue, ... http://www.schneiderdowns.com/our-thoughts-on/universities-exploring-new-business-models Mon, 16 Aug 2021 00:00:00 +0000 Lets Get Flexible It’s no secret that flexibility has become a staple of the COVID-19 era. Whether it comes to work schedules, childcare or health mandates, billions across the world have had to adapt over the last year-and-a-half to the ever-changing demands forced ... http://www.schneiderdowns.com/our-thoughts-on/lets-get-flexible Thu, 12 Aug 2021 00:00:00 +0000 Pennsylvania 2021-2022 Budget Expands the Educational Improvement Tax Credit Program Pennsylvania Governor Tom Wolf recently signed a $39.7 billion state budget into law on June 30, instituting the largest increase in state education funding in recent memory. Included in the $300 million influx in general education funding was a $40 million ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-eitc-budget-expands Wed, 11 Aug 2021 00:00:00 +0000 Work Smarter, Not Harder Can Your Organization Benefit from a Business Process Review? The age-old phrase “work smarter, not harder” can often come at an inconvenient time when we do not want to hear it, but it usually stands to be true. We find that most times, there is an easier way to accomplish any given task. However, sometimes ... http://www.schneiderdowns.com/our-thoughts-on/benefit-from-a-business-process-review Tue, 10 Aug 2021 00:00:00 +0000 Considering an Exit of Your Business? Start Planning Now Often when we talk to clients, they’re ready to sell or otherwise exit their business, but they may have not thought through all the implications to both their personal and professional lives. For most company owners, their business is their single ... http://www.schneiderdowns.com/our-thoughts-on/considering-an-exit-of-your-business Tue, 10 Aug 2021 00:00:00 +0000 Keep School in Session Study up on Your Business Continuity Plan As the worldwide pandemic continues to evolve, higher education institutions (HEIs) must evolve with it. Over the past two years, those universities and colleges that have had business contingency plans in place prior to the onset of the pandemic have ... http://www.schneiderdowns.com/our-thoughts-on/keep-school-in-session Tue, 10 Aug 2021 00:00:00 +0000 NCAA Rule Changes Mean for Athletes and Schools On July 1, the NCAA put into effect an interim policy that allows its student-athletes to profit from their name, image and likeness (NIL). The ruling comes on the heels of several states creating similar laws that allow college athletes to monetize their ... http://www.schneiderdowns.com/our-thoughts-on/ncaa-rule-changes Tue, 10 Aug 2021 00:00:00 +0000 COVID-19 Scams Surge with New Variants While COVID-19 scams are nothing new, the recent surge of new cases presents a fresh coat of paint for threat actors to modify pandemic-related scams with new narratives focused on vaccine passports, vaccination mobile apps, travel policy changes, COVID-19 ... http://www.schneiderdowns.com/our-thoughts-on/new-covid19-scams Mon, 09 Aug 2021 00:00:00 +0000 More Potential Changes to the U.S. Retirement System Are on the Horizon. Heres Whats in Store It was only two years ago that the Setting Every Community Up for Retirement Enhancement (SECURE) Act was put in place; however some more modifications may be on the way. There are two similar, bipartisan bills in early stages that are aiming to build ... http://www.schneiderdowns.com/our-thoughts-on/more-changes-to-us-retirement-system Thu, 05 Aug 2021 00:00:00 +0000 Potential Changes to Certain International Provisions of the Tax Code proposed by the Biden Administration In May, the U.S. Department of Treasury released General Explanations of the [Biden] Administration’s Fiscal Year 2022 Revenue Proposals, which specifies the many corporate tax changes proposed to take effect in 2022, including several modifications ... http://www.schneiderdowns.com/our-thoughts-on/biden-administration-proposed-international-tax-code-provisions Thu, 05 Aug 2021 00:00:00 +0000 It's The Final Countdown: ASC-842 Join the Schneider Downs simpLEASE team for our "Lease Accounting: The Final Countdown to ASC 842" webinar on August 19th to learn best practices and critical steps organizations need to take to successfully meet the ASC 842 deadline. If you ... http://www.schneiderdowns.com/our-thoughts-on/asc842-the-final-countddown Wed, 04 Aug 2021 00:00:00 +0000 Schneider Downs Certified as a Qualified Security Assessor (QSA) Pittsburgh, PA -- Schneider Downs announces its certification by the Payment Card Industry (PCI) Security Standards Council as a Qualified Security Assessor (QSA) Company, which grants authorization to provide audit services for merchants and service ... http://www.schneiderdowns.com/schneider-downs-certified-qualified-security-assessor Tue, 03 Aug 2021 00:00:00 +0000 Steve Thompson Discusses Firm Growth ... http://www.schneiderdowns.com/steve-thompson-discusses-firm-growth Mon, 02 Aug 2021 00:00:00 +0000 Advanced Child Tax Credit The American Rescue Plan (ARP), which was signed into law by President Joe Biden on March 11, 2021, included important changes to the Child Tax Credit. The ARP increased the 2021 Child Tax Credit from $2,000 per child to $3,000 per child ages 6-17, and ... http://www.schneiderdowns.com/our-thoughts-on/advanced-child-tax-credit Fri, 30 Jul 2021 00:00:00 +0000 Jonathan Cardiello gives overview of audit data analytics ... http://www.schneiderdowns.com/jonathan-cardiello-gives-overview-of-audit-data-analytics Thu, 29 Jul 2021 00:00:00 +0000 The Stock Pays a Good Dividend The investing axiom, “the stock pays a good dividend,” is about as old and seasoned as my grandfather’s La-Z-Boy recliner1. Whether you are a casual investor, or someone who is steeped in the mechanics and fundamentals of investment ... http://www.schneiderdowns.com/our-thoughts-on/the-stock-pays-a-good-dividend Thu, 29 Jul 2021 00:00:00 +0000 TSA Issues Second Cybersecurity Directive for Pipeline Owners and Operators The Department of Homeland Security’s Transportation Security Administration (TSA) released a second security directive for additional enhancements to pipeline cybersecurity on July 20, 2021. According to the Department of Homeland Security’s ... http://www.schneiderdowns.com/our-thoughts-on/tsa-issues-second-pipeline-security-directive Tue, 27 Jul 2021 00:00:00 +0000 Benefits of a Purple Team Assessment Learn about the benefits of extending your routine cybersecurity testing with a purple team assessment to help improve your organization’s cybersecurity program and posture. Purple team assessments have become one of the more popular cybersecurity ... http://www.schneiderdowns.com/our-thoughts-on/purple-team-assessment-benefits Mon, 26 Jul 2021 00:00:00 +0000 Pennsylvania Oil and Gas Industries Respond to State Joining RGGI On July 13, the Pennsylvania Environmental Quality Board voted 15-4 to adopt final rulemaking surrounding the state’s participation in the Regional Greenhouse Gas Initiative (RGGI), a cap-and-trade program. The initiative establishes limits on CO2 ... http://www.schneiderdowns.com/our-thoughts-on/pa-oil-and-gas-industries-respond-to-joining-rggi Thu, 22 Jul 2021 00:00:00 +0000 Impact to Oil Prices following the OPEC Deal The Organization of Petroleum Exporting Countries (OPEC) reached a deal Sunday to phase out 5.8 million barrels per day of oil production cuts by September 2022 as prices of oil hit their highest levels in over two years. Crude oil futures fell sharply ... http://www.schneiderdowns.com/our-thoughts-on/oil-prices-impact-following-opec-deal Thu, 22 Jul 2021 00:00:00 +0000 The Impact of Environmental, Social and Governance Factors on Business Valuation Environmental, social and governance (“ESG”) factors have become increasingly important to corporations and their investors. The International Valuation Standards Council (“IVSC”) released a report earlier this year on ESG factors ... http://www.schneiderdowns.com/our-thoughts-on/impact-of-esg-factors-on-business-valuation Tue, 20 Jul 2021 00:00:00 +0000 Ohio's New Budget On July 1, Ohio Governor Mike DeWine signed Am. Sub. House Bill 110 (HB 110) into law. This covered general spending for the two-year period from July 1, 2021, through June 30, 2023, and containing several important provisions, including revisions to ... http://www.schneiderdowns.com/our-thoughts-on/ohios-new-budget-house-bill-110 Tue, 20 Jul 2021 00:00:00 +0000 My Virtual Internship I was skeptical about how effective a virtual internship could be when I began applying to internships last fall – I wondered just how possible it was to gain the exposure and knowledge I wanted to deem an internship as successful. To say the least, ... http://www.schneiderdowns.com/our-thoughts-on/my-virtual-internship_3 Fri, 16 Jul 2021 00:00:00 +0000 Embracing the Unexpected My academic and professional career have turned out much better than I could have imagined (so far). In 2018, I was getting ready to graduate high school and looking at a wide variety of universities. My top choice at the time, and the one of five schools ... http://www.schneiderdowns.com/our-thoughts-on/embracing-the-unexpected Fri, 16 Jul 2021 00:00:00 +0000 My Summer at Schneider Downs Entering Schneider Downs as an Internal Computer Support Intern, I was not sure what to expect. COVID-19 put a pause on nearly everyone’s plans. In my case, it had delayed previous internships, making this my first. From the beginning, I was greeted ... http://www.schneiderdowns.com/our-thoughts-on/my-summer-at-schneider-downs Thu, 15 Jul 2021 00:00:00 +0000 Building on a Foundation Coming into college, I wanted to pursue a career in IT security. I did not know exactly how it would all play out, but I knew I needed to build a foundation of experience and knowledge. With that in mind, I began my freshman year at Pitt looking to get ... http://www.schneiderdowns.com/our-thoughts-on/building-on-a-foundation Thu, 15 Jul 2021 00:00:00 +0000 Projections: The Dirty Little Secret of Business Valuation Forecasting is not only a useful tool for business owners to develop business strategies and make operational decisions, but it is also a key component of the business valuation process. While all business owners wish that they had a crystal ball to reveal ... http://www.schneiderdowns.com/our-thoughts-on/projections-the-dirty-little-secret-of-business-valuation Thu, 15 Jul 2021 00:00:00 +0000 Supreme Court Ruled State Request for Donor Information Unconstitutional In a 6-3 vote on July 1, 2021, the U.S. Supreme Court ruled that it is unconstitutional for the State of California to require charities to provide their Form 990 series, Schedule B, Schedule of Contributors, when registering and providing annual reports ... http://www.schneiderdowns.com/our-thoughts-on/state-request-for-donor-information-unconstitutional Thu, 15 Jul 2021 00:00:00 +0000 Understanding Windows 11 TPM Support Requirements As of June 2021, Microsoft has confirmed TPM 2.0 support will be required to install Windows 11. So what does this mean for the enterprise users? What is a TPM? A TPM or “Trusted Platform Module” is a dedicated piece of hardware with the capability ... http://www.schneiderdowns.com/our-thoughts-on/windows-11-tpm-requirements Thu, 15 Jul 2021 00:00:00 +0000 The Importance of an Internship and My Experience Thus Far Going through the internship searching process, I knew that I wanted to go into it with an open mind and leave my options open. I knew I wanted to complete an internship over the summer and maximize my experience in a firm. When I first signed up for ... http://www.schneiderdowns.com/our-thoughts-on/importance-of-an-internship-and-my-experience Wed, 14 Jul 2021 00:00:00 +0000 My Internship Experience with ADAPT Like many other college students, I was unsure of the path I wanted to take while starting my education. Halfway through my first year at Duquesne University I was introduced to Information Systems Management (ISM). With a pairing of business management ... http://www.schneiderdowns.com/our-thoughts-on/my-internship-experience-with-adapt Wed, 14 Jul 2021 00:00:00 +0000 Jen Easterly Named Director of the Cybersecurity and Infrastructure Security Agency Former NSA Counterterrorism Deputy, Jen Easterly, was unanimously voted in as the Director of the U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) on Monday July 12, 2021. Easterly becomes the second ... http://www.schneiderdowns.com/our-thoughts-on/jen-easterly-named-CISA-director Tue, 13 Jul 2021 00:00:00 +0000 Impacts of Networking During my time at the Ohio University College of Business, I searched for ways to become more involved in school life and interviewed to join the Ohio Women in Business (OWIB). OWIB’s motto is “Attract. Develop. Launch” and held weekly ... http://www.schneiderdowns.com/our-thoughts-on/impacts-of-networking Tue, 13 Jul 2021 00:00:00 +0000 My Summer Experience with Schneider Downs Completing an internship is a crucial component to a student’s college experience. Internships allow students to gain valuable knowledge in multiple facets. These facets include education, professional growth and personal growth. My internship with ... http://www.schneiderdowns.com/our-thoughts-on/my-summer-experience-with-schneider-downs Tue, 13 Jul 2021 00:00:00 +0000 Finding My Way in a Global Pandemic If I had been asked three years ago to describe my desired career path, I would have been answerless. I spent most of my high school years and even my freshman year of college clueless and frustrated with not knowing what I wanted to do with the rest ... http://www.schneiderdowns.com/our-thoughts-on/finding-my-way-in-a-global-pandemic Mon, 12 Jul 2021 00:00:00 +0000 A Remote Audit Experience During my time at college, I always asked myself, “When am I actually going to be able to apply what I am learning to real life scenarios?” After taking my first auditing class, I knew it was time to apply what I was learning to the real world. ... http://www.schneiderdowns.com/our-thoughts-on/a-remote-audit-experience Mon, 12 Jul 2021 00:00:00 +0000 Summertime, Learning Strides, and Cybersecurity Childhood summers are often full of simple days spent soaking up the sunshine and getting your feet wet in the swimming pool. For a college student, summers are a great time to prepare for your future. This year, while I still fit in some time in the ... http://www.schneiderdowns.com/our-thoughts-on/summertime-learning-strides-and-cybersecurity Fri, 09 Jul 2021 00:00:00 +0000 My Virtual Internship COVID-19 has had a drastic effect on the entire world and has essentially revolutionized the internship experience. When the pandemic first began, I had just started an internship at Robert Morris University, and unfortunately, when the university closed ... http://www.schneiderdowns.com/our-thoughts-on/my-virtual-internship_2 Fri, 09 Jul 2021 00:00:00 +0000 Given the Proposed Changes in President Joe Bidens Tax Plan, Could A Non-Qualified Annuity Make Sense? What is an annuity and what are the associated costs? What are the pros and cons of annuities? How do the proposed tax law changes affect annuities? I almost always tell family, friends, clients, and prospective clients to run the other way if they are ... http://www.schneiderdowns.com/our-thoughts-on/could-a-nonqualified-annuity-make-sense Thu, 08 Jul 2021 00:00:00 +0000 Schneider Downs Supersizes Holiday Weekend ... http://www.schneiderdowns.com/schneider-downs-supersizes-holiday-weekend Wed, 07 Jul 2021 00:00:00 +0000 Schneider Downs Announces Seven New Members to Ownership Group PITTSBURGH, PA-- Schneider Downs, one of the 60 largest certified public accounting and business advisory firms in the United States, is proud to announce the addition of five new shareholders, as well as two new partners to its affiliate, Schneider Downs ... http://www.schneiderdowns.com/schneider-downs-announces-seven-new-members-to-ownership-group Wed, 07 Jul 2021 00:00:00 +0000 Largest Ransomware Attack on Record Hits During the U.S. Holiday Weekend The REvil hacker group is suspected to have carried out the largest ransomware attack on record over the Fourth of July weekend. The attack targeted organizations across 17 countries and the group is demanding $70 million for a universal decryptor key. ... http://www.schneiderdowns.com/our-thoughts-on/largest-ransomware-attack-on-record Wed, 07 Jul 2021 00:00:00 +0000 Microsoft Officially Introduces Windows 11 After months of speculation, Microsoft officially introduced Windows 11 on June 24th, the first update to Microsoft’s operating system since the arrival of Windows 10 in July 2015. The Windows 11 redesign’s theme focuses on bringing you closer ... http://www.schneiderdowns.com/our-thoughts-on/microsoft-inroduces-windows-11 Tue, 06 Jul 2021 00:00:00 +0000 Jack Wolford Named Pittsburgh Tech Council CIO of the Year ... http://www.schneiderdowns.com/jack-wolford-named-pittsburgh-tech-council-cio-of-the-year Wed, 30 Jun 2021 00:00:00 +0000 IRS Experiencing Delays: Exempt Organizations are Encouraged to e-file Forms 8868 and 990-ez The Internal Revenue Service (IRS) recently announced that it is experiencing delays in processing paper-filed returns. The IRS emphasized that organizations that filed and continue to paper file Form 990-EZ, Short Form Return of Organization Exempt from ... http://www.schneiderdowns.com/our-thoughts-on/irs-experiencing-delays-exempt-organizations Wed, 30 Jun 2021 00:00:00 +0000 Applying for Federal Income Tax Exemption? Most organizations seeking exemption from federal income tax under Section 501(c)(3) are required to complete and submit Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, which is filed with the ... http://www.schneiderdowns.com/our-thoughts-on/applying-for-federal-income-tax-exemption Wed, 30 Jun 2021 00:00:00 +0000 ASC 842, Leases Proposed Discount Rate Updates for Non-Public Entities The advent of ASC 842 on leases brought with it considerable changes to the way companies accounted for leases. On June 16, 2021, the FASB released a proposed ASU for comment that seeks to simplify the standard for non-public entities, as well as produce ... http://www.schneiderdowns.com/our-thoughts-on/asc-842-leases-proposed-discount-rate Wed, 30 Jun 2021 00:00:00 +0000 What Evidence Is Requested During SOC 2 Audits? One of the most common questions our team fields is what kind of evidence is requested for SOC 2 audits? The type of evidence requested for SOC 2 audits can be grouped into eight main groups based on our experience: New Hires, Terminated Employees, Risk ... http://www.schneiderdowns.com/our-thoughts-on/SOC2-requested-evidence Wed, 30 Jun 2021 00:00:00 +0000 Ohio Update on the Unemployment Benefits Exclusion for Taxpayers Who Filed Prior to the Enactment of the American Rescue Plan Act The American Rescue Plan Act (ARP), enacted on March 11, 2021, allowed a federal unemployment compensation exclusion of $10,200 from 2020 taxable income for taxpayers with an Adjusted Gross Income (AGI) of less than $150,000. On March 31, 2021, Governor ... http://www.schneiderdowns.com/our-thoughts-on/ohio-unemployment-benefits-exclusion-american-rescue-plan-act Mon, 28 Jun 2021 00:00:00 +0000 LIFO Liquidation Relief for Automotive Dealers The COVID-19 pandemic has completely disrupted supply chains around the world for nearly every business, including automotive dealers, which are experiencing a huge inventory crunch that has impacted their ability to acquire inventory, while customer ... http://www.schneiderdowns.com/our-thoughts-on/lifo-liquidation-relief-automotive-dealers Thu, 24 Jun 2021 00:00:00 +0000 Will We See Charitable Gift Breaks Post 2021? As a result of the coronavirus pandemic, we saw an expansion of tax incentives for donors with the goal of assisting nonprofits and their communities. The Coronavirus Aid, Relief and Economic Security Act passed in March 2020 provided an above-the-line ... http://www.schneiderdowns.com/our-thoughts-on/will-we-see-charitable-gift-breaks-post-2021 Wed, 23 Jun 2021 00:00:00 +0000 What is a SOC 3 Report? One of the most common questions we hear field is, what is a SOC 3 report and do we need one? What is a SOC 3 report? SOC for Service Organizations: Trust Services Criteria for General Use Report - Trust Services Report for Service Organizations (SOC ... http://www.schneiderdowns.com/our-thoughts-on/what-is-a-soc-3-report Tue, 22 Jun 2021 00:00:00 +0000 How to Incorporate Cybersecurity in a SOX Framework In today’s technology-driven financial world, the increasing number of cybersecurity attacks has heightened the risk of material misstatement in reporting from breached (or previously breached) financial applications. With this increase, cybersecurity ... http://www.schneiderdowns.com/our-thoughts-on/incorporate-cybersecurity-in-sox-framework Mon, 21 Jun 2021 00:00:00 +0000 US Lawmakers Look to Set Federal Cyber Breach Alert Standard Following the string of recent high-profile cybersecurity attacks, a group of senators are leading a bipartisan effort to introduce legislation that will require select organizations to alert the government within 24 hours of a cybersecurity breach. The ... http://www.schneiderdowns.com/our-thoughts-on/proposed-federal-cyber-alert-standard Mon, 21 Jun 2021 00:00:00 +0000 How To Scope a SOC 2 Audit One of the most common questions we hear from clients and colleagues is how do you scope a SOC 2 audit? Based on our experience, here are some best practices for determining the scope of your audit. First, choose the services that will be in scope. For ... http://www.schneiderdowns.com/our-thoughts-on/how-to-scope-a-soc-2-audit Fri, 18 Jun 2021 00:00:00 +0000 Do I Need a SOC 2 Type 1 Before a SOC 2 Type 2? Should I engage a CPA firm to perform a SOC 2 Type 1 audit before jumping straight into a SOC 2 Type 2 audit? When asking this question, consider the following: A CPA firm can start a Type 1 audit soon after all your policies, procedures and controls ... http://www.schneiderdowns.com/our-thoughts-on/soc-2-type-1-before-type-2 Thu, 17 Jun 2021 00:00:00 +0000 What Financial Institutions Need to Know About R-SAT The Ransomware Self-Assessment Tool (R-SAT) was developed by the Bankers’ Electronic Crimes Task Force, state bank regulators and the United States Secret Service in October 2020. The R-SAT helps financial institutions (no matter the size) assess ... http://www.schneiderdowns.com/our-thoughts-on/what-financial-institutions-need-to-know-about-rsat Wed, 16 Jun 2021 00:00:00 +0000 Pandemic Costing American Women Now and for 20 Years Whether we like it or not, regardless of political affiliation, or how our lives were impacted over the course of the past 15 months; the COVID-19 pandemic flipped our world upside down. Life as a woman in 2020, and now into 2021, has been significantly ... http://www.schneiderdowns.com/our-thoughts-on/pandemic-costing-american-women Wed, 16 Jun 2021 00:00:00 +0000 Valuing a Business: Why Your Deli (Likely) Isnt Worth $100 Million In one of the stranger financial stories in a year of many, it was reported widely that a New Jersey deli, with one location and less than $100,000 in annual sales, was valued at over $100 million. Right away, this story doesn’t pass the sniff test, ... http://www.schneiderdowns.com/our-thoughts-on/valuing-a-business Wed, 16 Jun 2021 00:00:00 +0000 Education About Student Loans Overview Student debt is an expanding liability. Understanding your loan options, interest rates, and terms are key. Is college worth it? What are important planning considerations? Current Finances Facing College Freshmen Looking at the college graduating ... http://www.schneiderdowns.com/our-thoughts-on/student-loans-education Wed, 16 Jun 2021 00:00:00 +0000 Why Do CPA Firms Perform SOC 2 Audits? One question our team hears from non-industry contacts and friends is why do CPA firms perform SOC 2 audits? The technical reasons why CPA firms perform SOC 2 audits are pretty simple: SOC audits are attestation engagements governed by the Association ... http://www.schneiderdowns.com/our-thoughts-on/why-cpa-firms-perform-soc-2-audits Wed, 16 Jun 2021 00:00:00 +0000 Timber! The Rise and (Hopeful) Fall of Lumber Prices Have you recently asked yourself why lumber prices are so darned high? Well, you’re not alone. The cost of wood products has been one of the many unexpected challenges faced by the construction industry during the COVID-19 pandemic. According to ... http://www.schneiderdowns.com/our-thoughts-on/rise-and-hopeful-fall-of-lumber-prices Tue, 15 Jun 2021 00:00:00 +0000 Jack Wolford Shortlisted for the Pittsburgh Tech Council CIO of the Year Award ... http://www.schneiderdowns.com/jack-wolford-shortlisted-cio-of-the-year Mon, 14 Jun 2021 00:00:00 +0000 Stephen Worth Joins Schneider Downs as State and Local Tax Shareholder PITTSBURGH, PA-- Schneider Downs, one of the 60 largest certified public accounting and business advisory firms in the United States, is proud to announce that Stephen Worth, CPA, JD, has been named tax shareholder to lead the firm’s growing State ... http://www.schneiderdowns.com/stephen-worth-joins-schneider-downs Mon, 14 Jun 2021 00:00:00 +0000 Fact or Fiction: SOC 2 There is a lot of misleading information about SOC 2 audits out in the wild. Hopefully, this article clears up some of the confusion. Myth: SOC 2 audits result in certification and compliance reports SOC 2 audits do not result in a "certification" ... http://www.schneiderdowns.com/our-thoughts-on/fact-or-fiction-soc-2 Mon, 14 Jun 2021 00:00:00 +0000 IRS Announces 2020 Marginal Well Credit With the issuance of IRS Notice 2021-34, natural gas well owners holding an operating interest in a qualified marginal well during 2020 are eligible to claim a $0.66 credit per qualified MCF. The IRS finalized and released the reference price used to ... http://www.schneiderdowns.com/our-thoughts-on/irs-announces-2020-marginal-well-credit Fri, 11 Jun 2021 00:00:00 +0000 Schneider Downs Wealth Management Advisors, LP Named in Accounting Todays 2021 Wealth Magnet Ratings Schneider Downs Wealth Management Advisors, LP was ranked as #27 in Accounting Today’s 2021 “Wealth Magnet” rankings of the top 150 wealth management firms within a CPA firm. Read More (https://www.accountingtoday.com/list/the-2021-billion-dollar-wealth-magnets) ... http://www.schneiderdowns.com/schneider-downs-wealth-management-named-in-accounting-todays-2021-wealth-magnet-ratings Thu, 10 Jun 2021 00:00:00 +0000 G-7 Countries Reach Milestone Global Minimum Tax Agreement On June 5, finance ministers from the G-7 countries (the United States, Japan, Germany, Britain, France, Italy and Canada) reached a milestone agreement to impose a new global minimum corporate tax of at least 15 percent. The levy would impact the largest ... http://www.schneiderdowns.com/our-thoughts-on/g7-countries-global-minimum-tax-agreement Thu, 10 Jun 2021 00:00:00 +0000 NIST Introduces NISTIR 8374 to Tackle Ransomware Risk Management On June 9th, 2021, the National Institute of Standards and Technology (NIST) released its preliminary draft for the Cybersecurity Framework Profile for Ransomware Risk Management (NISTIR 8374), a new ransomware risk management framework. This framework ... http://www.schneiderdowns.com/our-thoughts-on/NIST-introduces-NISTIR-8374 Thu, 10 Jun 2021 00:00:00 +0000 Getting Started with SOC 2 Reports Need some help getting started with SOC 2 Reports and don’t know where to begin? Before you get stuck in a Google rabbit hole, the following are some best practices based on our experiences. The SOC 2 Trust Services Criteria (TSCs) consists of five ... http://www.schneiderdowns.com/our-thoughts-on/starting-soc-2-reports Wed, 09 Jun 2021 00:00:00 +0000 Starting a Cybersecurity Consulting Career Interested in starting a career in the cybersecurity consulting world? This article provides a brief introduction for young professionals diving headfirst into modern cybersecurity consulting. Getting into cybersecurity can sometimes seem overwhelming. ... http://www.schneiderdowns.com/our-thoughts-on/starting-a-cybersecurity-career Wed, 09 Jun 2021 00:00:00 +0000 Heavy Equipment Dealers Increase Profitability with GPS Tracking Heavy equipment dealers’ profitability depends on efficiently renting out their assets and keeping them in good working order for the long term. Additionally, to protect and preserve their assets for as long as possible, dealers also must deter ... http://www.schneiderdowns.com/our-thoughts-on/heavy-equipment-dealers-gps-tracking Wed, 09 Jun 2021 00:00:00 +0000 ASU 2021-03 Private Company and Not-For-Profit Updates to Evaluating Goodwill Impairment Triggering Events The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) 2021-03, Accounting Alternative for Evaluating Trigger Events. This updated guidance eliminates the need for private companies and not-for-profit entities ... http://www.schneiderdowns.com/our-thoughts-on/asu-2021-03-triggering-events Tue, 08 Jun 2021 00:00:00 +0000 SOC 2 The Importance of Leadership Buy-In In our experience, there is one key factor that almost always leads to a successful SOC 2 audit— leadership buy-in. So why is leadership buy-in so important to SOC 2 audits? Without it, the SOC 2 audit will be a very unpleasant experience for both ... http://www.schneiderdowns.com/our-thoughts-on/soc-2-leadership-buy-in Tue, 08 Jun 2021 00:00:00 +0000 Proposed Tax Reform 2021: Proposed Increased Individual Income Taxes on High Income Taxpayers The recently released U.S. Treasury Department’s Green Book (the Green Book or the proposals) provides information on the Biden Administration’s tax proposals. This article is part of a series examining the Green Book’s explanations ... http://www.schneiderdowns.com/our-thoughts-on/2021-increased-taxes-on-high-income-taxpayers Fri, 04 Jun 2021 00:00:00 +0000 Proposed Tax Reform 2021: Wealth Transfer Tax Proposals as Explained by the Department of the Treasury The recently released U.S. Treasury Department’s Green Book (the Green Book or the proposals) provides information on the Biden Administration’s tax proposals. This article is part of a series examining the Green Book’s explanations ... http://www.schneiderdowns.com/our-thoughts-on/2021-wealth-transfer-tax-proposals Fri, 04 Jun 2021 00:00:00 +0000 Proposed Tax Reform 2021 as Explained by the Department of the Treasury As hinted in our article last week, the U.S. Treasury (Treasury) has released its General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals” (the Green Book or the proposal ). The Green Book is a 114-page explanation ... http://www.schneiderdowns.com/our-thoughts-on/proposed-tax-reform-2021 Fri, 04 Jun 2021 00:00:00 +0000 Whats the Difference Between SOC 1 and SOC 2 Reports? What are the differences and similarities between SOC 1 and SOC 2 reports? SOC 1 Reports SOC 1 reports focus on an organization’s business processes and IT controls and are specifically designed to meet the needs of entities that use service organizations ... http://www.schneiderdowns.com/our-thoughts-on/difference-between-soc-1-and-2-reports Wed, 02 Jun 2021 00:00:00 +0000 Peter Lieberman on Investment Banking in 2021 Schneider Downs Corporate Finance’s Chief Executive Officer, Peter Lieberman, recently sat down with Joe Bruce, audit shareholder at Schneider Downs, for an in-depth video interview to discuss the state of investment banking and the current mergers ... http://www.schneiderdowns.com/our-thoughts-on/investment-banking-in-2021 Wed, 02 Jun 2021 00:00:00 +0000 Amazon Sidewalk Opt Out Date Approaching Amazon device owners have until June 8, 2021 to opt out of Amazon’s new wireless mesh service, Amazon Sidewalk. A little over two years ago Amazon introduced Amazon Sidewalk, a product that would use Amazon devices to essentially share internet ... http://www.schneiderdowns.com/our-thoughts-on/amazon-sidewalk-opt-out-date-approaching Tue, 01 Jun 2021 00:00:00 +0000 Tax Increases on the Horizon? Proposed Budget Spending Plan Would Indicate A Need for Increased Revenue. It’s going on two months since President Biden shared his American Jobs Plan (AJP) and almost one month since his joint session in Congress where he shared his American Families ... http://www.schneiderdowns.com/our-thoughts-on/tax-increases-on-the-horizon Thu, 27 May 2021 00:00:00 +0000 White House Issues Executive Order on Cybersecurity On May 12, 2021, the White House issued an Executive Order (EO) on cybersecurity titled, Improving the Nation’s Cybersecurity. The EO claims to make a significant contribution towards modernizing cybersecurity defenses by protecting federal networks, ... http://www.schneiderdowns.com/our-thoughts-on/white-house-issues-cybersecurity-executive-order Thu, 27 May 2021 00:00:00 +0000 Moody's Releases Update on Higher Education Sector As we approach audit season for higher education institutions, we are pleasantly surprised at how private universities navigated their way through the pandemic and remained financially steady compared to fiscal year 2019. In the most recent study done ... http://www.schneiderdowns.com/our-thoughts-on/moody-update-on-higher-education Tue, 25 May 2021 00:00:00 +0000 David Murphy Previews Cyburgh 2021 on Tech Vibe Radio ... http://www.schneiderdowns.com/david-murphy-previews-cyburgh-2021 Fri, 21 May 2021 00:00:00 +0000 Employee Benefits Security Administration Cybersecurity Guidance As we approach ERISA season, it is more important now than ever to remember that even our retirement benefits are at risk for cybersecurity attacks. For the first time in history, the Employee Benefits Security Administration (EBSA) has issued cybersecurity ... http://www.schneiderdowns.com/our-thoughts-on/employee-benefits-security-administration-cybersecurity-guidance Wed, 19 May 2021 00:00:00 +0000 M&A Activity on the Rise in 2021 Pitchbook recently released its Global Mergers & Acquisitions (M&A) report for Q1 2021. Overall, the quarter saw 8,753 deals close with values totaling over $917 billion. Deal activity has increased this year as companies begin to gain confidence ... http://www.schneiderdowns.com/our-thoughts-on/2021-ma-activity-increase Wed, 19 May 2021 00:00:00 +0000 Warping Through ASC Topic 842: Practical Expedients Available to Lessees Whenever practical expedients are mentioned in casual conversation, my mind typically runs straight to Super Mario Brothers. Not the Goombas and Koopa Troopas, but the warp zones, swiftly moving through the game at record speeds utilizing the shortcuts ... http://www.schneiderdowns.com/our-thoughts-on/asc-842-practical-expedients-available-to-lessees Wed, 19 May 2021 00:00:00 +0000 Troy Fine Discusses How Cybersecurity Requirements Can Provide New Opportunities for CPAs ... http://www.schneiderdowns.com/cybersecurity-requirements-provide-new-opportunities-for-cpas Tue, 18 May 2021 00:00:00 +0000 Time Again for Cyburgh and Additional Cyber Resources As we have seen over the last month, cybersecurity and data privacy issues continue to dominate the headlines and be a top concern for organizations of all sizes and industries. Just over the last few weeks, ransomware attacks prompted those in the southeast ... http://www.schneiderdowns.com/our-thoughts-on/cyburgh-2021-resources Tue, 18 May 2021 00:00:00 +0000 Survey Now Open Schneider Downs, in partnership with the Ohio Trucking Association (OTA), is pleased to announce that the third annual Transportation Business Outlook and Economic Survey is now open for responses. Back in 2018, Schneider Downs joined forces with the ... http://www.schneiderdowns.com/our-thoughts-on/survey-now-open Tue, 18 May 2021 00:00:00 +0000 Benefits of a System and Organization Controls (SOC) Report With the increasing utilization of third-party service providers, the need for trust and transparency between service organizations and their customers is essential. For service organizations that handle customers’ sensitive data, what assurance ... http://www.schneiderdowns.com/our-thoughts-on/soc-report-benefits Tue, 18 May 2021 00:00:00 +0000 Carriers Impacted Amidst Fuel Supply Chain Issues and Fuel Price Escalation Trucking companies across the country are bracing for effects in the fuel supply chain. An increasing fuel shortage is possible and being closely monitored, given a variety of causes. The latest and largest reason being the shutdown of the Colonial Pipeline, ... http://www.schneiderdowns.com/our-thoughts-on/carriers-impacted-fuel-supply-chain-issues Thu, 13 May 2021 00:00:00 +0000 Earnouts in Todays Environment There’s no question that every industry and organization in the world has been impacted by the COVID-19 pandemic. Perhaps as a result of that overall effect, Schneider Downs Consulting has seen an uptick lately in the utilization of earnout provisions. ... http://www.schneiderdowns.com/our-thoughts-on/earnouts-in-todays-environment Thu, 13 May 2021 00:00:00 +0000 HEERF III is Finally Here A Quick Guide to the Changes for Student Portion The following is a brief summary of some of the more significant questions that were answered by the U.S. Department of Education (Department) when they published new frequently asked questions (FAQs) in conjunction with the student aid portion of the ... http://www.schneiderdowns.com/our-thoughts-on/heerf-iii-guide-student-changes Wed, 12 May 2021 00:00:00 +0000 HEERF III is Finally Here A Quick Guide to the Changes for Institutional Portion The following is a brief summary of some of the more significant questions that were answered by the U.S. Department of Education (Department) when it published new frequently asked questions (FAQs) in conjunction with the institutional aid portion of ... http://www.schneiderdowns.com/our-thoughts-on/heerf-iii-changes-institutional-portion Wed, 12 May 2021 00:00:00 +0000 HEERF III is Finally Here Some Administrative Reminders The following is a brief summary of some of the more significant questions that were answered by the U.S. Department of Education (Department) when they published new frequently asked questions (FAQs) in conjunction with the student aid portion of the ... http://www.schneiderdowns.com/our-thoughts-on/heerf-iii-administrative-reminders Wed, 12 May 2021 00:00:00 +0000 HEERF III is Finally Here Why Your Institution Needs to Understand Practices to Monitor and Suppress COVID-19 The following is a brief summary of some of the more significant questions that were answered by the U.S. Department of Education (Department) when they published new FAQs in conjunction with the institutional aid portion of the funds that are now available ... http://www.schneiderdowns.com/our-thoughts-on/heerf-iii-monitor-suppress-covid19 Wed, 12 May 2021 00:00:00 +0000 Going Cashless We’ve likely all had similar shopping experiences during the pandemic – being offered contactless payment options at retailers, placing more online and pickup orders, and generally keeping less cash in our wallets. But if you’re like ... http://www.schneiderdowns.com/our-thoughts-on/contactless-payment-options Wed, 12 May 2021 00:00:00 +0000 Thinking About Selling Your Business? Here Is Your Checklist to Get Prepared Planning and preparation are key to a successful exit plan. Following the steps below will ensure you maximize the overall results of a process and increase the likelihood of achieving your desired outcome. Engage with an M&A advisor early – ... http://www.schneiderdowns.com/our-thoughts-on/selling-your-business-checklist Wed, 12 May 2021 00:00:00 +0000 Ohio Sales Tax Holiday 2021 Ohio’s sales tax holiday this year runs from Friday, August 6, through Sunday, August 8, 2021. During the holiday, clothing priced at $75 or less, school supplies priced at $20 per item or less and school instructional materials priced at $20 per ... http://www.schneiderdowns.com/our-thoughts-on/ohio-sales-tax-holiday-2021 Wed, 12 May 2021 00:00:00 +0000 What Are The Top Ten Cybersecurity Strategy Mistakes of 2021? The Schneider Downs cybersecurity team shares the most common cybersecurity strategy mistakes organizations are making in 2021. The Schneider Downs cybersecurity team dedicates significant time and resources to maintaining a detailed understanding of ... http://www.schneiderdowns.com/our-thoughts-on/what-are-the-top-cybersecurity-strategy-mistakes-of-2021 Tue, 11 May 2021 00:00:00 +0000 Ransomware Attack Shuts Down Major U.S. Pipeline Operator This weekend, U.S. pipeline operator, Colonial Pipeline, shut down its entire network due to one of the largest cyber-attacks in American infrastructure history. Colonial Pipeline is one of the largest pipeline operators in the U.S. and operates pipelines ... http://www.schneiderdowns.com/our-thoughts-on/ransomware-attack-shuts-us-pipeline-operator Mon, 10 May 2021 00:00:00 +0000 Financial Institutions and COVID-19 One Year Later As businesses continue to slowly transition to a post-COVID-19 world, financial institutions are no different. BAE Systems, a global company with offices in 17 countries, recently released the BAE Systems Applied Intelligence COVID Crime Index 2021 Report, ... http://www.schneiderdowns.com/our-thoughts-on/financial-institutions-and-covid-one-year-later Mon, 10 May 2021 00:00:00 +0000 Guidance for NERC-CIP-013-01 Compliance Background On July 21, 2016, the Federal Energy Regulatory Commission (FERC) issued Order No. 829, directing the North American Electric Reliability Corporation (NERC) to develop a new or modified ‘Reliability Standard.’ NERC is a not-for-profit ... http://www.schneiderdowns.com/our-thoughts-on/nerc-cip-013-01-compliance-guidance Mon, 10 May 2021 00:00:00 +0000 Steven Thompson's Thoughts on Covid-19 Mitigation Measures Lift ... http://www.schneiderdowns.com/steven-thompson-thoughts-on-restrictions-lift Wed, 05 May 2021 00:00:00 +0000 The American Families Plan Proposed $1.8 Trillion Spending and Tax Plan Last night in his first address to a joint session of Congress, that was also televised to America, President Biden unveiled a $1.8 trillion spending proposal envisioned to further boost the economy while helping the lower and middle class. The American ... http://www.schneiderdowns.com/our-thoughts-on/american-families-plan-proposed-18-trillion-plan Thu, 29 Apr 2021 00:00:00 +0000 Financial Boot Camp Series: To Refi or Not to Refi, That Has Been the Question Overview of the Refinancing Process Refinance to Save on Financing Costs or Tap into Accrued Equity Closing Costs are the Key Factor to Analyzing a Refinance With the pullback in interest rates in 2020 given the monetary response to the COVID-19 virus, ... http://www.schneiderdowns.com/our-thoughts-on/refi-or-not Thu, 29 Apr 2021 00:00:00 +0000 The Restaurant Revitalization Fund Part II On March 11, 2021, the American Rescue Plan Act (ARPA or the Act) became law. As discussed in our article on March 24, (American Rescue Plan and the Restaurant Revitalization Fund), its numerous programs included the Restaurant Revitalization Fund (RRF), ... http://www.schneiderdowns.com/our-thoughts-on/restaurant-revitalization-fund-part-2 Thu, 29 Apr 2021 00:00:00 +0000 Florida Enacts Sales and Use Tax Economic Nexus On April 19, 2021 Florida became one of the final states to pass legislation adding sales and use tax economic nexus for remote sellers. The new law requires out-of-state vendors to begin collecting Florida sales tax on July 1, 2021 if their taxable remote ... http://www.schneiderdowns.com/our-thoughts-on/florida-sales-use-tax-economic-nexus Thu, 29 Apr 2021 00:00:00 +0000 IPE and ITGCs What You Need to Know During the yearly audit cycle, companies are sure to provide a substantial amount of information to their auditors. This is referred to as Information Provided by the Entity (IPE) and is considered to be all types of information used by an auditor to ... http://www.schneiderdowns.com/our-thoughts-on/ipe-and-itgcs-what-you-need-to-know Thu, 29 Apr 2021 00:00:00 +0000 Ransomware Groups Attack Washington DC Police and QNAP Clients Two ransomware groups are making headlines this week following major attacks on the Washington DC Metropolitan Police Department (MPDC) and QNAP Systems. These two attacks illustrate how diverse ransomware attacks can be based on their endgame and strategy. ... http://www.schneiderdowns.com/our-thoughts-on/ransomware-attacks-MPDC-and-qnap Wed, 28 Apr 2021 00:00:00 +0000 Proposed Changes to Goodwill Topic 350 On March 30, the Financial Accounting Standards Board (FASB) issued an update to Topic 350-20 (Intangibles – Goodwill and Other) with regard to the Accounting Alternative for Triggering Events. The new standard applies to private companies and not-for-profit ... http://www.schneiderdowns.com/our-thoughts-on/proposed-changes-to-goodwill-topic-350 Tue, 27 Apr 2021 00:00:00 +0000 Contractors Expectations Continue to Rise Based on the latest U.S. Chamber of Commerce Commercial Construction Index, U.S. contractors are growing increasingly more optimistic which is mainly driven by a rise in revenue expectations. In the first quarter of 2021, 36% of contractors said they ... http://www.schneiderdowns.com/our-thoughts-on/contractors-expectations-continue-to-rise Tue, 27 Apr 2021 00:00:00 +0000 How Internal Audit Can Assist with SOC Reviews at Higher Education Institutions With the rise of cloud computing and software-as-a-service (SaaS) playing a key role within higher education institutions, outsourcing certain functions to third parties is becoming more frequent. Since third parties are being held accountable for providing ... http://www.schneiderdowns.com/our-thoughts-on/internal-audit-assist-soc-reviews-higher-education-institutions Mon, 26 Apr 2021 00:00:00 +0000 Controlled Unclassified Information: Labeling Requirements for CMMC and NIST 800-171 As the Department of Defense’s (DoD) Cybersecurity Maturity Model Certification (CMMC) framework begins rolling out and working its way into DoD contracts, one of the most common questions we get are: “What is Controlled Unclassified Information ... http://www.schneiderdowns.com/our-thoughts-on/cui-labeling-requirements-for-cmmc Mon, 26 Apr 2021 00:00:00 +0000 SD Focus on Women Spotlight: Rachel Carson In honor of Earth Day today, Thursday, April 22nd, I want to highlight environmental advocate, Rachel Carson. She was a woman influenced by her mother’s love of nature as a child. Little did she know her poetic gift of writing and passion for the ... http://www.schneiderdowns.com/our-thoughts-on/women-spotlight-rachel-carson Thu, 22 Apr 2021 00:00:00 +0000 What is a SOC for Cybersecurity report and who needs one? Organizations that undergo a SOC for Cybersecurity examination will obtain a report on the effectiveness of their cybersecurity risk management program from an independent CPA firm. The report can be presented to the organization’s board of directors, ... http://www.schneiderdowns.com/our-thoughts-on/what-is-a-soc-for-cybersecurity-report Thu, 22 Apr 2021 00:00:00 +0000 FTC Issues COVID-19 Vaccine Scam Alert The Federal Trade Commission (FTC) recently released a consumer alert warning against fraudulent COVID vaccine surveys designed to steal personal information and money. With nearly half of U.S. adults at least partially vaccinated, scammers have shifted ... http://www.schneiderdowns.com/our-thoughts-on/ftc-issues-new-covid-vaccine-scam-alert Wed, 21 Apr 2021 00:00:00 +0000 SDWMA Named as one of the Nation's Top DC Advisor Teams in 2020 by NAPA We are pleased to announce that Schneider Downs Wealth Management Advisors, LP (SDWMA) has been named as one of the Nation’s Top DC Advisor Teams in 2020 by the National Association of Plan Advisors (NAPA). The NAPA Top DC Advisor Team list highlights ... http://www.schneiderdowns.com/our-thoughts-on/sdwma-named-a-top-dc-advisor-teams-by-napa Mon, 19 Apr 2021 00:00:00 +0000 FBAR Deadline/Extension Clarification Last week, the Internal Revenue Service posted a notice on its website stating that the FBAR deadline remains April 15 and the extension of the tax filing deadline for individuals to May 17, does not affect the FBAR requirement. This posting (especially ... http://www.schneiderdowns.com/our-thoughts-on/fbar-deadline-extension-clarification Thu, 15 Apr 2021 00:00:00 +0000 Operationalizing a Third-Party Risk Management Program in Higher Education Why Third-Party Risk Management is Necessary Higher education regulatory requirements are increasing year over year. The price to pay is more than just lagging behind – lack of formal policies and procedures to meet these requirements can lead to ... http://www.schneiderdowns.com/our-thoughts-on/operationalizing-higher-ed-thirdparty-risk-management-program Thu, 15 Apr 2021 00:00:00 +0000 FedLine Solution Security and Resiliency Assurance Program Overview In October 2020, the Federal Reserve announced the Security and Resiliency Assurance Program for FedLine Solutions. FedLine Solutions are a suite of applications that allow banks to perform electronic transfers such as ACH and wires and other functions ... http://www.schneiderdowns.com/our-thoughts-on/fedline-solution-security-resiliency-assurance-program-overview Thu, 15 Apr 2021 00:00:00 +0000 Was My Data Breached or Scraped? Linkedin and the Apple exclusive app, Clubhouse, have joined Facebook in the headlines over the past week with reports of members’ personal information being leaked. In addition to sharing space in the cybersecurity headlines, Linkedin and Clubhouse ... http://www.schneiderdowns.com/our-thoughts-on/was-my-data-breached-or-scraped Thu, 15 Apr 2021 00:00:00 +0000 Special Alert: ParkMobile Data Breach The parking assistant platform ParkMobile recently experienced a cybersecurity breach compromising private information for 21 million users. ParkMobile is an app designed to make finding and paying for parking easier for users across the United States. ... http://www.schneiderdowns.com/our-thoughts-on/special-alert-parkmobile-data-breach Wed, 14 Apr 2021 00:00:00 +0000 Starting the Exit and Succession Planning Process We’ve all heard the statistics. The largest wealth transfer in history is on the horizon. Baby boomers will transfer (either on purpose or otherwise) $10 trillion in wealth in the coming years. Certainly, this past year of Covid has made some folks ... http://www.schneiderdowns.com/our-thoughts-on/starting-the-exit-and-succession-planning-process Wed, 14 Apr 2021 00:00:00 +0000 Mary Richter and Dan Phillips provide insight into President Bidens Global Tax Reforms in the International Accounting Bulletin. ... http://www.schneiderdowns.com/mary-richter-dan-phillips-provide-insight-into-global-tax-reforms Tue, 13 Apr 2021 00:00:00 +0000 NIST 800-171 for Higher Education While it’s been more than four years since Educause released the Introduction to NIST Special Publication 800-171 for Higher Education Institutions, Federal Student Aid (FSA, an office of the U.S. Department of Education (DoEd)) plans to encourage ... http://www.schneiderdowns.com/our-thoughts-on/nist-800171-for-higher-education Tue, 13 Apr 2021 00:00:00 +0000 Higher Education Implications Under a Biden Administration America’s Vice President and First Lady bring diverse educational backgrounds to the Biden Administration – the former, a graduate of one of our nation’s Historically Black Colleges and Universities (HBCUs) and the latter a long-time ... http://www.schneiderdowns.com/our-thoughts-on/higher-ed-implications-under-biden-administration Thu, 08 Apr 2021 00:00:00 +0000 What is a SOC Report and Who Needs One? What are SOC reports? System and Organization Controls (SOC) reports, formerly Service Organization Control reports, are examinations provided by CPAs in connection with system-level controls of a service organization or entity-level controls at other ... http://www.schneiderdowns.com/our-thoughts-on/soc-report-who-needs-one Thu, 08 Apr 2021 00:00:00 +0000 Climate Change A Key Risk to Financial Stability Although numerous financial regulators have moved towards incorporating climate-risk assessments into their planning and supervisory activities, climate change has been flagged as the most significant emerging risk for the Department of Treasury to address. ... http://www.schneiderdowns.com/our-thoughts-on/climate-change-financial-stability-risk Thu, 08 Apr 2021 00:00:00 +0000 Results and Implications of the Manufacturing Institute for Supply Managements Report on Business for Q1 2021 On April 1, the Institute for Supply Management (ISM) released its latest Report on Business, a monthly publication that examines industry trends and statistics within the manufacturing sector. The composite Purchasing Managers Index (PMI), referenced ... http://www.schneiderdowns.com/our-thoughts-on/ism-report-on-business-for-q1-2021 Wed, 07 Apr 2021 00:00:00 +0000 Was Your Data Leaked in the Facebook Breach? This past Saturday a hacking forum was flooded with stolen personal data from nearly 533 million Facebook users from 106 countries, including more than 32 million users from the United States. The personal data includes phone numbers, full names, locations, ... http://www.schneiderdowns.com/our-thoughts-on/was-your-data-leaked-in-the-facebook-breach Wed, 07 Apr 2021 00:00:00 +0000 What are the differences between a SOC for Cybersecurity examination and a SOC 2 examination? The following list highlights some of the key differences between a SOC for Cybersecurity report and a SOC 2 report. PURPOSE SOC for Cybersecurity: To provide intended users with useful information about an entity’s cybersecurity risk management ... http://www.schneiderdowns.com/our-thoughts-on/soc-for-cybersecurity-soc-2-differences Thu, 01 Apr 2021 00:00:00 +0000 Introduction to The American Jobs Plan and The Made in America Tax Plan During a presentation in Pittsburgh yesterday, President Biden spoke on the first part of his vision for America and unveiled his American Jobs Plan (AJP or the plan), a $2.3 trillion infrastructure spending plan for the next decade. Included in the AJP’s ... http://www.schneiderdowns.com/our-thoughts-on/american-jobs-plan-made-in-america-tax-plan Thu, 01 Apr 2021 00:00:00 +0000 Tax Credits for Electric Vehicle Charging Stations The automotive industry continues to discuss and innovate towards electric vehicles (“EV”). It has been a long journey. We have come a long way from the electric wagon invented in the 1800s. There have been many roadblocks (no pun intended) ... http://www.schneiderdowns.com/our-thoughts-on/electric-vehicle-charging-stations-tax-credits Thu, 01 Apr 2021 00:00:00 +0000 2021 Standard Mileage Rates Just as the never-ending year of 2020 was concluding, the IRS released the updated standard mileage rates for 2021. The rates for the use of a vehicle (including cars, pickups, vans, or panel trucks) had a small downturn from the 2020 rates. The new standard ... http://www.schneiderdowns.com/our-thoughts-on/2021-standard-mileage-rates Tue, 30 Mar 2021 00:00:00 +0000 SBA Raises Disaster Loan Limits Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused by the COVID-19 pandemic. The U.S. Small Business Administration (“SBA”) is more than tripling the ... http://www.schneiderdowns.com/our-thoughts-on/sba-raises-disaster-loan-limits Thu, 25 Mar 2021 00:00:00 +0000 The Catalyst for the Womens Suffrage Movement March is Women’s History Month. This article tells the story of the indigenous women that inspired the suffrage movement in the United States. When I began learning more about the women’s suffrage movement, I wondered how it all began. Just ... http://www.schneiderdowns.com/our-thoughts-on/womens-suffrage-movement-catalyst Thu, 25 Mar 2021 00:00:00 +0000 What is the Shuttered Venue Operators (SVO) SBA Grant Program? UPDATED Live entertainment venues have been hit hard during the pandemic, with many theaters and performance halls completely closed since last March. As part of the Consolidated Appropriations Act, the Small Business Administration (SBA) has been authorized ... http://www.schneiderdowns.com/our-thoughts-on/shuttered-venue-operators-program-updated Thu, 25 Mar 2021 00:00:00 +0000 American Rescue Plan and the Restaurant Revitalization Fund On March 11, the American Rescue Plan Act (ARPA or the Act) became law. Among its many programs is one intended to provide support for businesses in the food service industry suffering from a “pandemic-related revenue loss” (or revenue loss). ... http://www.schneiderdowns.com/our-thoughts-on/arp-restaurant-revitalization-fund Wed, 24 Mar 2021 00:00:00 +0000 Robotic Process Automation Success Stories from the Front Lines Robotic process automation (RPA) technology continues to see a growing interest from companies in every industry. Business leaders have been investing in technology for years and now more than ever, there is a need to leverage their systems to their fullest. ... http://www.schneiderdowns.com/our-thoughts-on/rpa-client-success-stories Wed, 24 Mar 2021 00:00:00 +0000 What is lost revenue according to the Department of Education? On March 19, 2021, the Department of Education (DOE) issued long-awaited guidance clarifying its definition of lost revenue. In conjunction with their clarification, the DOE also noted that institutions are now able to use a longer window to determine ... http://www.schneiderdowns.com/our-thoughts-on/lost-revenue-according-department-of-education Tue, 23 Mar 2021 00:00:00 +0000 Lost Revenues under HEERF Defined Higher Education institutions have seen more than $75 billion provided through the Higher Education Emergency Relief Funds program (HEERF) from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (HEERF I), the Coronavirus Response and ... http://www.schneiderdowns.com/our-thoughts-on/lost-revenues-under-heerf-defined Tue, 23 Mar 2021 00:00:00 +0000 DOE Announces Changes to HEERF Guidance With the passing of new relief, funding comes additional questions and the need for further guidance. Finally, on March 19, 2021, the Department of Education (DOE) released guidance on the timing of expenses allowable under the various relief grants, ... http://www.schneiderdowns.com/our-thoughts-on/doe-changes-heerf-guidance Tue, 23 Mar 2021 00:00:00 +0000 Department of Education Issues HEERF Clarifications to Common Questions On March 19, 2021, the Department of Education (DOE) issued several additional amendments to the frequently asked questions (FAQs) for the various programs that have been authorized under the Higher Education Emergency Relief Funds program (HEERF) from ... http://www.schneiderdowns.com/our-thoughts-on/department-of-education-issues-heerf-clarifications Tue, 23 Mar 2021 00:00:00 +0000 Goodwill Impairment Trends and the Impact of COVID-19 Goodwill impairment trends are of interest to many as we continue on in the midst of the COVID-19 pandemic. Arriving on the scene is the Duff & Phelps 2020 U.S. Goodwill Impairment Study, which was released in February 2021. In its 12th year of publication, ... http://www.schneiderdowns.com/our-thoughts-on/goodwill-impairment-trends-impact-covid19 Tue, 23 Mar 2021 00:00:00 +0000 IRS Extends Federal Individual Tax Filing Deadline. State deadlines to follow? In a news release earlier today, (IR-2021-59, March 17, 2021), the IRS officially announced that it will extend the individual tax filing season by 1 month until May 17, 2021. (https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline). ... http://www.schneiderdowns.com/our-thoughts-on/irs-extends-individual-tax-deadline Wed, 17 Mar 2021 00:00:00 +0000 Financial Boot Camp Series: Why You Need to Ensure That Your Property is Properly Insured To start the year, our focus has been on insurance-related articles, including the basics of life insurance and why life insurance policies are typically not an effective savings vehicle. This month, we explore property and casualty insurance basics, ... http://www.schneiderdowns.com/our-thoughts-on/why-property-is-properly-insured Wed, 17 Mar 2021 00:00:00 +0000 Paycheck Protection Program American Rescue Plan Act Revisions to PPP Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused by the COVID-19 pandemic. On March 11, 2021, the American Rescue Plan Act (ARP Act) was signed. The ARP Act provides ... http://www.schneiderdowns.com/our-thoughts-on/arp-act-ppp-revisions Wed, 17 Mar 2021 00:00:00 +0000 IRS Releases Section 4960 Final Regulations It has been a long time coming, but the IRS has released final regulation on the excise tax imposed on tax-exempt organizations for excess remuneration. These final regulations mostly follow the proposed regulations issued in June 2020, with the exception ... http://www.schneiderdowns.com/our-thoughts-on/irs-releases-section-4960-final-regulations Mon, 15 Mar 2021 00:00:00 +0000 IFRS 16, Leases - Lessee Perspective Organizations considering a conversion to the International Financial Reporting Standards (IFRS) from U.S. Generally Accepted Accounting Principles (U.S. GAAP) should be aware of key lease accounting differences between both accounting standards. IFRS ... http://www.schneiderdowns.com/our-thoughts-on/ifrs-16-lessee-perspective Mon, 15 Mar 2021 00:00:00 +0000 Contents of The American Rescue Plan Act The American Rescue Plan Act of 2021 (ARPA or the Act) was signed into law on Thursday March 11, 2021. The Congressional Research Service (CRS) notes that the $1.9 trillion dollar “bill provides additional relief to address the continued impact ... http://www.schneiderdowns.com/our-thoughts-on/american-rescue-plan-act-contents Mon, 15 Mar 2021 00:00:00 +0000 American Rescue Plan Act and Shuttered Venue Operators Grant On March 11, 2021, President Biden signed into law the latest COVID-19 relief legislation, “American Rescue Plan Act of 2021” (Act). The majority of the Act expands provisions already in place by previous legislation, such as the Coronavirus ... http://www.schneiderdowns.com/our-thoughts-on/american-rescue-plan-act-shuttered-venue-operators-grant Mon, 15 Mar 2021 00:00:00 +0000 American Rescue Plan Earmarks $40 Billion for Higher Education On March 11, President Biden signed a $1.9 trillion stimulus bill that brings another $40 billion to higher education. This is on top of the approximately $14 billion that was part of the Coronavirus Aid, Relief and Economic Security (CARES Act) and the ... http://www.schneiderdowns.com/our-thoughts-on/american-rescue-plan-40-billion-higher-education Mon, 15 Mar 2021 00:00:00 +0000 Oracle Cloud: Raining Risk? This article highlights some of the key considerations when working with Cloud ERP systems for Sarbanes-Oxley (SOX) requirements. Pick your favorite cloud infrastructure; what do they all have in common? If the word scalability comes to mind, you aren’t ... http://www.schneiderdowns.com/our-thoughts-on/oracle-cloud-raining-risk Mon, 15 Mar 2021 00:00:00 +0000 Third Party Risk Management IT Tools Are Not A Fix-All Solution One of the biggest risks an organization faces today involves third parties and how third parties handle an organization’s data. While outsourcing provides benefits such as increased efficiency and cost savings, it also increases an organization’s ... http://www.schneiderdowns.com/our-thoughts-on/third-party-risk-management-it-tools-are-not-fixall-solution Mon, 15 Mar 2021 00:00:00 +0000 Microsoft HAFNIUM Update: Exchange Server Patches At the start of the year, Microsoft detected four concerning zero-day exploits that have since been widely leveraged to attack on-premises versions of Microsoft Exchange Server. Thankfully, Exchange Online users are not affected by these specific vulnerabilities, ... http://www.schneiderdowns.com/our-thoughts-on/microsoft-hafnium-update-next-steps Fri, 12 Mar 2021 00:00:00 +0000 DRI Offers Predictions to Remain Resilient Disaster Recovery Institute International (DRI) is the oldest and largest nonprofit that helps organizations around the world prepare for and recover from disasters. The DRI’s Future Vision Committee recently published the sixth installment of its ... http://www.schneiderdowns.com/our-thoughts-on/dri-offers-predictions-to-remain-resilient Thu, 11 Mar 2021 00:00:00 +0000 Top Ten Technology Risks for 2021 The United States has been dealing with the Covid-19 pandemic for about a year. In February/March 2020, many organizations sent most or all employees to work from home due the pandemic. It has been a year of disruption and change in how we work, and a ... http://www.schneiderdowns.com/our-thoughts-on/top-ten-technology-risks-for-2021 Thu, 11 Mar 2021 00:00:00 +0000 Related-Party Transaction Adjustments Understanding the historical and forecasted earnings for a business is a key part of any business valuation. One important item for the valuation analyst to consider when analyzing historical and future earnings performance is whether the target business ... http://www.schneiderdowns.com/our-thoughts-on/relatedparty-transaction-adjustments Thu, 11 Mar 2021 00:00:00 +0000 IFRS Conversion Considerations: Revenue Recognition Organizations considering a conversion to the International Financial Reporting Standards (IFRS) from U.S. Generally Accepted Accounting Principles (U.S. GAAP) should be aware of key revenue recognition differences between both accounting standards. This ... http://www.schneiderdowns.com/our-thoughts-on/ifrs-conversion-considerations-revenue-recognition Thu, 11 Mar 2021 00:00:00 +0000 Impact of Variable Lease Payments Under ASC 842 In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2016-02, Leases (Topic 842). This standard requires lessees to recognize a liability and a right-of-use asset for all leases. When calculating a ... http://www.schneiderdowns.com/our-thoughts-on/variable-lease-payments-impact Wed, 10 Mar 2021 00:00:00 +0000 CMMC FAQs Part 3 Common Questions This article highlights some of the key questions and answers our Cybersecurity Maturity Model Certification (CMMC) team has encountered in recent conversations. Download our CMMC FAQ Guide for the full list of frequently asked questions. As part of our ... http://www.schneiderdowns.com/our-thoughts-on/cmmc-faqs-part-3-common-questions Wed, 10 Mar 2021 00:00:00 +0000 Coronavirus Related Distributions What Now? During 2020, rules and procedures implemented under the Coronavirus Aid, Relief, and Economic Security (CARES) Act allowed individuals to take early distributions from certain retirement plans as a way to ease any financial burden they may have felt during ... http://www.schneiderdowns.com/our-thoughts-on/coronavirus-related-distributions Tue, 09 Mar 2021 00:00:00 +0000 CMMC FAQs Part 2 CMMC Model Guide v1.02 This article highlights some of the key excerpts and summaries from the Office of the Under Secretary of Defense for Acquisition & Sustainment Cybersecurity Maturity Model Certification CMMC Model Guide v1.02. Download our CMMC FAQ Guide for the full ... http://www.schneiderdowns.com/our-thoughts-on/cmmc-faqs-part-2-cmmc-model-guide-v102 Tue, 09 Mar 2021 00:00:00 +0000 CMMC FAQs Part 1 OUSD A&S This article highlights some of the key CMMC FAQS from Office of the Under Secretary of Defense for Acquisition & Sustainment Cybersecurity Maturity Model Certification. Download our CMMC FAQ Guide for the full list of frequently asked questions. ... http://www.schneiderdowns.com/our-thoughts-on/cmmc-faqs-part-1-ousdas Mon, 08 Mar 2021 00:00:00 +0000 IFRS Conversion Considerations: Provisions, Contingencies and Subsequent Events Organizations considering a conversion to the International Financial Reporting Standards (IFRS) from U.S. Generally Accepted Accounting Policies (U.S. GAAP) should be aware of the different treatment for subsequent events and commitments and contingencies. ... http://www.schneiderdowns.com/our-thoughts-on/ifrs-conversion-considerations-provisions-contingencies-subsequent-events Mon, 08 Mar 2021 00:00:00 +0000 Accounting firm Schneider Downs & Co. Inc. announces consolidated services practice ... http://www.schneiderdowns.com/accounting-firm-schneider-downs-announces-consolidated-services-practice Fri, 05 Mar 2021 00:00:00 +0000 Construction Industry Opportunities for Extended Employee Retention Credit On February 27, 2021 the House of Representatives passed the American Rescue Plan Act of 2021 (ARPA). One of the items included in this bill is an extension of the Employee Retention Credit (ERC). The ERC is a refundable payroll credit that is currently ... http://www.schneiderdowns.com/our-thoughts-on/construction-industry-extended-employee-retention-credit Fri, 05 Mar 2021 00:00:00 +0000 How Can Robotic Process Automation Help The COVID 19 Vaccination Process? Since late December 2020, the Pfizer-BioNTech and Moderna COVID-19 vaccines have been authorized for emergency use by the FDA and recommended for use by the CDC. Nevertheless, many states have seen sluggish rollouts or delays in getting vaccine doses ... http://www.schneiderdowns.com/our-thoughts-on/covid-19-vaccination-robotic-process-automation Thu, 04 Mar 2021 00:00:00 +0000 Managing Leases Under ASC 842 with Excel Does It Make Sense for Your Organization? You have gone to some CPE and read up on how ASC 842 impacts your organization, now it’s time to adopt. You may be thinking that managing your lease portfolio in Excel should be an easy exercise. Create a workbook, build a worksheet that stores ... http://www.schneiderdowns.com/our-thoughts-on/managing-leases-under-asc-842-excel Thu, 04 Mar 2021 00:00:00 +0000 Working Parents Panel There is no question that we have all had to make adjustments during the pandemic that affect every part of our life. It was like a sudden shift where every part of our life and the life of everyone we live with merged, and we had to take on responsibilities ... http://www.schneiderdowns.com/our-thoughts-on/working-parents-panel Thu, 04 Mar 2021 00:00:00 +0000 Nonresident Taxpayers May Be Eligible for Refunds of Ohio Tax for Gain on the Sale of a Business Interest The Ohio Supreme Court’s decision in Corrigan v. Testa.1 has led the Ohio Department of Taxation (“Department”) to issue refunds to nonresident taxpayers who have previously paid tax on the capital gain from the sale of a business interest ... http://www.schneiderdowns.com/our-thoughts-on/nonresident-taxpayers-refunds-ohio-sale-business-interest Thu, 04 Mar 2021 00:00:00 +0000 IFRS Conversion Considerations: Foreign Currency Organizations considering a conversion to the International Financial Reporting Standards (IFRS) from U.S. Generally Accepted Accounting Policies (U.S. GAAP) should note that there are significant differences surrounding the treatment of foreign currency. ... http://www.schneiderdowns.com/our-thoughts-on/ifrs-conversion-considerations-foreign-currency Thu, 04 Mar 2021 00:00:00 +0000 INTRODUCING SCHNEIDER DOWNS CONSULTING New structure consolidates more than 80 existing services into an integrated practice March 3, 2021 – Today, Schneider Downs announced the reorganization of more than 80 unique services into a consolidated practice, Schneider Downs Consulting. This ... http://www.schneiderdowns.com/introducing-schneider-downs-consulting Wed, 03 Mar 2021 00:00:00 +0000 Letter of Intent? Our mother always made sure we knew where she kept her “important” papers. So, on the day of her passing, my sister pulled out those papers, which included a copy of her will, a durable power of attorney and a prearranged funeral contract, ... http://www.schneiderdowns.com/our-thoughts-on/letter-of-intent Wed, 03 Mar 2021 00:00:00 +0000 Special Alert: Microsoft Releases Critical Update for Exchange Server Microsoft announced the release of a critical security update on Tuesday, March 2nd to address four zero-day vulnerabilities that allowed hackers to steal email communications from companies using their Exchange Server products. Microsoft stated the flaws ... http://www.schneiderdowns.com/our-thoughts-on/special-alert-microsoft-releases-critical-updates-for-exchange-server Wed, 03 Mar 2021 00:00:00 +0000 IPE Assessment Best Practices Information Provided by the Entity (IPE) represents all information used by an auditor in arriving at the conclusions on which the audit opinion is based, whether for testing internal controls or performing substantive procedures. When using IPE as audit ... http://www.schneiderdowns.com/our-thoughts-on/ipe-assessment-best-practices Wed, 03 Mar 2021 00:00:00 +0000 Bitcoin, Bitcoin, Read All About It It seems these days that you can’t turn on CNBC or read the Wall Street Journal without seeing Bitcoin (BTC) in one of the headlines. The usual headline reads, “Bitcoin Surges” or, “Bitcoin Plummets.” These articles tend ... http://www.schneiderdowns.com/our-thoughts-on/bitcoin-read-all-about-it Tue, 02 Mar 2021 00:00:00 +0000 IFRS Conversion Considerations: Financial Reporting Organizations planning a conversion to the International Financial Reporting Standards (IFRS) from U.S. Generally Accepted Accounting Policies (U.S. GAAP) should consider the impact to their financial reporting. This article is the part of a series covering ... http://www.schneiderdowns.com/our-thoughts-on/ifrs-conversion-considerations-financial-reporting Mon, 01 Mar 2021 00:00:00 +0000 Is Your Association Required to File a Pennsylvania Decennial Report? A Pennsylvania Decennial Report is a report of an entity’s continued existence, or a report of continued use of certain marks filed with the Pennsylvania Department of State Bureau of Corporations and Charitable Organizations (Bureau). Decennial ... http://www.schneiderdowns.com/our-thoughts-on/required-pennsylvania-decennial-report Thu, 25 Feb 2021 00:00:00 +0000 DOL Announces Final Proxy Voting Rule In December, the U.S. Department of Labor unveiled final regulations on fiduciary duties relating to proxy voting. The final rule states that plan fiduciaries should engage in proxy voting decisions only when it is determined that the decision could have ... http://www.schneiderdowns.com/our-thoughts-on/dol-announces-final-proxy-voting-rule Thu, 25 Feb 2021 00:00:00 +0000 Top 5 Implementation Lessons Learned Under ASC 842 The deadline for private companies to implement the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 842 is fast approaching. While the standard was effective for public companies in 2019, private companies have ... http://www.schneiderdowns.com/our-thoughts-on/top-5-asc-842-implementation-lessons Thu, 25 Feb 2021 00:00:00 +0000 Fraud Considerations for Lessees and Lessors The main driver behind the FASB’s issuance of the new lease standard (Topic 842) is to increase transparency within organizations regarding their leasing arrangements. Under the current guidance, a look at an entity’s balance sheet does not ... http://www.schneiderdowns.com/our-thoughts-on/lessees-and-lessors-fraud-considerations Thu, 25 Feb 2021 00:00:00 +0000 IFRS Conversion Considerations: Employee Benefits Organizations considering a conversion to the International Financial Reporting Standards (IFRS) from U.S. Generally Accepted Accounting Policies (U.S. GAAP) should note that there are differences surrounding employee benefit plans. This could result ... http://www.schneiderdowns.com/our-thoughts-on/ifrs-conversion-considerations-employee-benefits Thu, 25 Feb 2021 00:00:00 +0000 Key Changes for Lessors Under FASB ASC Topic 842 In June 2020, the FASB issued ASU 2020-05 and delayed, for a second time, ASU 2016-02, Leases Topic 842 for non-public entities to be effective for annual periods beginning after December 15, 2021 and for public not-for-profit entities to be effective ... http://www.schneiderdowns.com/our-thoughts-on/key-changes-lessors-under-fasb-asc-topic-842 Tue, 23 Feb 2021 00:00:00 +0000 IFRS Conversion Considerations: Financial Instruments Organizations considering a conversion to the International Financial Reporting Standards (IFRS) from U.S. Generally Accepted Accounting Policies (U.S. GAAP) should note that there are significant differences surrounding financial instruments. Financial ... http://www.schneiderdowns.com/our-thoughts-on/ifrs-conversion-considerations-financial-instruments Mon, 22 Feb 2021 00:00:00 +0000 IFRS Conversion Considerations: Intangibles and Goodwill Valuation With a number of entities transitioning from following U.S. Generally Accepted Accounting Principles (U.S. GAAP) to International Financial Reporting Standards (IFRS), it is important to be aware of the differences between the two standards when it comes ... http://www.schneiderdowns.com/our-thoughts-on/ifrs-conversion-considerations-intangibles-goodwill-valuation Mon, 22 Feb 2021 00:00:00 +0000 Financial Boot Camp Series: Is Life Insurance A Savings Vehicle? In our January article, we covered life insurance basics. This month, we probe further into permanent life insurance policies and the commonly asked question, “Is life insurance a saving vehicle?”. After reviewing an individual’s financial ... http://www.schneiderdowns.com/our-thoughts-on/life-insurance-a-savings-vehicle Wed, 17 Feb 2021 00:00:00 +0000 How will ASC Topic 842 Lease Accounting impact your organizations operations? Over the last few years, we’ve discussed the impact of ASC Topic 842 Lease Accounting on financial statements. Discounted lease liabilities and corresponding assets will be required to show on the balance sheet. Finance type leased assets will incur ... http://www.schneiderdowns.com/our-thoughts-on/asc-topic-842-lease-accounting-impact Wed, 17 Feb 2021 00:00:00 +0000 Top Risks to Consider in 2021 In a year full of disruption and change, one thing remains the same – the existence of risk. While the types of risks we face may evolve and the perceived likelihood and impact may change, organizations will continually be faced with the need to ... http://www.schneiderdowns.com/our-thoughts-on/top-risks-to-consider-2021 Wed, 17 Feb 2021 00:00:00 +0000 Building a Strong Phishing Defense One of the most prevalent vulnerabilities that we exploit to get into clients' are phishing campaigns. We aren't the only ones phishing corporate networks either, with 66% of organizations experiencing phishing attempts in 2020, according to ProofPoint’s ... http://www.schneiderdowns.com/our-thoughts-on/Building-a-Strong-Phishing-Defense Tue, 16 Feb 2021 00:00:00 +0000 IRS Tax Exempt & Government Entities Program Letter for 2021 The Internal Revenue Service Tax Exempt & Government Entities (TE/GE) division, just like most of us, had to quickly figure out a way to function in the times of a pandemic. In 2020, the Internal Revenue Service had to move their workforce to a remote ... http://www.schneiderdowns.com/our-thoughts-on/irs-tax-exempt-government-entities-program-letter-2021 Tue, 16 Feb 2021 00:00:00 +0000 Analytics & Internal Audit With the evolving IT landscape we have been in for the past 10 years and the emphasis that Covid-19 has put on a remote workforce, there is more data created daily than ever before. This high volume of data creates increased risk for organizations and ... http://www.schneiderdowns.com/our-thoughts-on/analytics-internal-audit Tue, 16 Feb 2021 00:00:00 +0000 IFRS Conversion Considerations: PP&E Organizations that are considering a conversion to the International Financial Reporting Standards (IFRS) from U.S. Generally Accepted Accounting Policies (U.S. GAAP) should note that property, plant and equipment (PP&E) is accounted for in a similar ... http://www.schneiderdowns.com/our-thoughts-on/ifrs-conversion-considerations-ppe Mon, 15 Feb 2021 00:00:00 +0000 snags are surfacing in $284B PPP round Schneider Downs Michael Hart provides insight into issues with the $284B PPP funding round in the Business Times article, "Here's where snags are surfacing in $284B PPP round". ... http://www.schneiderdowns.com/snags-are-surfacing-in-284b-ppp-round Thu, 11 Feb 2021 00:00:00 +0000 Implementing Data Analytics: Finding Opportunity During a Pandemic The old mantra, “That’s how we’ve always done it” has gone out the window over the past year in many aspects of our lives, including our businesses. Times of uncertainty provides an opportunity for change, to reevaluate past business ... http://www.schneiderdowns.com/our-thoughts-on/implementing-data-analytics Thu, 11 Feb 2021 00:00:00 +0000 Pennsylvania PPP Loan Forgiveness and Deductibility of Expenses Pennsylvania businesses that obtained Payroll Protection Program (PPP) loans under the federal CARES Act received some good news as the Pennsylvania governor signed Senate Bill 109 into law on Friday, February 5, 2021. Among the bill’s provisions ... http://www.schneiderdowns.com/our-thoughts-on/pa-ppp-forgiveness-expense-deductibility Thu, 11 Feb 2021 00:00:00 +0000 FASB ASC Topic 842 Lease Accounting: Discount Rate The new lease accounting rules retain the two-classification concept that existed under previous lease accounting rules. Leases are classified as operating leases or finance leases. Finance leases are the same as the former capital leases under FASB ASC ... http://www.schneiderdowns.com/our-thoughts-on/fasb-asc-topic-842- Thu, 11 Feb 2021 00:00:00 +0000 Differences Between FASB ASC Topic 842 and IFRS 16 for Lessees The FASB and the IASB issued their respective lease accounting standards in early 2016 as part of a joint project between both standard-setting bodies. Despite the joint project initiative, the FASB and the IASB diverged on key accounting issues for leases. ... http://www.schneiderdowns.com/our-thoughts-on/fasb-asc-topic-842-vs-ifrs-16 Thu, 11 Feb 2021 00:00:00 +0000 Warning Signs of a Business Email Compromise Attack Business Email Compromise (BEC) is an increasingly common scam targeting companies and individuals who perform financial fund transfers. These complex attacks work by threat actors hacking into corporate e-mail accounts and using the information to trick ... http://www.schneiderdowns.com/our-thoughts-on/warning-signs-of-a-business-email-compromise-attack Thu, 11 Feb 2021 00:00:00 +0000 Pennsylvania Hospitality Industry Receives Assistance in Pa. COVID-19 Spending Bill Pennsylvania businesses in the hospitality industry received some good news as the Pennsylvania governor signed Senate Bill 109 into law on Friday, February 5. In an effort to help Pennsylvania’s hospitality industry, $145 million of the spending ... http://www.schneiderdowns.com/our-thoughts-on/pa-hospitality-receives-pa-covid19-spending-assistance Thu, 11 Feb 2021 00:00:00 +0000 FASB ASC Topic 842 Lease Accounting: How to Handle Legacy Deferred Rent Liabilities Transitioning to FASB ASC Topic 842, Leases presents first-time adopters with many qualitative and quantitative challenges. A common challenge in the final stages of transitioning to the new standard is how to account for legacy deferred rent liabilities ... http://www.schneiderdowns.com/our-thoughts-on/handling-legacy-deferred-rent-liabilities Wed, 10 Feb 2021 00:00:00 +0000 Importance of Foreign Corporations Filing Form 1120F Form 1120F is filed by foreign corporations in order to report income, deductions and credits to determine its U.S. tax liability. Generally, all foreign corporations are required to file Form 1120F if they are engaged in a U.S. trade or business. In ... http://www.schneiderdowns.com/our-thoughts-on/importance-of-foreign-corporations-filing-form-1120f Tue, 09 Feb 2021 00:00:00 +0000 Schneider Downs Achieves CMMC Third-Party Assessor Certification Schneider Downs & Co., Inc. has successfully completed the Certified Third-Party Assessor Organization (C3PAO) accreditation process and applied for the CMMC ML-3 assessment performed by the Defense Contract Management Agency’s (DCMA) Defense ... http://www.schneiderdowns.com/cmmc-thirdparty-assessor-certification Mon, 08 Feb 2021 00:00:00 +0000 Private Foundation Mandatory E-Filing of Form 4720: Delayed! The Taxpayer’s First Act was signed into law on July 1, 2019. Under this Act, effective for tax years beginning on or after July 2, 2019, private foundations are required to electronically file Form 4720, Return of Certain Excise Taxes on Charities ... http://www.schneiderdowns.com/our-thoughts-on/private-foundation-efiling-form-4720-delayed Mon, 08 Feb 2021 00:00:00 +0000 IFRS Conversion Considerations: Inventory Organizations that are considering a conversion to the International Financial Reporting Standards (IFRS) from U.S. Generally Accepted Accounting Policies (U.S. GAAP) should note that inventory is accounted for in a similar manner with a few notable exceptions. ... http://www.schneiderdowns.com/our-thoughts-on/ifrs-conversion-considerations-inventory Mon, 08 Feb 2021 00:00:00 +0000 U.S. Department of Labor Issues Missing Participant Guidance On January 12, 2021, the US Department of Labor’s Employee Benefits Security Administration (EBSA) announced guidance to plan fiduciaries regarding their obligation to locate and distribute retirement benefits to missing or nonresponsive participants. ... http://www.schneiderdowns.com/our-thoughts-on/us-dol-issues-missing-participant-guidance Mon, 08 Feb 2021 00:00:00 +0000 Schneider Downs Wins ClearlyRateds 2021 Best of Accounting Diamond Award for Service Excellence SCHNEIDER DOWNS WINS CLEARLYRATED’S 2021 BEST OF ACCOUNTING DIAMOND AWARD FOR SERVICE EXCELLENCE Diamond Award winners have won the Best of Accounting Award for at least 5 years in a row, consistently earning industry-leading satisfaction scores ... http://www.schneiderdowns.com/schneider-downs-clearlyrateds-2021-best-accounting-diamond-award Thu, 04 Feb 2021 00:00:00 +0000 Preparation for Shuttered Venue Operators Grant Application Process The U.S. Small Business Administration (SBA) published Frequently Asked Questions (FAQs) on January 27, 2021 for the Shuttered Venue Operators Grant (SVOG) program. The FAQs cover eligibility, definitions and other aspects of the grant. Applications for ... http://www.schneiderdowns.com/our-thoughts-on/preparation-shuttered-venue-operators-grant-application-process Thu, 04 Feb 2021 00:00:00 +0000 The Importance of a Personal Financial Plan During Exit Planning When planning an exit from a business, there are numerous factors to consider. While many of these factors pertain to the business itself, I would argue that a personal financial plan (often overlooked) is a significant factor in exiting a business successfully. ... http://www.schneiderdowns.com/our-thoughts-on/personal-financial-plan-during-exit-planning Thu, 04 Feb 2021 00:00:00 +0000 The Benefits of Incurring a Net Operating Loss in 2020 As companies close out their books for 2020 and see just how large of an impact the COVID-19 global pandemic had on their businesses, it is important to keep in mind that there can be significant tax benefits associated with net operating losses (“NOLs”). ... http://www.schneiderdowns.com/our-thoughts-on/benefits-incurring-net-operating-loss-2020 Wed, 03 Feb 2021 00:00:00 +0000 IFRS Conversion Considerations: General Organizations with a global presence have increasingly considered converting to the International Financial Reporting Standards (IFRS). Entities currently under U.S. Generally Accepted Accounting Policies (U.S. GAAP) should note that IFRS and U.S. GAAP ... http://www.schneiderdowns.com/our-thoughts-on/ifrs-conversion-considerations-general Wed, 03 Feb 2021 00:00:00 +0000 Form 1099-NEC 2020 Requirements Starting in tax year 2020, the IRS is bringing back a form that hasn’t been used since 1982 – Form 1099-NEC. This form will be used to report non-employee compensation. An image of what this form will look like is shown below. From 1983 to ... http://www.schneiderdowns.com/our-thoughts-on/form-1099nec-2020-requirements Wed, 03 Feb 2021 00:00:00 +0000 Tax Implications of Cryptocurrency Transactions The cryptocurrency, “crypto” hereafter, market has been a roller coaster for most of 2020, with Bitcoin leading the way. While the markets crashed in a similar fashion as the stock market in March due to the COVID-19 pandemic, they’ve ... http://www.schneiderdowns.com/our-thoughts-on/tax-implications-of-cryptocurrency-transactions Wed, 03 Feb 2021 00:00:00 +0000 2021 Consolidated Appropriations Act Increases Relief for Higher Education The Consolidated Appropriations Act of 2021 (Act), signed by President Trump on December 27, 2020, provides a new COVID-19 relief package including over $22 billion for the Higher Education Emergency Relief Fund (HEERF). Of this emergency funding, 89% ... http://www.schneiderdowns.com/our-thoughts-on/higher-education-relief-increases Wed, 03 Feb 2021 00:00:00 +0000 1099 Reporting for the Transportation Industry Every January, the Schneider Downs tax advisors receive many questions from clients related to the requirement to send or receive the Form 1099. In general, before 2020, any payment for services by a non-employee that is $600 or more should be reported ... http://www.schneiderdowns.com/our-thoughts-on/transportation-industry-1099-reporting Wed, 03 Feb 2021 00:00:00 +0000 State and Local Tax Update for Q4 of 2020 Below is a link to Schneider Down’s Latest State and Local Tax Developments. The state and local tax practice at Schneider Downs has summarized the latest state tax developments for the quarter ended December 31, 2020. This summary includes both ... http://www.schneiderdowns.com/our-thoughts-on/SALT-update-q4-2020 Tue, 02 Feb 2021 00:00:00 +0000 Financial Boot Camp Series: The Many Flavors of Life Insurance. When working with individuals and families, we strive to prepare a comprehensive financial plan that serves as a long-term roadmap to financial success. An aspect of this overall planning process includes reviewing life insurance needs and options. For ... http://www.schneiderdowns.com/our-thoughts-on/flavors-of-life-insurance Thu, 28 Jan 2021 00:00:00 +0000 Timely Tax Opportunities: Eight Immediate Considerations from the Consolidated Appropriations Act According to the Senate Historical Office, the Consolidated Appropriations Act (CAA), at 5,593 pages, is the largest bill in terms of text ever passed by Congress. It was signed into law December 27, 2020 after being approved by both houses of Congress ... http://www.schneiderdowns.com/our-thoughts-on/eight-considerations-consolidated-appropriations-act Wed, 27 Jan 2021 00:00:00 +0000 Malwarebytes Hack Dark Halo Strikes Again Malwarebytes is the fourth cybersecurity vendor hacked by the “Dark Halo” hacker group, the same group behind the attacks on SolarWinds, FireEye and Crowdstrike. What makes these attacks so interesting is how the group uses different attack ... http://www.schneiderdowns.com/our-thoughts-on/malwarebytes-hack-dark-halo-strikes-again Tue, 26 Jan 2021 00:00:00 +0000 IRS Updates Guidance for Filing Delinquent International Information Return Recently, The IRS updated the instructions for the “Delinquent International Information Return Submission Procedure” (DIIRSP). The DIIRSP was announced in 2014 and designed to provide taxpayers with delinquent international information returns, ... http://www.schneiderdowns.com/our-thoughts-on/guidance-filing-delinquent-international-information-return Mon, 25 Jan 2021 00:00:00 +0000 A Privilege Tax for Those who Work from Home? As the pandemic rages on, 56% of Americans have hunkered down with a comfortable work from home setup that rivals their office space, all the while saving money on transportation, parking, lunches, work clothes and other associated costs. There’s ... http://www.schneiderdowns.com/our-thoughts-on/privilege-tax-work-from-home Mon, 25 Jan 2021 00:00:00 +0000 Introducing The Economic Aid Act FAQ Video Series The passage of the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (EAA) has resulted in a number of significant changes to the Paycheck Protection Program (PPP). These new changes offer expanded tax credits, forgivable and low interest ... http://www.schneiderdowns.com/our-thoughts-on/economic-aid-act-faq-video-series Mon, 25 Jan 2021 00:00:00 +0000 Paycheck Protection Program Second Draw Loans Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused by the coronavirus crisis. On December 21, the Consolidated Appropriations Act was passed by both houses of Congress. ... http://www.schneiderdowns.com/our-thoughts-on/paycheck-protection-program-second-draw-loans_1 Mon, 25 Jan 2021 00:00:00 +0000 Additional Funds Available for Colleges and Universities On December 27, 2020, President Donald Trump signed the Coronavirus Response and Relief Supplemental Appropriations Act (“Appropriations Act”), within which the Department of Education (ED) provided an additional $21.2 billion to institutions ... http://www.schneiderdowns.com/our-thoughts-on/additional-funds-colleges-universities Mon, 25 Jan 2021 00:00:00 +0000 You, Your Exit Plan and Your Options When it comes time to enjoy your retirement, you may reach a crossroads in deciding what to do with the business you have built. It is important to take the time to reflect on your goals and timeline in exiting your company, as well as each of your possible ... http://www.schneiderdowns.com/our-thoughts-on/your-exit-plan-options Mon, 25 Jan 2021 00:00:00 +0000 What is the Shuttered Venue Operators (SVO) SBA Grant Program? Live entertainment venues have been hit hard during the pandemic, with many theaters and performance halls completely closed since last March. As part of the Consolidated Appropriations Act, the Small Business Administration (SBA) has been authorized ... http://www.schneiderdowns.com/our-thoughts-on/shuttered-venue-operators-grant-program Fri, 22 Jan 2021 00:00:00 +0000 Treasury Releases Proposed and Final Foreign Tax Credit Regulations The Foreign Tax Credit (FTC) is one U.S. taxpayers can claim on foreign source income to minimize double taxation. There are different types of credit (direct and indirect) and different “baskets,” including Sec. 951A (GILTI) category, passive ... http://www.schneiderdowns.com/our-thoughts-on/treasury-foreign-tax-credit-regulations Thu, 21 Jan 2021 00:00:00 +0000 Interim Final Rule Consolidating Prior Rules and Changes from the Economic Aid Act Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused by the coronavirus crisis. On December 21, the Consolidated Appropriations Act of 2021 (the Act), which included ... http://www.schneiderdowns.com/our-thoughts-on/ifr-consolidating-prior-rules-changes-economic-aid-act Thu, 21 Jan 2021 00:00:00 +0000 Mind Your Ts and Cs Parler, the “free speech” social media platform, has filed suit against Amazon after the cloud provider cut off the application from its AWS hosting services as of January 10th, 2021 at 11:59 pm. The social media app, popular with conservatives, ... http://www.schneiderdowns.com/our-thoughts-on/mind-your-ts-and-cs Wed, 20 Jan 2021 00:00:00 +0000 2020 Credit Available for Natural Gas Producers Since tax year 2016, the marginal well credit (MWC) has created opportunities to reduce taxes for natural gas producers holding an operating interest in qualified wells. A marginal well is defined as a domestic well that has marginal production of crude ... http://www.schneiderdowns.com/our-thoughts-on/natural-gas-producers-2020-credit Wed, 20 Jan 2021 00:00:00 +0000 Are Energy Companies Eligible for the Employee Retention Credit? President Trump signed The Consolidated Appropriations Act (“the Act”) on December 27, 2020, which provides nearly $900 billion in additional aid to families, businesses and individuals. The Act significantly expands the Employee Retention ... http://www.schneiderdowns.com/our-thoughts-on/energy-companies-eligible-employee-retention-credit Tue, 19 Jan 2021 00:00:00 +0000 simpLEASE Accounting Achieves SOC 1 Type 2 Examination Confirming Accounting and Financial Controls Security Lease accounting software provider, Schneider Downs, has announced the successful completion of the Service Organization Control (SOC) 1 Type 2 audit for simpLEASE Accounting.The third-party audit validates the completeness and accuracy of simpLEASE’s ... http://www.schneiderdowns.com/simplease-achieves-soc-1-type-2-examination Mon, 18 Jan 2021 00:00:00 +0000 OMB Releases Holiday Present On December 22, the Office of Management and Budget (OMB) released its long-awaited 2020 Compliance Supplement Addendum (Addendum), intended to be used in conjunction with the 2020 Compliance Supplement to provide additional guidance on COVID-19 expenditures. ... http://www.schneiderdowns.com/our-thoughts-on/omb-releases-holiday-present Mon, 18 Jan 2021 00:00:00 +0000 Learn How Employer-Provided Autos Can Benefit From IRS Notice 2021-7 Do you provide company-owned vehicles to your employees? Are you and/or your employees using the automobile lease valuation rule? As a result of the COVID-19 pandemic, the IRS released Notice 2021-7, which grants temporary relief to those who use the ... http://www.schneiderdowns.com/our-thoughts-on/employer-provided-autos-benefit-irs-notice-20217 Mon, 18 Jan 2021 00:00:00 +0000 Be Aware of Interplay Between the ERC, PPP and Other Payroll-Related Incentives In March 2020, the CARES Act created the Employee Retention Credit (ERC), which allowed qualifying employers of any size to claim a refundable payroll credit for up to 50 percent of qualifying wages, with a maximum of $10,000 per employee ($5,000 of credit). ... http://www.schneiderdowns.com/our-thoughts-on/interplay-between-erc-ppp-other-payroll-related-incentives Mon, 18 Jan 2021 00:00:00 +0000 Consolidated Appropriations Act as it Relates to Individuals At the end of December 2020, President Trump signed the Consolidated Appropriations Act (CCA). While much of the CCA is directed at businesses, there are several key components related to individual taxpayers. Much of the CCA relates to clarification ... http://www.schneiderdowns.com/our-thoughts-on/consolidated-appropriations-act-individuals Mon, 18 Jan 2021 00:00:00 +0000 Why SaaS Start-Ups Should Prioritize SOC 2 Compliance ... http://www.schneiderdowns.com/saas-startups-need-to-prioritize-soc-2 Fri, 15 Jan 2021 00:00:00 +0000 Consolidated Appropriations Act 501(c)(6) Organizations Qualify for PPP Funding With the passing of the of the Consolidated Appropriations Act, 2021 (the Act) on December 27, 2020, organizations exempt under Internal Revenue Code Section 501(c)(6) are now eligible for the original Payroll Protection Program (“PPP”) loan ... http://www.schneiderdowns.com/our-thoughts-on/501c6-organizations-ppp-funding Thu, 14 Jan 2021 00:00:00 +0000 Where Cybersecurity and Fiduciary Responsibility Meet It’s rare to go a day without seeing a headline about a data breach, fraud, ID theft, or some other cybersecurity issue occurring. It’s a constant battle that businesses and organizations have to wage to stay ahead of hackers and fraudsters ... http://www.schneiderdowns.com/our-thoughts-on/where-cybersecurity-and-fiduciary-responsibility-meet Thu, 14 Jan 2021 00:00:00 +0000 U.S. Infrastructure Not Making the Grade We have all complained about the state of our highways, bridges, and transportation in general. But how bad is it really? Turns out, its bad. Every four years, the American Society of Civil Engineers (ASCE) publishes The Report Card for America’s ... http://www.schneiderdowns.com/our-thoughts-on/us-infrastructure-asce-grade Thu, 14 Jan 2021 00:00:00 +0000 Large Declines Expected for 2020 PA Impact Fee Collections In early January, the Pennsylvania Independent Fiscal Office (PA IFO) released its impact fee estimate for 2020. Total impact fee revenues are expected to be $144.85 million, representing a 28% decrease from 2019’s revenue of $200.37 million. This ... http://www.schneiderdowns.com/our-thoughts-on/2020-pa-impact-fee-collections-declines Wed, 13 Jan 2021 00:00:00 +0000 New $67 User Fee for Estate Tax Closing Letters Proposed by IRS The IRS issued Proposed Regulations (REG-114615-16) on December 31, 2020 that would establish a new user fee of $67 for authorized persons who wish to request an estate tax closing letter. An estate tax closing letter is a nonbinding acknowledgement by ... http://www.schneiderdowns.com/our-thoughts-on/user-fee-for-estate-tax-closing Wed, 13 Jan 2021 00:00:00 +0000 Meal and Beverage Expenses Fully Deductible for the Next Two Years When President Trump signed into law the recently passed stimulus legislation known as the Consolidated Appropriations Act (Act), most discussion and concern focused on the Payroll Protection Loan program and whether expenses would be deductible that ... http://www.schneiderdowns.com/our-thoughts-on/meal-and-beverage-expenses-fully-deductible-for-the-next-two-years Wed, 13 Jan 2021 00:00:00 +0000 Oil & Gas New 1099 Reporting Requirement - Form 1099-NEC Historically, Form 1099-MISC has been used to report miscellaneous income – which includes nonemployee compensation – to persons who perform services for a business over the course of the year. Beginning in tax year 2020, the IRS will require ... http://www.schneiderdowns.com/our-thoughts-on/oil-gas-new-form-1099-nec Wed, 13 Jan 2021 00:00:00 +0000 Pennsylvania Revises EITC and OSTC Credit Guidelines for 2020 As a result of circumstances surrounding the ongoing COVID-19 pandemic, Pennsylvania has enacted numerous changes to the Educational Improvement Tax Credit (EITC) and the Opportunity Scholarship Tax Credit (OSTC) programs for 2020. EITC and OSTC Changes ... http://www.schneiderdowns.com/our-thoughts-on/2020-pa-eitc-and-ostc-credit-guidelines Wed, 13 Jan 2021 00:00:00 +0000 Update to Paycheck Protection Program Second Draw Loans Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused by the coronavirus crisis. On December 21, 2020, the Consolidated Appropriations Act (the Act) was passed by ... http://www.schneiderdowns.com/our-thoughts-on/update-ppp-second-draw-loans Fri, 08 Jan 2021 00:00:00 +0000 Interim Final Rule PPP as Amended by the Economic Aid Act Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused by the coronavirus crisis. On December 21, 2020, the Consolidated Appropriations Act of 2021 (the Act) was passed ... http://www.schneiderdowns.com/our-thoughts-on/interim-final-rule-ppp-economic-aid-act Fri, 08 Jan 2021 00:00:00 +0000 Revisiting Debt Modifications As companies continue to apply for Paycheck Protection Program (PPP) loan forgiveness and many wait to hear from the U.S. Small Business Administration on the status of their applications, accounting personnel are having to revisit the Financial Accounting ... http://www.schneiderdowns.com/our-thoughts-on/revisiting-debt-modifications Thu, 07 Jan 2021 00:00:00 +0000 PPP Recipients Now Eligible for the Employee Retention Credit! The CARES Act signed into law in March of 2020, includes a refundable payroll tax credit called the Employee Retention Credit (ERC), under which tax-exempt organizations could receive up to $5,000 per employee for calendar year 2020 if certain eligibility ... http://www.schneiderdowns.com/our-thoughts-on/ppp-eligible-employee-retention-credit Thu, 07 Jan 2021 00:00:00 +0000 What Is in the Second Round of Stimulus for Nonprofits? There is no question that nonprofits have faced challenges in the wake of the pandemic. In some cases, the demand for services provided by many nonprofits has increased substantially, making it a challenge for them to keep up with demand or ensure that ... http://www.schneiderdowns.com/our-thoughts-on/second-round-stimulus-nonprofits Thu, 07 Jan 2021 00:00:00 +0000 Postcard from Prime Globals International Tax Session Every January, Prime Global hosts its annual North American Tax and Business Assurance Conference. This year is no exception. Well, except for the location, of course! No warm climate or sunny locale this year; I participated from my home office. On January ... http://www.schneiderdowns.com/our-thoughts-on/prime-globals-international-tax-session-postcard Thu, 07 Jan 2021 00:00:00 +0000 Behind the Numbers in ISMs Q4 Report on Business On January 5, the Institute for Supply Management (ISM) released its latest Report on Business, a monthly publication that examines industry trends and statistics within the manufacturing sector. The composite Purchasing Managers Index (PMI), referenced ... http://www.schneiderdowns.com/our-thoughts-on/isms-q4-report-on-business Thu, 07 Jan 2021 00:00:00 +0000 Brian Matthews outlines changes to PPP with the Pittsburgh Business Times ... http://www.schneiderdowns.com/changes-to-ppp Tue, 05 Jan 2021 00:00:00 +0000 179D Energy Efficient Commercial Building Deduction Made Permanent On December 27, President Trump signed into law the Consolidated Appropriations Act, 2021 (the Act), a provision of which makes the Energy Efficient Commercial Building Deduction (179D) permanent. Originally passed as part of the Energy Policy Act of ... http://www.schneiderdowns.com/our-thoughts-on/179d-energy-efficient-commercial-building Tue, 05 Jan 2021 00:00:00 +0000 Troy Fine Provides Insight on CMMC in 2021 Troy J. Fine, Senior Manager of Risk Advisory Services at Schneider Downs, spoke with Ryan Boder of AncorMyData.com on how DIB contractors can get started with CMMC in the new year. ... http://www.schneiderdowns.com/cmmc-insight-2021 Thu, 31 Dec 2020 00:00:00 +0000 The Latest Stimulus Package Enhances the Employee Retention Credit In March 2020, the CARES Act created the Employee Retention Credit (“ERC”), which allowed qualifying employers of any size to claim a refundable payroll credit for up to 50% of qualifying wages, with a maximum of $10,000 per employee ($5,000 ... http://www.schneiderdowns.com/our-thoughts-on/stimulus-package-enhances-employee-retention-credit Tue, 29 Dec 2020 00:00:00 +0000 Shuttered Venue Operator Grants Provided Under the Consolidated Appropriations Act, 2021 The Consolidated Appropriations Act, 2021 (Act) was signed by President Trump on December 28, 2020. Included in the Act is $15 billion in funding reserved for the Small Business Administration (SBA) to make grants to “shuttered venue operators.” ... http://www.schneiderdowns.com/our-thoughts-on/shuttered-venue-operator-grants-provided Tue, 29 Dec 2020 00:00:00 +0000 Your Exempt Status Has Been Revoked "Your exempt status has been revoked." That sentence is the last thing a tax-exempt organization wants to read. Yet, the IRS sent out a wave of letters in late October 2020 indicating the revocation of tax-exempt statuses to unexpecting organizations. ... http://www.schneiderdowns.com/our-thoughts-on/exempt-status-revoked Mon, 28 Dec 2020 00:00:00 +0000 Economic Impact on Multiemployer Pension Plans Multiemployer pension plans have been facing significant difficulties over the past several years, and the COVID-19 pandemic continues to add more barriers to keep these plans afloat. Sponsors of these pension plans have to manage workforce availability ... http://www.schneiderdowns.com/our-thoughts-on/economic-impact-multiemployer-pension-plans Mon, 28 Dec 2020 00:00:00 +0000 Social Security Tax Deferral and Repayment Explained On August 28, the IRS issued Notice 2020-65 to provide further clarification regarding a presidential memorandum that permits employers to defer the withholding and submission of the employee portion of Social Security taxes from September 1 through December ... http://www.schneiderdowns.com/our-thoughts-on/social-security-tax-deferral-repayment-explained Mon, 28 Dec 2020 00:00:00 +0000 2020 Schneider Downs Manufacturers Economic Survey Results Released Each year, Schneider Downs collects insights from leaders in the manufacturing industry through our annual Manufacturers’ Economic Survey. This year, our survey participants shared their perspectives on a wide array of topics including: the 2020 ... http://www.schneiderdowns.com/our-thoughts-on/2020-manufacturers-economic-survey-results Mon, 28 Dec 2020 00:00:00 +0000 The Top Ten Most Common Passwords of 2020 As we approach the end of the calendar year, NordPass has released their list of the 200 most common passwords of 2020. While there are a number of the usual suspects listed, senha (Portuguese for password) and picture1 were new entries on the list, and ... http://www.schneiderdowns.com/our-thoughts-on/the-most-common-passwords-of-2020 Mon, 28 Dec 2020 00:00:00 +0000 Paycheck Protection Program Second Draw Loans Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused by the coronavirus crisis. On December 21, 2020, the Consolidated Appropriations Act (the Act) was passed by ... http://www.schneiderdowns.com/our-thoughts-on/paycheck-protection-program-second-draw-loans Wed, 23 Dec 2020 00:00:00 +0000 Round Two of Economic Injury Disaster Loan Advances Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused by the coronavirus crisis. On December 21, 2020, the Consolidated Appropriations Act (the Act) was passed by ... http://www.schneiderdowns.com/our-thoughts-on/round-two-injury-disaster-loan-advances Wed, 23 Dec 2020 00:00:00 +0000 Revisions to the Paycheck Protection Program Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused by the coronavirus crisis. On December 21, 2020, the Consolidated Appropriations Act (the Act) was passed by ... http://www.schneiderdowns.com/our-thoughts-on/paycheck-protection-program-revisions Wed, 23 Dec 2020 00:00:00 +0000 Coronavirus Relief Bill Includes Retirement Plan Relief The $900 billion coronavirus relief package, which is expected to be approved by President Trump in the coming days, includes some good news for retirement plan sponsors. The massive 5,600-page bill includes a “temporary rule preventing partial ... http://www.schneiderdowns.com/our-thoughts-on/coronavirus-relief-bill-retirement-plan Tue, 22 Dec 2020 00:00:00 +0000 Next Round of Coronavirus Economic Stimulus on the Way After months of negotiating, Congress has finally agreed to additional COVID-19 relief. The Emergency Coronavirus Response Relief Act, 2021, expected to be incorporated into a larger overall spending bill, contains $900 billion of emergency funds. The ... http://www.schneiderdowns.com/our-thoughts-on/next-round-coronavirus-economic-stimulus Mon, 21 Dec 2020 00:00:00 +0000 Still No Change in the Nondeducibility of PPP-funded Costs The IRS issued Rev. Rul. 2020-27 on November 18, 2020 affirming that a taxpayer who receives a covered loan guaranteed under the Paycheck Protection Program (PPP) and paid or incurred certain otherwise deductible expenses listed in section 1106(b) of ... http://www.schneiderdowns.com/our-thoughts-on/nondeducibility-pppfunded-costs Thu, 17 Dec 2020 00:00:00 +0000 COVID-19 Fraud Risks: Remote Working, Internal Controls and Corporate Disbursement Fraud The COVID-19 pandemic has changed where we work, how we work and ultimately how companies execute and sustain their internal control environment. Recent studies show that the top 5 fraud schemes have increased on an average of about 85% through 2020 due ... http://www.schneiderdowns.com/our-thoughts-on/covid19-fraud-risks-remote-working Thu, 17 Dec 2020 00:00:00 +0000 PCAOB Critical Audit Matter Interim Report (Release No. 2020-002) On October 29, 2020, the PCAOB released its Interim Analysis Report on the initial impact of critical audit matter (CAM) requirements on key stakeholders in the audit process. Included in the 2017 changes to PCAOB Auditing Standard 3101, auditors are ... http://www.schneiderdowns.com/our-thoughts-on/pcaob-critical-audit-matter-interim-report Mon, 14 Dec 2020 00:00:00 +0000 Third Party Risk Management Virtual Assessments Forced by Pandemic Due to the COVID-19 pandemic companies have been mandated to work remote as much as possible to with over 95% of all business travel paused and employees being required to work outside of traditional work environments, including client site visits, conferences ... http://www.schneiderdowns.com/our-thoughts-on/tprm-virtual-assessments-forced-by-pandemic Mon, 14 Dec 2020 00:00:00 +0000 Paycheck Protection Program Loan Necessity Questionnaire FAQ Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused by the coronavirus crisis. In November we wrote about the release of Forms 3509 and 3510, which were intended ... http://www.schneiderdowns.com/our-thoughts-on/paycheck-protection-program-loan-necessity-questionnaire-faq Mon, 14 Dec 2020 00:00:00 +0000 A Look at Some Ongoing Trends in the Construction Industry As we head into 2021, it’s time to embrace some innovative new developments under way within the construction industry. Over the past year, there have been significant changes due to the COVID-19 pandemic that have led us to pay closer attention ... http://www.schneiderdowns.com/our-thoughts-on/ongoing-construction-industry-trends Mon, 14 Dec 2020 00:00:00 +0000 Unreported Income Notices En Route Taxpayers who have not filed an amended Ohio Individual Income Tax Return after resolving a CP2000 audit with the IRS should be on the lookout for a CP2000 income tax billing notice. The Ohio Department of Taxation (ODT) began mailing notices for tax ... http://www.schneiderdowns.com/our-thoughts-on/unreported-income-notices-en-route Mon, 14 Dec 2020 00:00:00 +0000 Taxation Implications for Foreign Nationals Working in the United States, in a Nutshell PART 1 Today’s global workforce is evolving, and many American companies with international employees find they often need assistance in comprehending the tax implications pertinent to the foreign nationals who work for them. The U.S. imposes taxes on ... http://www.schneiderdowns.com/our-thoughts-on/foreign-nationals-working-in-us-tax Thu, 10 Dec 2020 00:00:00 +0000 Manufacturing - State of the Industry While 2020 has been challenging, the manufacturing industry continued to perform well in the third quarter of 2020. According to an article released by Bloomberg, U.S. manufacturing output increased for a sixth consecutive month leading up to October ... http://www.schneiderdowns.com/our-thoughts-on/manufacturing-state-of-the-industry Thu, 10 Dec 2020 00:00:00 +0000 Financial Boot Camp Series: Sign Me Up For Insurance Says no one ever. Why is that? Because that means you have to pay for something that may never benefit you. Another reason why people tend to avoid buying insurance is due to the pushy sales culture within the insurance industry. In this article, we are ... http://www.schneiderdowns.com/our-thoughts-on/sign-me-up-for-insurance Wed, 09 Dec 2020 00:00:00 +0000 LIFETIME INCOME DISCLOSURES Statement changes coming On September 18, 2020 the U.S. Department of Labor (DOL) published an interim final rule under the Setting Every Community Up for Retirement Enhancement (SECURE) Act that would require 401(k) plan sponsors to annually disclose lifetime income estimates ... http://www.schneiderdowns.com/our-thoughts-on/statement-changes-coming Wed, 09 Dec 2020 00:00:00 +0000 Impact of Gifting Ownership Interest on PPP Loan Procedures If you are considering gifting your ownership interest in a business that has a PPP loan, that transfer may have complicated implications on ownership procedures. The Paycheck Protection Program (PPP) was created by the Small Business Administration (SBA) ... http://www.schneiderdowns.com/our-thoughts-on/gifting-ownership-interest-ppp-loan Thu, 03 Dec 2020 00:00:00 +0000 Data Analytics: Where to Start? At the heart of every successful business and organization is the underlying data within the entity’s operating system. Data has been, is and will continually be a key component to shaping financial decisions and building better businesses. As data ... http://www.schneiderdowns.com/our-thoughts-on/data-analytics-where-to-start Thu, 03 Dec 2020 00:00:00 +0000 Secrets Revealed: What Your Third Party Auditors Dont Want You to Know When it comes to matters of IT security assurance, there is at least one guaranteed “assurance” – that there’s no one-size-fits-all approach to IT security. Our IT Risk & Compliance and Cybersecurity teams at Schneider Downs ... http://www.schneiderdowns.com/our-thoughts-on/what-your-third-party-auditors-dont-want-you-to-know Wed, 02 Dec 2020 00:00:00 +0000 Chronicles of a Penetration Tester The massive shift to a remote workforce landscape has expanded the technology perimeter for most organizations and correspondingly increased their overall exposure to the most common cybersecurity threats of 2020. Throughout these challenging times, the ... http://www.schneiderdowns.com/our-thoughts-on/chronicles-of-a-penetration-tester Tue, 01 Dec 2020 00:00:00 +0000 Financial Factors in Selecting Plan Investments-Final Rule Ethically responsible investing has been a hot topic in recent years. In response to increasing demand from investors, a new class of “sustainable investing” vehicles – that is, investments that focus on non-pecuniary interests such ... http://www.schneiderdowns.com/our-thoughts-on/selecting-plan-investments Mon, 30 Nov 2020 00:00:00 +0000 Women in Politics This article is the next installment of our Women’s Suffrage series celebrating the 100th anniversary of the 19th Amendment, which in 1920 provided women in the U.S. the legal right to vote in 38 of the then 48 American states. The movement started ... http://www.schneiderdowns.com/our-thoughts-on/women-in-politics Wed, 25 Nov 2020 00:00:00 +0000 Fraud Risk Assessments What your Organization Should Consider Fraud. The dreaded word no organization wants to hear. Or do you? I would say it’s one word you do want to hear – and talk about – well before it happens to your institution. Combating fraud is always a challenge, and with recent indicators ... http://www.schneiderdowns.com/our-thoughts-on/fraud-risk-assessments Wed, 25 Nov 2020 00:00:00 +0000 Successfully Transitioning Significant Processes During Business Succession When preparing to exit their business, many owners will need to hand off the tasks for which they have always been responsible. It comes with the territory of owning and operating a company. Owners face the challenge of effectively transitioning responsibilities ... http://www.schneiderdowns.com/our-thoughts-on/transitioning-business-processes Wed, 25 Nov 2020 00:00:00 +0000 Selling Your Business to the Next Generation While Deferring Tax Liability and Supporting a Favorite Charity Many people who seek estate planning advice are the owners of family businesses. As such, one of their critical concerns is how to pass the business on to the next generation. Consider this hypothetical. George, age 63, is the sole shareholder of Brick ... http://www.schneiderdowns.com/our-thoughts-on/selling-business-next-generation Tue, 24 Nov 2020 00:00:00 +0000 Tracking and Communicating COVID-19 at Your College or University Many U.S. colleges and universities have taken to publishing information related to COVID-19 cases on their campus online dashboard. These helpful consoles are meant to provide a measure of comfort and give reopening colleges a way to present themselves ... http://www.schneiderdowns.com/our-thoughts-on/tracking-covid19-college-university Tue, 24 Nov 2020 00:00:00 +0000 Your Cyber Program is only as Strong as Your Weakest Link - Including Your Vendors While independent studies have repeatedly shown roughly three out of five reported data breaches stem from a third-party relationship, the simple fact of the matter is that many organizations still cannot effectively quantify their cyber risk attributable ... http://www.schneiderdowns.com/our-thoughts-on/your-cyber-program-is-only-as-strong-as-your-weakest-link Mon, 23 Nov 2020 00:00:00 +0000 Tis the Season Cybersecurity and Holiday Shopping The holiday season has traditionally brought out cyber criminals looking to take advantage of the influx of online consumer activity, and in a year where online shopping is primed to be at an all-time high due to the affects of coronavirus, threat actors ... http://www.schneiderdowns.com/our-thoughts-on/tis-the-season-cybersecurity-and-holiday-shopping Thu, 19 Nov 2020 00:00:00 +0000 International Trade Deal Creates the Worlds Largest Trading Bloc On November 15th, fifteen counties joined together to form the Regional Comprehensive Economic Partnership (RCEP). The trade pact covers nearly one third of the global economy and is made of up of the following Asia - Pacific nations: China, Japan, South ... http://www.schneiderdowns.com/our-thoughts-on/largest-trading-bloc Thu, 19 Nov 2020 00:00:00 +0000 Schneider Downs Named PTC Tech 50 Cybersecurity Innovator of the Year Schneider Downs was named the 2020 Pittsburgh Tech Council’s Cybersecurity Innovator of the Year. The Pittsburgh Technology Council’s Tech 50 Awards honor technology innovation in the greater Pittsburgh region. “This is an enormous recognition ... http://www.schneiderdowns.com/tech-50-cybersecurity-innovator-of-the-year Mon, 16 Nov 2020 00:00:00 +0000 How Third Party Risk Management Caters to Your Organization Imagine you are hosting a dinner party. You hired the caterer, queued up the Spotify playlist, and you uncorked the responsibly priced chilled champagne. You are ready to go. The guests arrive and start socializing as they dig into the hors d’oeuvres ... http://www.schneiderdowns.com/our-thoughts-on/how-third-party-risk-management-caters-to-your-organization Mon, 16 Nov 2020 00:00:00 +0000 International Fraud Awareness Week 2020 Schneider Downs is proud to once again be a supporter of the Association of Certified Fraud Examiners (ACFE) annual International Fraud Awareness Week. The ACFE established Fraud Week back in 2000 as a way to raise awareness of fraud, and we’ve ... http://www.schneiderdowns.com/our-thoughts-on/international-fraud-awareness-week-2020 Mon, 16 Nov 2020 00:00:00 +0000 Coronavirus Fraud: Unfortunately, We Told You So As my colleague Bernie Rafferty predicted in April, people attempt to take advantage of situations arising from natural disasters or man-made crises and commit fraud. While the Paycheck Protection Program (PPP) was not yet established when he wrote his ... http://www.schneiderdowns.com/our-thoughts-on/coronavirus-fraud-unfortunately-we-told-you-so Mon, 16 Nov 2020 00:00:00 +0000 Employee Refund Fraud at Amazon Amazon is the largest online merchant and one of the largest overall retailers in the world, with reported net sales of $96 billion in just the 3rd quarter of 2020 ($260 billion for 2020, year-to-date). Like every organization, though, Amazon must diligently ... http://www.schneiderdowns.com/our-thoughts-on/employee-refund-fraud-at-amazon Mon, 16 Nov 2020 00:00:00 +0000 How Descriptive, Diagnostic, Predictive and Prescriptive Analytics Can Be Used To Stop Fraud in Its Tracks Fraud analytics is a somewhat abstract concept to explain, but becomes easier once you break it down into its core concepts – analytics, the analysis of data or statistics, and fraud – wrongful deception intended to result in financial gain. ... http://www.schneiderdowns.com/our-thoughts-on/how-analytics-can-be-used-to-stop-fraud-in-its-tracks Mon, 16 Nov 2020 00:00:00 +0000 Fake News or Fake Truck? Hindenburg Alleges Nikola One Videos Were Faked Nikola Motor Company (“Nikola”) is an Arizona-based startup company that designs and manufactures electric components, drivetrains and vehicles. In June of 2020, Nikola was valued at around $12 billion and in September, announced a manufacturing ... http://www.schneiderdowns.com/our-thoughts-on/fake-news-or-fake-truck-hindenburg-alleges-nikola-one-videos-were-faked Mon, 16 Nov 2020 00:00:00 +0000 Key Value Indicators in Evaluating a Business When looking to execute a transaction such as selling your business, it is often beneficial to put yourself in the shoes of the buyer, to determine what characteristics are seen as favorable or unfavorable to the market. A sophisticated buyer is going ... http://www.schneiderdowns.com/our-thoughts-on/value-indicators-evaluating-business Wed, 11 Nov 2020 00:00:00 +0000 Postcard from Schneider Downs Construction Industry Webinar Due to Coronavirus pandemic-related reasons, travel plans for many of us have been very limited since March 2020. Trips and stories about travel to the Outer Banks, Disney, Yellowstone or the Grand Canyon have been replaced with travel to exotic locations ... http://www.schneiderdowns.com/our-thoughts-on/construction-industry-webinar-postcard Wed, 11 Nov 2020 00:00:00 +0000 Secure Act in the Presence of COVID-19 The Internal Revenue Service (IRS) recently released IRS Notice 2020-68 to provide guidance for employers implementing the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which was signed into law by President Trump in December 2019. ... http://www.schneiderdowns.com/our-thoughts-on/secure-act-covid19 Wed, 11 Nov 2020 00:00:00 +0000 Prop 24 passes in California What is it? What does it mean for privacy? The United States election of November 3, 2020 featured a big win for consumer privacy. 56% of California residents approved Proposition 24 by voting “Yes” to the measure on their ballots. So, what is Prop 24, what does it mean for privacy, ... http://www.schneiderdowns.com/our-thoughts-on/prop-24-passes-california Wed, 11 Nov 2020 00:00:00 +0000 CONFINDEX Remains Unchanged for Q3 2020 The Construction Financial Management Association (CFMA) surveys construction management professionals quarterly to assess the outlook of the industry. Respondents are asked eight questions related to: • Current Business Conditions • Future ... http://www.schneiderdowns.com/our-thoughts-on/confindex-unchanged-q3-2020 Wed, 11 Nov 2020 00:00:00 +0000 PA Unemployment Compensation Benefits Charges Update This article is a follow-up to our previous article regarding PA Unemployment Compensation Covid-19 Relief published on July 17, 2020. The Pennsylvania Office of Unemployment Compensation has subsequently provided additional guidance on unemployment compensation ... http://www.schneiderdowns.com/our-thoughts-on/pa-unemployment-compensation-benefits-update Wed, 11 Nov 2020 00:00:00 +0000 The 5Ws and H of Third-Party Risk Management If you’re questioning whether third-party risk management (TPRM) applies to you or your organization, you’re in the right place. And I’ll give you a hint… yes, it does. Third-party risk should be a concern of everyone on both ... http://www.schneiderdowns.com/our-thoughts-on/the-5ws-and-h-of-third-party-risk-management Mon, 09 Nov 2020 00:00:00 +0000 How to Review a Vendors SOC Report When Microsoft reported a 12% increase in revenue in their latest quarterly earnings report, the company attributed much of that growth to the ongoing development of businesses continuing to migrate to the cloud. In what’s been a turbulent 2020, ... http://www.schneiderdowns.com/our-thoughts-on/how-to-review-a-vendors-soc-report Mon, 09 Nov 2020 00:00:00 +0000 Paycheck Protection Program Forms 3509 and 3510 In late October, the U.S. Small Business Administration (SBA) requested approval from the Office of Management and Budget (OMB) to collect certain information on borrowers with Paycheck Protection Program (PPP) loans in excess of $2 million. The SBA is ... http://www.schneiderdowns.com/our-thoughts-on/ppp-forms-3509-3510 Fri, 06 Nov 2020 00:00:00 +0000 Compliance and Third Party Risk Management: A Function for Continued Success Third Party Risk Management (TPRM) has always been a compliance hurdle that seems to be a 9-headed monster, due to the ever-evolving headaches associated with vendor onboarding/off boarding, due diligence, the RFP process, legal obligations, contractual ... http://www.schneiderdowns.com/our-thoughts-on/compliance-and-third-party-risk-management-a-function-for-continued-success Wed, 04 Nov 2020 00:00:00 +0000 Preliminary Observations on Tax Implications of 2020 Elections It’s 6:00 a.m. on Wednesday, November 4; the day after the theoretical election day. Two critical national election outcomes are still unknown: Who won the presidency? Which party controls the Senate? The outcome may not be known for days (particularly ... http://www.schneiderdowns.com/our-thoughts-on/preliminary-tax-implications-2020-elections Wed, 04 Nov 2020 00:00:00 +0000 Election Day Winner: Data Chris Kosty, CPA, CIDA – Manager ADAPT (Automation & Data Analytic Process Team) As I watched the election coverage on TV, I found myself focused not on the opinions of political pundits, but rather on what was going on behind the scenes to ... http://www.schneiderdowns.com/our-thoughts-on/election-day-winner-data Wed, 04 Nov 2020 00:00:00 +0000 2021 Retirement Plan Limitations On October 26, 2020, the Internal Revenue Service announced the cost-of-living adjustments (COLA) that will take effect on January 1, 2021 (IRS Notice 2020-79). These COLAs affect various contribution and deduction limits for qualified retirement plans, ... http://www.schneiderdowns.com/our-thoughts-on/2021-retirement-plan-limitations Tue, 03 Nov 2020 00:00:00 +0000 The CPA Evolution With numerous advancements in technology, as well as expansion of the Internal Revenue Code and modifications to auditing standards, the accounting profession has changed significantly over the past few decades. As such, the role of the CPA as a professional ... http://www.schneiderdowns.com/our-thoughts-on/the-cpa-evolution Tue, 03 Nov 2020 00:00:00 +0000 Projected Estate and Gift Tax Changes Announced by the IRS for 2021 The Internal Revenue Service announced in Rev. Proc. 2020-45 that the unified credit against estate tax and generation skipping transfer tax exemption will continue to rise in 2021 based on new numbers that have been adjusted for inflation, while the ... http://www.schneiderdowns.com/our-thoughts-on/projected-estate-gift-tax-changes-irs-2021 Tue, 03 Nov 2020 00:00:00 +0000 EU Provides Guidance on the New E-Commerce VAT Rules VAT, or value-added tax, is a tax levied on the purchase of a product or service whenever value is added to such product or service until the final point of sale to the end consumer, and is essentially the equivalent of U.S. sales tax. The European Commission ... http://www.schneiderdowns.com/our-thoughts-on/eu-guidance-new-ecommerce-vat-rules Tue, 03 Nov 2020 00:00:00 +0000 The IRS Wants to Verify Your IdentityWait, Is This a Scam? What happens when you get a letter from the Internal Revenue Service? Panic Skepticism that it’s a phishing scam A little of each Some clients have recently received IRS Letter 5071C, which seeks to confirm the identity of the taxpayer. These have ... http://www.schneiderdowns.com/our-thoughts-on/irs-verify-identity-scam Fri, 30 Oct 2020 00:00:00 +0000 Ransomware Attack Disrupts Popular Sports Gambling Sites On May 14, 2018, the Supreme Court lifted the federal ban on sports gambling. Since then, twenty-two states, as well as Washington D.C. have allowed, or plan to allow, sports gambling to take place in some form (Pennsylvania being one of them). If you ... http://www.schneiderdowns.com/our-thoughts-on/stats-perform-ransomware-attack-disrupts-popular-sports-gambling-sites Thu, 29 Oct 2020 00:00:00 +0000 S Corporation Rollover Equity Involve Your CPA Early and Often When selling your closely held or family-owned business, there are often multiple structures that warrant consideration. Should you sell your assets or your stock? Should you defer a portion of the purchase price? What are the tax consequences? Should ... http://www.schneiderdowns.com/our-thoughts-on/s-corporation-rollover-equity Thu, 29 Oct 2020 00:00:00 +0000 FASB Issues Accounting Standards Update for Not-for-Profit Entities on Contributed Nonfinancial Assets On September 17, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-07 related to Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. Entities that receive contributed ... http://www.schneiderdowns.com/our-thoughts-on/fasb-issues-accounting-standards-update-for-notforprofit-entities-contributed-nonfinancial-assets Thu, 29 Oct 2020 00:00:00 +0000 IRS Releases New Proposed Partnership Schedules (K-2 and K-3) for International Tax Reporting If you’re a U.S. partnership with international items of relevance (i.e., foreign partners or foreign activities), you will likely be required to file new Schedules K-2 and K-3 for 2021 tax year (2022 filing season), along with Schedule K-1. The ... http://www.schneiderdowns.com/our-thoughts-on/irs-releases-new-proposed-partnership-schedules-international-tax-reporting Thu, 29 Oct 2020 00:00:00 +0000 Reshoring and Manufacturers Reshoring is the practice of bringing manufacturing jobs and services back to the United States—jobs that had been previously lost to offshoring efforts. In the past 40 years, an estimated three million to five million domestic manufacturing jobs ... http://www.schneiderdowns.com/our-thoughts-on/reshoring-manufacturers Tue, 27 Oct 2020 00:00:00 +0000 CARES Act Funding to Help Ohioans Impacted by COVID-19 On Friday October 23rd, Ohio Governor Mike DeWine and Lt. Governor Jon Husted announced that the administration, in partnership with the General Assembly, is developing a package of more than $419.5 million CARES Act funding to help Ohioans. This package ... http://www.schneiderdowns.com/our-thoughts-on/cares-act-funding-help-ohioans-impacted-covid19 Mon, 26 Oct 2020 00:00:00 +0000 Reflections from the Recent Employee Benefit Plan Season If you’re a plan sponsor, you may breathe a sigh of relief now that the October 15 filing deadline is over. Reflecting back on this benefit plan season, it was more challenging than prior years for both plan sponsors and audit teams due to remote ... http://www.schneiderdowns.com/our-thoughts-on/reflections-recent-employee-benefit-plan-season Mon, 26 Oct 2020 00:00:00 +0000 Third Party Risk Management Planning During COVID-19 2020 introduced many unforeseen circumstances across the world with very few companies prepared to tackle the challenges that a global pandemic such as COVID-19 brought to light. When the pandemic hit, most organizations had informal ideas that were loosely ... http://www.schneiderdowns.com/our-thoughts-on/third-party-risk-management-planning-during-covid19 Mon, 26 Oct 2020 00:00:00 +0000 Ransomware Victims May Now Face Federal Fines On October 1st, 2020 the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) released an advisory on potential consequences for facilitating payments to groups running ransomware operations. OFAC's Advisory on Potential Sanctions ... http://www.schneiderdowns.com/our-thoughts-on/ransomware-victims-may-now-face-federal-fines Fri, 23 Oct 2020 00:00:00 +0000 Using External Data and Process Automation to Enhance Analysis As anyone who has paid attention to the stock market over the past six months could attest, the amount of price variation on any given day has been overwhelming. Although I am more of a boring index-fund guy, I often find myself daydreaming of investing ... http://www.schneiderdowns.com/our-thoughts-on/external-data-process-automation-analysis Wed, 21 Oct 2020 00:00:00 +0000 Financial Boot Camp Series: Focus on What You Can Control to Increase After-Tax Performance 2020 has certainly been an interesting year and again has reminded investors that they only have direct control over a precious few variables. These include how aggressive or conservative their portfolio is constructed, in which accounts they hold various ... http://www.schneiderdowns.com/our-thoughts-on/increase-after-tax-performance Wed, 21 Oct 2020 00:00:00 +0000 The Hardware Failure That Took Down The Tokyo Stock Exchange On October 1, the Tokyo Stock Exchange (TSE) was halted for a complete day due to an issue IT professionals tend to overlook, a piece of hardware. A crucial data storage and distribution device dubbed “Arrowhead” had malfunctioned, and the ... http://www.schneiderdowns.com/our-thoughts-on/the-hardware-failure-that-took-down-the-tokyo-stock-exchange Wed, 21 Oct 2020 00:00:00 +0000 Schneider Downs Shortlisted for PTC Tech 50 Cybersecurity Innovator of the Year Award Schneider Downs has been shortlisted as a finalist for the Pittsburgh Technology Council’s Cybersecurity Innovator of the Year 2020 Tech 50 Award. The Pittsburgh Technology Council’s Tech 50 Awards honor technology innovation in the greater ... http://www.schneiderdowns.com/shortlisted-ptc-tech-50-cybersecurity-award Tue, 20 Oct 2020 00:00:00 +0000 Schneider Downs Shortlisted for PTC Tech 50 Cybersecurity Award Schneider Downs is proud to be named a finalist for the Pittsburgh Technology Council's 2020 Tech 50 Cybersecurity Award. The PTC Tech 50 Awards recognize technology innovation in the southwestern Pennsylvania region, and finalists were selected based ... http://www.schneiderdowns.com/our-thoughts-on/schneider-downs-shortlisted-for-ptc-tech-50-cybersecurity-award Tue, 20 Oct 2020 00:00:00 +0000 Third Party Risk Management in 2020: What Weve Seen Chaos and disruption has been the story thus far in 2020 and the world of third party risk management has been no exception. Knowing how your organization’s data is being handled and protected by your third parties has always been a challenge and ... http://www.schneiderdowns.com/our-thoughts-on/third-party-risk-management-in-2020-what-weve-seen Tue, 20 Oct 2020 00:00:00 +0000 IRS Issues Final Regulations for Non-Grantor Trust Deductions The IRS has issued final regulations on the deductions available to estates and non-grantor trusts. Under the Tax Cuts and Jobs Act, which was enacted in December, 2017, certain miscellaneous itemized deductions are disallowed. However, these recently ... http://www.schneiderdowns.com/our-thoughts-on/final-regulations-nongrantor-trust-deductions Thu, 15 Oct 2020 00:00:00 +0000 Dont Forget About Your HEERF Reporting Requirements The Department of Education (ED) conducted a webcast October 14 to clarify a few of the requirements pertinent to disbursements it made under the Higher Education Emergency Relief Fund (HEERF). Institutions that received funds under A-1, A-2 or A-3 are ... http://www.schneiderdowns.com/our-thoughts-on/dont-forget-heerf-reporting-requirements Thu, 15 Oct 2020 00:00:00 +0000 A Closer Look at Meals and Entertainment Expenses Two of the most common business expenses, and their related tax adjustments, are meals and entertainment expenses. Internal Revenue Code Section 274 governs the deductibility, and largely the disallowance, of certain meals and entertainment expenses and ... http://www.schneiderdowns.com/our-thoughts-on/closer-look-meals-entertainment-expenses Thu, 15 Oct 2020 00:00:00 +0000 The Impact of COVID-19 on Community Colleges In March of 2020, institutions of higher education across the United States raced to make online classes readily available for students in the midst of the coronavirus pandemic. Within a short time frame, colleges and universities experienced a dramatic ... http://www.schneiderdowns.com/our-thoughts-on/impact-of-covid19-community-colleges Thu, 15 Oct 2020 00:00:00 +0000 The FFIECs Take on Addressing Pandemic Planning within Business Continuity Processes The last time the Federal Financial Institutions Examination Council (FFIEC) issued guidance to financial institutions regarding pandemic planning was in 2007 in response to the avian flu pandemic. Many institutions likely have a pandemic response section ... http://www.schneiderdowns.com/our-thoughts-on/ffiecs-pandemic-planning-business-continuity-processes Tue, 13 Oct 2020 00:00:00 +0000 Cybersecurity Tips from Home Video Series In support of National Cybersecurity Awareness Month 2020, Schneider Downs has introduced a new video series aimed at increasing participant education and knowledge on staying safe in remote environments. The series, Cybersecurity Tips from Home, features ... http://www.schneiderdowns.com/our-thoughts-on/cybersecurity-tips-from-home-video-series Tue, 13 Oct 2020 00:00:00 +0000 Behind the Numbers in ISMs Q3 Report on Business On October 1, the Institute for Supply Management (ISM) released its latest Report on Business, a monthly publication that examines industry trends and statistics within the manufacturing sector. The composite Purchasing Managers Index (PMI), referenced ... http://www.schneiderdowns.com/our-thoughts-on/numbers-isms-q3-report-business Fri, 09 Oct 2020 00:00:00 +0000 PPP - Interim Final Rule: Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused by the coronavirus crisis. On October 8, 2020, the U.S. Small Business Administration (SBA) released a new Interim ... http://www.schneiderdowns.com/our-thoughts-on/additional-revisions-loan-forgiveness-and-loan-review Fri, 09 Oct 2020 00:00:00 +0000 Update: Could your PPP loan affect the sale of your business? Last month I wrote about how a Paycheck Protection Program (PPP) loan might affect the sale of a business. Now, as we continue to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused by the coronavirus ... http://www.schneiderdowns.com/our-thoughts-on/ppp-loan-affect-the-sale-of-your-business Wed, 07 Oct 2020 00:00:00 +0000 Announcing the Second Annual Ohio Trucking Association and Schneider Downs Transportation Business Outlook and Economic Survey Schneider Downs has again partnered with the Ohio Trucking Association (OTA) to produce the Transportation Business Outlook and Economic Survey - 2020. More than 850 OTA members were invited to participate in the survey which analyzed economic conditions, ... http://www.schneiderdowns.com/our-thoughts-on/ohio-trucking-association-schneider-downs-transportation-survey Wed, 07 Oct 2020 00:00:00 +0000 Congratulations, PrimeGlobal! Schneider Downs is proud to be a founding member of Prime Global, one of the five largest associations of independent accounting firms in the world. Since the late 1970’s Schneider Downs banded together with other firms to create a global resource ... http://www.schneiderdowns.com/our-thoughts-on/congratulations-primeglobal Wed, 07 Oct 2020 00:00:00 +0000 ERM for Financial Services Enterprise risk management (ERM) is a business strategy that aims to help organizations understand, articulate and control the nature and level of risks based on exposure. It also creates accountability for risks taken and activities engaged in. A major ... http://www.schneiderdowns.com/our-thoughts-on/erm-for-financial-services Wed, 07 Oct 2020 00:00:00 +0000 Schneider Downs Announces Participation in CyberXchange, The Worlds Preeminent B2B ecommerce Marketplace Dedicated to Cybersecurity Schneider Downs Showcasing its managed security solutions mapped to leading cybersecurity frameworks Pittsburgh – October 6, 2020 – Schneider Downs today announced the availability of its cybersecurity and IT Audit services available on CyberXchange, ... http://www.schneiderdowns.com/schneider-downs-to-participate-in-cyberxchange Tue, 06 Oct 2020 00:00:00 +0000 National Cybersecurity Awareness Month 2020 October is here, which means for the 17th year in a row, the Department of Homeland Security’s Cybersecurity & Infrastructure Security Agency (CISA) will be celebrating National Cybersecurity Awareness Month (NCSAM) in an effort to raise awareness ... http://www.schneiderdowns.com/our-thoughts-on/national-cybersecurity-awareness-month-2020 Mon, 05 Oct 2020 00:00:00 +0000 2020 Title IX Updates In 2011, the Obama administration released guidance, known as the “Dear Colleague Letter,” on Title IX regulations in order to reinforce the obligations that institutions had to prevent and address sexual harassment. In 2017, Secretary of ... http://www.schneiderdowns.com/our-thoughts-on/2020-title-ix-updates Mon, 05 Oct 2020 00:00:00 +0000 Dan Desko Discuss 715% Increase in Ransomware this Year Dan Desko was interviewed by Julia Mericle from The Pittsburgh Business Times about the astonishing 715% increase in ransomware this year. (subscription may be required) ... http://www.schneiderdowns.com/increase-in-ransomware Fri, 02 Oct 2020 00:00:00 +0000 How to Knock the SOX off Compliance: a Sarbanes-Oxley Roadmap Businesses required to comply with the Sarbanes-Oxley Act (SOX) can come across a number of uncertainties and questions about what needs to be done in order to be compliant. In short, SOX compliance requires companies to have an internal control environment ... http://www.schneiderdowns.com/our-thoughts-on/sarbanesoxley-roadmap Thu, 01 Oct 2020 00:00:00 +0000 Innovation and Implementation of New Technology in Manufacturing Innovation continues to increase from the new opportunities brought by COVID-19; technological innovation presents as the most notable. With the utilization of technology on the rise, manufacturers have new ways to solve problems related to remote work ... http://www.schneiderdowns.com/our-thoughts-on/innovation-implementation-new-technology-manufacturing Wed, 30 Sep 2020 00:00:00 +0000 Updated 941-X, Adjusted Employers Quarterly Federal Tax Return or Claim for Refund During the COVID-19 crisis, Form 941 was revised as new relief bills have offered opportunities for employers to qualify for credits and deferral of employment taxes. On September 11, Form 941-X was further revised to allow for corrections related to ... http://www.schneiderdowns.com/our-thoughts-on/updated-941x-adjusted-employers-quarterly-federal-tax-return Wed, 30 Sep 2020 00:00:00 +0000 Womens Voices Across the Nation For the next segment in our Women’s Suffrage series to honor the 100th anniversary of the 19th Amendment, which legalized a Women’s Right to Vote, we wanted to explore women’s involvement in our U.S. democracy across the nation. This ... http://www.schneiderdowns.com/our-thoughts-on/womens-voices-across-nation Wed, 30 Sep 2020 00:00:00 +0000 Manufacturing in the New Normal The manufacturing industry has been described as being at the dawn of a Fourth Industrial Revolution (4IR), the early stages of an era of technological innovation in production and efficiency. Of course, this was before the days of COVID-19 and the seemingly ... http://www.schneiderdowns.com/our-thoughts-on/manufacturing-in-the-new-normal Mon, 28 Sep 2020 00:00:00 +0000 Financial Modeling a Remote Workforce As we continue to work remotely in the fall, many ask how long we’re going to be working in this fashion. A recent article in The Wall Street Journal quotes top executives of notable companies such as Netflix, Blackrock and Facebook regarding their ... http://www.schneiderdowns.com/our-thoughts-on/financial-modeling-remote-workforce Mon, 28 Sep 2020 00:00:00 +0000 IRS Provides Foreign Trust Reporting Requirements The IRS has provided on its website a summary of reporting requirements for foreign trusts and their U.S. owners. Though these regulations are not new, this summary is a helpful and concise resource for filers to consult. As summarized on the IRS website, ... http://www.schneiderdowns.com/our-thoughts-on/irs-provides-foreign-trust-reporting-requirements Mon, 28 Sep 2020 00:00:00 +0000 IRS Issued Final Regulations on the GILTI High-Tax Exclusion Are you a U.S. shareholder of a controlled foreign corporation (CFC)? The final regulation on Global Intangible Low-Taxed Income (GILTI) high-tax exclusion (HTE) published by the IRS in July 2020 may allow you to exclude “high-taxed” foreign ... http://www.schneiderdowns.com/our-thoughts-on/irs-issued-final-regulations-gilti-hightax-exclusion Mon, 28 Sep 2020 00:00:00 +0000 Estate Planning and Valuation During an Uncertain Economy and an Election Year Schneider Downs has published a number of articles in recent months discussing valuation and estate planning strategies during this difficult economic time (links are included at the bottom), but now these strategies are even more relevant as the upcoming ... http://www.schneiderdowns.com/our-thoughts-on/estate-planning-valuation-election-year Mon, 28 Sep 2020 00:00:00 +0000 Perspectives on Remote Working in the Age of COVID How much can we talk about “unprecedented” or “unusual” times? For more than six months now, all of us have had to make changes to our daily routines. For some, this has included becoming part-time teacher, IT “expert” ... http://www.schneiderdowns.com/our-thoughts-on/perspectives-remote-working-age-covid Mon, 28 Sep 2020 00:00:00 +0000 Schneider Downs Manufacturing Webinar a Success! On Wednesday, September 23, the Schneider Downs Manufacturing Group held an informative webinar for leaders in the manufacturing industry across western Pennsylvania. With the help of Schneider Downs’ Automation and Data Analytic Process Team (ADAPT) ... http://www.schneiderdowns.com/our-thoughts-on/schneider-downs-manufacturing-webinar Fri, 25 Sep 2020 00:00:00 +0000 The 19th Amendment Turns 100 Years Old How We Got Here On August 26, 1920, U.S. Secretary of State Bainbridge Colby certified the 19th Amendment, and women throughout the United States achieved the right to vote. The Amendment turned 100 years old this August, and allowed us an opportunity to reflect on the ... http://www.schneiderdowns.com/our-thoughts-on/19th-amendment-100-years Fri, 25 Sep 2020 00:00:00 +0000 Final 163(j) Regulations a Win for Manufacturers and Private Equity-Owned Businesses In late July, the Internal Revenue Service (IRS) issued final regulations on Internal Revenue Code (IRC) Section 163(j) that limits the deductibility of business interest expense. The Tax Cuts and Jobs Act, enacted in December 2017, had limited the deductibility ... http://www.schneiderdowns.com/our-thoughts-on/final-163j-regulations Thu, 24 Sep 2020 00:00:00 +0000 COVID-19s Impact on Collegiate Athletics Higher education has undoubtedly been one of the most significantly impacted industries across the United States related to the coronavirus pandemic. This ranges from a loss of room-and-board income in the spring to current-year enrollment drops due to ... http://www.schneiderdowns.com/our-thoughts-on/covid19-impact-collegiate-athletics Thu, 24 Sep 2020 00:00:00 +0000 Zerologon: Instant Elevation to Domain Admin Zerologon, also known as CVE-2020-1472, has taken the security world by storm the last several weeks. Initially discovered by researchers at Secura and detailed in a whitepaper released in mid-September, Zerologon, holding a 10/10 CVSS score, is the rare ... http://www.schneiderdowns.com/our-thoughts-on/zerologon-instant-elevation-domain-admin Thu, 24 Sep 2020 00:00:00 +0000 Choosing The Wrong Accounting Method for Home Construction Contracts is a Costly Mistake Often you learn the most from your mistakes. If a contractor chooses the wrong accounting method, during the first two years of operations, the contractor will either not be eligible to defer the maximum amount of income on home construction contracts, ... http://www.schneiderdowns.com/our-thoughts-on/wrong-accounting-home-construction-contracts-costly-mistake Wed, 23 Sep 2020 00:00:00 +0000 2020-2021 Special Per Diem Rates The IRS recently released Notice 2020-71, detailing the new special per diem rates taxpayers use to substantiate necessary business expenses while traveling away from home. The rates will apply to allowances for lodging, meal and incidental expenses or ... http://www.schneiderdowns.com/our-thoughts-on/20202021-special-per-diem-rates Tue, 22 Sep 2020 00:00:00 +0000 Unconventional Internship Unlike a lot of students today, I knew coming into college that I wanted to major in accounting, become a licensed CPA, and work for a public accounting firm. Throughout my time in school, I have constantly been working to improve. My experience with ... http://www.schneiderdowns.com/our-thoughts-on/unconventional-internship Mon, 21 Sep 2020 00:00:00 +0000 Virtually Fantastic Great experiences are sometimes born from unprecedented events. When I accepted the offer to intern in the Audit Department with Schneider Downs last fall, I never expected the internship would be entirely remote. After all, how can you audit effectively ... http://www.schneiderdowns.com/our-thoughts-on/virtually-fantastic Mon, 21 Sep 2020 00:00:00 +0000 Taking Chances In my opinion, taking a chance is most often a good thing. For some people it may be more closely associated with negative attributes such as risk, but for me it is a chance for unforeseen opportunity. It’s by no means certain, as unforeseen opportunities ... http://www.schneiderdowns.com/our-thoughts-on/taking-chances Mon, 21 Sep 2020 00:00:00 +0000 How the Global Pandemic has Shaped my Internship Experience Before starting my internship at Schneider Downs I was very nervous about what it would be like training and learning remotely during a pandemic. Thankfully, Schneider Downs has done a great job running its remote internship program. Training, learning ... http://www.schneiderdowns.com/our-thoughts-on/global-pandemic-internship-experience Mon, 21 Sep 2020 00:00:00 +0000 My Virtual Internship COVID-19 has put a hold on nearly everyone’s plans. In my case, I was afraid it would halt the start of my accounting career. I started my first internship in the office of a small local tax firm right before coronavirus outbreak hit. Unfortunately, ... http://www.schneiderdowns.com/our-thoughts-on/my-virtual-internship_1 Mon, 21 Sep 2020 00:00:00 +0000 Is this the New Normal? We can all probably agree that 2020 has been one of the most interesting years of our lives. Personally, I have experienced a change in my social life, my work life, and my college experience. While I have completed internships in an office, I found this ... http://www.schneiderdowns.com/our-thoughts-on/is-this-the-new-normal Fri, 18 Sep 2020 00:00:00 +0000 2020 Internship It was November of 2019 and I had received an offer to be an intern at Schneider Downs. I hadn’t taken an audit class before, and I hadn’t even finished Intermediate II yet. I had no expectation of what the internship would be like, or public ... http://www.schneiderdowns.com/our-thoughts-on/2020-internship Fri, 18 Sep 2020 00:00:00 +0000 OMB Issues Final 2020 Compliance Supplement On August 18, the Office of Management and Budget released its final 2020 Compliance Supplement. The release comes five months after the OMB issued a number of memoranda in response to COVID-19- related concerns surrounding single audits, including filing ... http://www.schneiderdowns.com/our-thoughts-on/omb-issues-final-2020-compliance-supplement Fri, 18 Sep 2020 00:00:00 +0000 My SD Internship I’d been interested in accounting as a career since my junior year of high school when I took an introductory course. After that I was intrigued, and as I went to college and continued to explore various interests, accounting was always a staple ... http://www.schneiderdowns.com/our-thoughts-on/my-sd-internship Thu, 17 Sep 2020 00:00:00 +0000 A Once in a Lifetime Experience When first applying for an internship at Schneider Downs, I had an image of what I believed this summer experience would be like, but I never could have imagined the experience I got. Due to the Coronavirus pandemic, Schneider Downs had to work remotely ... http://www.schneiderdowns.com/our-thoughts-on/a-once-in-a-lifetime-experience Thu, 17 Sep 2020 00:00:00 +0000 Financial Boot Camp Series: Maximizing Gifting and Charitable Impacts By David Brinkman, CFA, CPA, CFP®, CPFA When working with individuals and families that are on track with their overall financial plan and wanting to explore ways for their wealth to have a positive impact beyond their own personal happiness, our ... http://www.schneiderdowns.com/our-thoughts-on/maximizing-gifting-charitable-impacts Thu, 17 Sep 2020 00:00:00 +0000 FMCSA Proposes Promising Pilot Program On September 4, the Federal Motor Carrier Safety Administration (FMCSA) proposed a pilot program that would allow 18-, 19- and 20-year-old drivers to operate commercial motor vehicles (CMVs) in interstate commerce, a move hailed by FMCSA Deputy Administrator ... http://www.schneiderdowns.com/our-thoughts-on/fmcsa-proposes-promising-pilot-program Thu, 17 Sep 2020 00:00:00 +0000 Distance Education Program Compliance Requirements and COVID-19 The August 2020 release of the Office of Management and Budget’s 2 Code of Federal Regulations (CFR) Part 200, Appendix XI (Compliance Supplement) includes an increased focus on distance education program compliance requirements. According to the ... http://www.schneiderdowns.com/our-thoughts-on/distance-education-program-compliance-covid19 Thu, 17 Sep 2020 00:00:00 +0000 Summer Tax Internship I was 12 years old when I decided I would become a lawyer. With that goal in mind, I knew I wanted to study a versatile subject in undergrad in case my career did not pan out as I anticipated. I always enjoyed the challenge of the advanced math courses ... http://www.schneiderdowns.com/our-thoughts-on/summer-tax-internship Wed, 16 Sep 2020 00:00:00 +0000 Life as an Intern during Unprecedented Times When I first started the interview process for a summer 2020 internship, I had no idea what to expect. Being that most of my work experience was in construction, I knew that the atmosphere would be vastly different, among many other things. When I started ... http://www.schneiderdowns.com/our-thoughts-on/life-intern-unprecedented-times Wed, 16 Sep 2020 00:00:00 +0000 An Unconventional Internship Experience Interning with Schneider Downs this summer was certainly an experience I will never forget, despite not once stepping foot in the office. I had been definitely worried about working a virtual internship, but in the end my apprehension proved unwarranted ... http://www.schneiderdowns.com/our-thoughts-on/unconventional-internship-experience Wed, 16 Sep 2020 00:00:00 +0000 My Eight Weeks at Schneider Downs It was June 29, 2020, the first day of my internship with Schneider Downs. The interns had training to start the day at 9:00 that morning, but at 5:30 a.m., I was awake. Nervous, anxious, scared for what the future holds. I couldn’t sleep. I psyched ... http://www.schneiderdowns.com/our-thoughts-on/eight-weeks-schneider-downs Wed, 16 Sep 2020 00:00:00 +0000 Internship: Global Pandemic Edition My internship with Schneider Downs has definitely been different from many internships anyone has had in the past, due to working during a global pandemic. Typically with an internship, you are surrounded by other employees and gain a personal connect ... http://www.schneiderdowns.com/our-thoughts-on/internship-global-pandemic-edition Tue, 15 Sep 2020 00:00:00 +0000 My Thoughts On My Internship As an accounting student at Robert Morris University, I remember my first interaction with Schneider Downs. It was the year before I was expected to graduate, so I knew that landing an internship at a top firm this summer was a must. I attended our university’s ... http://www.schneiderdowns.com/our-thoughts-on/my-thoughts-on-my-internship Mon, 14 Sep 2020 00:00:00 +0000 My Summer Internship My experience with Schneider Downs began with the Ohio Dominican University career fair in the fall of 2018. Being a sophomore at the time, the firm’s booth representatives suggested to me a two-day leadership program that was scheduled for the ... http://www.schneiderdowns.com/our-thoughts-on/my-summer-internship_1 Mon, 14 Sep 2020 00:00:00 +0000 Notices for Nonpayment of Income Taxes Did you have federal income tax due on July 15, 2020? Did you pay the income tax on July 15, 2020? Did you receive a notice from the Internal Revenue Service stating that you haven’t paid the income tax and are now assessed interest and penalties? ... http://www.schneiderdowns.com/our-thoughts-on/notices-for-nonpayment-of-income-taxes Mon, 14 Sep 2020 00:00:00 +0000 COVID-19: The Long Road to Recovery “Five years?” my client howled as he reflexively lunged forward in his chair. Then silence. The man slumped back in his chair processing an answer he never contemplated, let alone anticipated. No further questions. No quips. Just a person ... http://www.schneiderdowns.com/our-thoughts-on/covid19-the-long-road-to-recovery Mon, 14 Sep 2020 00:00:00 +0000 Ransomware Postpones First Day of School for Hartford Students As educators, parents and students braced for the start of the academic calendar, the focus on the uncertainties of returning to school during COVID-19 gave way to a different type of threat when a ransomware attack forced a Hartford, Connecticut school ... http://www.schneiderdowns.com/our-thoughts-on/ransomware-postpones-first-day-of-school-for-hartford-students Mon, 14 Sep 2020 00:00:00 +0000 New YearNew Challenges Over the span of just four short months, life as we knew it was flipped upside-down. December 31, 2019 –Chinese health officials inform the World Health Organization (WHO) about a cluster of 41 patients with a mysterious pneumonia. January 20, 2020 ... http://www.schneiderdowns.com/our-thoughts-on/new-year-new-challenges Fri, 11 Sep 2020 00:00:00 +0000 Exploring My Internship I had just started my third year at Ohio University and was eager for the semester to begin, since I was taking 21 credit hours. Along with classes, it was also the semester everyone fears: the search for an internship. And I was not only exploring internships, ... http://www.schneiderdowns.com/our-thoughts-on/exploring-my-internship Fri, 11 Sep 2020 00:00:00 +0000 My Path to Schneider Downs I started my internship with Schneider Downs at the tail end of my college career in a very different world from the one in which it began. About four years ago (what now feels like only four days ago), I was starting school at Robert Morris University ... http://www.schneiderdowns.com/our-thoughts-on/my-path-to-schneider-downs_1 Fri, 11 Sep 2020 00:00:00 +0000 Accounting Internship Experience | Pittsburgh CPA Firm Jobs When I was first contacted by Schneider Downs about an interview for an internship opportunity I was eager and excited because I had always wanted to intern at the firm’s Columbus office. I had learned about Schneider Downs in my accounting classes ... http://www.schneiderdowns.com/our-thoughts-on/summer-schneider-downs Fri, 11 Sep 2020 00:00:00 +0000 Could your PPP loan affect the sale of your business? Are you considering selling your business and did you receive support from the Federal government under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Paycheck Protection Program (PPP)? If you received the latter you’re probably ... http://www.schneiderdowns.com/our-thoughts-on/ppp-loan-affect-business-sale Fri, 11 Sep 2020 00:00:00 +0000 CARES Act Summary of Key Provisions Impacting 401(k) Retirement Plans On March 27, 2020, the U.S. House of Representatives passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and the President signed the bill into law that same day. A guide including a summary of provisions contained ... http://www.schneiderdowns.com/our-thoughts-on/cares-act-summary-of-key-provisions-impacting-401k-retirement-plans Wed, 09 Sep 2020 00:00:00 +0000 Schneider Downs Construction Practice Ranked Once Again Last year, Construction Executive (CE) unveiled its inaugural ranking of the Top 50 construction accounting firms. In August, CE released its second annual rankings, and Schneider Downs once again appears in the Top 50. Schneider Downs has offices in ... http://www.schneiderdowns.com/our-thoughts-on/schneider-downs-construction-practice-ranked-once-again Thu, 03 Sep 2020 00:00:00 +0000 FASB Proposes Changes to the Definitions of Financial Statement Elements On July 16, the Financial Accounting Standards Board (FASB) issued exposure draft Concepts Statement No. 8, Conceptual Framework for Financial Reporting, Chapter 4: Elements of Financial Statements (CS 8), which will modify the existing definitions of ... http://www.schneiderdowns.com/our-thoughts-on/fasb-proposes-changes-definitions-financial-statement-elements Thu, 03 Sep 2020 00:00:00 +0000 Ohio Net Operating Loss Impact on the Bonus Depreciation Adjustment The passing of the Tax Cuts and Jobs Act in December 2017 increased the federal bonus depreciation deduction from 50% to 100%, providing taxpayers the ability to completely expense the full purchase price of eligible assets like machinery and equipment, ... http://www.schneiderdowns.com/our-thoughts-on/ohio-net-operating-loss-impact Thu, 03 Sep 2020 00:00:00 +0000 IRS Extends 2020 Rollover Period and Other Deadlines for Retirement Account RMDs In March, the CARES Act provided taxpayers opportunity to skip this year’s (2020) required minimum distribution (RMD) from their retirement accounts. The provision was available even if the taxpayer had already taken his or her distribution before ... http://www.schneiderdowns.com/our-thoughts-on/irs-extends-2020-rollover-period Thu, 03 Sep 2020 00:00:00 +0000 Pennsylvania Commonwealth Court Decides Market-Based Sourcing for Services Prior to Legislative Change in 2014 In late July, the Pennsylvania Commonwealth Court rendered its decision in Synthes USA HQ, Inc. v. Commonwealth of Pennsylvania, No. 108 F.R. 2016. The case revolved around the state’s pre-2014 sourcing statue for services as a part of its overall ... http://www.schneiderdowns.com/our-thoughts-on/pa-marketbased-sourcing Thu, 03 Sep 2020 00:00:00 +0000 Deferral of Employee OASDI Withholding Set to Begin on September 1 Limited Guidance Issued Late on the afternoon of August 28, the IRS and U.S. Treasury released Notice 2020-65, providing limited guidance surrounding deferral of the required 6.2% employee Social Security tax withholding. The Notice leaves a number of important questions unanswered. ... http://www.schneiderdowns.com/our-thoughts-on/oasdi-withholding-limited-guidance-issued Tue, 01 Sep 2020 00:00:00 +0000 Benefits of Prefabrication and Modular Construction As the world faces new challenges presented by the COVID-19 pandemic, construction contractors continue to struggle with a number of old challenges within the industry. According to the quarterly report published by the United States Chamber of Commerce ... http://www.schneiderdowns.com/our-thoughts-on/benefits-prefabrication-modular-construction Tue, 01 Sep 2020 00:00:00 +0000 Paycheck Protection Program Treatment of Owners and Forgiveness of Certain Nonpayroll Costs Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused by the coronavirus crisis. On August 24, 2020, the U.S. Small Business Administration (SBA) released a new Interim ... http://www.schneiderdowns.com/our-thoughts-on/ppp-owners-forgiveness-nonpayroll-costs Thu, 27 Aug 2020 00:00:00 +0000 Working Remote OH Where are Employee Wages Taxed Ohio municipal income tax laws often add a layer of complexity for businesses operating within the state. Back in March, as companies scrambled to move employees to telework locations (employees’ homes in most instances), state lawmakers took action ... http://www.schneiderdowns.com/our-thoughts-on/working-remote-oh-where-are-employee-wages-taxed Thu, 27 Aug 2020 00:00:00 +0000 COVID-19 Small Business Tax Relief Legislation Introduced in PA Senate Pennsylvania Senators Camera Bartolotta and Judy Ward recently introduced legislation to provide additional economic relief through state tax laws to small businesses that have been impacted by the COVID-19 pandemic. The first area of change allows small ... http://www.schneiderdowns.com/our-thoughts-on/covid19-small-business-tax-relief-pa-senate Thu, 27 Aug 2020 00:00:00 +0000 IRS Issues New 1099 Forms for 2020 Effective for the 2020 tax year, the IRS has created a new form – the 1099-NEC -to report “Non-Employee Compensation” that was historically reported on the form 1099-MISC. Previously the IRS had required most income provided to individuals, ... http://www.schneiderdowns.com/our-thoughts-on/irs-new-1099-forms-2020 Thu, 27 Aug 2020 00:00:00 +0000 U.S. Car Manufacturing at Risk? The automotive industry plays a major role in the United States’ economy, comprising approximately 4% of the country’s economic output each year (Boudette, 2020). So, when U.S. car manufacturers were shut down in March for two months due to ... http://www.schneiderdowns.com/our-thoughts-on/us-car-manufacturing-at-risk Thu, 27 Aug 2020 00:00:00 +0000 The Pandemic Effect on the Lease Accounting Standard 842 If there is any one thing we can thank the pandemic for, it is the delay in the Accounting Standard Codification Topic 842 (ASC 842). Public companies and some not-for-profits with public debt were required to incorporate this new lease standard back ... http://www.schneiderdowns.com/our-thoughts-on/pandemic-effect-lease-accounting-standard-842 Thu, 27 Aug 2020 00:00:00 +0000 Is Your Chip Card Implementation Secure? As payment technology around the world continues to change, one consideration at the back of everyone’s mind is payment security. Whether you are completing a payment transaction using an app, crypto currency or credit card there is the potential ... http://www.schneiderdowns.com/our-thoughts-on/is-your-chip-card-implementation-secure Tue, 25 Aug 2020 00:00:00 +0000 100-Year Anniversary of the 19th Amendment, Granting Women the Right to Vote Schneider Downs is celebrating the 100-year anniversary of the passing of the 19th Amendment to the U.S. Constitution, which granted women the right to vote. August 26 is Women’s Suffrage Day. Over the next few months, we will be publishing a series ... http://www.schneiderdowns.com/our-thoughts-on/100-anniversary-19th-amendment-women-vote Mon, 24 Aug 2020 00:00:00 +0000 State Tax Nexus Considerations and COVID-19 The onset of the coronavirus pandemic has led to an increase in the number of employees telecommuting for work. While this telecommuting trend may be temporary, some of these employees are now working in states other than the state of their office or ... http://www.schneiderdowns.com/our-thoughts-on/state-tax-nexus-considerations-covid19 Mon, 24 Aug 2020 00:00:00 +0000 New FISAP Instructions Under the CARES Act On August 3, 2020, the Fiscal Operations Report for 2019-20 and the Application to Participate for 2021-22 (FISAP) instructions became available. The reporting instructions include additional flexibilities provided by the Coronavirus Aid, Relief, and ... http://www.schneiderdowns.com/our-thoughts-on/fisap-instructions-under-the-cares-act Thu, 20 Aug 2020 00:00:00 +0000 Does Your Institution Offer the Correct Number of Courses? During this unprecedented time, navigating the uncertainty of the upcoming semesters for higher education institutions is essential for student, faculty and staff safety, but it is also crucial for an institution’s reputation and short and long-term ... http://www.schneiderdowns.com/our-thoughts-on/does-your-institution-offer-correct-number-courses Thu, 20 Aug 2020 00:00:00 +0000 District Court Dismissal in Lee v. Argent Trust Company Upheld in Appeals Court Employee Stock Ownership Plans (“ESOPs”) can be a useful tool allowing business owners to facilitate succession planning while simultaneously providing retirement assets to their employees. The Employee Retirement Income Security Act of 1974 ... http://www.schneiderdowns.com/our-thoughts-on/district-court-dismissal-lee-v-argent-trust Thu, 20 Aug 2020 00:00:00 +0000 Update on Executive Order Deferring Withholding of Employee Social Security Taxes What Should an Employer Do? It’s been almost two weeks since President Trump’s August 8 executive order “directing the Secretary of the Treasury to use his authority” under Section 7508A of the Internal Revenue Code “to defer certain payroll tax obligations ... http://www.schneiderdowns.com/our-thoughts-on/deferring-withholding-social-security-taxes Thu, 20 Aug 2020 00:00:00 +0000 Using Text Mining Sentiment Analysis to Detect Fraud: An Enron Email Case Study Most accounting professionals are familiar with the story of Enron – the former worldwide energy company that went bankrupt as a result of accounting fraud. The case is the gift that keeps on giving – because the situation can be used for ... http://www.schneiderdowns.com/our-thoughts-on/text-mining-sentiment-analysis-detect-fraud Wed, 19 Aug 2020 00:00:00 +0000 Is Your Transportation Company Ready for the New HOS Regulations? Revisions to the Federal Motor Carrier Safety Administration’s (FMCSA) hours of service (HOS) regulations kick into gear starting September 29. The agency of the DOT that regulates the trucking industry set up the revisions to allow pliability without ... http://www.schneiderdowns.com/our-thoughts-on/transportation-company-hos-regulations Wed, 19 Aug 2020 00:00:00 +0000 IRS Announces Transition Tax Added to Examination Target List In 2017, the IRS identified and announced 13 campaigns meant to build out a more supportive infrastructure for international reporting and compliance, and further, the Large Business and International's (LB&I) overall goal to "improve return ... http://www.schneiderdowns.com/our-thoughts-on/irs-announces-transition-tax Wed, 19 Aug 2020 00:00:00 +0000 Part of a Data Breach Now What? Data breaches continue to place personal information at risk on a daily basis, learn about important steps to take to protect your data from being compromised before and after a breach. Last summer Capital One made national headlines due to their absolutely ... http://www.schneiderdowns.com/our-thoughts-on/part-of-a-data-breach-now-what Wed, 19 Aug 2020 00:00:00 +0000 Financial Boot Camp Series: Getting your Digital Ducks in Order Getting your Digital Ducks in Order Nancy L. Skeans, CPA, CFP® CEO, Schneider Downs Wealth Management Advisors What are your digital ducks, you ask? Let’s start with a simple question. How many internet accounts do you have? This includes social ... http://www.schneiderdowns.com/our-thoughts-on/getting-your-digital-ducks-in-order Tue, 18 Aug 2020 00:00:00 +0000 Business Interruption Claims and COVID-19 Part Two (This is an update to Tom Pratt’s April 6, 2020 article, Business Interruption Claims and COVID-19) Many businesses throughout the country continue to lose income because of statewide quarantine orders that have been issued in response to COVID-19. ... http://www.schneiderdowns.com/our-thoughts-on/business-interruption-covid19-part-two Mon, 17 Aug 2020 00:00:00 +0000 IRS Audit Campaign: Examinations to begin on Hundreds of High-Wealth Individuals The Internal Revenue Service (IRS) announced in June a renewed focus on auditing high net-worth individuals and their related entities. First, there is an initiative to collect taxes from individuals who have not filed federal income tax returns for 2018 ... http://www.schneiderdowns.com/our-thoughts-on/irs-audit-campaign-examinations-highwealth-individuals Mon, 17 Aug 2020 00:00:00 +0000 Appeals Process Established for the Paycheck Protection Program Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused by the coronavirus crisis. On August 8, 2020, the U.S. Small Business Administration (SBA) released a new Interim ... http://www.schneiderdowns.com/our-thoughts-on/appeals-process-paycheck-protection-program Mon, 17 Aug 2020 00:00:00 +0000 IRS Notice 2020-52 Makes Midyear Change To Safe Harbor Plans On June 29, the IRS issued Notice 2020-52, offering welcome relief for plan sponsors that find themselves in a difficult financial situation as a result of the COVID-19 pandemic. The notice allows for the reduction or suspension of safe harbor contributions ... http://www.schneiderdowns.com/our-thoughts-on/irs-notice-2020-52-change-safe-harbor Thu, 13 Aug 2020 00:00:00 +0000 Tracking The 2020 Presidential Tax Plans With COVID-19 going on and having no end in sight, it might be a little bit difficult to remember that this is an election year. There will be, after all, no Republican or Democratic National Convention, and we have yet to see a live debate between President ... http://www.schneiderdowns.com/our-thoughts-on/tracking-the-2020-presidential-tax-plans Wed, 12 Aug 2020 00:00:00 +0000 Using Data to Build Value It’s sometimes difficult to give your business a critical evaluation, but when you’re aware of an actual or perceived weakness, you have an opportunity to take corrective action and turn that weakness into a strength. It’s essential, ... http://www.schneiderdowns.com/our-thoughts-on/using-data-to-build-value Wed, 12 Aug 2020 00:00:00 +0000 The Coronavirus Impact on Infrastructure Some might think being quarantined at home due to the COVID19 global pandemic would have a positive effect on our infrastructure. Fewer vehicles on roadways would increase the lifespan of our nation’s streets and highways due to less wear and tear, ... http://www.schneiderdowns.com/our-thoughts-on/coronavirus-impact-infrastructure Tue, 11 Aug 2020 00:00:00 +0000 IRS Micro-Captive Letter 6336 Round 2 Issued In January, the IRS announced that it would be significantly increasing enforcement activity around abusive micro-captive insurance transactions. In late March 2020, the IRS sent Letter 6336 (3-2020) to taxpayers it believes participated in micro-captive ... http://www.schneiderdowns.com/our-thoughts-on/irs-microcaptive-letter-6336-round-2-issued Tue, 11 Aug 2020 00:00:00 +0000 SOC for Supply Chains Advances in technology impact a number of facets of our lives, perhaps most notably those that have enabled closer relationships among manufacturers, suppliers and logistics providers and allowed us to order a product online and have it delivered within ... http://www.schneiderdowns.com/our-thoughts-on/soc-for-supply-chains Mon, 10 Aug 2020 00:00:00 +0000 Construction Industry Faces Continuing Labor Supply Struggles Over the last decade, the labor shortage in the construction industry has consistently ranked as one of the sector’s top pain points. At the moment, that challenge may have been at least temporarily eclipsed by the impact of the coronavirus and ... http://www.schneiderdowns.com/our-thoughts-on/construction-labor-supply-struggles Mon, 10 Aug 2020 00:00:00 +0000 Executive Order Deferring Withholding of Employee Social Security Taxes On Saturday, August 8, President Trump issued an Executive Order “directing the Secretary of the Treasury to use his authority” under Section 7508A of the Internal Revenue Code “to defer certain payroll tax obligations with respect to ... http://www.schneiderdowns.com/our-thoughts-on/executive-order-deferring-withholding-employee-social-security-taxes Mon, 10 Aug 2020 00:00:00 +0000 Evolving Cyber Threats of the New Normal The COVID-19 pandemic has been a difficult experience for everyone as both businesses and employees try to adjust to a fully remote working environment while other businesses deemed “essential” were able to remain open for physical operations ... http://www.schneiderdowns.com/our-thoughts-on/evolving-cyber-threats-of-the-new-normal Fri, 07 Aug 2020 00:00:00 +0000 Cybersecurity Update: Twitter and Garmin The following article shares updates from the recent Twitter incident and Garmin ransomware attack. Over the past month there has been an influx of cybersecurity incidents grabbing national headlines due to the targets and impact, namely the Twitter bitcoin ... http://www.schneiderdowns.com/our-thoughts-on/twitter-and-garmin-cybersecurity-breach-updates Thu, 06 Aug 2020 00:00:00 +0000 Important Update on the Paycheck Protection Program under the CARES Act This article was updated on August 5, 2020. Further updates will be provided as new information becomes available. On August 4, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, provided new FAQs on loan ... http://www.schneiderdowns.com/our-thoughts-on/update-paycheck-protection-program-cares-act Thu, 06 Aug 2020 00:00:00 +0000 Treasury Issues Final FDII Regulations FDII is foreign derived intangible income that a U.S. domestic corporation derives from selling products or providing services to unrelated foreign persons when that product or service is for foreign use by the customer. Income successfully characterized ... http://www.schneiderdowns.com/our-thoughts-on/treasury-issues-final-fdii-regulations Thu, 06 Aug 2020 00:00:00 +0000 Ohio Sales Tax Holiday 2020 Ohio’s sales tax holiday runs from Friday, August 7, 2020 through Sunday, August 9, 2020. During the holiday, clothing priced at $75 or less, school supplies priced at $20 per item or less and school instruction materials priced at $20 per item ... http://www.schneiderdowns.com/our-thoughts-on/ohio-sales-tax-holiday-2020 Tue, 04 Aug 2020 00:00:00 +0000 Group Exemptions Are Finally Getting New Guidance After 40 Years In January of 1980, the Internal Revenue Service (IRS) issued Revenue Procedure 80-27, the IRS’s prevailing authority on group exemptions. If issued a group exemption by the IRS, a set of affiliated organizations under the general supervision and ... http://www.schneiderdowns.com/our-thoughts-on/group-exemptions-new-guidance-40-years Tue, 04 Aug 2020 00:00:00 +0000 Extension of the Main Street Lending Program This article was updated on July 29, 2020. Further updates will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused ... http://www.schneiderdowns.com/our-thoughts-on/extension-main-street-lending-program Mon, 03 Aug 2020 00:00:00 +0000 Greasing the Skids: Sell-Side Due Diligence Contemplating a company sale? Some reasons to consider sell-side due diligence After many years of hard work and dedication, you’ve made the decision to potentially sell your business. The sale process itself is typically a somewhat arduous task, ... http://www.schneiderdowns.com/our-thoughts-on/greasing-the-skids-sellside-due-diligence Sat, 01 Aug 2020 00:00:00 +0000 Estate Planning as a Tool for Your Business Succession Plan The year 2020 has been mired with uncertainty and unprecedented strife for many. As we reflect on the past six months and prepare for the next, now may be an opportune time to consider fine-tuning your business succession strategy. Planning ahead will ... http://www.schneiderdowns.com/our-thoughts-on/estate-planning-tool-business-succession-plan Sat, 01 Aug 2020 00:00:00 +0000 The Future of Manufacturing It is no secret that smart technology products are growing in popularity. Not only does this include our iPhones and Alexa home products, but the idea of smart technology has also entered into the manufacturing industry. Smart factories, which rely on ... http://www.schneiderdowns.com/our-thoughts-on/future-of-manufacturing Wed, 29 Jul 2020 00:00:00 +0000 Temporary 100% Deduction of Business Meals Proposed by Senate Republicans Senate Republicans proposed a series of bills on July 27 to address the current economic impact of the coronavirus. These bills are still in the negotiating stages, and it remains to be seen what the final form of legislation will look like. One interesting ... http://www.schneiderdowns.com/our-thoughts-on/temporary-100-deduction-business-meals Wed, 29 Jul 2020 00:00:00 +0000 Garmin Hit with $10M Ransomware Attack Early on July 23rd, 2020, navigation and smart device maker Garmin became the victim of a new strain of ransomware known as WastedLocker. Scope of the Attack The attack shut down a variety of services offered by Garmin, including Garmin Connect, which ... http://www.schneiderdowns.com/our-thoughts-on/garmin-hit-with-10m-ransomware-attack Wed, 29 Jul 2020 00:00:00 +0000 Mary Richter provides Succession Stories on Controlling Your Destiny podcast. When it comes to succession, it takes a realistic and objective approach to getting the oars in the same direction at the same speed. Mary's stories about successful transitions and common pain points are helpful if you're starting to think about ... http://www.schneiderdowns.com/succession-stories-controlling-your-destiny Tue, 28 Jul 2020 00:00:00 +0000 Charges Filed Against First American Title Insurance Company For Cybersecurity Lapse The New York State Department of Financial Services (DFS) has charged First American Title Insurance Company with exposing tens of millions of customers’ sensitive documents from October 2014 through May 2019 due to a known vulnerability on the ... http://www.schneiderdowns.com/our-thoughts-on/first-american-title-insurance-cybersecurity-lapse Tue, 28 Jul 2020 00:00:00 +0000 Changes to Form 1023, Application for Tax Exemption under Section 501(c)(3) News broke in early 2020 that the application for exemption under Section 501(c)(3), more commonly known as Form 1023, would be changing over to an online submission system. Revenue Procedure 2020-08 allowed for a 90-day transition period to the online ... http://www.schneiderdowns.com/our-thoughts-on/changes-1023-application-section-501c3 Tue, 28 Jul 2020 00:00:00 +0000 Use It or Lose ItMaybe: Gift Planning Considerations in an Unpredictable Election Year In a year rife with a global pandemic, intense social justice movements, tempestuous markets and dogged allegiance to party lines, the 2020 presidential election seems to be as unpredictable as the year itself. Should the Democrats take control of Capitol ... http://www.schneiderdowns.com/our-thoughts-on/use-it-or-lose-it Tue, 28 Jul 2020 00:00:00 +0000 Estate of Jones v. Commissioner For many years there has been general consensus among valuation analysts that taxes should be considered when valuing a pass-through entity (“PTE”) (i.e., S Corporation, LLC, LP, etc.). Most valuation analysts have claimed that a potential ... http://www.schneiderdowns.com/our-thoughts-on/estate-of-jones-v-commissioner Mon, 27 Jul 2020 00:00:00 +0000 Staying Ahead of The Curve Never before has the business environment for manufacturers been more rapidly changing. Over the past couple decades, manufacturing companies have invested billions of dollars to maintain standing in the industry and market share in attempts to combat ... http://www.schneiderdowns.com/our-thoughts-on/staying-ahead-of-the-curve Mon, 27 Jul 2020 00:00:00 +0000 Main Street Loan Modifications for Not-for-Profit Organizations This article was updated on July 23, 2020. Further updates will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused ... http://www.schneiderdowns.com/our-thoughts-on/main-street-loan-modifications-notforprofit Mon, 27 Jul 2020 00:00:00 +0000 Introducing redlure by Schneider Downs Phishing assessments have always been, and will continue to be, a critical part of our penetration testing and red teaming methodology, and one of the key components is a phishing tool that allows us to accurately portray real life threat actors. In ... http://www.schneiderdowns.com/our-thoughts-on/redlure-schneider-downs Mon, 27 Jul 2020 00:00:00 +0000 Blackbaud Breach Alert! Blackbaud, one of the world's largest providers of education administration, fundraising, and financial management software, recently disclosed that they were a victim of a ransomware attack that occurred in May 2020. The breach has affected educational ... http://www.schneiderdowns.com/our-thoughts-on/blackbaud-breach-alert Mon, 27 Jul 2020 00:00:00 +0000 What is the Impact of COVID-19 on Dealership Valuations? When the COVID-19 outbreak was declared a national emergency on March 13, nonessential businesses were closed by government order, which triggered a national recession. As a result, gross domestic product (GDP) declined by 5.0% in the first quarter of ... http://www.schneiderdowns.com/our-thoughts-on/impact-covid19-dealership-valuations Fri, 24 Jul 2020 00:00:00 +0000 Changes to Spending from Restricted Funds in Pennsylvania On July 23, the governor of Pennsylvania signed into law PA 2020 Act 71, which provides not-for-profit organizations additional flexibility with their spend. The Act modifies Pennsylvania’s existing version of UPMIFA (PA Act 141, which permits spending ... http://www.schneiderdowns.com/our-thoughts-on/spending-restricted-funds-PA Fri, 24 Jul 2020 00:00:00 +0000 Details of Pennsylvanias COVID-19 Hazard Pay Grant Program; Applications Due by July 31 Recently, Pennsylvania Governor Tom Wolf announced the availability of $50 million in grant funding to provide hazard pay to employees in life-sustaining occupations during the current COVID-19 pandemic. The program, intended to keep frontline employees ... http://www.schneiderdowns.com/our-thoughts-on/pa-covid19-hazard-pay-grant-program Thu, 23 Jul 2020 00:00:00 +0000 Body Temperature Monitoring and Potential Coronavirus Detection This Our Thoughts On article was developed by Construction Dive's brief on the health monitoring system. With increases in safety protocols at job sites due to the coronavirus, new strategies have been implemented to comply with the CDC and governmental ... http://www.schneiderdowns.com/our-thoughts-on/temperature-monitoring-coronavirus-detection Wed, 22 Jul 2020 00:00:00 +0000 Financial Boot Camp Series: Is Your Estate in Proper Order? Estate planning is the process of identifying one’s assets and providing clear instruction for who receives what assets, when they receive it, and any additional terms associated with inheritance of these assets. Regardless of the size one’s ... http://www.schneiderdowns.com/our-thoughts-on/your-estate-proper-order Tue, 21 Jul 2020 00:00:00 +0000 Special Considerations in Acquisition Accounting The ink is dry and the deal is done! Your company just made a giant leap with an acquisition in hopes of increasing the top line and boosting shareholder value. From a bookkeeping perspective, Financial Accounting Standards Board (FASB) Accounting Standards ... http://www.schneiderdowns.com/our-thoughts-on/considerations-acquisition-accounting Fri, 17 Jul 2020 00:00:00 +0000 PA Unemployment Compensation Covid-19 Relief On March 27, Governor Tom Wolf signed Act 9 of 2020, significantly amending Pennsylvania Unemployment Compensation (UC) Law. Here’s a summary of those changes, some temporary and some permanent, that may impact state employers. First, Act 9 includes ... http://www.schneiderdowns.com/our-thoughts-on/pa-unemployment-compensation-covid19-relief Fri, 17 Jul 2020 00:00:00 +0000 My Schneider Downs Virtual Internship As a graduating senior who saw his last 1.5 months of college and graduation ceremony essentially cancelled, I could not help but worry about the possibility of an internship opportunity being cancelled as well. I saw companies around the area freezing ... http://www.schneiderdowns.com/our-thoughts-on/my-schneider-downs-virtual-internship Thu, 16 Jul 2020 00:00:00 +0000 A Deeper Look at the ACFEs 2020 Report to the Nations Each year, the Association of Certified Fraud Examiners (“ACFE”) publishes the Report to the Nations, where it presents its findings related to occupational fraud and abuse. As defined in the report, occupational fraud is fraud committed by ... http://www.schneiderdowns.com/our-thoughts-on/deeper-look-acfes-2020-report-nations Thu, 16 Jul 2020 00:00:00 +0000 Results and Implications of the Manufacturing Institute for Supply Managements Report on Business for Q2 2020 On July 1, the Manufacturing Institute for Supply Management (ISM) released its latest Report on Business, a monthly publication that examines industry trends and statistics within the manufacturing sector. The composite Purchasing Managers Index (PMI) ... http://www.schneiderdowns.com/our-thoughts-on/manufacturing-institute-supply-management-report-q2-2020 Thu, 16 Jul 2020 00:00:00 +0000 My First Experience with Public Accounting Schneider Downs was the first experience I had with public accounting. I have had previous experience working in a small tax firm and another accounting internship for our local courthouse, but none of my previous work compared to my time at Schneider ... http://www.schneiderdowns.com/our-thoughts-on/first-experience-public-accounting Wed, 15 Jul 2020 00:00:00 +0000 Fiduciaries and Excessive Fee Litigation As a retirement plan fiduciary, it’s your responsibility to ensure that fees associated with your plan are reasonable relative to the services rendered. In recent years, there have been a number of lawsuits by plan participants claiming a breach ... http://www.schneiderdowns.com/our-thoughts-on/fiduciaries-excessive-fee-litigation Wed, 15 Jul 2020 00:00:00 +0000 Top Six Processes You Should Automate 1. Bank Transaction Recording Entering the financial transactions from your bank account to your accounting software is a mundane task, but it is probably taking more time than you realize. If you process credit card transaction have multiple bank accounts ... http://www.schneiderdowns.com/our-thoughts-on/top-six-processes-you-should-automate Wed, 15 Jul 2020 00:00:00 +0000 Do Managed Service Providers Need a SOC Report? A Managed Service Provider (MSP) is a company that performs an assortment of IT services for customers, often for small to moderately sized businesses with limited in-house IT capabilities. Services provided by an MSP can vary and may include technical ... http://www.schneiderdowns.com/our-thoughts-on/managed-service-providers-soc-report Wed, 15 Jul 2020 00:00:00 +0000 Bug in the System - Patch Palo Alto OS ASAP Vulnerability Background On June 29, U.S. Cyber Command (USCYBERCOM) issued a cybersecurity alert regarding a critical flaw affecting Palo Alto Networks PAN-OS, the operating system that runs Palo Alto’s firewalls and VPN appliances. USCYBERCOM, ... http://www.schneiderdowns.com/our-thoughts-on/bug-patch-palo-alto-os-asap Wed, 15 Jul 2020 00:00:00 +0000 My Virtual Internship 2020 was supposed to be my year. I was supposed to be gearing up for my final football season, walking across the stage at Duquesne University’s graduation and beginning an internship at one of the top firms in Pittsburgh. Obviously, these plans ... http://www.schneiderdowns.com/our-thoughts-on/my-virtual-internship Tue, 14 Jul 2020 00:00:00 +0000 Go With Your Gut In June of 2017, I was officially a high school graduate! I was more than thrilled to start my new beginning at Robert Morris University. I was going to be a Division I athlete, living my dream. Starting at RMU, I was enrolled as a dual major student ... http://www.schneiderdowns.com/our-thoughts-on/go-with-your-gut-internship Mon, 13 Jul 2020 00:00:00 +0000 Experiencing the World of Auditing at Schneider Downs As I am nearing the end of my Schneider Downs internship, I cannot help but feel grateful to have had such an amazing experience. As my internship start date approached, I had feelings of nervousness and excitement all in one. I had no idea what to expect, ... http://www.schneiderdowns.com/our-thoughts-on/intern-experience-auditing-sd Mon, 13 Jul 2020 00:00:00 +0000 RPA for CPAs Series: Future Impacts As RPA replaces mundane data processing and entry tasks, accounting activity will shift to higher value analysis and design work. Automation will handle much of the transactional accounting work that people perform today. With this shift in job responsibilities, ... http://www.schneiderdowns.com/our-thoughts-on/rpa-cpas-series-future-impacts Mon, 13 Jul 2020 00:00:00 +0000 Considerations for Professional Service Firms Working in a Remote Environment In March, when most professional service firms were working tirelessly to get their employees operating in a remote environment as a result of COVID-19, internal controls, reconciliations, and review processes may have not been on the top of the priority ... http://www.schneiderdowns.com/our-thoughts-on/professional-service-firms-remote-environment Mon, 13 Jul 2020 00:00:00 +0000 RPA for CPAs Series: Changes Underway In the accounting field, there are many processes where the required tasks are repetitious and rules-based. The nature of the work provides many opportunities to employ RPA technology to reduce the amount of time people spend on basic data processing, ... http://www.schneiderdowns.com/our-thoughts-on/rpa-cpas-changes-underway Tue, 07 Jul 2020 00:00:00 +0000 JULY 7, 2020 UPDATE - Update on the Paycheck Protection Program Under the CARES Act On June 26, 2020, the U.S. Small Business Administration (“SBA”) published guidance on the determination of the maximum loan amount by entity type under the Paycheck Protection Program (“PPP”) of the CARES Act. The guidance summarized ... http://www.schneiderdowns.com/our-thoughts-on/paycheck-protection-program-update-july-7 Tue, 07 Jul 2020 00:00:00 +0000 Sue Kirsch provides insight on taxing trends during the Covid-19 pandemic Sue Kirsch, tax practice chair spoke with the Pttsburgh Business Times in the article titled "Busiest July 15 we've ever had — taxing time for CPAs". Gain a better understanding of the tax trends CPA's are facing during the Covid-19 ... http://www.schneiderdowns.com/taxing-trends-during-covid19 Thu, 02 Jul 2020 00:00:00 +0000 Pennsylvania EITC Applications Open July 1 The period for applying to Pennsylvania’s Education Improvement Tax Credit (EITC) program begins July 1 for new applicants. The program is very popular and availability of credits is typically limited. Credits are issued on a first come-first served ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-eitc-applications-open-july-1 Wed, 01 Jul 2020 00:00:00 +0000 A Virtual Success: The ACFE Holds 31st Annual Global Fraud Conference As president of the Greater Pittsburgh Association of Certified Fraud Examiners (ACFE), I recently had the pleasure of “attending” the organization’s annual Global Fraud Conference. Now in its 31st year, the gathering had to take place ... http://www.schneiderdowns.com/our-thoughts-on/acfe-holds-31st-annual-global-fraud-conference Wed, 01 Jul 2020 00:00:00 +0000 Definitions of Real and Incidental Property in New Like-Kind Exchange Regulations Like-kind exchanges have been a vehicle for tax gain deferral since §1031 was added to the Internal Revenue Code in 1921. Put simply, §1031 allows a taxpayer to defer the gain realized in the disposition of certain property if that taxpayer ... http://www.schneiderdowns.com/our-thoughts-on/real-incidental-property-exchange-regulations Wed, 01 Jul 2020 00:00:00 +0000 Do Relocation Companies Require a SOC (System and Organization Controls) Report? The answer to this question is clearly based upon the level of risk that the relocation company represents to its clients. First, one must gain an understanding of the services provided by the relocation company, the sensitivity of the data shared with ... http://www.schneiderdowns.com/our-thoughts-on/relocation-companies-soc-report Wed, 01 Jul 2020 00:00:00 +0000 The Supreme Court and Affordable Care Act Constitutionality - Protecting Your Ability to Recover Prior Year Federal Taxes The U.S. Supreme Court has agreed to hear a case regarding the constitutionality of the Affordable Care Act (ACA). Without going into all the details, two of the questions before the Court are whether the Tax Cuts and Jobs Act (TCJA) rendered the ACAs ... http://www.schneiderdowns.com/our-thoughts-on/supreme-court-ACA-constitutionality Wed, 01 Jul 2020 00:00:00 +0000 IRS Guidance Provided on the Silo of CARES Act NOLs Enacted as part of the Tax Cuts and Jobs Act in 2017, Section 512(a)(6) of the Internal Revenue Code (IRC) provides that an exempt organization subject to unrelated business income tax with more than one unrelated trade or business is required to calculate ... http://www.schneiderdowns.com/our-thoughts-on/irs-guidance-provided-silo-cares-act-nols Tue, 30 Jun 2020 00:00:00 +0000 Additional Guidance and Relief for Opportunity Zones from the IRS As the country begins to (somewhat) return to normal, real estate investors involved in both qualified opportunity funds (QOFs) and qualified opportunity zone (QOZ) property received additional guidance from the IRS when on June 4 the agency issued Notice ... http://www.schneiderdowns.com/our-thoughts-on/additional-guidance-and-relief-for-opportunity-zones-from-the-irs Mon, 29 Jun 2020 00:00:00 +0000 Extended Deadlines Granted for Ohio Property Tax Collection One of the many ongoing concerns related to the coronavirus pandemic has been understanding the due date for the payment of real property taxes for the second half of tax year 2019. Last month, the Ohio Department of Taxation extended deadlines for collecting ... http://www.schneiderdowns.com/our-thoughts-on/extended-deadlines-ohio-property-tax Mon, 29 Jun 2020 00:00:00 +0000 RPA for CPAs Series: Advantages to Automation As with other forms of automation, the inherent speed and ef­ficiency of machine processing gets work done faster. Automation can also scale to accommodate increases in volume. For a growing company, this can mean not having to add additional head ... http://www.schneiderdowns.com/our-thoughts-on/rpa-cpas-series-advantages-automation Mon, 29 Jun 2020 00:00:00 +0000 COVID-19 Economic Impact Data COVID-19 has had a tremendous impact on global economies and it is still unclear when and in what form economies will return to normalcy. It’s the view of Schneider Downs Wealth Management that paying attention to the data, in times like this especially, ... http://www.schneiderdowns.com/our-thoughts-on/covid19-economic-impact-data Wed, 24 Jun 2020 00:00:00 +0000 What has COVID-19 taught us about our businesses processes? If you’re like the employees of Schneider Downs, you haven’t seen the inside of your office since mid-March. The first few weeks of work from home were filled with uncertainty, not knowing how long the quarantine would last and if you could ... http://www.schneiderdowns.com/our-thoughts-on/covid19-taught-businesses-processes Wed, 24 Jun 2020 00:00:00 +0000 Volatility is Back and It is Here to Stay By Jason Staley, CFA, CAIA® Investment Relationship Manager/Director of Research and Due Diligence Schneider Downs Wealth Management Advisors, LP One could be forgiven if they are feeling a case of whiplash as they look at the current state of equity ... http://www.schneiderdowns.com/our-thoughts-on/volatility-here-to-stay Wed, 24 Jun 2020 00:00:00 +0000 COVID-19 Flexibility for Section 125 Cafeteria Plans and High-Deductible Health Plans Through the COVID-19 pandemic, America has seen changes to some retirement and health plan benefit provisions, since the Internal Revenue Service (IRS) has relaxed certain restrictions to provide relief to taxpayers. One area of focus has been to provide ... http://www.schneiderdowns.com/our-thoughts-on/covid19-section-125-high-deductible-health-plans Mon, 22 Jun 2020 00:00:00 +0000 The Coronavirus Impact on Manufacturers The ongoing coronavirus pandemic has impacted virtually all industries but in differing ways. Those deemed “non-essential” are hurting from closures and shutdowns, while other “essential” businesses have been thriving, even struggling ... http://www.schneiderdowns.com/our-thoughts-on/coronavirus-impact-manufacturers Mon, 22 Jun 2020 00:00:00 +0000 RPA for CPAs Series: Bringing on Bots to Enhance a CPAs Work Robotic process automation (RPA) is a form of business process automation that com­bines traditional software user interfaces with optical character recognition, machine learning, and artificial intelligence (AI) to help automate the mundane and routine ... http://www.schneiderdowns.com/our-thoughts-on/rpa-for-cpas-series-bringing-on-bots-to-enhance-a-cpas-work Mon, 22 Jun 2020 00:00:00 +0000 Fed Seeks Commentary on Expansion of Main Street Lending Program to Nonprofits This week, the Federal Reserve Board announced that it is considering an expansion of the Main Street Lending Program to nonprofit organizations. The current program provides loans to small and medium-sized businesses and would potentially expand to small ... http://www.schneiderdowns.com/our-thoughts-on/fed-seeks-commentary-on-expansion-of-main-street-lending-program-to-nonprofits Thu, 18 Jun 2020 00:00:00 +0000 Changes to the PPP Forgiveness Application and Instructions This article was updated on June 17, 2020. Further updates will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused ... http://www.schneiderdowns.com/our-thoughts-on/changes-to-the-ppp-forgiveness-application-and-instructions Thu, 18 Jun 2020 00:00:00 +0000 Financial Boot Camp Series:Can Budgeting Really Lead to A Happier Life? “Put your money in the bank” - this sentence was like nails on a chalkboard to me as a child growing up. After receiving my first paycheck from cutting my neighbor’s grass, cash in hand, I asked my father to take me to a sporting goods ... http://www.schneiderdowns.com/our-thoughts-on/budgeting-happier-life Thu, 18 Jun 2020 00:00:00 +0000 Schneider Downs COVID-19 Client Survey - Our Thoughts On Survey Results Schneider Downs Announces COVID-19 Survey Results Companies impacted by the COVID-19 pandemic expressed concerns about the global impact of reduced consumer demand, yet remain optimistic about their ability to respond should a similar pandemic strike ... http://www.schneiderdowns.com/our-thoughts-on/sd-covid19-client-survey-results Thu, 18 Jun 2020 00:00:00 +0000 Facial Recognition - Future of Law Enforcement or More of the Same? Industry giants including IBM, Amazon, and Microsoft have cooled off on their pursuit of facial recognition technology after the Justice of Policing Act of 2020 was introduced to Congress on June 8th, 2020. If passed, the bill would restrict the way police ... http://www.schneiderdowns.com/our-thoughts-on/facial-recognition-future-law-enforcement Wed, 17 Jun 2020 00:00:00 +0000 Pennsylvania COVID-19 Relief Statewide Small Business Assistance This article was updated on June 12, 2020. Further updates will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of Pennsylvania financial programs offered due to the disruption of the coronavirus ... http://www.schneiderdowns.com/our-thoughts-on/pa-covid19-relief-small-business Tue, 16 Jun 2020 00:00:00 +0000 Introducing the Schneider Downs Retirement Solutions Resource Center As the Schneider Downs Retirement Solutions practice has continued to grow in service offerings and expertise, so has our depth of resources for plan sponsors and participants. In an effort to make our retirement resources easily accessible, we are excited ... http://www.schneiderdowns.com/our-thoughts-on/sd-retirement-solutions-resource-center Tue, 16 Jun 2020 00:00:00 +0000 ERISA Plans Going Remote There have been many changes to life as we know it during the COVID-19 pandemic. Many people have found themselves using technology more than ever before to connect in a remote environment both in personal and professional life. ERISA plans are no exception ... http://www.schneiderdowns.com/our-thoughts-on/erisa-plans-going-remote Tue, 16 Jun 2020 00:00:00 +0000 Risks to Consider When Reopening Your Branches With the country slowly reopening from the COVID-19 pandemic, it’s time to consider the risks associated with reopening your branch locations. With the ultimate goal of providing a safe environment where customers and branch employees can conduct ... http://www.schneiderdowns.com/our-thoughts-on/risks-reopening-branches Mon, 15 Jun 2020 00:00:00 +0000 Accounting for Paycheck Protection Program Loans and Forgiveness The American Institute of Certified Public Accountants (AICPA) has provided interpretive guidance on how nongovernmental entities should account for forgivable loans received through the Small Business Administration’s (SBA) Paycheck Protection ... http://www.schneiderdowns.com/our-thoughts-on/accounting-ppp-loans-forgiveness Thu, 11 Jun 2020 00:00:00 +0000 COVID-19 AND THE M&A MARKET: DEAL VOLUME AND VALUE Since mid-March, M&A volume has slowed dramatically as the U.S. economy shut down and state governments implemented stay-at-home orders. The chart below illustrates the monthly decline in announced transactions through 2020 and compared to the same ... http://www.schneiderdowns.com/our-thoughts-on/covid19-market-deal-volume-value Wed, 10 Jun 2020 00:00:00 +0000 IRS Provides Temporary Signature Relief For Retirement Plan Elections By Donna Wolfson, Schneider Downs Retirement Solutions Recognizing the difficulty of meeting a “physical presence” requirement during the COVID-19 pandemic, the IRS on June 3 issued Notice 2020-42, providing temporary relief for certain qualified ... http://www.schneiderdowns.com/our-thoughts-on/temporary-signature-relief-retirement-plan-elections Wed, 10 Jun 2020 00:00:00 +0000 Another Expansion of the Main Street Lending Program This article was updated on June 9, 2020. Further updates will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused ... http://www.schneiderdowns.com/our-thoughts-on/expansion-main-street-lending-program Tue, 09 Jun 2020 00:00:00 +0000 Final Regulations Clarify Exempt Organization Filing Requirements After waiting nearly eight months, exempt organizations finally have clarity on the reporting requirements of Form 990, Schedule B, Schedule of Contributors. Effective May 28, 2020, the Internal Revenue Service (IRS) published final regulation TD 9898 ... http://www.schneiderdowns.com/our-thoughts-on/final-regulations-clarify-exempt-organization-filing-requirements Mon, 08 Jun 2020 00:00:00 +0000 Marsha Ruddle clarifies the mixed market in real estate Schneider Downs Shareholder Marsha Ruddle speaks with Accounting Today to explain the current market in real estate after COVID-19. ... http://www.schneiderdowns.com/mixed-market-real-estate Thu, 04 Jun 2020 00:00:00 +0000 Paycheck Protection Program Extended This article was updated on June 3, 2020. Updates to this article will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of Federal financial programs offered due to the disruption caused by the coronavirus ... http://www.schneiderdowns.com/our-thoughts-on/paycheck-protection-program-extended Thu, 04 Jun 2020 00:00:00 +0000 Department of Labor Finalizes Electronic Disclosure Rules Following up on their proposed regulations from October 2019, the Department of Labor (DOL) on May 21, 2020 issued final regulations regarding the electronic disclosure of required information to participants in employee retirement plans under the ... http://www.schneiderdowns.com/our-thoughts-on/department-labor-finalizes-electronic-disclosure-rules Thu, 04 Jun 2020 00:00:00 +0000 HMDA Reporting Thresholds Increased by CFPB The Home Mortgage Disclosures Act (HMDA) as implemented by the Consumer Financial Protection Bureau’s Regulation C, 12 CFR Part 1003 (Regulation C), requires *certain depository institutions to collect, and report mortgage data used to: Identify ... http://www.schneiderdowns.com/our-thoughts-on/hmda-thresholds-increased-cfpb Tue, 02 Jun 2020 00:00:00 +0000 What to Expect During a Sale Transaction Once they decide to move forward, many owners plow straight in and starting looking for a buyer. Good idea, but not so fast. Slow down. Think about your existing advisors, who know you and know your business. What value can they bring to the transaction? ... http://www.schneiderdowns.com/our-thoughts-on/what-to-expect-during-a-sales-transaction Mon, 01 Jun 2020 00:00:00 +0000 Financial Boot Camp Series: College Savings 101 As young parents, my husband and I met with a financial planner who asked about college savings. We responded that they were on their own. Fast forward to college and we couldn’t let them incur that much debt. So we helped. As I am now a financial ... http://www.schneiderdowns.com/our-thoughts-on/college-savings-101 Wed, 27 May 2020 00:00:00 +0000 Paycheck Protection Program Borrower and Lender Responsibilities This article was updated on May 26, 2020. Updates to this article will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of Federal financial programs offered due to the disruption caused by the coronavirus ... http://www.schneiderdowns.com/our-thoughts-on/ppp-lender-responsibilities Wed, 27 May 2020 00:00:00 +0000 Steve Thimons provides insight on latest PPP guidance cuts Schneider Downs’ Steve Thimons spoke with the Pittsburgh Business Times regarding SBA’s latest PPP Guidance cuts. Learn what he has to say in the article published by the Pittsburgh Business Times. ... http://www.schneiderdowns.com/ppp-guidance-cuts Tue, 26 May 2020 00:00:00 +0000 Impersonation Attacks Targeting Microsoft Teams With initial security concerns surrounding Zoom, and Google Meets not publicly available (this is now free and has reported 50 million installs on the Play Store), Microsoft Teams emerged as one of the most popular collaboration tools used by organizations ... http://www.schneiderdowns.com/our-thoughts-on/impersonation-attacks-targeting-teams Tue, 26 May 2020 00:00:00 +0000 COVID-19 AND THE M&A MARKET The two-month COVID-19 economic crisis has significantly disrupted the M&A deal market. While there are examples of transactions that have closed, most transaction processes that were not in their final stages have slowed materially as buyers and ... http://www.schneiderdowns.com/our-thoughts-on/covid19-and-the-ma-market Tue, 26 May 2020 00:00:00 +0000 Loan Forgiveness Interim Final Rule This article was updated on May 26, 2020. Updates to this article will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of Federal financial programs offered due to the disruption caused by the coronavirus ... http://www.schneiderdowns.com/our-thoughts-on/loan-forgiveness-interim-final-rule Tue, 26 May 2020 00:00:00 +0000 Ohio Unemployment Benefits for Self-Employed and 1099-Misc Filers The COVID-19 pandemic continues to change our lives in ways we never imagined. The magnitude of the pandemic has resulted in a plethora of changes in both tax law and social benefit programs. The Ohio Department of Job and Family Services (ODJFS) recently ... http://www.schneiderdowns.com/our-thoughts-on/ohio-unemployment-benefits-selfemployed Fri, 22 May 2020 00:00:00 +0000 FASB Delays Leasing and Revenue Recognition for Certain Organizations in Response to COVID-19 On Wednesday, May 20, 2020, the FASB voted to delay the effective date of ASU 2016-012, Leases and ASU 2014-09, Revenues from Contracts with Customers for certain organizations with a formally drafted ASU expected in June. The concern was that certain ... http://www.schneiderdowns.com/our-thoughts-on/fasb-delays-leasing-revenue-recognition Fri, 22 May 2020 00:00:00 +0000 ProLock Ransomware Attacks Overview and Mitigation Strategies Diebold Nixdorf, a company that is a major supplier of Automatic Teller Machines (ATM’s) and software to financial institutions was infected by the ProLock ransomware in late April. The intrusion was first reported by Brian Krebs from KrebsOnSecurity.com ... http://www.schneiderdowns.com/our-thoughts-on/prolock-ransomware-overview-strategies Thu, 21 May 2020 00:00:00 +0000 Data and Technology Research Project Spotlight In light of the ever-increasing use of technology-based tools by auditors and preparers, the Public Company Accounting Oversight Board (PCAOB) on May 12 released an update on its Data and Technology Research Project and inquiry into the need to amend ... http://www.schneiderdowns.com/our-thoughts-on/data-technology-research-project Wed, 20 May 2020 00:00:00 +0000 IRS Announces 2019 Marginal Well Credit Natural gas well owners holding an operating interest in a qualified marginal well during 2019 are eligible to claim a credit of $0.08 per qualified MCF since the IRS finalized and released the reference price used to compute the credit for tax year 2019 ... http://www.schneiderdowns.com/our-thoughts-on/irs-2019-marginal-well-credit Wed, 20 May 2020 00:00:00 +0000 Ohio Programs Update May 20, 2020 Schneider Downs continues to track the evolving landscape of financial programs offered to small businesses disrupted by the coronavirus pandemic (“COVID-19”). The following is one of the many resources available for impacted small businesses ... http://www.schneiderdowns.com/our-thoughts-on/ohio-programs-update-may-20-2020 Wed, 20 May 2020 00:00:00 +0000 Documenting Paycheck Protection Program Requirements of Need and Liquidity INTRODUCTION There has been significant, additional attention and scrutiny surrounding the required Paycheck Protection Program (“PPP”) loan certification that states that “[c]urrent economic uncertainty makes this loan request necessary ... http://www.schneiderdowns.com/our-thoughts-on/paycheck-protection-program-need-liquidity Wed, 20 May 2020 00:00:00 +0000 Individual Tax Planning Under COVID-19 Since mid-March, we have been in unprecedented times due to the COVID-19 Pandemic. The country has been shut down for more than two months and only now are states slowly beginning to open back up. With much uncertainty about the future, there are some ... http://www.schneiderdowns.com/our-thoughts-on/individual-tax-planning-under-covid19 Wed, 20 May 2020 00:00:00 +0000 Cash Flow and Liquidity Planning Opportunities The quote “cash is king” has never been truer than in the first half of 2020. The COVID-19 pandemic has thrust cash flow and liquidity planning to the forefront of every business sector’s strategic planning. Recent legislation from the ... http://www.schneiderdowns.com/our-thoughts-on/cash-flow-liquidity-planning-opportunities Tue, 19 May 2020 00:00:00 +0000 ClearlyRated's Best of Accounting Award for Superior Client Satisfaction See Schneider Downs ratings and testimonials on ClearlyRated. Schneider Downs has once again been recognized with ClearyRated's Best of Accounting Award for exemplary client service and performance. ClearlyRated's Best of Accounting™ is ... http://www.schneiderdowns.com/clearlyrated-best-of-accounting-award-2020 Mon, 18 May 2020 00:00:00 +0000 ICYMI: New DOJ Collusion Guidance In news that may have largely gone unnoticed, the U.S. Department of Justice (DOJ) formed the Procurement Collusion Strike Force (PCSF) in November 2019. An interagency partnership comprised of prosecutors from the DOJ’s Antitrust Division and U.S. ... http://www.schneiderdowns.com/our-thoughts-on/new-doj-collusion-guidance Mon, 18 May 2020 00:00:00 +0000 SBA Releases PPP Loan Forgiveness Application With Instructions and Changes This article was updated on May 17, 2020. Updates to this article will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of federal financial programs offered due to the disruption of the coronavirus ... http://www.schneiderdowns.com/our-thoughts-on/sba-releases-ppp-loan-forgiveness-application Mon, 18 May 2020 00:00:00 +0000 Are You Prepared for the Next Stage of Your Business? You’re a successful business owner who’s devoted all your time and effort into growing your company to be a best-in-class provider in the industry. With your head down so long, you’ve probably never thought about what you were going ... http://www.schneiderdowns.com/our-thoughts-on/prepared-next-stage-your-business Fri, 15 May 2020 00:00:00 +0000 Is Your Start-Up or Small Business Strapped for Cash? The Employee Retention and R&D Credits Could Help As businesses continue to adjust to the COVID-19 crisis, many small businesses and start-up companies are becoming significantly strapped for cash. In response to the need for businesses to both maintain cash flow and continue paying employees to remain ... http://www.schneiderdowns.com/our-thoughts-on/small-business-employee-retention-and-rd-credits Thu, 14 May 2020 00:00:00 +0000 Accounting Relief for Rent Concessions received by International Organizations due to COVID-19 Globally, organizations have been or are expected to be provided with rent concessions for their leases, especially for leases of retail properties. In some countries, rent concessions are also being required by government authorities. Rent concessions ... http://www.schneiderdowns.com/our-thoughts-on/accounting-relief-rent-concessions-covid19 Thu, 14 May 2020 00:00:00 +0000 House Democrats Release Details of Proposed HEROES Act This article contains information that is current as of mid-day May 14, 2020. Check back soon for updated information on the HEROES Act. On May 12, House Democrats released their vision of the next phase of COVID-19 economic relief. The proposed Health ... http://www.schneiderdowns.com/our-thoughts-on/proposed-heroes-act Thu, 14 May 2020 00:00:00 +0000 PPP SBA FAQs May 14 This article was updated on May 14, 2020. Updates to this article will be made as new information becomes available MAY 14, 2020 UPDATE - Important Update on the Paycheck Protection Program under the CARES Act Since early April, the U.S. Small Business ... http://www.schneiderdowns.com/our-thoughts-on/ppp-sba-faqs-may-14 Thu, 14 May 2020 00:00:00 +0000 Continuing to Decipher Estate and Trust Deduction Changes In July 2018, the IRS issued Notice 2018-61 to provide insight on the suspension of miscellaneous itemized deductions for Trusts and Estates under newly enacted Internal Revenue Code Section 67(g). The notice highlighted deductions that did not fall specifically ... http://www.schneiderdowns.com/our-thoughts-on/decipher-estate-trust-deduction-changes Thu, 14 May 2020 00:00:00 +0000 Paycheck Protection Program Interim Final Rule on Loan Increase Paycheck Protection Program May 14, 2020 Update On May 13, 2020, the Department of Treasury issued an interim final rule (IFR) that allows for partnerships and seasonal employers to request an increase in their Paycheck Protection Program loan because ... http://www.schneiderdowns.com/our-thoughts-on/interim-final-rule-on-loan-increase Thu, 14 May 2020 00:00:00 +0000 Jason Lumpkin and Alexander Papson Featured in Us Chamber Article Jason Lumpkin and Alexander Papson of Schneider Downs Wealth Management Advisors provides insight on small business considerations and the SECURE Act. ... http://www.schneiderdowns.com/insight-on-small-business-considerations Wed, 13 May 2020 00:00:00 +0000 Estate Planning Opportunities Created by COVID-19 On April 23, Schneider Downs’ Darin Schindler, Greg Allison and Derek Eichelberger led a webinar for the firm’s personnel and friends discussing Estate Planning Opportunities Created by the COVID-19 Pandemic. A replay of the webinar and a ... http://www.schneiderdowns.com/our-thoughts-on/estate-planning-opportunities-covid19 Wed, 13 May 2020 00:00:00 +0000 Introducing the Schneider Downs Cybersecurity Newsletter Over the past year, the Schneider Downs cybersecurity service line has made some great strides in how we communicate and share our robust service capabilities, growing resources and industry expertise. With our new website and a growing cybersecurity ... http://www.schneiderdowns.com/our-thoughts-on/schneider-downs-focus-on-cybersecurity Wed, 13 May 2020 00:00:00 +0000 New EBP Auditing Standards Deferred Due to COVID-19 The COVID-19 outbreak may offer one hidden benefit as we enter the Employee Benefit Plan (EBP) audit season: we’ll have plenty of time to learn about some new upcoming standards. The AICPA Auditing Standards Board recently voted to defer the effective ... http://www.schneiderdowns.com/our-thoughts-on/new-ebp-auditing-standards-deferred-covid19 Wed, 13 May 2020 00:00:00 +0000 How Risk Management and Internal Audit Can Add Value in Light of the Current Pandemic: COVID-19 Risk Considerations During these unprecedented times, internal audit and risk management professionals need to reevaluate risks affecting their organization. Audit plans must be realigned and reprioritized to ensure internal audit plays a pivotal role in helping the business ... http://www.schneiderdowns.com/our-thoughts-on/how-risk-management-and-internal-audit-add-value Wed, 13 May 2020 00:00:00 +0000 Alexander Papson Featured in Plan Sponsor Magazine Secure Act Article Schneider Downs’ Alexander Papson provides insight on plan sponsor considerations related to the SECURE Act. ... http://www.schneiderdowns.com/plan-sponsor-magazine-secure-act-article Tue, 12 May 2020 00:00:00 +0000 Peter Lieberman Featured in Business Times M&A Article Peter Lieberman, CEO of Schneider Downs Corporate Finance provides insight to the Pittsburgh Business Times in the article "Deal or no deal —mixed messages on M&A amid Covid-19 pandemic". ... http://www.schneiderdowns.com/peter-lieberman-on-ma Tue, 12 May 2020 00:00:00 +0000 Tips and Tricks to Ensure Youre Ready for Your Employee Benefit Plan Audit Many benefit plans subject to ERISA that have a December 31 year-end file an extension, and delay issuing financial statements and filing the Form 5500 from July 31 until October 15. Even with current circumstances surrounding the pandemic, this could ... http://www.schneiderdowns.com/our-thoughts-on/tips-and-tricks-for-your-employee-benefit-plan Mon, 11 May 2020 00:00:00 +0000 Pennsylvania EITC Applications Open May 15 The application process for Education Improvement Tax Credits (EITC) opens on May 15 for businesses in year two of their contribution commitment and for those that have recently completed a two-year commitment. The early application period runs until ... http://www.schneiderdowns.com/our-thoughts-on/pa-eitc-applications-may-15 Mon, 11 May 2020 00:00:00 +0000 Ohio Unemployment Fraud Reporting Site under Attack As discussed in my recent Linkedin post, the state of Ohio’s COVID-19 fraud reporting website is now under attack from an anonymous hacker. Under Ohio law, individuals are disqualified from receiving unemployment benefits during the COVID-19 pandemic ... http://www.schneiderdowns.com/our-thoughts-on/ohio-unemployment-fraud-site-attack Mon, 11 May 2020 00:00:00 +0000 Nondiscrimination and Additional Eligibility Criteria Update on the Payroll Protection Program This article was updated on May 7, 2020. Updates to this article will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of Federal financial programs offered due to the disruption of the coronavirus ... http://www.schneiderdowns.com/our-thoughts-on/additional-eligibility-criteria-payroll-protection-program Fri, 08 May 2020 00:00:00 +0000 Main Street Lending Program FAQs Part 1 This article was updated on May 7, 2020. Updates to this article will be made as new information becomes available. This post is the first of two. Schneider Downs continues to track the evolving landscape of financial programs offered to small businesses ... http://www.schneiderdowns.com/our-thoughts-on/main-street-lending-program-faqs-part-1 Fri, 08 May 2020 00:00:00 +0000 100% Bonus Depreciation Available for Qualified Improvement Property On April 17, the IRS released Revenue Procedure 2020-25, which provides guidance that allows a taxpayer to change depreciation for qualified improvement property (QIP) under §168 of the Internal Revenue Code. The CARES Act retroactively changed the ... http://www.schneiderdowns.com/our-thoughts-on/100-bonus-depreciation-available Fri, 08 May 2020 00:00:00 +0000 SBA Clarifies Single Audit Requirements The Small Business Administration (SBA) has been issuing quite a bit of clarifying guidance and a number of interim final rules over the past few weeks since administering the original round of funding connected with the CARES Act. One question that’s ... http://www.schneiderdowns.com/our-thoughts-on/sba-clarifies-single-audit-requirements Fri, 08 May 2020 00:00:00 +0000 Employee Retention Credit - Excluding Family Members' Wages from Qualified Wages Amidst guidance surrounding the CARES Act and other COVID-19 legislation, it’s important to note additional limitations on the qualified wages used for calculating the Employee Retention Credit. One of these is the exclusion of wages paid to related ... http://www.schneiderdowns.com/our-thoughts-on/excluding-family-members-wages-from-qualified-wages Fri, 08 May 2020 00:00:00 +0000 Main Street Lending Program FAQs Part 2 This article was updated on May 8, 2020. Updates to this article will be made as new information becomes available. This post is the second of two posts about the Main Street Lending Program FAQs Schneider Downs continues to track the evolving landscape ... http://www.schneiderdowns.com/our-thoughts-on/main-street-faqs-part-2 Fri, 08 May 2020 00:00:00 +0000 SEC Oversight Helping Investors during a Time of Uncertainty and Confusion As companies and investors try to adapt to the many challenges presented by the COVID-19 pandemic and economic crisis (“COVID-19”), the SEC is adapting to fulfil its mission to protect investors. The SEC is actively monitoring the markets ... http://www.schneiderdowns.com/our-thoughts-on/sec-oversight Thu, 07 May 2020 00:00:00 +0000 Important Update on the Paycheck Protection Program under the CARES Act This article was updated on May 7, 2020. Updates to this article will be made as new information becomes available. Since late March, the U.S. Small Business Administration (“SBA”) has published Frequently Asked Questions in regards to the ... http://www.schneiderdowns.com/our-thoughts-on/important-update-on-the-paycheck-protection-program-under-the-cares-act Thu, 07 May 2020 00:00:00 +0000 Stopping Ransomware Cold: Lessons from the Front Lines At Schneider Downs, we are all too familiar with the costly impact ransomware attacks can have on organizations of all sizes and across all industries. Our cyber team continues to respond to countless incidents, helping our clients identify, contain, ... http://www.schneiderdowns.com/our-thoughts-on/stopping-ransomware-cold-lessons-front-lines Thu, 07 May 2020 00:00:00 +0000 Tax Accounting/Provision Considerations Due to COVID-19 In the midst of the COVID-19 pandemic and the tax law changes within the CARES Act, companies are starting to consider the impact to their financial statements. Within this article, we will outline some of the tax accounting considerations that companies ... http://www.schneiderdowns.com/our-thoughts-on/tax-accountingprovision-considerations Thu, 07 May 2020 00:00:00 +0000 Additional Guidance Provided on Separating Unrelated Businesses Activities The Internal Revenue Service (IRS) issued proposed Regulations (REG-106864-18) on the “siloing” of unrelated business income under §512(a)(6). The Tax Cuts and Jobs Act (“TCJA”) added this section that required tax-exempt ... http://www.schneiderdowns.com/our-thoughts-on/guidance-separating-unrelated-businesses Wed, 06 May 2020 00:00:00 +0000 AICPA Provides Guidance for COVID-19 Considerations in a SOC Examination In late April, the AICPA published non-authoritative guidance to assist service auditors as they prepare for and perform SOC examinations in the wake of the COVID-19 outbreak. The guidance can also be applied by service organizations that are undergoing ... http://www.schneiderdowns.com/our-thoughts-on/aicpa-provides-guidance-soc-examination Wed, 06 May 2020 00:00:00 +0000 Financial Boot Camp Series: Financial Planning is Key to Maintaining Long-Term Balance for Retirement Planning Recent financial markets have certainly been a roller coaster ride for investors, with the S&P 500 falling 30% in 22 trading days in March, subsequently having its best month since 1987 in April. Historically, these violent market swings have created ... http://www.schneiderdowns.com/our-thoughts-on/longterm-balance-for-retirement-planning Tue, 05 May 2020 00:00:00 +0000 Processes Under Pressure COVID-19 has impacted work environments in ways never imagined. Teams, offices – even entire companies – have shifted to working from home. The “new normal” is pressure-testing processes and technology at most every organization. ... http://www.schneiderdowns.com/our-thoughts-on/processes-under-pressure Mon, 04 May 2020 00:00:00 +0000 ADDITIONAL COVID-19 DISASTER RELIEF FOR RETIREMENT PLANS In response to the COVID-19 pandemic, the U.S. Department of Labor (DOL) has announced emergency relief from certain deadlines and enforcement actions applicable to sponsors of ERISA-covered retirement plans. On April 28, 2020, the DOL’s Employee ... http://www.schneiderdowns.com/our-thoughts-on/relief-for-retirement-plans Mon, 04 May 2020 00:00:00 +0000 Dan Phillips provides insight to Pittsburgh Business Times on Paycheck Protection Program Schneider Downs’ Dan Phillips provides insight to Pittsburgh Business Times regarding applying for the Paycheck Protection Program loans and what this means to the IRS. ... http://www.schneiderdowns.com/insight-on-paycheck-protection-program Fri, 01 May 2020 00:00:00 +0000 Documenting PPP Need and Liquidity This article was updated on May 1, 2020. Updates to this article will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of Federal financial programs offered due to the disruption of the coronavirus ... http://www.schneiderdowns.com/our-thoughts-on/documenting-ppp-need-and-liquidity Fri, 01 May 2020 00:00:00 +0000 Deductions Disallowed for Expenses Related to Payroll Protection Program Loan Forgiveness On April 30, 2020 the IRS released Notice 2020-32 (the Notice) answering a major tax question involving the Paycheck Protection Program (PPP); understandably, taxpayers will not like the answer. The IRS has concluded that otherwise allowable expenses ... http://www.schneiderdowns.com/our-thoughts-on/deductions-disallowed-for-ppp Fri, 01 May 2020 00:00:00 +0000 Expansion of Main Street Lending Program This article was updated on May 1, 2020. Updates to this article will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of Federal financial programs offered due to the disruption of the coronavirus ... http://www.schneiderdowns.com/our-thoughts-on/expansion-of-main-street-lending-program Fri, 01 May 2020 00:00:00 +0000 Construction is Open for Business in PA Are You Ready? Beginning May 1, 2020, all businesses in the construction industry in Pennsylvania are permitted to maintain in-person operations pursuant to amendments to the business closure orders originating from the COVID-19 pandemic. However, contractors must now ... http://www.schneiderdowns.com/our-thoughts-on/construction-in-pa Fri, 01 May 2020 00:00:00 +0000 Planning for Reference Rate Reform The FASB recently issued ASU 2020-04 to provide accounting relief from the impact of reference rate reform. Reference rate reform is the expected cessation of the London Interbank Offered Rate (LIBOR), the most commonly used benchmark interest rate in ... http://www.schneiderdowns.com/our-thoughts-on/planning-for-reference-rate-reform Fri, 01 May 2020 00:00:00 +0000 Manage Your Emotions During Volatile Times The history of the stock market has always had a consistent message; volatility is a normal part of investing. Another consistent message is that the U.S. stock market has been resilient throughout its history, and has weathered the storm during periods ... http://www.schneiderdowns.com/our-thoughts-on/manage-your-emotions Fri, 01 May 2020 00:00:00 +0000 Construction in a New PC World Whether it be days, weeks or months, contractors, like companies in every other industry, will need to adjust to a new PC world. PC as in post-coronavirus. While in many ways, the daily tasks we perform at our jobs will stay the same, the way we go about ... http://www.schneiderdowns.com/our-thoughts-on/construction-in-a-new-pc-world Thu, 30 Apr 2020 00:00:00 +0000 The Employee Retention Credit Significant IRS Guidance Just Released As discussed in our article on March 30, “2020 CARES Act - The Employee Retention Credit”, the CARES Act (the Act) provided for a new employer payroll tax credit known as the Employee Retention Credit (ERC). The credit is designed to assist ... http://www.schneiderdowns.com/our-thoughts-on/employee-retention-credit-irs-guidance Thu, 30 Apr 2020 00:00:00 +0000 Natural Gas Rig Count Declines in Major Basins Natural gas rig count is often viewed as an indicator of future gas production. An increase in rigs leads to an increase in the amount of wells from which gas can be extracted, which in turn drives up the possible upper limit of production. Rig count ... http://www.schneiderdowns.com/our-thoughts-on/natural-gas-rig-count-declines Tue, 28 Apr 2020 00:00:00 +0000 The ACFEs 2020 Report to the Nations The Association of Certified Fraud Examiners (ACFE) recently released the Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse. This is the 11th Report to the Nations since 1996, and over its history it has become the primary source ... http://www.schneiderdowns.com/our-thoughts-on/acfes-2020-report-to-the-nations Tue, 28 Apr 2020 00:00:00 +0000 The Future of your Business - Natural Resources and Construction Post-Covid-19: Where does my organization go from here? You don’t have to look far to see the impact of the COVID-19 pandemic on the workplace. The transformation of a huge portion of the U.S. workforce to working remotely occurred basically overnight. ... http://www.schneiderdowns.com/our-thoughts-on/the-future-of-your-business Mon, 27 Apr 2020 00:00:00 +0000 Amended Regulation Provides Relief for Importers amid the COVID-19 Crisis Importers, like many other businesses, have faced a severe decline in revenues in the last three months. This decline is due, in large part, to the federal, state, and national restrictions placed on imports. Additionally, due to contractual obligations ... http://www.schneiderdowns.com/our-thoughts-on/amended-regulation-provides-relief Mon, 27 Apr 2020 00:00:00 +0000 Nick Seiler 2019 top scorer on the CPA exam in Pennsylvania! Congratulations to Schneider Downs Auditor, Nick Seiler, who was a 2019 top scorer on the CPA exam in Pennsylvania! ... http://www.schneiderdowns.com/top-scorer-on-the-cpa-exam-in-pennsylvania Fri, 24 Apr 2020 00:00:00 +0000 Schneider Downs Tom Harvey Provides Insight on Summer Internships Many Pittsburgh area businesses welcome interns in the spring, giving college students a taste of the work world and providing companies with a pipeline of new hires. ... http://www.schneiderdowns.com/insight-on-summer-internships Thu, 23 Apr 2020 00:00:00 +0000 Pennsylvania Education Tax Credits and COVID-19 The contribution deadline for Pennsylvania’s popular Educational Improvement Tax Credit (EITC) program has been extended due to the COVID-19 pandemic. Under normal circumstances, businesses are required to make their contributions within 60 days ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-education-tax-credits-and-covid19 Thu, 23 Apr 2020 00:00:00 +0000 State of the Construction Industry What President Trumps Potential Infrastructure Bill Might Mean for Pennsylvania With most of the nation’s construction at a standstill, the Trump administration has been looking into what may be the next step for America following the COVID-19 pandemic. After passage of the CARES Act on March 27, there have been mentions that ... http://www.schneiderdowns.com/our-thoughts-on/what-trumps-infrastructure-bill-might-mean Thu, 23 Apr 2020 00:00:00 +0000 How to Maximize PPP Loan Forgiveness As a business owner, you and your employees have been diligently working to maximize the loan available under the Paycheck Protection Program (PPP), but after a company has been approved by the Small Business Administration (SBA), the work doesn’t ... http://www.schneiderdowns.com/our-thoughts-on/maximize-ppp-loan-forgiveness Thu, 23 Apr 2020 00:00:00 +0000 Update on New Stimulus Package (Phase 3.5 or Phase 4) This article was updated on April 22, 2020. Updates to this article will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of Federal financial programs offered due to the disruption of the coronavirus ... http://www.schneiderdowns.com/our-thoughts-on/update-new-stimulus-package-phase-35-or-4 Thu, 23 Apr 2020 00:00:00 +0000 DOE releases information for the Institutional Portion of the Higher Education Emergency Relief Fund On Tuesday, April 21, 2020, U.S. Secretary of Education Betsy DeVos issued a communication announcing the release of information and funding available for the second half of formula grants to Institutions of Higher Education authorized by Section 18004(a)(1) ... http://www.schneiderdowns.com/our-thoughts-on/higher-education-emergency-relief-fund Thu, 23 Apr 2020 00:00:00 +0000 No Honor Among Thieves: Ransomware Targeting COVID-19 Frontlines On March 18, 2020, Lawrence Abrams of Bleeping Computer reached out to a number of prolific cyber-criminal groups including Maze, DoppelPaymer, Sodinokibi, and Ryuk, and asked, “Will you continue to target healthcare and/or medical organizations ... http://www.schneiderdowns.com/our-thoughts-on/ransomware-targeting-covid19-frontlines Thu, 23 Apr 2020 00:00:00 +0000 PPP Round One Complete; Where Do We Stand? Over the past few weeks, companies across the U.S. have been frantically pulling together information and filling out applications with the hope of being awarded a piece of the initial $349 billion Paycheck Protection Program (PPP) loan pie. Now that ... http://www.schneiderdowns.com/our-thoughts-on/ppp-round-one-complete Thu, 23 Apr 2020 00:00:00 +0000 Forgiveness Thoughts As the Federal government continues to seek expanded funding for the Paycheck Protection Program (PPP), there are many companies that have received their loan funds and started the 8-week period to use the funds. The main benefit of the PPP is that it ... http://www.schneiderdowns.com/our-thoughts-on/forgiveness-thoughts Thu, 23 Apr 2020 00:00:00 +0000 Part I: Accounting and Financial Reporting Implications of the CARES Act The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27 to address economic instability brought on by the pandemic. The CARES act was written to support individuals and businesses through various types of relief ... http://www.schneiderdowns.com/our-thoughts-on/accounting-and-financial-reporting-implications-of-the-cares-act Tue, 21 Apr 2020 00:00:00 +0000 During COVID-19, Cyber Fraud Does Not Take Time Off As the COVID-19 pandemic continues to change how organizations operate, a majority of our daily working lives and routines have been modified to function within the “new normal”. We are experiencing a great deal of disruption to business as ... http://www.schneiderdowns.com/our-thoughts-on/covid19-cyber-fraud Mon, 20 Apr 2020 00:00:00 +0000 U.S. and Chinese Manufacturing Trends Made in America has not resonated more powerfully at any point in recent memory than it does now. With increasing concerns regarding goods manufactured in China and the 14 Asian Low-Cost Countries (LCCs) as defined and tracked by Kearney, governmental ... http://www.schneiderdowns.com/our-thoughts-on/us-and-chinese-manufacturing-trends Mon, 20 Apr 2020 00:00:00 +0000 Amazon Web Services (AWS) Best Practices For a Successful SOC 2 Examination For Software as a Service (SaaS) companies operating in Amazon Web Services’ (AWS) cloud environment, there are a number of AWS best practices that should be considered in order to improve security and meet certain SOC 2 trust services criteria ... http://www.schneiderdowns.com/our-thoughts-on/amazon-web-services-soc-2 Fri, 17 Apr 2020 00:00:00 +0000 Fraud in the Retail Industry Due to COVID-19 The retail industry is at the center of the Coronavirus crisis. While some retailers and their employees are being acknowledged for their essential role in serving their communities, their counterparts from stores within the same shopping center may not ... http://www.schneiderdowns.com/our-thoughts-on/fraud-retail-industry-covid19 Fri, 17 Apr 2020 00:00:00 +0000 Wealth Management Concerns When Selling Your Business While there are a multitude of issues facing a business owner when they decide to sell their business, one of the most important areas that often gets overlooked is creating a financial plan. The transition of having plenty of income from your business ... http://www.schneiderdowns.com/our-thoughts-on/wealth-management-concerns-when-selling-your-business Fri, 17 Apr 2020 00:00:00 +0000 The Value of Business Process Analysis in your Succession Plan Are you planning to exit your business in the next 5-10 years? Have you thought about succession plans for your business? Large companies typically incorporate succession planning into their performance management process. However, small to medium sized ... http://www.schneiderdowns.com/our-thoughts-on/value-business-process-succession-plan Fri, 17 Apr 2020 00:00:00 +0000 Employee Benefit Deadlines Postponed Through July 15, 2020 By Shad Fagerland Senior Manager of Retirement Solutions Schneider Downs Retirement Solutions IRS Notice 2020-23 extends certain tax-related deadlines until July 15, 2020, including the deadline to file personal and corporate income tax returns and pay ... http://www.schneiderdowns.com/our-thoughts-on/employee-benefit-deadlines-postponed Fri, 17 Apr 2020 00:00:00 +0000 ESOPs as a Business Succession Planning Solution Schneider Downs Retirement Solutions Business owners approaching retirement face a complex set of succession planning decisions, such as how to find a buyer for the business and how to properly position the company for post-transition success. Whatever ... http://www.schneiderdowns.com/our-thoughts-on/esops-business-succession-planning Fri, 17 Apr 2020 00:00:00 +0000 Pennsylvania Tax Officials State that Teleworkers Will Not Create Nexus for State Taxes Stay-at-home orders in effect across the country have forced a large portion of the American work force to work from home. Businesses transitioning their normal operations from an office environment to working from home in employees’ residences ... http://www.schneiderdowns.com/our-thoughts-on/teleworkers-will-not-create-nexus Thu, 16 Apr 2020 00:00:00 +0000 COVID-19 Employer Payroll Tax Deferral FAQ Issued by IRS Combining PPP and Payroll Tax Deferral The CARES Act allows for multiple tax strategies for companies to manage cash flow during the COVID-19 pandemic. As discussed in a previous Schneider Downs Our Thoughts On article, CARES Act - Delay of Payment of Employer Payroll Taxes, the CARES act ... http://www.schneiderdowns.com/our-thoughts-on/covid19-ppp-payroll-tax-deferral Thu, 16 Apr 2020 00:00:00 +0000 What do I do after I receive my Paycheck Protection Program (PPP) Funds? You have gone through the process of applying with your bank for the Paycheck Protection Program (PPP) and you’ve been approved. Now, what should you do with the money? As you recall, when applying for this loan, there is an opportunity to have ... http://www.schneiderdowns.com/our-thoughts-on/what-do-i-do-after-i-receive-my-paycheck-protection-program-ppp-funds Thu, 16 Apr 2020 00:00:00 +0000 Coronavirus Relief Provisions for the Real Estate Industry Recent Developments Recent developments related to the COVID-19 crisis have had a sweeping impact across the nation, including economically. At this time, about 95% of the country is under stay-at-home orders. The massive reductions in travel and discretionary spending by ... http://www.schneiderdowns.com/our-thoughts-on/relief-provisions-for-real-estate Wed, 15 Apr 2020 00:00:00 +0000 COVID-19 and the Equity Risk Premium Used in Business Valuation COVID-19 persists in affecting nearly everything, including business valuation. We continue to monitor developments in the economic landscape at large, as well as within the business valuation community. One thing that we have all witnessed is that COVID-19 ... http://www.schneiderdowns.com/our-thoughts-on/equity-risk-premium-used-in-business-valuation Wed, 15 Apr 2020 00:00:00 +0000 Paycheck Protection Program Loan Forgiveness Schneider Downs continues to track the evolving landscape of Federal Financial Assistance Programs offered due to the disruption of the coronavirus pandemic (“COVID-19”). The CARES Act Paycheck Protection Program (“PPP”) under ... http://www.schneiderdowns.com/our-thoughts-on/paycheck-protection-program-loan-forgiveness Wed, 15 Apr 2020 00:00:00 +0000 Update on Main Street Lending Program This article was updated on April 14, 2020. Updates to this article will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of Federal financial programs offered due to the disruption of the coronavirus ... http://www.schneiderdowns.com/our-thoughts-on/update-on-main-street-lending-program Wed, 15 Apr 2020 00:00:00 +0000 PPP Supplemental IFR This article was updated on April 14, 2020. Updates to this article will be made as new information becomes available. Important Update on the Payroll Protection Program under the CARES Act Schneider Downs continues to track the evolving landscape of ... http://www.schneiderdowns.com/our-thoughts-on/ppp-supplemental-ifr Wed, 15 Apr 2020 00:00:00 +0000 Pennsylvania Waives Accelerated Sales Tax Payments Amid COVID-19 Pandemic Pennsylvania Governor Tom Wolf announced businesses would not be required to make accelerated tax payments for the months of April, May and June 2020. There will be no penalties charged for missing prepayment deadlines during this three-month period. ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-waives-accelerated-sales-tax-payments-amid-covid19-pandemic Wed, 15 Apr 2020 00:00:00 +0000 Considerations for Transitioning Your Business There are several things a business owner should consider before deciding how they would like to transition their business to the next generation, company management or outside private equity. In many cases these considerations should be thoughtfully ... http://www.schneiderdowns.com/our-thoughts-on/considerations-transitioning-your-business Wed, 15 Apr 2020 00:00:00 +0000 PCAOB Releases Staff Spotlight Reminding Audit Firms of Responsibilities During COVID-19 Crisis Amid the evolving challenges and looming economic impacts of the COVID-19 pandemic, the PCAOB Staff released a Spotlight document reminding auditors of their responsibilities to identify, assess, and respond to risks of material misstatement and adhere ... http://www.schneiderdowns.com/our-thoughts-on/pcaob-staff-spotlight Tue, 14 Apr 2020 00:00:00 +0000 IRS Issues Guidance on Option to Change 163(j) Elections for Real Estate and Farming Businesses With recent tax law changes contained within the CARES Act, including a technical correction to the definition of Qualified Improvement Property (QIP) and modifications to the limit of deductible interest expense under Section 163(j) of the Internal Revenue ... http://www.schneiderdowns.com/our-thoughts-on/option-to-change-163j-elections Tue, 14 Apr 2020 00:00:00 +0000 Allocations of Relief Funds for Higher Education Institutions Released by Department of Education Institutions of Higher Education were allocated approximately $14 billion as part of the Higher Education Emergency Relief Fund that was included in the Coronavirus Aid, Relief and Economic Security Act signed into law by President Trump on March 27. ... http://www.schneiderdowns.com/our-thoughts-on/allocations-of-relief-funds-for-higher-ed-institutions-released-by-department-of-education Tue, 14 Apr 2020 00:00:00 +0000 Ohio Programs Update This article was updated on April 10, 2020. Updates to this article will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of financial programs offered to small businesses disrupted by the coronavirus ... http://www.schneiderdowns.com/our-thoughts-on/ohio-programs-update Tue, 14 Apr 2020 00:00:00 +0000 CARES Act Includes Relief from CECL As an update to our March 25 article, the Coronavirus Aid, Relief and Economic Security (CARES) Act includes a provision allowing all financial institutions to postpone compliance with the Financial Accounting Standards Board's (FASB) standard on ... http://www.schneiderdowns.com/our-thoughts-on/cares-act-relief-cecl Mon, 13 Apr 2020 00:00:00 +0000 Qualified Opportunity Zones Deadlines Extensions for Qualified Opportunity Zone Deadlines during COVID-19 Pandemic As the COVID -19 pandemic continues to instill uncertainty throughout the country, real estate investors involved in qualified opportunity zones (QOZs) have received some relief ... http://www.schneiderdowns.com/our-thoughts-on/qualified-opportunity-zones-deadlines Mon, 13 Apr 2020 00:00:00 +0000 Methods for Claiming Employee Retention Credit for Employers Subject to Closure Due to COVID-19 Crisis As we continue to unwind and understand the nuances of the Coronavirus Aid, Relief, and Economic Security Act (“CARES” Act), the IRS has issued some additional guidance on the Employee Retention Credit and how to claim the credit. Understanding ... http://www.schneiderdowns.com/our-thoughts-on/claiming-employee-retention-credit-closure Mon, 13 Apr 2020 00:00:00 +0000 Form 5500 Filing Relief for Filings Due Before July 15, 2020 The IRS issued Notice 2020-23 which includes Form 5500, Annual Return/Report of Employee Benefit Plan due to be filed between the period April 1, 2020 through July 15, 2020. The relief is pursuant to Form 5500’s that were either due to be filed ... http://www.schneiderdowns.com/our-thoughts-on/form-5500-filing-relief Mon, 13 Apr 2020 00:00:00 +0000 CARES Act Net Operating Loss Guidance Issued The Tax Cuts and Jobs Act of 2017 reduced the ability of most businesses to carry-back net operating losses while providing for unlimited carryforwards. As a result of COVID-19, and the government’s desire to help struggling businesses, recently ... http://www.schneiderdowns.com/our-thoughts-on/net-operating-loss-guidance Mon, 13 Apr 2020 00:00:00 +0000 Pennsylvania Manufacturers Call to Action Amid the growing COVID-19 crisis, Governor Tom Wolf is encouraging all Pennsylvania manufacturers that produce or have the ability to produce critical medical supplies and products to submit information regarding their capabilities to the recently created ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-manufacturers-call-to-action Mon, 13 Apr 2020 00:00:00 +0000 This Too Shall Pass; Start Planning Now As the toll of COVID-19 continues to climb, businesses large and small are feeling the impact of the virus. President Trump’s “15 Days to Slow the Spread” campaign has been extended through at least April 30, 2020, and most state and ... http://www.schneiderdowns.com/our-thoughts-on/this-too-shall-pass-start-planning-now Mon, 13 Apr 2020 00:00:00 +0000 SEC Issues Compliance and Disclosure Interpretations Related to COVID-19 Public Filing Extension As discussed in a previously published article “SEC Extends Reporting Relief for Public Companies Impacted by COVID-19”, the SEC has extended the filing periods for certain public company reports due to the impact of COVID-19. Additionally, ... http://www.schneiderdowns.com/our-thoughts-on/sec-covid19-public-filing-extension Mon, 13 Apr 2020 00:00:00 +0000 Coronavirus Small Business Financial Relief Options - Updated This article was updated on April 10, 2020. Updates to this article will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of financial programs offered to small businesses whose operations have been ... http://www.schneiderdowns.com/our-thoughts-on/coronavirus-small-business-financial-relief-options-updated Mon, 13 Apr 2020 00:00:00 +0000 Additional Tax Return Extensions and the 2020 Estimated Tax Payment Postponement Issued by the IRS Background On March 18, 2020, the Internal Revenue Service (IRS) issued Notice 2020-17 quickly followed by Notice 2020-18 on March 20, which postponed the due date for 2019 federal income tax returns and 2020 federal income tax estimates from April 15, ... http://www.schneiderdowns.com/our-thoughts-on/tax-extensions-2020-payment-postponement Fri, 10 Apr 2020 00:00:00 +0000 Restaurant Industry During COVID-19 This article was written by Cameron Fisher, Adam Goode and Nick Lombardo. The economic effects of the Coronavirus outbreak deepened this past week as the number of jobless claims in the U.S. rose to a record 6.6 million, representing approximately a 13% ... http://www.schneiderdowns.com/our-thoughts-on/restaurant-industry-covid19 Fri, 10 Apr 2020 00:00:00 +0000 Results and Implications of the Manufacturing Institute for Supply Managements Report on Business for Q1 2020 On April 1, the Manufacturing Institute for Supply Management (ISM) released its latest Report on Business, a monthly publication that provides industry trends and statistics for the manufacturing sector. The referenced Purchasing Managers Index (PMI) ... http://www.schneiderdowns.com/our-thoughts-on/manufacturing-institute-for-supply-managements-report-on-business-for-q1-2020 Fri, 10 Apr 2020 00:00:00 +0000 Cash Now for Tax Later: Carrying Back NOLs Could Be a Risky Choice for the Multi-National Taxpayer On March 25, 2020, Congress passed the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) as it relates to businesses, which allows taxpayers to take advantage of various additional cash flow opportunities to keep their businesses ... http://www.schneiderdowns.com/our-thoughts-on/cash-now-for-tax-later-carrying-back-nols-could-be-a-risky-choice-for-the-multinational-taxpayer Fri, 10 Apr 2020 00:00:00 +0000 Brian Matthews Provides Insight on Early Payment Protection Applications Needing Revisions Got your Payment Protection application filed early? You may have to revise (subscription may be required, contact Schneider Downs for more information on this article) ... http://www.schneiderdowns.com/early-payment-protection-applications-revisions Thu, 09 Apr 2020 00:00:00 +0000 Zoom ... Goes the Dynamite! With the world muddled in lockdowns and relying more and more on remote workspaces, workplace communication tools have become all the rage. Segment leaders like GoToMeeting, Skype/Teams, Zoom, CyberLink, Google Hangouts and Cisco Webex have all stepped ... http://www.schneiderdowns.com/our-thoughts-on/zoom-goes-the-dynamite Thu, 09 Apr 2020 00:00:00 +0000 U.S. Government Issues Guidance on Main Street Expanded Loan Facility On April 9, the U.S. Department of Treasury released details on another financing facility that is primarily focused on businesses with up to 10,000 employees that have revenues that don’t exceed $2.5 billion. Once again, the nation’s banks ... http://www.schneiderdowns.com/our-thoughts-on/main-street-expanded-loan-facility Thu, 09 Apr 2020 00:00:00 +0000 False Claims Act and SIGPR Update Following-up on last week’s discussion of the False Claims Act Enforcement Related to the CARES Act, this week we will focus on the key oversight mechanism of the Act. The unprecedented Coronavirus Aid, Relief, and Economic Security (CARES) Act ... http://www.schneiderdowns.com/our-thoughts-on/false-claims-act-and-sigpr-update Thu, 09 Apr 2020 00:00:00 +0000 FASB Votes to Propose Delay of New Revenue Recognition Standards for Franchisors and Lease Standards for All Non-Public Companies and Not-for-Profit Public Business Entities Acknowledging the disruption caused by the COVID-19 pandemic and the strain it has put on the resources of many organizations, the FASB voted on April 8, 2020 to propose a one-year deferral of the effective dates of the new revenue standards for franchisors ... http://www.schneiderdowns.com/our-thoughts-on/proposed-delay-of-asc-606-and-842 Thu, 09 Apr 2020 00:00:00 +0000 Virtual NFL Draft is Raising Teleconferencing Security Concerns NFL commissioner Roger Goodell notified every team that the 2020 NFL Draft will be held virtually due to continued concerns over the COVID-19 pandemic. This means that that coaches and general managers will be switching to what mirrors a fantasy football ... http://www.schneiderdowns.com/our-thoughts-on/virtual-nfl-draft-security-concerns Thu, 09 Apr 2020 00:00:00 +0000 PPP SBA FAQs - Update This article was updated on April 8, 2020. Updates to this article will be made as new information becomes available. APRIL 8, 2020 UPDATE - Important Update on the Payroll Protection Program Under the CARES Act On April 6, 2020 (with additional questions ... http://www.schneiderdowns.com/our-thoughts-on/ppp-sba-faqs-update Thu, 09 Apr 2020 00:00:00 +0000 Charity Registration Renewal Deadline Extended Amid COVID-19 Emergency For Pennsylvania charitable organizations whose registration or renewal deadlines fall during April, May, or June 2020, a three-month extension has been announced. Typically, registration renewal applications are required to be postmarked by the 15th ... http://www.schneiderdowns.com/our-thoughts-on/charity-renewal-deadline-extended-covid19 Thu, 09 Apr 2020 00:00:00 +0000 Pennsylvania Board of Appeals Operation Guidelines during COVID-19 Pandemic The Pennsylvania Department of Revenue Board of Appeals recently issued guidelines that are posted on the Board’s website, notifying taxpayers on how the Board intends to operate during the COVID-19 pandemic and the closure of the Board’s ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-board-of-appeals-operation-guidelines-covid19 Thu, 09 Apr 2020 00:00:00 +0000 Pennsylvania Department of Revenue Temporarily Suspends Some IFTA Requirements Due to COVID -19 Pandemic In conjunction with Governor Tom Wolf’s Proclamation of Disaster Emergency, the Pennsylvania Department of Revenue, which administers certain laws falling under the Pennsylvania Vehicle Code, issued an order stating that certain requirements concerning ... http://www.schneiderdowns.com/our-thoughts-on/PA-revenue-suspends-ifta-covid-19 Thu, 09 Apr 2020 00:00:00 +0000 Schneider Downs & Co. kicks off Pittsburgh Technology Councils virtual help desk Schneider Downs & Co. kicks off the first of Pittsburgh Technology Council's Paycheck Protection Plan virtual help desk on Tuesday April 7, 2020. ... http://www.schneiderdowns.com/kicks-off-virtual-help-desk Tue, 07 Apr 2020 00:00:00 +0000 PPP SBA FAQs This article was updated on April 7, 2020. Updates to this article will be made as new information becomes available. Important Update on the Payroll Protection Program Under the CARES Act On April 6, 2020, the U.S. Small Business Administration (“SBA”) ... http://www.schneiderdowns.com/our-thoughts-on/ppp-sba-faqs Tue, 07 Apr 2020 00:00:00 +0000 Business Interruption Claims and COVID-19 Loss reimbursement from business interruption insurance could be an important source of continuing funds for many. Does your business have business interruption insurance? Do the business interruption provisions of your policy cover losses attributable ... http://www.schneiderdowns.com/our-thoughts-on/business-interruption-claims Mon, 06 Apr 2020 00:00:00 +0000 Financial Boot Camp Series: Asset Location Successful investors are always looking for opportunities to improve their investment performance, reduce taxes, and increase their net worth. Asset allocation and asset location are two financial planning concepts that every successful investor should ... http://www.schneiderdowns.com/our-thoughts-on/asset-location Mon, 06 Apr 2020 00:00:00 +0000 Important Update on the Payroll Protection Program Under the CARES Act This article was updated on April 6, 2020. Updates to this article will be made as new information becomes available. On April 2, 2020, the U.S. Small Business Administration (“SBA”) published its Interim Final Rule (“IFR”) relating ... http://www.schneiderdowns.com/our-thoughts-on/update-on-payroll-protection-program Mon, 06 Apr 2020 00:00:00 +0000 A Summary of Pennsylvanias New Tax Deadlines After the Pennsylvania Department of Revenue announced that the Personal Income Tax (“PIT”) deadline has been extended to July 15, Governor Tom Wolf followed that by signing Act 10 of 2020 (HB 1232), extending the due date for additional state ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvanias-new-tax-deadlines Mon, 06 Apr 2020 00:00:00 +0000 Talking to Your Bank During These Uncertain Times: What You Should Know In the midst of the COVID-19 crisis, most businesses are looking closely at cash flows, revised financial models and where to find additional capital. By now, you’ve probably read about the various government funding options that have been made ... http://www.schneiderdowns.com/our-thoughts-on/talking-to-your-bank Mon, 06 Apr 2020 00:00:00 +0000 SEC Releases COVID-19 Disclosure Obligations Staff Guidance As companies continue to face the challenges and economic effects of the COVID-19 pandemic, the SEC Division of Corporation Finance released Topic No. 9 which provides guidance on items that companies should consider for disclosure. The guidance stresses ... http://www.schneiderdowns.com/our-thoughts-on/sec-releases-covid19-disclosure-obligations-staff-guidance Mon, 06 Apr 2020 00:00:00 +0000 CARES Act - Qualified Improvement Property Technical Amendment Included among the provisions of the CARES Act is the long awaited technical correction for the definition of Qualified Improvement Property. In the original Tax Cuts and Jobs Act legislation passed in 2017, the Qualified Improvement Property provisions ... http://www.schneiderdowns.com/our-thoughts-on/qualified-improvement-propertyl-amendment Fri, 03 Apr 2020 00:00:00 +0000 Coronavirus Cyber Scams are on the Rise Organizations continue to increase remote workforces and leverage technology as they navigate the challenges of maintaining business as usual during the current COVID-19 pandemic. But as the amount of people working from home increases, so does the inherent ... http://www.schneiderdowns.com/our-thoughts-on/coronavirus-cyber-scams Fri, 03 Apr 2020 00:00:00 +0000 CARES Act - Modification of Limitation on Business Interest Deductions The Tax Cuts and Jobs Act (TCJA) placed limits on the deductibility of business interest under Section 163(j) of the Internal Revenue Code. In general, and with a number of exceptions, the TCJA limited business interest to 30% of adjusted taxable income ... http://www.schneiderdowns.com/our-thoughts-on/limitation-on-business-interest-deductions Thu, 02 Apr 2020 00:00:00 +0000 IRS EXTENDS DEADLINES FOR SELECT RETIREMENT PLANS With all the attention focused on the stimulus bill, paid leave, and sick leave by Congress, it’s easy to overlook the IRS’s role in assisting sponsors of various retirement plans in overcoming time-sensitive deadlines. Several deadlines previously ... http://www.schneiderdowns.com/our-thoughts-on/irs-extends-deadlines-retirement-plans Thu, 02 Apr 2020 00:00:00 +0000 False Claims Act Enforcement Related to the CARES Act The False Claims Act (FCA) was enacted in 1863 to prevent suppliers from defrauding the Union Army during the Civil War. Recently, President Trump called the COVID-19 crisis the country finds itself in “our big war,” and the government responded ... http://www.schneiderdowns.com/our-thoughts-on/false-claims-act-enforcement Thu, 02 Apr 2020 00:00:00 +0000 STUDENT LOAN DEBT RELIEF UNDER THE CARES ACT Anyone paying on federally held student loans is getting a reprieve on this debt, thanks to a provision in the Coronavirus Aid, Relief, and Economic Security (CARES) Act authorizing the automatic suspension of principal and interest payments on federally ... http://www.schneiderdowns.com/our-thoughts-on/student-loan-debt-relief-under-the-cares-act Thu, 02 Apr 2020 00:00:00 +0000 Fiscal Filers Beware Fiscal-year tax filers should be aware that the Section 7519 required payments were not extended under IRS Notice 2020-18. Section 7519 payments are required for all partnerships and S corporations that have made an election under Section 444 to have ... http://www.schneiderdowns.com/our-thoughts-on/fiscal-filers-beware Thu, 02 Apr 2020 00:00:00 +0000 PA Tax Deadline Extended: How to Cancel Scheduled Electronic Personal Income Tax Payments The PA deadline for filing personal income tax payments has been extended to July 15, 2020, due to the economic impact of the COVID-19 pandemic. Taxpayers who have scheduled electronic personal income tax payments before the original April 15, 2020 deadline ... http://www.schneiderdowns.com/our-thoughts-on/how-to-cancel-scheduled-tax-payments Thu, 02 Apr 2020 00:00:00 +0000 Tax Court Rules on Side of Taxpayer of Family Limited Partnership in Precedential Gift Tax Case In a decision by U.S. Tax Court reached in early March, the taxpayer was deemed victorious when it came to the valuation of nonvoting interests held by a family limited partnership and gifted to various estate planning tools. Grieve v. Commissioner, T.C. ... http://www.schneiderdowns.com/our-thoughts-on/family-limited-partnership-gift-tax Wed, 01 Apr 2020 00:00:00 +0000 City of Columbus Extends Tax Deadline to July 15, 2020 The Columbus Office of the City Auditor has announced the city’s deadline to file and pay city income tax has been extended to July 15, 2020. The extension of the deadline conforms to guidance issued by both the IRS and the Ohio Department of Taxation ... http://www.schneiderdowns.com/our-thoughts-on/columbus-extends-tax-deadline Wed, 01 Apr 2020 00:00:00 +0000 Effective Date for Implementation of Families First Coronavirus Response Act (FFCRA) is April 1: Exemptions for Small Employers New Emergency Paid Sick Leave Act and Emergency Family and Medical Leave Expansion Act provisions under the FFCRA take effect on April 1, 2020. In general, the law mandates that small businesses with less than 500 employees provide employees with sick ... http://www.schneiderdowns.com/our-thoughts-on/exemptions-for-small-employers Wed, 01 Apr 2020 00:00:00 +0000 SOC 2 + HITRUST vs. HITRUST Certified CSF reports - the Fundamentals The System and Organization Control (SOC) 2 Type II report is performed for service companies by CPA firms to attest to the design and operating effectiveness of the service company’s IT internal controls through AICPA Trust Services Categories. ... http://www.schneiderdowns.com/our-thoughts-on/soc-2-hitrust-vs-hitrust-certified-csf Wed, 01 Apr 2020 00:00:00 +0000 Important Update on SBA 7(a) Loan Program Under CARES Act On March 31, 2020, the U.S. Department of Treasury (“Treasury”) published additional information on the application process for the Paycheck Protection Program (“PPP”) which is summarized below. More detailed information on the ... http://www.schneiderdowns.com/our-thoughts-on/update-on-sba-7a-loan-program Wed, 01 Apr 2020 00:00:00 +0000 Summary of the Paycheck Protection Program This article was updated on March 31, 2020. Updates to this article will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of Federal Financial Assistance Programs offered due to the disruption of ... http://www.schneiderdowns.com/our-thoughts-on/paycheck-protection-program Wed, 01 Apr 2020 00:00:00 +0000 Resources for Not-for-Profits to Manage Cash Flow during the Coronavirus Pandemic As organizations throughout the United States continue to reduce operations, cancel events and go dark the old adage “cash is king” comes into clear focus. Many organizations, after only a couple of weeks of pandemic related closures, are ... http://www.schneiderdowns.com/our-thoughts-on/notforprofits-cash-flow-coronavirus-pandemic Tue, 31 Mar 2020 00:00:00 +0000 OMB Relief for Recipients of Federal Financial Assistance Due to COVID-19 The Office of Management of Budget (OMB) has issued additional relief to recipients and applicants of federal financial assistance due to the impact of the novel coronavirus (COVID-19) outbreak and the loss of operations. The OMB lists 13 provisions authorizing ... http://www.schneiderdowns.com/our-thoughts-on/omb-relief-for-recipients-of-federal-financial-assistance-due-to-covid19 Tue, 31 Mar 2020 00:00:00 +0000 Coronavirus Small Business Financial Relief Ohio Update This article was updated on March 30, 2020. Updates to this article will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of financial programs offered to small businesses disrupted by the coronavirus ... http://www.schneiderdowns.com/our-thoughts-on/small-business-financial-relief-ohio Tue, 31 Mar 2020 00:00:00 +0000 The Impact of COVID-19 on Transfer Pricing Strategies of Multinational Corporations Corporations operating in almost every country are struggling to cope with repercussions of the COVID-19 pandemic sweeping the globe. While most companies try to figure out how to manage the swift decline – or sometimes even complete halt – ... http://www.schneiderdowns.com/our-thoughts-on/transfer-pricing-strategies Mon, 30 Mar 2020 00:00:00 +0000 2020 Recovery Rebates for Individuals The most publicized part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act) is the immediate cash payments to individuals. Taxpayers with adjusted gross income (AGI) up to $75,000 ($150,000 in the case of joint returns and ... http://www.schneiderdowns.com/our-thoughts-on/recovery-rebates-for-individuals Mon, 30 Mar 2020 00:00:00 +0000 Tax Day Extended to July 15: What That Means for Pennsylvania Corporate Net Income Tax Payers As previously discussed, the IRS recently extended the deadline for filing income taxes from April 15 to July 15 in an effort to provide relief to taxpayers. The 90-day extension will have a significant impact on Pennsylvania Corporate Net Income (CNIT) ... http://www.schneiderdowns.com/our-thoughts-on/tax-day-extended-pennsylvania-corporate-net-income-tax-payers Mon, 30 Mar 2020 00:00:00 +0000 CARES ACT Impacts on Charitable Contribution Deductions The CARES Act (hereinafter “the Act”) was enacted to provide emergency assistance in light of the 2020 Coronavirus pandemic. With this Act comes significant change to the law to help taxpayers. This includes the following: “partial above ... http://www.schneiderdowns.com/our-thoughts-on/charitable-contribution-deductions Mon, 30 Mar 2020 00:00:00 +0000 The Cares Act and Its Effect on Retirement Plans The Coronavirus, Aid, Relief, and Economic Security (CARES) Act includes several provisions pertaining to qualified retirement plans and individual retirement accounts (IRAs). These provisions ease retirement plan hardship and loan rules to free up funds ... http://www.schneiderdowns.com/our-thoughts-on/cares-act-retirement-plans Mon, 30 Mar 2020 00:00:00 +0000 Department of Revenue Issues Additional Extensions With all Pennsylvania Department of Revenue offices closed, including call centers, all business tax licenses that have expiration dates have been extended until further communication is provided by the Department. Eligible for the extension are: Sales, ... http://www.schneiderdowns.com/our-thoughts-on/department-of-revenue-additional-extensions Mon, 30 Mar 2020 00:00:00 +0000 IRS Extends Deadline to File Gift Tax Returns The Internal Revenue Service (the IRS) continues to expand the list of return filing and tax payment deadlines that will be postponed due to the ongoing spread of the COVID-19 virus. On March 27, 2020, the IRS announced in Notice 2020-20 (the Notice) ... http://www.schneiderdowns.com/our-thoughts-on/irs-extends-gift-tax-returns Mon, 30 Mar 2020 00:00:00 +0000 SOC 2 Considerations When Moving to a Remote Workforce Has your organization recently moved to a remote workforce due to the COVID-19 pandemic? Although the extra-casual dress code and commute might be nice, don’t allow the change in routine to impact the criteria essential to a SOC 2 examination. Moving ... http://www.schneiderdowns.com/our-thoughts-on/soc-2-remote-workforce Mon, 30 Mar 2020 00:00:00 +0000 CARES Act - The Employee Retention Credit Current as of April 2, 2020 The final version of the Coronavirus Aid, Relief and Economic Security (CARES) Act includes a new payroll related tax credit that was not incorporated into earlier versions of senate bills. The employee retention credit (ERC) ... http://www.schneiderdowns.com/our-thoughts-on/cares-act-the-employee-retention-credit Mon, 30 Mar 2020 00:00:00 +0000 CARES Act - Delay of Payment of Employer Payroll Taxes For the period beginning on the date of enactment through December 31, 2020, the timing for deposits of the applicable employer-portion of Old-Age, Survivors and Disability Insurance (OASDI), currently 6.2 percent, is deferred. Employers will be considered ... http://www.schneiderdowns.com/our-thoughts-on/delay-of-payment-employer-payroll-taxes Mon, 30 Mar 2020 00:00:00 +0000 The Impact of COVID-19 on Pennsylvania Tax Appeals The Commonwealth’s response to the COVID-19 virus has had a significant impact on taxpayers’ administrative tax appeals with the Pennsylvania Department of Revenue Board of Appeals and the Commonwealth of Pennsylvania Board of Finance and ... http://www.schneiderdowns.com/our-thoughts-on/impact-covid19-pennsylvania-tax-appeals Mon, 30 Mar 2020 00:00:00 +0000 CARES Act - Modification of Credit for Prior Year Minimum Tax Liability of Corporations The TCJA repealed the Alternative Minimum Tax (AMT) for corporations effective for tax years beginning after December 31, 2017. In addition, IRC Section 53(e) was amended to provide a mechanism for refunding taxpayers’ existing AMT credit carryforwards. ... http://www.schneiderdowns.com/our-thoughts-on/modification-of-credit-prior-year-minimum Mon, 30 Mar 2020 00:00:00 +0000 CARES Act - Removal of Excess Business Loss Limitation The Tax Cuts and Jobs Act (TCJA) created a provision, Internal Revenue Code (IRC) Section 461(l) that limited the allowable losses that could be deducted for noncorporate taxpayers to $250,000 for individuals and $500,000 for married filing joint taxpayers. ... http://www.schneiderdowns.com/our-thoughts-on/cares-act-business-loss-limitation Mon, 30 Mar 2020 00:00:00 +0000 CARES Act - Modifications for Net Operating Losses The Coronavirus Aid, Relief and Economic Security Act (CARES Act) provided for the temporary suspension of the taxable income limitation for Net Operating Losses (NOL’s). The Tax Cuts and Jobs Act (TCJA) provided that Net Operating Losses could ... http://www.schneiderdowns.com/our-thoughts-on/cares-act-net-operating-losses Mon, 30 Mar 2020 00:00:00 +0000 Pennsylvania Covid-19 Working Capital Access Program On Wednesday, March 25th, Governor Wolf announced the COVID-19 Working Capital Access (CWCA) Program, a new program under the Pennsylvania Industrial Development Authority’s (PIDA) Small Business First Fund. Through the CWCA, PIDA has authorized ... http://www.schneiderdowns.com/our-thoughts-on/working-capital-access-program Fri, 27 Mar 2020 00:00:00 +0000 Extensions for Form 11-K Filings as a Result of COVID-19 In response to the pandemic caused by COVID-19, on March 4 the Securities and Exchange Commission (SEC) enacted reporting relief from certain provisions of the Securities and Exchange Act of 1934. Three weeks later, on March 25, the SEC announced that ... http://www.schneiderdowns.com/our-thoughts-on/extensions-for-form-11k-filings-as-a-result-of-covid19 Fri, 27 Mar 2020 00:00:00 +0000 Pennsylvania Authorizes Extension for Local Income Tax The Pennsylvania legislature has authorized the Department of Community and Economic Development (DCED) to address local taxation issues as a result of the ongoing COVID-19 crisis. DCED is tasked with working with local governments to ensure that all ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-authorizes-extension-for-local-income-tax Fri, 27 Mar 2020 00:00:00 +0000 J5 Tax Chiefs Closing the Net on Global Tax Evasion ... http://www.schneiderdowns.com/our-thoughts-on/j5-tax-chiefs-closing-net-global-tax-evasion Fri, 27 Mar 2020 00:00:00 +0000 Audit Firm Inspections Delayed by the PCAOB Due to COVID-19 The COVID-19 pandemic has led the PCAOB, in an unprecedented move, to grant a delay of audit firm inspections. TO do its part in containing the spread of the coronavirus, the PCAOB is providing up to a 45-day relief period from inspections, which it announced ... http://www.schneiderdowns.com/our-thoughts-on/audit-firm-inspections-delayed-by-pcaob Fri, 27 Mar 2020 00:00:00 +0000 SEC Extends Reporting Relief for Public Companies Impacted by COVID-19 In response to the global pandemic caused by COVID-19, the Securities and Exchange Commission (SEC) announced that it is again extending the filing period for certain public company reports under the Securities and Exchange Act of 1934 (i.e., Form 10-K, ... http://www.schneiderdowns.com/our-thoughts-on/sec-public-companies-impacted-covid19 Fri, 27 Mar 2020 00:00:00 +0000 Tax Day Extended to July 15: What That Means for Pennsylvania Personal Income Tax Payers As you know, in response to the pandemic caused by COVID-19 the IRS has extended the deadline for filing income taxes from April 15 to July 15 in an effort to provide relief to taxpayers. The 90-day extension will have significant impact on Pennsylvania ... http://www.schneiderdowns.com/our-thoughts-on/tax-day-july-15-PA-personal-income Fri, 27 Mar 2020 00:00:00 +0000 Phase III SBA Overview This article was updated on March 27, 2020. Updates to this article will be made as new information becomes available. Coronavirus Aid, Relief, and Economic Security “CARES” Act – Overview of the KEEPING AMERICAN WORKERS PAID AND EMPLOYED ... http://www.schneiderdowns.com/our-thoughts-on/phase-3-sba-overview Fri, 27 Mar 2020 00:00:00 +0000 Ohio Passes Tax Extensions Ohio Governor Mike Dewine signed House Bill 197 on March 27, 2020 as the state’s response to the current COVID-19 pandemic. The provisions of the bill include a number of tax-related measures, including extension of the tax filing deadline to July ... http://www.schneiderdowns.com/our-thoughts-on/ohio-passes-tax-extensions Fri, 27 Mar 2020 00:00:00 +0000 The Impact of COVID-19 on Pennsylvania Tax Appeals The Commonwealth’s response to the COVID-19 virus has had a significant impact on taxpayers’ administrative tax appeals with the Pennsylvania Department of Revenue Board of Appeals and the Commonwealth of Pennsylvania Board of Finance and ... http://www.schneiderdowns.com/our-thoughts-on/covid19-tax-appeals Fri, 27 Mar 2020 00:00:00 +0000 Loans Available to Mid-Size Companies under the CARES Act This article was updated on March 27, 2020. Updates to this article will be made as new information become available. The Coronavirus Aid, Relief, and Economic Security “CARES” Act Overview of Loans to Severely Distressed Sectors of the U.S. ... http://www.schneiderdowns.com/our-thoughts-on/cares-act-sections-4001-4028 Fri, 27 Mar 2020 00:00:00 +0000 Senate Passes the CARES Act $2 Trillion Relief Package Moves to the House In response to the Global pandemic caused by COVID-19, or more commonly called the Coronavirus, the United Sates has enacted the Coronavirus Aid, Relief, and Economic Security Act, or the “CARES Act” (the Act). After much deliberation and ... http://www.schneiderdowns.com/our-thoughts-on/2-trillion-relief-package-moves-to-the-house Thu, 26 Mar 2020 00:00:00 +0000 IRS Inquires Are Being Issued for Micro-Captive Insurance Companies Many dealers have received an inquiry regarding “Micro-Captive Insurance” and Notice 2016-66 (“Notice”). If you continue to participate in a micro-captive insurance transaction covered under the Notice, please continue to disclose ... http://www.schneiderdowns.com/our-thoughts-on/irs-inquires-microcaptive-insurance Thu, 26 Mar 2020 00:00:00 +0000 Impact of Current Market Conditions on Valuations for Estate Planning Schneider Downs has recently written about general estate planning strategies in this volatile market, but this article will focus more on the impact on valuations During this difficult time, we at Schneider Downs hope for the safety and good health of ... http://www.schneiderdowns.com/our-thoughts-on/current-market-conditions-valuations-estate-planning Thu, 26 Mar 2020 00:00:00 +0000 U.S. Small Business Administration Applying for SBA Disaster Loans Tips and FAQs This article was updated on March 25, 2020. Updates to this article will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of financial programs offered to small businesses disrupted by the coronavirus ... http://www.schneiderdowns.com/our-thoughts-on/sba-disaster-loans-tips Thu, 26 Mar 2020 00:00:00 +0000 IRC Section 139 Benefits for You and Your Employees in a Disaster On March 13, 2020, President Trump issued a declaration, under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, to declare the COVID-19 pandemic a federal disaster. As a result of this declaration, employers are able to make payments ... http://www.schneiderdowns.com/our-thoughts-on/irc-section-139 Wed, 25 Mar 2020 00:00:00 +0000 Cybersecurity Best Practices for Securely Working from Home amid the COVID-19 Pandemic On Monday, March 23, PA Governor Tom Wolf ordered residents in the seven counties hardest hit by coronavirus pandemic, including Allegheny County, to stay home for the next two weeks unless they have a dire need to leave their home. Earlier in the month ... http://www.schneiderdowns.com/our-thoughts-on/cybersecurity-amid-covid19 Wed, 25 Mar 2020 00:00:00 +0000 COVID-19 Considerations for IFRS Entities Following the COVID-19 pandemic, organizations and governments have imposed travel restrictions and quarantines. This situation will likely result in business disruption to entities, their suppliers, and customers. International Financial Reporting Standards ... http://www.schneiderdowns.com/our-thoughts-on/considerations-ifrs-entities Wed, 25 Mar 2020 00:00:00 +0000 Moodys Downgrades Higher Education Just a few weeks ago, Moody’s was an outlier among the major rating agencies by rating debt associated with higher education institutions with an outlook of stable rather than negative ratings by S&P and Fitch’s. What a difference a few ... http://www.schneiderdowns.com/our-thoughts-on/moodys-downgrades-higher-education Wed, 25 Mar 2020 00:00:00 +0000 Estate Planning in a Volatile Market Our country now faces unprecedented challenges. As your trusted advisors, we wish you and your family health and comfort as we weather this storm together. Although estate planning may not currently be at the top of your mind, we wanted to reach out to ... http://www.schneiderdowns.com/our-thoughts-on/estate-planning-volatile-market Wed, 25 Mar 2020 00:00:00 +0000 Small Business Association Loan Checklist Prior to CARES Act This article was updated on March 24, 2020. Updates to this article will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of financial programs offered to small businesses disrupted by the coronavirus ... http://www.schneiderdowns.com/our-thoughts-on/small-business-association-loan-checklist-prior-cares-act Wed, 25 Mar 2020 00:00:00 +0000 The Coronavirus Pandemic and the Potential Effect on CECL Current Expected Credit Losses, or CECL, requires companies to use historical information, current conditions and reasonable forecasts to estimate the expected loss over the life of a loan. This standard went into effect for large U.S. public companies ... http://www.schneiderdowns.com/our-thoughts-on/coronavirus-pandemic-potential-effect-cecl Wed, 25 Mar 2020 00:00:00 +0000 Coronavirus Pandemic - Accounting and Financial Reporting Impacts under U.S. GAAP Companies are adjusting to the challenges posed by the coronavirus pandemic including managing a remote workforce, lost sales, supplier disruptions, and temporary orders to shut down. Many of those companies are also faced with U.S. GAAP reporting requirements ... http://www.schneiderdowns.com/our-thoughts-on/coronavirus-reporting-impacts-us-gaap Tue, 24 Mar 2020 00:00:00 +0000 State Tax Filing Extensions As the COVID-19 crisis evolves its impact expands in more and more areas of our lives and business, including taxes. The federal government has announced a deferral for 2019 tax payments and tax filings until July 15, 2020. Many states are evaluating ... http://www.schneiderdowns.com/our-thoughts-on/state-tax-filing-extensions Tue, 24 Mar 2020 00:00:00 +0000 Coronavirus Small Business Financial Relief Options - Ohio This article was updated on March 23, 2020. Updates to this article will be made as new information becomes available. CORONAVIRUS SMALL BUSINESS FINANCIAL RELIEF OPTIONS - OHIO Schneider Downs continues to track the evolving landscape of financial programs ... http://www.schneiderdowns.com/our-thoughts-on/coronavirus-small-business-financial-relief-options-ohio Mon, 23 Mar 2020 00:00:00 +0000 The Impact of COVID-19 on Your 401(k) For most people, the largest asset they own is their qualified retirement plan. For some, this account may be in the “accumulation” phase for 40 years or more; for others, the account maybe in the “distribution” phase, which may ... http://www.schneiderdowns.com/our-thoughts-on/impact-covid-19-401k Mon, 23 Mar 2020 00:00:00 +0000 Impairment Considerations in a Turbulent Market On February 12, 2020, the Dow Jones closed at 29,551. As of the time I’m writing this – March 19, 2020 at 10:08 a.m. (minutes seem to matter these days) – the Dow sits at 19,695, a 33.3% decline in just over a month. While this drop ... http://www.schneiderdowns.com/our-thoughts-on/impairment-considerations-turbulent-market Mon, 23 Mar 2020 00:00:00 +0000 Billing Schemes in the Professional Services Industry In previous Our Thoughts On articles, I’ve discussed a case study regarding billing schemes in the professional services industry, and my colleague Andy Trettel has talked about using data analytics to identify check and payment tampering schemes. ... http://www.schneiderdowns.com/our-thoughts-on/billing-schemes-professional-services-industry Mon, 23 Mar 2020 00:00:00 +0000 Technology Amid COVID-19 Data analytics is being used in a big way to track and monitor COVID-19. It’s being used to assist businesses worldwide as they face decisions regarding operations during the pandemic, and it has already played a huge role in the direct fight against ... http://www.schneiderdowns.com/our-thoughts-on/technology-amid-covid-19 Mon, 23 Mar 2020 00:00:00 +0000 Changes to Gifts-In-Kind Reporting for Not-for-Profits On February 10, 2020, the Financial Accounting Standards Board (FASB) issued Proposed Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958), which is intended to improve transparency for how not-for-profit organizations present and disclose ... http://www.schneiderdowns.com/our-thoughts-on/gifts-in-kind-reporting-notforprofits Mon, 23 Mar 2020 00:00:00 +0000 Families First Coronavirus Response Act (FFCRA) How Much Will The Sick Pay and Emergency Family Medical Leave Act Payroll Tax Credits Really Help Businesses Current as of March 19, 2020 Introduction and Executive Summary On March 20, 2020 the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (DOL) announced that small and midsize employers would soon be able to take ... http://www.schneiderdowns.com/our-thoughts-on/tax-impact-of-coronavirus-bill-part-2 Mon, 23 Mar 2020 00:00:00 +0000 Autonomous Mobility If you follow Automotive News, you may recall an article about a month ago that addressed General Motors’ vision for its self-driving, multi-passenger unit – the Cruise Origin. GM sees this autonomous, all-electric shuttle as a clean and profitable ... http://www.schneiderdowns.com/our-thoughts-on/autonomous-mobility Mon, 23 Mar 2020 00:00:00 +0000 Coronavirus Small Business Financial Relief Options This article was updated on March 20, 2020. Updates to this article will be made as new information becomes available. Schneider Downs continues to track the evolving landscape of financial programs offered to small businesses disrupted by the coronavirus ... http://www.schneiderdowns.com/our-thoughts-on/coronavirus-small-business-financial-relief-options Sat, 21 Mar 2020 00:00:00 +0000 Clarity on the Small Business Association Disaster-Relief Loan Program This article was updated on March 20, 2020. Updates to this article will be made as new information becomes available. Clarity on the Small Business Association Disaster-Relief Loan Program Schneider Downs continues to track the evolving landscape of ... http://www.schneiderdowns.com/our-thoughts-on/small-business-disasterrelief-loan Fri, 20 Mar 2020 00:00:00 +0000 Tax Impact of the Coronavirus Bill H.R.6201 Families First Coronavirus Response Act Current as of March 19, 2020 Last night, President Trump signed H.R. 6210, The Families First Coronavirus Response Act (the Act) into law. The Act has gone through a few iterations since the original version of the bill was passed by the House last week. ... http://www.schneiderdowns.com/our-thoughts-on/tax-impact-coronavirus-bill-hr6201 Thu, 19 Mar 2020 00:00:00 +0000 Federal Individual Tax Return and Payment Deadlines - Not What You Think They Might Be Current as of 3/18/2020 8:00 AM On Tuesday, Department of Treasury Secretary Steven Mnuchin announced that the Treasury Department and the IRS would be accepting 2019 tax payments interest and penalty free for up to 90 days. Specifically, he said “If ... http://www.schneiderdowns.com/our-thoughts-on/tax-return-and-payment-deadlines Wed, 18 Mar 2020 00:00:00 +0000 Coronavirus Fraud It is a sad commentary on human nature, but when natural disasters or man-made crises occur, people attempt to take advantage of the situation, and commit fraud. The government is now warning citizens about possible fraud related to the ongoing Coronavirus ... http://www.schneiderdowns.com/our-thoughts-on/coronavirus-fraud Wed, 18 Mar 2020 00:00:00 +0000 The Coronavirus and Pandemic Planning As President Trump has now declared the COVID-19 (Coronavirus) outbreak a national emergency, the House of Representatives has since passed a coronavirus aid package that could include free testing, paid emergency leave and other resources intended to ... http://www.schneiderdowns.com/our-thoughts-on/updated-business-continuity-and-coronavirus Sun, 15 Mar 2020 00:00:00 +0000 Thinking About the Future: Whats Your Plan? (MDR) We’ve all heard the saying, “Fail to plan, plan to fail.” This is extremely pertinent if you’re thinking about transitioning your business. Many owners focus solely on the exit transaction itself without spending the time to properly ... http://www.schneiderdowns.com/our-thoughts-on/thinking-about-future-plan-mdr Sun, 15 Mar 2020 00:00:00 +0000 City of Pittsburgh Paid Sick Days Act The City of Pittsburgh recently announced that an ordinance initially authorized in 2015 will take effect on March 15. The Paid Sick Days Act, codified in the Pittsburgh City Code as Chapter 626, was enacted to enhance public health by ensuring that eligible ... http://www.schneiderdowns.com/our-thoughts-on/city-pittsburgh-paid-sick-days-act Thu, 12 Mar 2020 00:00:00 +0000 American as Baseball Games and Apple Pie the Business Meal Deduction If there is one negative aspect of the 2017 Tax Cuts and Jobs Act (TCJA) that taxpayers have had trouble stomaching more than the reduction in the state and local tax deduction, it might be the loss of some types of deductions for meals and entertainment ... http://www.schneiderdowns.com/our-thoughts-on/american-as-baseball Tue, 10 Mar 2020 00:00:00 +0000 Individuals Receive Information Reporting Relief for Transactions with Certain Foreign Trusts Foreign trusts are subject to many tax filing requirements, and failure to meet them can result in significant penalties. Annual information reporting generally includes a U.S. person’s transfers of money or other property to, ownership of, and ... http://www.schneiderdowns.com/our-thoughts-on/relief-transactions-certain-foreign-trusts Tue, 10 Mar 2020 00:00:00 +0000 Tax Accounting for Construction With the passing of the Tax Cuts and Jobs Act (TCJA), contractors with average annual gross receipts less than $26 million for the three prior taxable years are now considered “small contractors” and are not required to use the percentage ... http://www.schneiderdowns.com/our-thoughts-on/tax-accounting-for-construction Mon, 09 Mar 2020 00:00:00 +0000 New Revenue Recognition Standard Disclosure Examples for Construction Companies As we move into March, most private construction companies are probably well underway with their financial statement audits and reviews. This year is the year that ASC 606, “Revenue from Contracts with Customers,” is required to be implemented ... http://www.schneiderdowns.com/our-thoughts-on/revenue-recognition-disclosure-construction Mon, 09 Mar 2020 00:00:00 +0000 State Tax Considerations for Service Businesses It’s becoming very challenging to stay abreast of the rules surrounding state tax compliance, not to mention developing processes to track how various states source revenue and determine when taxpayers have triggered nexus requiring registration ... http://www.schneiderdowns.com/our-thoughts-on/state-tax-considerations-service-businesses Fri, 06 Mar 2020 00:00:00 +0000 Which Reinsurance/Warranty Company Structure Should I Choose? When your head stops spinning, take a deep breath and let’s discuss the types of reinsurance/warranty companies you should consider. The number of companies that facilitate these programs continues to increase and each brings a unique relationship ... http://www.schneiderdowns.com/our-thoughts-on/reinsurance-warranty-company-structure Fri, 06 Mar 2020 00:00:00 +0000 Student Loan Discharge Recently, the Internal Revenue Service (IRS) issued guidance to certain taxpayers with federal or private student loans acquired to finance attendance at a non-profit or for-profit institution of higher education. The new guidance (outlined in Revenue ... http://www.schneiderdowns.com/our-thoughts-on/student-loan-discharge Wed, 04 Mar 2020 00:00:00 +0000 Maryland and Nebraska Propose Digital Services Taxes France recently created an uproar with the U.S. over passage of its digital services tax, but while the French have since stepped back as the world waits to see if the Organization for Economic Cooperation and Development can establish global guidelines, ... http://www.schneiderdowns.com/our-thoughts-on/maryland-nebraska-digital-services-taxes Wed, 04 Mar 2020 00:00:00 +0000 New Jersey Becomes Latest State to Adopt an Elective Pass-Through Entity Tax On January 13, 2020, New Jersey Senate Bill 3246 was signed into law. Also known as the Pass-Through Business Alternative Income Tax (or “BAIT”) Act, NJ S3246 creates a new elective pass-through business income tax with a corresponding income ... http://www.schneiderdowns.com/our-thoughts-on/new-jersey-elective-entity-tax Wed, 04 Mar 2020 00:00:00 +0000 The Coronavirus and Pandemic Planning As cases have now been confirmed in the states of New York, Florida and Rhode Island, along with a second known death in Washington State, at least 74 Americans have now been infected by COVID-19 (Coronavirus). The CDC has provided their recommendations ... http://www.schneiderdowns.com/our-thoughts-on/the-coronavirus-and-pandemic-planning Mon, 02 Mar 2020 00:00:00 +0000 Asset vs Stock Deal: Whats Best for Me When Selling My Business? You’ve been approached about selling your business. After phoning your spouse to share the good news, you call your succession planning advisor. The first thing you’re asked is: Did they offer to buy the stock or the assets? There are tax ... http://www.schneiderdowns.com/our-thoughts-on/asset-vs-stock-deal Fri, 28 Feb 2020 00:00:00 +0000 Succession planning starts with "whats next" What makes a business successful? In many small businesses, the owner is the principal driver to that business, particularly from a technical and sales aspect. They have been the one running around, coordinating sales, staying late to ensure that products ... http://www.schneiderdowns.com/our-thoughts-on/succession-planning-whats-next Fri, 28 Feb 2020 00:00:00 +0000 Tax Considerations When Selling Your Business There are many things to consider when preparing to sell a business. Some of the items are strategic business considerations, financial considerations or family considerations. However, an area that is often overlooked or thought to have an insignificant ... http://www.schneiderdowns.com/our-thoughts-on/when-selling-your-business Fri, 28 Feb 2020 00:00:00 +0000 PA Commonwealth Court Allows Full Refunds for Taxpayers 2001 and 2006 CNIT Taxes after Analyzing the Nextel Opinion In late 2019, the Pennsylvania Commonwealth Court rendered two important decisions involving the Pennsylvania Supreme Court’s precedential opinion in Nextel Communications of the Mid-Atlantic v. Commonwealth [1] where the court found that flat-dollar ... http://www.schneiderdowns.com/our-thoughts-on/pa-commonwealth-cnit-taxes-nextel-opinion Thu, 27 Feb 2020 00:00:00 +0000 Remember to File Your BE Benchmark Survey Every five years, the Benchmark Survey of U.S. Direct Investment in Foreign Business Enterprises is conducted by the Bureau of Economic Analysis (BEA), an agency in the U.S. Department of Commerce. This year is a survey year. To complete the study, the ... http://www.schneiderdowns.com/our-thoughts-on/be-benchmark-survey Thu, 27 Feb 2020 00:00:00 +0000 Cybersecurity Maturity Model Certification (CMMC) What is CMMC? Cybersecurity Maturity Model Certification (CMMC) is a Department of Defense (DOD) certification process that measures a Defense Industrial Base (DIB) sector company’s ability to protect sensitive data. Designed as a requirement for ... http://www.schneiderdowns.com/our-thoughts-on/cybersecurity-maturity-model-certification Wed, 26 Feb 2020 00:00:00 +0000 Here's to John Putzier On February 13, I attended the Greater Pittsburgh Automotive Dealer Association’s (“GPADA”) “Dancing with the Cars” preview party, which is held each year to open the Pittsburgh International Auto Show. Schneider Downs has ... http://www.schneiderdowns.com/our-thoughts-on/heres-to-john-putzier Tue, 25 Feb 2020 00:00:00 +0000 States Evaluating Professional Licenses; Is The CPA At Risk? A number of state governments have recently begun to introduce bills aimed at addressing their involvement in the issuance of professional licenses. Proposed changes include lowering requirements that are viewed to be burdensome or unnecessary, and/or ... http://www.schneiderdowns.com/our-thoughts-on/states-professional-licenses-cpa-risk Tue, 25 Feb 2020 00:00:00 +0000 The Unexpected Inconvenience of Food Delivery Services The U.S. Supreme Court issued its decision in South Dakota v. Wayfair in the summer of 2018, but the ripple effect of that monumental verdict continues to be felt across the country. Thirty-five states have since adopted new economic nexus standards to ... http://www.schneiderdowns.com/our-thoughts-on/inconvenience-food-delivery-services Tue, 25 Feb 2020 00:00:00 +0000 SEC Proposal Amendments to MD&A and Related Disclosures On January 30, 2020, the SEC voted to propose amendments to the disclosure requirements in Regulations S-K. These amendments would help modernize, simplify and enhance Management’s Discussion and Analysis, among other certain disclosures. Specifically, ... http://www.schneiderdowns.com/our-thoughts-on/sec-proposal-mda-related-disclosures Tue, 25 Feb 2020 00:00:00 +0000 Troy Fine discusses AI providing high-value for CPAs Schneider Downs’ Troy Fine discusses the impact of AI for CPAs in the article titled “More businesses using AI as tools emerge” published in the Journal of Accountancy. ... http://www.schneiderdowns.com/ai-for-cpas Mon, 24 Feb 2020 00:00:00 +0000 Public Companies Cybersecurity Spotlight From the daily barrage of cybersecurity headlines to the increased regulatory exposure caused by emerging risks to businesses and industries across the globe, how can directors arm themselves with the knowledge and skill to govern corporations through ... http://www.schneiderdowns.com/our-thoughts-on/public-companies-cybersecurity-spotlight Wed, 19 Feb 2020 00:00:00 +0000 Liability Classification for IFRS Entities On January 23, 2020, the International Accounting Standards Board (IASB) issued Classification of Liabilities as Current or Non-current, a narrow-scope amendment on the balance sheet classification covered under International Accounting Standard (IAS) ... http://www.schneiderdowns.com/our-thoughts-on/liability-classification-ifrs-entities Tue, 18 Feb 2020 00:00:00 +0000 Postcard from the AADE 2020 Operators Forum On February 13, the American Association of Drilling Engineers (AADE) hosted its annual Operators Forum at the Pittsburgh Airport Marriott, with speakers from Ascent Resources, Cabot, EQT, JKLM, Laurel Mountain Energy, Penn Energy, Range Resources Rockdale ... http://www.schneiderdowns.com/our-thoughts-on/postcard-aade-2020-operators-forum Tue, 18 Feb 2020 00:00:00 +0000 Judge Hands Down Longest Sentence to Date in College Admissions Scandal On February 7, a federal judge in Boston issued the most severe verdict yet to a parent involved in Operation Varsity Blues, the college admissions scandal that surfaced last year. Douglas Hodge, former CEO of global investment giant Pimco, was sentenced ... http://www.schneiderdowns.com/our-thoughts-on/longest-sentence-college-admissions-scandal Tue, 18 Feb 2020 00:00:00 +0000 Using Data Analytics to Detect Check Tampering Schemes in the Professional Services Industry Professional services organizations are most at risk to be negatively impacted by expense reimbursement schemes, billing schemes and check and payment tampering schemes, according to the 2018 ACFE Report to the Nations on Occupational Fraud and Abuse. ... http://www.schneiderdowns.com/our-thoughts-on/data-analytics-check-tampering Tue, 18 Feb 2020 00:00:00 +0000 How will AS 1210 Impact Your Company? When the PCAOB issued the new AS 1210, Using the Work of an Auditor-Engaged Specialist, which replaces existing AS 1210, Using the Work of a Specialist, it amended two existing standards, AS 1105, Audit Evidence, and AS 1201, Supervision of the Audit ... http://www.schneiderdowns.com/our-thoughts-on/how-AS-1210-impact-company Tue, 18 Feb 2020 00:00:00 +0000 Steve Thompson provides insight into our Washington D.C. Office. Steve Thompson provides insight into our Washington DC. Office. During his interview with the Pittsburgh Business Times. Steve explains the importance of entering the new region in addition to supporting the firm’s 5-year plan. ... http://www.schneiderdowns.com/insight-into-washington-dc Fri, 14 Feb 2020 00:00:00 +0000 IRS Requires E-filing of Form 1023, Application for Tax Exemption Under Section 501(c)(3) On January 31, 2020, Revenue Procedure 2020-08 (Procedure) was released by the Internal Revenue Service. The Procedure requires the filing of Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, electronically ... http://www.schneiderdowns.com/our-thoughts-on/form-1023-application-tax-exemption-501c3 Tue, 11 Feb 2020 00:00:00 +0000 Steven M. Wiltse, CPA Joins Schneider Downs Expansion Team in Washington D.C. Industry veteran to lead business development efforts for Top 60 Accounting Firm PITTSBURGH – Schneider Downs, one of the nation’s 60 largest public accounting firms, announced that Steven M. Wiltse, CPA, will serve the firm as its first Senior ... http://www.schneiderdowns.com/wiltse-joins-schneider-downs-expansion-team-in-Washington-DC Mon, 10 Feb 2020 00:00:00 +0000 Dont Overlook Tax Benefits When Purchasing Construction Equipment As construction company owners assess labor, material and equipment needs, it’s important to keep in mind that most equipment purchased for a jobsite will qualify for “bonus” depreciation. Increased by the 2017 Tax Cuts and Jobs Act ... http://www.schneiderdowns.com/our-thoughts-on/tax-benefits-construction-equipment Fri, 07 Feb 2020 00:00:00 +0000 California Utility Crisis Could Reshape Regulatory Environment California’s recent fire crisis has the potential to shape the regulatory and business landscape of one of the largest energy markets in America. In past several years, there have been a large number of natural disasters throughout the state, including ... http://www.schneiderdowns.com/our-thoughts-on/california-utility-crisis-regulatory-environment Fri, 07 Feb 2020 00:00:00 +0000 Internal Controls for Not-For-Profits The Institute of Management Accountants (IMA) Research Foundation studied the nature of internal controls in not-for-profit organizations and how those controls affect the incidence of fraud. This research can provide benefits to not-for-profit organizations ... http://www.schneiderdowns.com/our-thoughts-on/internal-controls-for-notforprofits Thu, 06 Feb 2020 00:00:00 +0000 The Role of Data Analytics in Real Estate Data has always been collected, analyzed, and used by real estate professionals and investors to make informed decisions on purchasing properties. That’s nothing new. What’s starting to take the industry by storm is the granular level of data ... http://www.schneiderdowns.com/our-thoughts-on/data-analytics-in-real-estate Thu, 06 Feb 2020 00:00:00 +0000 The Redesigned Form W-4 What You Need to Know The old familiar Form W-4 has a new look this year, thanks to a redesign by the IRS. The revised worksheet eliminates withholding allowances, and instead bases withholding totals primarily on the employee’s filing status and number of dependents. ... http://www.schneiderdowns.com/our-thoughts-on/redesigned-form-w4-need-to-know Thu, 06 Feb 2020 00:00:00 +0000 Estimated Tax Payment and Voucher Address Change as of July 1, 2020 Taxpayers should be aware that the IRS will be closing its Cincinnati and Hartford mailing addresses on July 1. This is especially important for those individuals planning to send extensions or estimated payments. Returns and payments sent to Cincinnati ... http://www.schneiderdowns.com/our-thoughts-on/tax-payment-voucher-address-change Wed, 05 Feb 2020 00:00:00 +0000 New Optional Standard Mileage Rates for 2020 The IRS recently released the optional standard mileage rates for 2020, as follows: 57.5 cents for every mile of business travel driven (down 0.5 cents from 2019) 17 cents per mile for medical care or moving purposes (down three cents from 2019) 14 cents ... http://www.schneiderdowns.com/our-thoughts-on/new-optional-standard-mileage-rates-for-2020 Wed, 05 Feb 2020 00:00:00 +0000 Financial Boot Camp Series: Behavioral Investing Challenges Human emotion has been shown to be the Achilles Heel of most investors as Charles Munger, long-time partner of Warren Buffet, once said, “A lot of people with high IQs are terrible investors because they’ve got terrible temperaments. You need ... http://www.schneiderdowns.com/our-thoughts-on/behavioral-investing-challenges Wed, 05 Feb 2020 00:00:00 +0000 Schneider Downs Announces Plans for Leadership Transition Christopher S. McElroy to join Steven D. Thompson as Co-Managing Shareholder, Timothy J. Hammer to retire 6/30/2020 Schneider Downs, one of the nation’s 60 largest public accounting firms, today announced a leadership transition plan that will take ... http://www.schneiderdowns.com/Christopher-McElroy-Named-Co-Managing-Shareholder Tue, 04 Feb 2020 00:00:00 +0000 2020 Congressional Research Service Report on TCJA Impact on Families The Congressional Research Service (CRS), which serves as a nonpartisan shared staff to members of Congress and congressional committees, and operates solely at the behest of and under the direction of Congress, released a report dated January 24 on the ... http://www.schneiderdowns.com/our-thoughts-on/tcja-impact-on-families Tue, 04 Feb 2020 00:00:00 +0000 IRS Releases Proposed Regulations on State and Local Tax Credit Workarounds On December 13, 2019 the IRS released proposed regulations REG-107431-19 on how to treat contributions made to a charity in return for state and local tax (SALT) credits. The proposed regulations incorporate two earlier pieces of IRS guidance, Rev. Proc. ... http://www.schneiderdowns.com/our-thoughts-on/irs-regulations-state-and-local-tax Mon, 03 Feb 2020 00:00:00 +0000 TaxCaddy and Emerging Mobile Tax App Competition It’s nearly impossible to watch a live sporting event on TV this time of year and not see an ad for a tax preparation tool like TurboTax or the offering from H&R Block. Even Ernst & Young has gotten into the game with their own TaxChat, ... http://www.schneiderdowns.com/our-thoughts-on/taxcaddy-mobile-tax-app-competition Mon, 03 Feb 2020 00:00:00 +0000 Given Everything We Can Do Online, Why Not Voting? The Iowa caucus is here, meaning it’s officially become election season, so you may be thinking: if I can buy a car online, watch all my favorite TV shows online, and go online to hire a dog walker, why can’t I vote online? Well, depending ... http://www.schneiderdowns.com/our-thoughts-on/why-not-online-voting Mon, 03 Feb 2020 00:00:00 +0000 Exempt Organizations: Do We File Schedule B or Not? As the 2019 tax filing season commences, preparers and payers alike are still getting a handle on the latest particulars related to tax reform and other tax law modifications. One change of note for tax-exempt organizations is the new requirement to file ... http://www.schneiderdowns.com/our-thoughts-on/exempt-organizations-schedule-b Fri, 31 Jan 2020 00:00:00 +0000 Delay of Game: IRS Postpones Partner Tax Basis Capital Reporting Requirement to 2020 On December 10, the IRS issued Notice 2019-66, providing guidance on various partnership reporting requirements for the 2019 tax year. Most noteworthy, the requirement to report partners’ shares of partnership capital on the tax basis method has ... http://www.schneiderdowns.com/our-thoughts-on/irs-postpones-partner-tax-reporting-2020 Fri, 31 Jan 2020 00:00:00 +0000 Fraud in the News Unfortunately, there are new cases involving fraud almost every day. In fact, if you Google “Fraud in the News” and go the actual news stories, you’ll find an astounding 176,000,000 results. While it is obviously not possible to look ... http://www.schneiderdowns.com/our-thoughts-on/fraud-in-the-news Fri, 31 Jan 2020 00:00:00 +0000 Knock, Knock. Whos there? Tips for determining if its really the IRS at your door. A man walks through the front door of your business claiming he is an IRS agent and demanding that you pay immediately for an overdue tax bill. Your breathing begins to quicken, your heart beats faster as the stress begins to overcome you; however, you ... http://www.schneiderdowns.com/our-thoughts-on/tips-for-determining-irs-at-your-door Fri, 31 Jan 2020 00:00:00 +0000 Wawa Breach Update Jokers Stash Data Dump (This is a follow up to our initial article on the Wawa data breach.) Wawa may have thought they were out of the woods with regard to the cyber-incident discovered back in December, but intelligence firm Gemini Advisory has discovered a customer data ... http://www.schneiderdowns.com/our-thoughts-on/wawa-breach-update-jokers-stash-data-dump Fri, 31 Jan 2020 00:00:00 +0000 Are You Ready for Your Big Game? Wait, what Super Bowl? Didn’t chances for our Super Bowl end sometime in the second quarter of Week Two? Well, while that may have been arguably true for the Steelers, I was talking about your Super Bowl, not the local football team’s. You ... http://www.schneiderdowns.com/our-thoughts-on/your-super-bowl Thu, 30 Jan 2020 00:00:00 +0000 SECURE Act Treatment of Custodial Accounts on Termination Of Section 403(b) Plans The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) includes a provision that makes it easier for plan sponsors to terminate a 403(b) plan. Contributions to a 403(b) are typically held in one of two types of annuity contract: ... http://www.schneiderdowns.com/our-thoughts-on/2020-SECURE-act-section-403b Tue, 28 Jan 2020 00:00:00 +0000 SECURE Act: Lifetime Income Options (Sections 109, 203 and 204) Employer-based retirement systems have moved away from traditional pension plans that provide a lifetime stream of annual or monthly payments, which has led to concerns that employees approaching retirement may not be adequately prepared to face a lack ... http://www.schneiderdowns.com/our-thoughts-on/secure-act-sections-109-203-204 Tue, 28 Jan 2020 00:00:00 +0000 SECURE ACT - Modification of Nondiscrimination Rules to Protect Older, Longer-Service Participation The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) includes provisions that grant nondiscrimination testing relief for certain frozen defined benefit (DB) pension plans. Under current law, all retirement plans are required ... http://www.schneiderdowns.com/our-thoughts-on/modification-of-nondiscrimination-rules-to-protect-older-longerservice-participation Tue, 28 Jan 2020 00:00:00 +0000 SECURE Act: Treating Excluded Difficulty of Care Payments as Compensation for Determining Retirement Contribution Limitations Many home healthcare workers do not have taxable income because their only compensation comes from “difficulty of care” payments that are exempt from taxation under Internal Revenue Code Section 131. As such, these payments are also not eligible ... http://www.schneiderdowns.com/our-thoughts-on/treating-excluded-difficulty-of-care-payments-as-compensation-for-determining-retirement-contribution-limitations Tue, 28 Jan 2020 00:00:00 +0000 SECURE Act: Increase in Penalty for Failure to File (Section 402) The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) contains a provision that increases penalties for failure to file federal tax returns in a timely manner. The change applies to returns that are due beginning in 2020, ... http://www.schneiderdowns.com/our-thoughts-on/secure-act-section-402 Tue, 28 Jan 2020 00:00:00 +0000 SECURE Act Multiple Employer Plans and Pooled Employer Plans Among the more significant retirement plan-related changes in the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) are new provisions that expand the ability of small employers to pool together into a single plan. Historically, ... http://www.schneiderdowns.com/our-thoughts-on/secure-act-multiple-employer-plans-and-pooled-employer-plans Tue, 28 Jan 2020 00:00:00 +0000 SECURE Act - Part-Time Employee Participation The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) includes a provision that would require 401(k) plans to cover certain part-time employees who were previously excludable. Under prior law, 401(k) plans were permitted to ... http://www.schneiderdowns.com/our-thoughts-on/secure-act-parttime-employee-participation Tue, 28 Jan 2020 00:00:00 +0000 SECURE Act: Benefits for Volunteer Firefighters and Emergency Medical Responders Back in 2007, the Volunteer Responder Incentive Protection Act (VRIPA) was enacted, exempting property tax benefits and up to $600 per year of other incentives that volunteer fire and EMS personnel receive as reward for their services from being subject ... http://www.schneiderdowns.com/our-thoughts-on/2020-SECURE-act-benefits-for-volunteer-firefighters-and-emergency-medical-repsonders Tue, 28 Jan 2020 00:00:00 +0000 SECURE Act: Church-Controlled Organizations: Clarification of Retirement Income Account Rules Under the Secure Act Section 111 of the Setting Every Community Up for Retirement Enhancement (SECURE) Act clarifies who may be covered under retirement plans that are maintained by church-controlled organizations. But what exactly is a “church-controlled organization?” ... http://www.schneiderdowns.com/our-thoughts-on/2020-SECURE-act-church-controlled-organizations Tue, 28 Jan 2020 00:00:00 +0000 SECURE Act: Combined Annual Report for Group of Plans The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) includes provisions that would permit certain retirement plans to file Form 5500 annual reports on a consolidated basis. Section 202 directs the IRS and Department of Labor ... http://www.schneiderdowns.com/our-thoughts-on/2020-secure-act-combined-annual-report-group Tue, 28 Jan 2020 00:00:00 +0000 SECURE Act: Increase in Cap for Automatic Enrollment for Safe Harbor Plans The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) includes a provision that impacts 401(k) plans that utilize the automatic enrollment safe harbor. Under prior law, 401(k) plan sponsors could elect to use a safe harbor ... http://www.schneiderdowns.com/our-thoughts-on/2020-secure-act-automatic-enrollment-safe-harbor-plans Tue, 28 Jan 2020 00:00:00 +0000 SECURE Act: Increase in Penalty for Failure to File (Section 402) The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) contains a provision that increases penalties for failure to file federal tax returns in a timely manner. The change applies to returns that are due beginning in 2020, ... http://www.schneiderdowns.com/our-thoughts-on/2020-secure-act-section-402 Tue, 28 Jan 2020 00:00:00 +0000 SECURE Act: Pension Funding Relief for Community Newspaper Plans The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) includes a provision that provides welcome relief to sponsors of pension plans in the family-owned, non-publicly traded independent community newspaper industry. While ... http://www.schneiderdowns.com/our-thoughts-on/secure-act-pension-funding-relief-for-community-newspaper-plans Tue, 28 Jan 2020 00:00:00 +0000 Technology in Construction: How Modern Developments are Transforming the Industry It is no secret that with continual advancements in technology, the methods by which companies are improving their efficiency, effectiveness and productivity are becoming increasingly focused on technology. By definition, construction is the formation ... http://www.schneiderdowns.com/our-thoughts-on/technology-in-construction Tue, 28 Jan 2020 00:00:00 +0000 SECURE Act: Qualified Employer Plans Prohibited from Making Loans Through Credit Cards and Similar Arrangements The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) includes a provision that prohibits the distribution of plan loans through credit cards or similar arrangements. In recent years, some plan administrators have begun allowing ... http://www.schneiderdowns.com/our-thoughts-on/secure-act-qualified-employer-plans-prohibited-from-making-loans-through-credit-cards-and-similar-arrangements Tue, 28 Jan 2020 00:00:00 +0000 SECURE Act Special Disaster-Related Rules for Use of Retirement Funds The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) includes special disaster-related rules for the use of retirement funds. New provisions provide temporary relief to taxpayers whose principal residence lies in an area ... http://www.schneiderdowns.com/our-thoughts-on/secure-act-special-disasterrelated-rules-for-use-of-retirement-funds Tue, 28 Jan 2020 00:00:00 +0000 Guidance Provided for Organizations Claiming Credit for UBIT Paid on Repealed Tax On December 20, H.R. 1865 - Further Consolidated Appropriations Act, 2020 was signed into law, retroactively repealing Code §512(a)(7) of the Internal Revenue Code, which had imposed an unrelated business income tax on qualified transportation fringe ... http://www.schneiderdowns.com/our-thoughts-on/guidance-credit-ubit-repealed-tax Tue, 28 Jan 2020 00:00:00 +0000 IRS Open for Business - 2020 Edition New year, new decade, new tax season. Opening day for 2020 filing was Monday, January 27, two calendar days earlier than last year. Individual taxpayers have until Wednesday, April 15, to file 2019 returns without an extension. The IRS is expecting more ... http://www.schneiderdowns.com/our-thoughts-on/irs-open Tue, 28 Jan 2020 00:00:00 +0000 SECURE Act: Stipends Treated as Compensation Several provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) pertain to IRAs. One of these affects stipends and non-tuition fellowship payments received by graduate and post-doctoral students. Prior to 2020 ... http://www.schneiderdowns.com/our-thoughts-on/secure-act-stipends-treated-as-compensation Tue, 28 Jan 2020 00:00:00 +0000 SECURE Act: Rules Relating to Election of Safe Harbor 401(k) Status (Section 103) The Setting Every Community Up for Retirement Act of 2019 (SECURE Act) contains a provision that gives employers more flexibility surrounding the election of safe-harbor status. Under prior law, a 401(k) plan sponsor electing safe harbor status was required ... http://www.schneiderdowns.com/our-thoughts-on/secure-act-rules-relating-to-election-of-safe-harbor-401k-status-section-103 Tue, 28 Jan 2020 00:00:00 +0000 Maze Ransomware The recent spread of ransomware has kickstarted many companies into reevaluating their current cybersecurity maturity. It has come to be generally accepted that appropriate investment in offline backups will render most ransomware attacks ineffective. ... http://www.schneiderdowns.com/our-thoughts-on/maze-ransomware Tue, 28 Jan 2020 00:00:00 +0000 Proposed Regulations Issued on Source of Income for Certain Sales of Personal Property The Treasury Department and Internal Revenue Service recently released proposed regulations (REG-100956-19) that modify the rules for determining the source of income from sales of inventory produced within the United States and sold outside of the United ... http://www.schneiderdowns.com/our-thoughts-on/proposed-regulations-source-of-income-sales-of-personal-property Mon, 27 Jan 2020 00:00:00 +0000 What is More Beneficial for Professional Service Organizations: Accrual Basis or Cash Basis Financial Statements? One of the most important decisions management of a professional service organization needs to make as it relates to their financial statements is the reporting method that will be followed. Most professional service organizations elect to report their ... http://www.schneiderdowns.com/our-thoughts-on/professional-service-accrual-cash-basis Fri, 24 Jan 2020 00:00:00 +0000 Fraud Detection Filters Causing Delays in Some IRS Refunds The IRS continues to place premium importance on the prevention of identity theft and non-identify theft refund fraud, but its implementation of process improvements and fraud detection filters are creating hardships for taxpayers seeking a refund, as ... http://www.schneiderdowns.com/our-thoughts-on/fraud-detection-filters-causing-delays-in-some-irs-refunds Fri, 24 Jan 2020 00:00:00 +0000 Simplification of Accounting for Income Taxes ASU 2019-12 The Financial Accounting Standards Board (FASB) issued ASU 2019-12 on December 18, 2019 based on recommended changes by stakeholders as part of the FASB’s initiative to reduce complexity in accounting standards (the Simplification initiative). The ... http://www.schneiderdowns.com/our-thoughts-on/income-taxes-asu-2019-12 Fri, 24 Jan 2020 00:00:00 +0000 Crown Prince Mohamed and Jeff Bezos Rocky Relationship Leads to Hack, Murder Against the backdrop of strengthened relations between the United States and Saudi Arabia over the past few years, relations began between Saudi Crown Prince Mohamed bin Salman and Amazon founder and Washington Post owner Jeff Bezos. The two initiated ... http://www.schneiderdowns.com/our-thoughts-on/crown-prince-mohamed-jeff-bezos-hack Fri, 24 Jan 2020 00:00:00 +0000 2019 Mortality Table and Improvement Scale Updates The Society of Actuaries has been updating the mortality improvement scale on an annual basis since 2014. As a result, Scale MP-2019 represents the most recent mortality improvement scales. Also, a new base mortality table was released, Pri-2012 (which ... http://www.schneiderdowns.com/our-thoughts-on/2019-mortality-table-improvement-scale-updates Fri, 24 Jan 2020 00:00:00 +0000 Propane and Compressed Natural Gas Tax Credits Reinstated Refund Claims Can Be Filed Beginning on February 14, 2020 The IRS has provided helpful guidance on requesting refunds for the 2018 and 2019 years for the Alternative Fuel Credit (more commonly known as Propane Tax Credit and Compressed Natural Gas Tax Credit). This credit expired after December 31, 2017 but ... http://www.schneiderdowns.com/our-thoughts-on/propane-natural-gas-tax-credits-reinstated Thu, 23 Jan 2020 00:00:00 +0000 House Bill 17 Signed by Governor Tom Wolf On November 27, Pennsylvania Governor Tom Wolf signed House Bill 17, which establishes a 10-year window for the state’s Department of Revenue to collect assessed tax. The bill, sponsored by Rep. Frank Ryan with support from nearly 20 other cosponsors, ... http://www.schneiderdowns.com/our-thoughts-on/house-bill-17-governor-tom-wolf Thu, 23 Jan 2020 00:00:00 +0000 Fake Charities in the Wake of the Australia Wildfires The devastating fires in Australia have become a worldwide concern, and people are looking to donate to charities aimed at helping with the crisis. Unfortunately, scam artists take advantage of such tragedies by setting up fake charities that look and ... http://www.schneiderdowns.com/our-thoughts-on/fake-charities-australia-wildfires Thu, 23 Jan 2020 00:00:00 +0000 Land Easements under ASC 842 and Practical Expedients In January of 2018, the FASB amended its leases standard to be a more encompassing standard for all leases and replace the variability in the way that entities were accounting for leases with a uniform method. Before the newly adopted standard was proposed, ... http://www.schneiderdowns.com/our-thoughts-on/land-easements-asc-842 Wed, 22 Jan 2020 00:00:00 +0000 IRS Requests Public Comment on Forms 3520 and 3520-A, Reporting of Foreign Gifts and Trusts The IRS requested public comment regarding two reporting forms used by taxpayers in reporting for foreign gifts and trusts, Form 3520 and Form 3520-A. The U.S. taxation and information reporting imposed on foreign trusts is complex. Form 3520 is used ... http://www.schneiderdowns.com/our-thoughts-on/irs-3520-3520a-foreign-gifts-trusts Wed, 22 Jan 2020 00:00:00 +0000 Continuous Monitoring and Auditing A Growing Automation Trend in Internal Audit Continuous monitoring and auditing are automated feedback tools used to monitor processes, transactions, IT systems and controls on a frequent or continuous basis. These methodologies assist in detecting inconsistent practices, outliers, anomalies and ... http://www.schneiderdowns.com/our-thoughts-on/automation-trend-internal-audit Wed, 22 Jan 2020 00:00:00 +0000 What do your vendors think about your timeliness of payments? In the age of social media and the seeming need to share everything about anything, including a picture of your lunch, a start-up, Levelset, has launched a platform designed to bring more transparency about how certain owners and general contractors pay ... http://www.schneiderdowns.com/our-thoughts-on/construction-vendors-payments Wed, 22 Jan 2020 00:00:00 +0000 Tax-Exempt Organizations Receiving an Increased Number of IRS Notices Within the past month, we’ve seen a significant number of tax-exempt organizations receive notices from the IRS for a multitude of reasons, many of which are no fault of the organization. The notices often provide little to no explanation as to ... http://www.schneiderdowns.com/our-thoughts-on/taxexempt-organizations-receiving-an-increased-number-of-irs-notices Mon, 20 Jan 2020 00:00:00 +0000 NSA Makes Unprecedented Vulnerability Disclosure - Microsoft Vulnerability CVE-2020-0601 Microsoft’s Patch Tuesday has come again and, with it, another highly publicized vulnerability, CVE-2020-0601. This week’s notification is particularly interesting since it was the National Security Agency (NSA) that discovered and reported ... http://www.schneiderdowns.com/our-thoughts-on/nsa-vulnerability-cve20200601 Fri, 17 Jan 2020 00:00:00 +0000 Leases: While the standard is delayed, your analysis should not be! Back in November 2019, the FASB issued Accounting Standards Update 2019-10: Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) which delayed the effective date of previously issued ASUs ... http://www.schneiderdowns.com/our-thoughts-on/leases-standard-delayed-analysis Thu, 16 Jan 2020 00:00:00 +0000 SECURE Act: Expansion of Section 529 Plans (Section 302) Well established and evolved over the years, 529 plans are tax-advantaged strategies designed to encourage saving for future education costs. Withdrawals from a 529 plan are excludable from income as long as the withdrawals are used to pay qualified educational ... http://www.schneiderdowns.com/our-thoughts-on/2020-SECURE-Act-Section-302 Thu, 16 Jan 2020 00:00:00 +0000 SECURE Act: Increase in Age for Required Minimum Distributions (Section 114) The SECURE (Setting Every Community Up for Retirement Enhancement) Act institutes a number of changes for retirement plan sponsors and participants, including the ability for participants to delay their required minimum distributions, or RMDs, to age ... http://www.schneiderdowns.com/our-thoughts-on/2020-secure-act-section-114 Thu, 16 Jan 2020 00:00:00 +0000 SECURE Act: Penalty-free Withdrawals from Retirement Plans for Individuals in Case of Birth or Adoption (Section 113) The SECURE Act contains a number of provisions aimed at expanding Americans’ access to their retirement accounts. One such new viable option adds an exception under which 401(k) participants and IRA owners can withdraw up to $5,000 for expenses ... http://www.schneiderdowns.com/our-thoughts-on/2020-Secure-Act-Section-113 Thu, 16 Jan 2020 00:00:00 +0000 SECURE Act: Modification of PBGC Premiums for Cooperative and Small Employer Charity Plans (Section 206) Many charities and cooperative associations provide their employees with retirement benefits through defined benefit multi-employer pension arrangements known as Cooperative and Small Employer Charity (“CSEC”) plans. The Cooperative and Small ... http://www.schneiderdowns.com/our-thoughts-on/2020-SECURE-Act-Section-206 Thu, 16 Jan 2020 00:00:00 +0000 SECURE Act: Modification of Required Minimum Distribution Rules for Designated Beneficiaries (Section 401) Based on the new provisions of the SECURE Act, there are now much more restrictive rules surrounding a required minimum distribution (RMD) to designated beneficiaries of retirement accounts. Under the updated rules, most non-spouse IRA and retirement ... http://www.schneiderdowns.com/our-thoughts-on/2020-SECURE-Act-Section-401 Thu, 16 Jan 2020 00:00:00 +0000 SECURE Act: Repeal of Maximum Age for Traditional IRA Contributions (Section 107) Prior to a repeal under the SECURE Act, an individual was not permitted to contribute to a traditional IRA after age 70½. Now, however, that restriction has been lifted, and individuals who are still working and receiving earned income can continue ... http://www.schneiderdowns.com/our-thoughts-on/2020-secure-act-section-107 Thu, 16 Jan 2020 00:00:00 +0000 SECURE Act: Plan Adopted by Filing Due Date for Year May Be Treated as In Effect as of Close of Year (Section 201) The SECURE Act contains a provision that grants employers additional time to adopt a qualified retirement plan. Under current law, in order to make tax-deductible contributions to a retirement plan for a taxable year, an employer must formally adopt the ... http://www.schneiderdowns.com/our-thoughts-on/2020-SECURE-Act-Section-201 Thu, 16 Jan 2020 00:00:00 +0000 SECURE Act: Business Tax Credits for Retirement Plan Startup Costs and Automatic Enrollment Provisions (Sections 104 and 105) In an effort to encourage employers to adopt a retirement plan and promote certain automated features, the Act (1) enhances an existing business tax credit relative to startup costs, and (2) implements a new credit for plans that utilize an automatic ... http://www.schneiderdowns.com/our-thoughts-on/2020-secure-act-sections-104-105 Thu, 16 Jan 2020 00:00:00 +0000 Evaluating a Firms System of Quality Control On December 17, 2019, the Public Company Accounting Oversight Board (PCAOB) voted to issue a concept release on a potential approach to revisit the PCAOB’s quality control (QC) standard. The original standard was adopted in 2003, and there have ... http://www.schneiderdowns.com/our-thoughts-on/evaluating-a-firms-system-of-quality-control Wed, 15 Jan 2020 00:00:00 +0000 Labor Shortage, but More Projects Expected in 2020? Construction employment saw another increase in total jobs in December of approximately 20,000 and a total of over 150,000 for 2019, representing a 2% increase from 2018 according to a study completed by the Associated General Contractors of America. ... http://www.schneiderdowns.com/our-thoughts-on/labor-shortage-but-more-projects-expected-in-2020 Wed, 15 Jan 2020 00:00:00 +0000 Fraud, Fantasy Football Style Fantasy sports, and fantasy football in particular, are an ever-present aspect of today’s modern sports world. In fact, the Fantasy Sports and Gaming Association – yes, there is such a thing – estimates that approximately 46 million ... http://www.schneiderdowns.com/our-thoughts-on/fraud-fantasy-football-style Wed, 15 Jan 2020 00:00:00 +0000 Diversified Gas and Oil Accesses $200M of Capital in First-of-its-Kind Securitization Diversified Gas and Oil PLC, which operates over 7,500 conventional natural gas and crude oil wells in Pennsylvania, West Virginia, and Ohio, recently obtained $200M of capital in its first asset-backed securitization (ABS). These securities have had ... http://www.schneiderdowns.com/our-thoughts-on/diversified-gas-oil-capital-ABS Wed, 15 Jan 2020 00:00:00 +0000 Results and Implications of the Manufacturing Institute for Supply Managements Report on Business for Q4 2019 On January 3, the Manufacturing Institute for Supply Management (ISM) released its latest Report on Business, a monthly publication that provides industry trends and statistics for the manufacturing sector. The referenced Purchasing Managers Index (PMI) ... http://www.schneiderdowns.com/our-thoughts-on/manufacturing-institute-q4-2019 Wed, 15 Jan 2020 00:00:00 +0000 Changes to the Financial Responsibility Ratio The U.S. Department of Education (ED) finalized borrower defense rules on September 23, 2019, establishing new regulations that will have a significant impact on institutions that participate in federal student loan programs. The regulations center on ... http://www.schneiderdowns.com/our-thoughts-on/financial-responsibility-ratio Mon, 13 Jan 2020 00:00:00 +0000 Management and Performance Challenges for the IRS in 2020 Each year, the Treasury Inspector General for Tax Administration (TIGTA) evaluates IRS programs, operations, and management functions to identify the areas of highest vulnerability to the nation’s tax system. For the fiscal year 2020, the IRS’s ... http://www.schneiderdowns.com/our-thoughts-on/challenges-irs-2020 Mon, 13 Jan 2020 00:00:00 +0000 Parking Tax Repealed, But Still No Guidance on How to Claim Refunds On December 20, 2019, the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (Act) repealed Internal Revenue Code Section 512(a)(7). Implemented as a part of the Tax Cuts and Jobs Act of 2017, the code section had imposed a tax on transportation and ... http://www.schneiderdowns.com/our-thoughts-on/parking-tax-repealed-irs Mon, 13 Jan 2020 00:00:00 +0000 Your Institution Received a Gramm-Leach-Bliley Act Finding in 2019 Now What? The Gramm-Leach-Bliley Act (GLBA) is a federal ruling that applies to all entities that collect consumer financial data, including institutions of higher education. This law, specifically the Safeguards Rule, applies to how organizations collect, store, ... http://www.schneiderdowns.com/our-thoughts-on/grammleachbliley-act-finding-in-2019 Mon, 13 Jan 2020 00:00:00 +0000 Contractors Could Benefit from the 10% Election As the compliance season for preparation of 2019 income tax returns kicks off, companies are likely looking for last-minute ways to lower their tax liabilities. Contractors who use the percentage-of-completion method of accounting, for instance, should ... http://www.schneiderdowns.com/our-thoughts-on/contractors-benefit-10-election Fri, 10 Jan 2020 00:00:00 +0000 Energy Efficient Commercial Building Deduction Extended Through 2020 On December 20, 2019, President Trump signed a $1.4 trillion spending bill that funds the government through fiscal year 2020. The bill also extends the Energy Efficient Commercial Building Deduction (179D) through December 31, 2020. Prior to the extension, ... http://www.schneiderdowns.com/our-thoughts-on/energy-commercial-building Fri, 10 Jan 2020 00:00:00 +0000 Financial Boot Camp Series: Managing Your Buckets Happy New Year, and welcome to 2020. If we think back just twelve months, we were starting 2019 after a significant market downturn that started in the 4th quarter of 2018. The first few days of 2019 for equity markets were not positive either……until ... http://www.schneiderdowns.com/our-thoughts-on/manage-your-buckets Wed, 08 Jan 2020 00:00:00 +0000 Six Tips for Writing Effective Internal Audit Reports You’ve successfully planned and executed your audit. Now, it’s time to communicate your findings to the client, board, or committee. Here are six quick tips for writing effective internal audit reports: Know your audience. When crafting your ... http://www.schneiderdowns.com/our-thoughts-on/tips-writing-internal-audit-reports Wed, 08 Jan 2020 00:00:00 +0000 New Decade, New Strategic Plan for your Organization? A strong strategic plan is critical to your organization’s success. It helps guide management through decision making and creates clarity for the broader group. Here are a couple things to consider when building your plan. First, begin by studying ... http://www.schneiderdowns.com/our-thoughts-on/new-decade-strategic-plan Wed, 08 Jan 2020 00:00:00 +0000 After the Auld Lang Syne: 2020 Estate Plan Resolutions The ball has dropped, Auld Lang Syne's been sung, and we’ve all rushed out to sign up for that fitness membership that we've convinced ourselves we're finally going to use this year. Statistics show, however, that by the second week ... http://www.schneiderdowns.com/our-thoughts-on/2020-estate-plan Wed, 08 Jan 2020 00:00:00 +0000 Wawa's Data Breach Reset the days without a major data breach back to zero. In the constantly evolving world of cybersecurity, it doesn’t look like the phrase above will ever surpass the 30-day mark. Seems as if once a month, either a major retailer, financial institution ... http://www.schneiderdowns.com/our-thoughts-on/wawa-data-breach Mon, 23 Dec 2019 00:00:00 +0000 New Orleans Under State of Emergency Due to Ransomware Attack The city of New Orleans continues to operate under a state of emergency following a devastating ransomware attack. The hack was discovered in the early morning of December 13 when city officials noted suspicious activity in their computer systems. By ... http://www.schneiderdowns.com/our-thoughts-on/new-orleans-ransomware-attack Mon, 23 Dec 2019 00:00:00 +0000 2019 AICPA Conference on Current SEC and PCAOB Developments Recap The AICPA held its 2019 conference on Current SEC and PCAOB Developments in Washington D.C. from December 9-11. The Conference provided insight and perspective related to financial reporting and trends impacting the accounting, auditing, financial reporting ... http://www.schneiderdowns.com/our-thoughts-on/2019-aicpa-conference Mon, 23 Dec 2019 00:00:00 +0000 Alternative Fuel Credit Extension Expected to Arrive Just Before Christmas Many taxpayers in the transportation and manufacturing industries have been patiently waiting, like a child for Christmas, for an extension of the Alternative Fuel Credit. The credit expired on December 31, 2017, and it appears now the extension will ... http://www.schneiderdowns.com/our-thoughts-on/alternative-fuel-credit-extension Fri, 20 Dec 2019 00:00:00 +0000 Update: Halfway There Tax Cuts and Jobs Act Guidance Catching Up Planning for the 2019 tax season is in full swing now that the November 15 tax-exempt organization filing deadline has passed. In stark contrast to last year, which saw professionals navigating many interpretations of new tax reform provisions, 2019 has ... http://www.schneiderdowns.com/our-thoughts-on/tax-cuts-jobs-act-guidance Fri, 20 Dec 2019 00:00:00 +0000 Sustained Low Natural Gas Prices Causing Industry to Examine Long-Term Profitability Chevron Corporation announced last week that it would be writing down the value of its oil and gas assets by more than $10 billion. The company said the impairment was related to its shale holdings in Appalachia and long-term expectations about natural ... http://www.schneiderdowns.com/our-thoughts-on/low-natural-gas-prices-profit Fri, 20 Dec 2019 00:00:00 +0000 The Impact of Low-Code Applications on Business Automation Many businesses would like to automate more of their processes in order to increase operational efficiency, but developing new applications the traditional way, with a common web framework, has too often become more burden than benefit. Traditional process ... http://www.schneiderdowns.com/our-thoughts-on/lowcode-business-automation Fri, 20 Dec 2019 00:00:00 +0000 New Federal Government Spending Bill Includes Significant Tax Provisions As part of an overall $1.4 trillion spending package (two separate bills) expected to make its way through the House and Senate and then onto President Trump’s desk for signature, Congress is set to repeal some unpopular tax provisions enacted as ... http://www.schneiderdowns.com/our-thoughts-on/new-federal-government-spending-bill-tax-provisions Thu, 19 Dec 2019 00:00:00 +0000 Potential Change to the Private Foundation Excise Tax Rate On December 17, the House of Representatives passed the Taxpayer Certainty and Disaster Tax Relief Act of 2019. The bill includes a provision to eliminate the two-tier excise tax that private foundations pay on net investment income and replace it with ... http://www.schneiderdowns.com/our-thoughts-on/potential-change-private-foundation-excise-tax-rate Wed, 18 Dec 2019 00:00:00 +0000 Brian Krebs Sheds Light on Cybercrime at Pittsburghs Premiere Cybersecurity Event On December 9, 2019, I was honored to represent the Pittsburgh Chapter of ISACA and Schneider Downs as the leader of Pittsburgh’s Information Security Day event at the Rivers Casino. The event was decreed as such by the Mayor of Pittsburgh, Bill ... http://www.schneiderdowns.com/our-thoughts-on/brian-krebs-on-cybercrime Wed, 18 Dec 2019 00:00:00 +0000 An End to the Upside Down World of Taxing Expenses? Recent developments in Washington are providing hope that exempt organizations might be getting a surprise holiday present. Lawmakers and administration officials announced that they reached an agreement on a bill extending many expired and expiring tax ... http://www.schneiderdowns.com/our-thoughts-on/taxing-expenses Wed, 18 Dec 2019 00:00:00 +0000 Ryuk Ransomware Facts and Protections Ransomware is a type of malicious software that either prevents access to existing files or to the computer entirely until a ransom is paid. It is so widespread that individuals are hit with ransomware every 10 seconds, and businesses are infected every ... http://www.schneiderdowns.com/our-thoughts-on/ryuk-ransomware-facts-protections Tue, 17 Dec 2019 00:00:00 +0000 Celadon Bankruptcy Makes Waves in the Trucking Industry Indianapolis-based Celadon Group, Inc., one of the largest truckload carriers in North America, filed for Chapter 11 bankruptcy protection last week. The company failed to satisfy financial covenants with its lenders. When negotiations broke down late ... http://www.schneiderdowns.com/our-thoughts-on/celadon-bankruptcy-trucking-industry Tue, 17 Dec 2019 00:00:00 +0000 IRS to Focus on Companies That Owe Taxes on Offshore Profits The Internal Revenue Service recently announced it would focus on companies that owe taxes on overseas profits (a Section 965 tax, or as some call it, toll charge or repatriation tax). The toll charge ---- a one-time tax (payable over eight years) on ... http://www.schneiderdowns.com/our-thoughts-on/irs-taxes-offshore-profits Tue, 17 Dec 2019 00:00:00 +0000 Accounting Considerations When Acquiring a Company Congratulations, your firm just acquired another company! You went through the long and arduous process of vetting and selecting the best acquisition target. Buyer and seller have done their due diligence, and are confident that it’s a beneficial ... http://www.schneiderdowns.com/our-thoughts-on/accounting-acquisitions Tue, 17 Dec 2019 00:00:00 +0000 FinTech and the Risk of Convenience Financial Technology (FinTech) companies strive to work with financial institutions and consumers to provide the ability to conveniently access financial data, mobile banking and investment options. However, the opportunities for convenience open up opportunities ... http://www.schneiderdowns.com/our-thoughts-on/fintech-risk-convenience Tue, 17 Dec 2019 00:00:00 +0000 Make Sure to Let Your Tax Preparer Know About All Those Partridges Egg-laying geese? French hens? Maids milking cows? Gifts from your “true love” were a whole lot different in 1780 when the Twelve Days of Christmas was written, when compared with today’s iPhones and Echo Dots. But if nostalgia is your ... http://www.schneiderdowns.com/our-thoughts-on/tax-preparer-partridges Tue, 17 Dec 2019 00:00:00 +0000 Is California Regulating the Barrel to Eliminate the Spoiled Apple? Does one rotten apple actually spoil the whole barrel? According to science, the answer is yes and according to the California legislature, the answer also appears to be yes, at least when it comes to pharmaceutical donations. Largely in response to the ... http://www.schneiderdowns.com/our-thoughts-on/california-regulating-spoiled-apple Fri, 13 Dec 2019 00:00:00 +0000 An Estate Tax Holiday Gift From the IRS! While separated, death and taxes are widely accepted as the only certainties in life. Combined, they give a lot of people anything but certainty. The death tax – or as it is formally known, the estate tax – has been the source of increased ... http://www.schneiderdowns.com/our-thoughts-on/estate-tax-holiday-gift-irs Fri, 13 Dec 2019 00:00:00 +0000 Are you in the best structure for you? Now that we have had some time to digest the Tax Cuts and Jobs Act (TCJA) legislation passed in late 2017, it seems like a good time to sit back and ask yourself, “Am I in the most tax-efficient structure for my business?” Many considerations ... http://www.schneiderdowns.com/our-thoughts-on/structure-professional-services Fri, 13 Dec 2019 00:00:00 +0000 Electric Vehicles and Their Effect on the Oil and Gas Industry “Nowadays 70% of oil production is used for transportation: the world produces about 80 million barrels a day globally, and about 60 million barrels go to cars, trucks, and airplanes, according to Vitaliy Katsenelson, Chief Investment Officer at ... http://www.schneiderdowns.com/our-thoughts-on/electric-vehicles-oil-and-gas Fri, 13 Dec 2019 00:00:00 +0000 Seeing is Believing. The Benefits of Data Visualization. Every day, companies collect massive amounts of data, including information regarding website traffic, customer inquiries, or sales data. With all this valuable data being collected, it is important for organizations to fully utilize it. One way to do ... http://www.schneiderdowns.com/our-thoughts-on/benefits-data-visualization Fri, 13 Dec 2019 00:00:00 +0000 Proposed House Bill Would Eliminate State and Local Tax Deduction Cap House Democrats have proposed a bill that would remove the $10,000 cap on state and local tax (SALT) deductions. Called the “Restoring Tax Fairness for States and Localities Act,” the bill would increase the cap to $20,000 for married filing ... http://www.schneiderdowns.com/our-thoughts-on/state-and-local-tax-deduction-cap Thu, 12 Dec 2019 00:00:00 +0000 2020: Provided the World Doesnt End, Well Enjoy an Increased Lifetime Gift and Estate Tax Exclusion Whether society’s collective interpretation of the Mayan calendar proves correct and the world ends in 2020 remains unknown, for now. Despite this looming uncertainty, take comfort in the knowledge that, should we survive another pending apocalypse, ... http://www.schneiderdowns.com/our-thoughts-on/2020-estate-tax-exclusion Thu, 12 Dec 2019 00:00:00 +0000 Adam Costa Featured in the Pennsylvania CPA Journal Adam Costa was recently featured in the Pennsylvania CPA Journal, offering insight on the impact robotic process automation technology in the accounting field and potential impact this technology has on the future of the field. This article is reprinted ... http://www.schneiderdowns.com/adam-costa-featured-cpa-journal Wed, 11 Dec 2019 00:00:00 +0000 Mixed Feelings on the Outlook of the Construction Industry? There has been much speculation recently about whether or not the economy is heading for another recession, and if so, when it will occur. Since the last recession, the Construction Financial Management Association (CFMA) has conducted quarterly surveys ... http://www.schneiderdowns.com/our-thoughts-on/mixed-feelings-construction-industry Wed, 11 Dec 2019 00:00:00 +0000 Russian Hackers Indicted in Pittsburgh Two Russian nationals, Maksim Yakubets and Igor Turashev, were indicted in Pittsburgh on December 5th, for involvement in international multimillion-dollar malware attacks. Estimates on the amount netted from their attacks range up to $100 million dollars, ... http://www.schneiderdowns.com/our-thoughts-on/russian-hackers-pittsburgh Fri, 06 Dec 2019 00:00:00 +0000 Six Cybersecurity Tips for the Holiday Shopping Season Ho, ho, ho, hold on before clicking on that link advertising an amazing deal this holiday season. Phishing, that ever-present and ever-growing organizational concern, is a preferred attack method for hackers because of its relatively simple premise: deceiving ... http://www.schneiderdowns.com/our-thoughts-on/cybersecurity-tips-holiday-shopping Thu, 05 Dec 2019 00:00:00 +0000 Belsnickel is Coming Are You A Nice Boy or Girl? You know Dasher and Dancer and Prancer and… well pretty much every other holiday character that ever existed, but have you heard of Belsnickel? For those unfamiliar with Pennsylvania Dutch folklore, Belsnickel is a companion of Saint Nicholas tasked ... http://www.schneiderdowns.com/our-thoughts-on/belsnickel-is-coming-are-you-a-nice-boy-or-girl Thu, 05 Dec 2019 00:00:00 +0000 Recertification of PA Act 153 Clearances It’s quickly approaching the time for the recertification of Pennsylvania Act 153 clearances. Clearances are valid for 5 years. Act 153 took effect December 31, 2014 with additional amendments taking effect July 1, 2015. The act addresses clearance ... http://www.schneiderdowns.com/our-thoughts-on/recertification-of-pa-act-153-clearances Thu, 05 Dec 2019 00:00:00 +0000 TCJA Could 2019 Taxable Income be Higher than Projected? As we approach the end of 2019, two separate changes in reporting of gross income from providing goods and/or services could combine for an unpleasant surprise that increases taxable income for privately held companies. The first change results from a ... http://www.schneiderdowns.com/our-thoughts-on/tcja-could-2019-taxable-income-be-higher-than-projected Thu, 05 Dec 2019 00:00:00 +0000 Passage of USMCA in 2019 Appears Doubtful “I’m not even sure if we came to an agreement today that it would be enough time to finish,” said Speaker of the House Nancy Pelosi in addressing the media on November 22 regarding the looming deadline for the United States-Mexico-Canada ... http://www.schneiderdowns.com/our-thoughts-on/passage-usmca-2019-doubtful Thu, 05 Dec 2019 00:00:00 +0000 Syndicated Conservation Easements Create Ire in the IRS On November 12, the IRS sounded renewed alarms for those taxpayers that, in the IRS’s view, are abusing the tax benefits associated with conservation easements. Potential repercussions include civil penalties and even criminal investigations and ... http://www.schneiderdowns.com/our-thoughts-on/syndicated-conservation-ire-irs Thu, 05 Dec 2019 00:00:00 +0000 AICPA Manufacturing Conference Takeaways Last week, Schneider Downs sent two representatives from our Manufacturing Industry Group to the annual AICPA Corporate Finance and Controllers and Global Manufacturing Conference in Orlando. The conference was loaded with great speakers presenting on ... http://www.schneiderdowns.com/our-thoughts-on/aicpa-manufacturing-conference-takeaways Mon, 25 Nov 2019 00:00:00 +0000 Louisiana Issues Filing Extension After Ransomware Attack The state of Louisiana became the latest victim of a string of cybersecurity incidents involving government agencies when a ransomware attack impacted the Louisiana Department of Revenue (“Department”) on November 18. The attack impacted certain ... http://www.schneiderdowns.com/our-thoughts-on/louisiana-filing-extension-ransomware Mon, 25 Nov 2019 00:00:00 +0000 Christopher Kosty and Matthew Kraemer discuss data analytics in CPA Conversations Podcast Schneider Downs discusses the integral addition of data analytics and auditing in the CPA Conversation Podcast provided by the PICPA. Christopher T. Kosty, CPA and Matthew Kraemer, CPA are featured in this podcast titled, Data Analytics Brings Lasting ... http://www.schneiderdowns.com/cpa-conversations-audit-data-analytics Thu, 21 Nov 2019 00:00:00 +0000 Conducting an ERM Evaluation Institutions of higher education face a number of challenges in today’s highly competitive business and social climate: reputational risk, obsolescence, tuition revenue dependence, campus crises, cyber-attacks. I could go on, but you get the idea. ... http://www.schneiderdowns.com/our-thoughts-on/conducting-an-erm-evaluation Wed, 20 Nov 2019 00:00:00 +0000 Manufacturing in Today's Economy Gross domestic product (“GDP”) is a key economic metric. In recent years, the makeup of GDP by industry in the United States has changed. GDP in the manufacturing industry, in particular, has recently made headlines. Revenues within the manufacturing ... http://www.schneiderdowns.com/our-thoughts-on/manufacturing-in-todays-economy Wed, 20 Nov 2019 00:00:00 +0000 Delaware Unclaimed Property If your business is domiciled in the state of Delaware or is currently doing business in the state, your company may have significant Delaware unclaimed property reporting obligations. Delaware entities are subject to the state’s unclaimed property ... http://www.schneiderdowns.com/our-thoughts-on/delaware-unclaimed-property Wed, 20 Nov 2019 00:00:00 +0000 All Roads Lead to Rome: Schneider Downs Helps Build Global Bridges Schneider Downs’ own Dan Desko and Mary Richter recently returned from Prime Global’s World Conference 2019 in Rome, where they were joined by nearly 200 delegates from other firms around the globe. Both presented at various sessions during ... http://www.schneiderdowns.com/our-thoughts-on/rome-Schneider-downs-global-bridges Wed, 20 Nov 2019 00:00:00 +0000 IRS Releases First Guidance Regarding Cryptocurrency Since 2014 On October 9, the IRS released Revenue Ruling 2019-24, which offers the agency’s first cryptocurrency guidance since 2014. As described in our most recent cryptocurrency article, The IRS Turns its Focus to Cryptocurrency, cryptocurrency is a form ... http://www.schneiderdowns.com/our-thoughts-on/irs-releases-first-guidance-regarding-cryptocurrency-since-2014 Wed, 20 Nov 2019 00:00:00 +0000 Operation Varsity Blues and Internal Audit When news broke regarding the college admissions scandal back in March, I couldn’t help but think: where were the internal auditors? Thirty-three parents of college applicants are accused of paying more than $25 million to William Rick Singer, who ... http://www.schneiderdowns.com/our-thoughts-on/operation-varsity-blues-and-internal-audit Tue, 19 Nov 2019 00:00:00 +0000 Greetings from Hamburg Start-ups are everywhere! Last week, I traveled to Hamburg, Germany to participate in a Start-up Masterclass. The event brought together over 100 entrepreneurs to discuss various aspects of growing a new business. Schneider Downs participated in a session ... http://www.schneiderdowns.com/our-thoughts-on/greetings-from-hamburg Mon, 18 Nov 2019 00:00:00 +0000 Digital Disruption within the Commercial Real Estate Industry Digital disruption continues to affect many industries. Advanced technology, for instance, is now beginning to change the landscape for many asset classes within commercial real estate (CRE). To that end, today’s real estate investors and developers ... http://www.schneiderdowns.com/our-thoughts-on/digital-disruption-commercial-real-estate Mon, 18 Nov 2019 00:00:00 +0000 What's New? Highlights of the Taxpayer First Act of 2019 With the aim of improving the interaction between the IRS and taxpayers, the Taxpayer First Act of 2019 (TFA) was signed into law on July 1. The bill includes a number of adjustments to the IRS’s organizational structure, customer service and enforcement ... http://www.schneiderdowns.com/our-thoughts-on/taxpayer-first-act-of-2019 Mon, 18 Nov 2019 00:00:00 +0000 Whistleblower While You Work Tyler Shultz, former Theranos employee, and one of the most noteworthy whistleblowers of our time, has joined a long list of professionals who chose to take a stand and expose the fraudulent behavior of their employers. Theranos, a consumer healthcare ... http://www.schneiderdowns.com/our-thoughts-on/whistleblower-while-you-work Thu, 14 Nov 2019 00:00:00 +0000 Wearing the Color Pink: What an Experience! In February of this year, I joined the team for the American Cancer Society’s (“ACS”) 2019 Real Men Wear Pink campaign, an effort that gives men the opportunity to take a leadership role in raising funds and awareness for the fight against ... http://www.schneiderdowns.com/our-thoughts-on/wearing-the-color-pink-what-an-experience Thu, 14 Nov 2019 00:00:00 +0000 Tax Considerations Professional Service Entities Since the passage of the Tax Cuts and Jobs Act (TCJA), there has been increased discussion regarding what is the most tax-efficient entity structure. This is especially the case with the professional services sector. You may be aware that TCJA provided ... http://www.schneiderdowns.com/our-thoughts-on/tax-considerations-professional-service-entities Thu, 14 Nov 2019 00:00:00 +0000 All-Electric Fracking Systems Bring Significant Opportunity for Natural Gas Producers All-electric fracking systems are starting to gain traction among natural gas producers. These systems are powered by natural gas directly from the well pad. Traditional fracking systems use diesel fuel, which is costly to purchase and transport. All-electric ... http://www.schneiderdowns.com/our-thoughts-on/electric-fracking-natural-gas Thu, 14 Nov 2019 00:00:00 +0000 Trevor Warren and Eveline Maciag discuss internship pipelines with the OSCPA Trevor Warren, CPA audit and assurance shareholder and Eveline Maciag, human resources senior with Schneider Downs spoke with the OSCPA early November on the importance of a strong internship pipeline. Follow the link below to read their thoughts on why ... http://www.schneiderdowns.com/internship-pipelines-with-the-oscpa Tue, 12 Nov 2019 00:00:00 +0000 Adam Costa featured on CPA Conversations Adam Costa was recently featured in the winter 2020 Pennsylvania CPA Journal podcast CPA Conversations, offering a crash course on robotic process automation (RPA), including the ways, it is different from standard spreadsheet software and how structuring ... http://www.schneiderdowns.com/adam-costa-cpa-conversations Tue, 12 Nov 2019 00:00:00 +0000 Impact of Tax Reform on Accounting for Income Taxes Changes in NOL The Tax Cuts and Jobs Act of 2017 (TCJA) impacted nearly every U.S. taxpayer both in personal income tax filings, and indirectly through the changes in corporate tax reform. As the IRS continues to issue regulations and guidance for the proper treatment ... http://www.schneiderdowns.com/our-thoughts-on/changes-in-nol Fri, 08 Nov 2019 00:00:00 +0000 SOC Control Optimization and Efficiencies If you currently have a SOC examination performed, how often do you or your auditors review each control to make sure they are up to date and mitigate the risk as intended? If this is not part of your annual process, it should be. Not only can this help ... http://www.schneiderdowns.com/our-thoughts-on/soc-optimization-efficiencies Thu, 07 Nov 2019 00:00:00 +0000 Can ISAs Help Slow the Educational Debt Crisis? With student debt projected to reach $2 trillion by 2022, traditional education financing is in a state of flux as it looks for solutions to defuse, at least in part, the looming crisis. Income share agreements – or ISAs – have emerged as ... http://www.schneiderdowns.com/our-thoughts-on/isas-educational-debt Thu, 07 Nov 2019 00:00:00 +0000 U.S. Department of Labor Proposes New Electronic Disclosure Rule On October 22, 2019, the Department of Labor (DOL) proposed new regulations giving employers a new safe harbor regarding the electronic delivery of required retirement plan notices under Title I of the Employee Retirement Income Security Act (ERISA). ... http://www.schneiderdowns.com/our-thoughts-on/USDL-electronic-disclosure-rule Thu, 07 Nov 2019 00:00:00 +0000 2020 Retirement Plan Limitations On November 6, 2019, the Internal Revenue Service announced the cost-of-living adjustments (COLA) that will take effect January 1, 2020 (IRS Notice 2019-59). These COLAs affect various contribution and deduction limits for qualified retirement plans, ... http://www.schneiderdowns.com/our-thoughts-on/2020-retirement-plan-limitations Thu, 07 Nov 2019 00:00:00 +0000 Announcing the First Annual Ohio Trucking Association and Schneider Downs Transportation Business Outlook and Economic Survey Click here to download the First Annual Ohio Trucking Association and Schneider Downs Transportation Business Outlook and Economic Survey For the first time ever, the Ohio Trucking Association (OTA) has partnered with Schneider Downs to produce an annual ... http://www.schneiderdowns.com/our-thoughts-on/OTA-Schneider-Downs-economic-survey Tue, 05 Nov 2019 00:00:00 +0000 CFO of the Year Award Winner Christopher Pascuzzi has been named a CFO of the Year winner by the Pittsburgh Business Times. Christopher joined Schneider Downs as CFO in 2017 and has a strategic role in the overall management of the firm. Read the full Pittburgh Business Times artilce ... http://www.schneiderdowns.com/christopher-pascuzzi-cfo-of-the-year Mon, 04 Nov 2019 00:00:00 +0000 Results and Implications of the Manufacturing Institute for Supply Managements Report on Business for Q3 2019 On October 1, the Manufacturing Institute for Supply Management (ISM) released its latest Report on Business, a monthly publication that provides industry trends and statistics for the manufacturing sector. The referenced Purchasing Managers Index (PMI) ... http://www.schneiderdowns.com/our-thoughts-on/manufacturing-institute-report-q3-2019 Fri, 01 Nov 2019 00:00:00 +0000 Wearing the Color Pink: What an Experience! In February of 2019, I joined the team for the American Cancer Society’s (“ACS”) 2019 Real Men Wear Pink campaign, an effort that gives men the opportunity to take a leadership role in raising funds and awareness for the fight against ... http://www.schneiderdowns.com/wearing-the-color-pink-what-an-experience Thu, 31 Oct 2019 00:00:00 +0000 Teach a Man to Phish: Six Common Elements of Phishing Scam and How to Spot Them Sensationalist headlines about cybersecurity incidents have become the norm. Sadly, so too have clever email phishing scams. A recent notice issued by the Internal Revenue Service warns taxpayers of yet another email phishing scam. The Technology Consulting ... http://www.schneiderdowns.com/our-thoughts-on/elements-of-phishing-scam Thu, 31 Oct 2019 00:00:00 +0000 Amazon: Prime Time to Celebrate After Prevailing in Tax Court Dispute Internal Revenue Code §482 (“§482”) provides standards governing transactions between entities “owned or controlled directly or indirectly by the same interests.” The parties to these “controlled” transactions ... http://www.schneiderdowns.com/our-thoughts-on/amazon-tax-court-dispute Thu, 31 Oct 2019 00:00:00 +0000 IRS Releases Proposed Regulations on Changes to the Limits on Contributions to ABLE Accounts The IRS released proposed regulations regarding changes to limits on contributions to Achieving a Better Life Experience (ABLE) accounts. The new proposed regulations seek to clarify changes made to ABLE account rules by the Tax Cuts and Jobs Act (TCJA). ... http://www.schneiderdowns.com/our-thoughts-on/irs-regulations-able-accounts Thu, 31 Oct 2019 00:00:00 +0000 Top Risks Cyber security 2020 | On Risk 2020 | Pittsburgh Cyber Security We live in a disruptive world where the risks companies face are constantly evolving. Risks not on your radar today could easily be brought to light within the next year, month, or even week. The IIA recently released its report, On Risk 2020 – ... http://www.schneiderdowns.com/our-thoughts-on/risks-on-radar-2020 Thu, 31 Oct 2019 00:00:00 +0000 Auto Dealers, Automatic Enrollment, and Automatic Escalation As someone who has worked closely with automotive dealerships for over twenty years, I have witnessed first-hand that successful dealerships are extremely busy places with a lot going on throughout…every….single….day. With that being ... http://www.schneiderdowns.com/our-thoughts-on/auto-dealers-enrollment-escalation Wed, 30 Oct 2019 00:00:00 +0000 Analyzing the Growth of Soccer in America With Major League Soccer playoffs in full swing, the growth of the sport in America is exploding! Countless articles released over the past several years testify to soccer’s rapid growth in the United States. Most notably, Forbes stated in a 2019 ... http://www.schneiderdowns.com/our-thoughts-on/growth-of-soccer-in-america Wed, 30 Oct 2019 00:00:00 +0000 Questions to Ask Before Ransomware Hits Your Business In the past, a ransomware attack would target a single computer and ask the victim for $500. But now, what we see during our own cyber-incident response services and in incidents reported publicly, attackers are willing to take a little extra time to ... http://www.schneiderdowns.com/our-thoughts-on/questions-before-ransomware-hits Wed, 30 Oct 2019 00:00:00 +0000 Reference Rate Reform Regulators will no longer require panel banks to contribute to the London Interbank Offered Rate (LIBOR) post 2021. Contributing panel bank departures post 2021 will undermine the stability and quality of the LIBOR benchmark. Several alternative reference ... http://www.schneiderdowns.com/our-thoughts-on/reference-rate-reform Tue, 22 Oct 2019 00:00:00 +0000 Watch Your Credit Cards! Expense Reimbursement Fraud at a Not-For-Profit Organization Frequently, internal controls at not-for-profit organizations depend primarily on the integrity of their employees. Sometimes these employees lose sight of their integrity, and fraud can occur in spite of the organization’s mission. One assignment ... http://www.schneiderdowns.com/our-thoughts-on/expense-reimbursement-fraud-notforprofit Fri, 18 Oct 2019 00:00:00 +0000 FASB Votes to Delay Leases, Hedging and CECL Effective Dates for Private Companies and Certain Other Entities On Wednesday October 16, 2019, the FASB unanimously voted to delay the effective dates of three major Accounting Standards Updates (ASUs) for private companies and certain other companies. The major ASUs include ASU 2016-02 - Leases, ASU 2016-13 – ... http://www.schneiderdowns.com/our-thoughts-on/fasb-votes-to-delay-leases Thu, 17 Oct 2019 00:00:00 +0000 Unintended Taxpayer Consequences of GILTI by Chris McElroy and Marko Zivanov Chris McElroy, Tax Shareholder, and Marko Zivanov, Tax Manager, wrote an article for the Pennsylvania of Certified Accountants (PICPA) about the unintended taxpayer consequences of GILTI. Read the full article here. ... http://www.schneiderdowns.com/taxpayer-consequences-of-gilti Tue, 15 Oct 2019 00:00:00 +0000 The Physical Side of Cybersecurity At Schneider Downs, we always strive to uphold our responsibility to serve as trusted cybersecurity advisors to our clients and to the community at large. A major component of that responsibility is to comprehensively understand and provide counsel when ... http://www.schneiderdowns.com/our-thoughts-on/physical-side-of-cybersecurity Tue, 15 Oct 2019 00:00:00 +0000 PA DOR Will Apply $500,000 Economic Nexus Rule for Corporation Income Tax Filings in 2020 The Pennsylvania Department of Revenue recently issued Corporate Tax Bulletin 2019-04[i], which implemented a $500,000 economic nexus threshold for Corporate Net Income Tax purposes. The bulletin was issued after the decision in Wayfair v. South Dakota[ii] ... http://www.schneiderdowns.com/our-thoughts-on/pa-dor-income-tax-filings-in-2020 Tue, 15 Oct 2019 00:00:00 +0000 Jarden Dissenting Shareholder Appraisal Case - Heated Arguments on Both Sides Unless you grew up as a member of the fictional TV family The Brady Bunch, you have been in a heated argument. If you operate a business with multiple owners, you have likely seen more than your fair share of heated arguments. Arguments among business ... http://www.schneiderdowns.com/our-thoughts-on/jarden-shareholder-appraisal-case Mon, 14 Oct 2019 00:00:00 +0000 Easing Financial Fright with Sweet Advice This article was originally published in Wedgewood Life magazine and is reprinted with their permission. As our thoughts turn to pumpkins, candy, and costumes, this month we explore people’s most common financial fears and advice to ensure everyone ... http://www.schneiderdowns.com/our-thoughts-on/easing-financial-fright Mon, 14 Oct 2019 00:00:00 +0000 Vulnerability Scanning versus Penetration Testing When organizations look to assess the resiliency of their information systems, there tends to be some confusion around what exactly vulnerability scanning and penetration testing each provide. The truth is that both paint part of the larger picture necessary ... http://www.schneiderdowns.com/our-thoughts-on/vulnerability-scanning-penetration-testing Fri, 11 Oct 2019 00:00:00 +0000 ESOP Valuation Court Case Questions Fiduciary's Diligence in Buy-Out of CEO's Shares The Employment Retirement Income Security Act of 1974 (“ERISA”) permits an employer to create Employee Stock Ownership Plans (“ESOP”), which are formed to help incentivize employees by giving them ownership in the business that ... http://www.schneiderdowns.com/our-thoughts-on/esop-valuation-court-case Fri, 11 Oct 2019 00:00:00 +0000 SOC 2 Examinations - Keys to Success “What do you need for a SOC 2 Audit?” Prior to starting a SOC 2 examination, clients often ask us what they can do to ensure an efficient audit process that leads to rendering a clean (unqualified) opinion. Even though we can never guarantee ... http://www.schneiderdowns.com/our-thoughts-on/soc-2-examinations-keys-to-success Thu, 10 Oct 2019 00:00:00 +0000 Crypto-Secured Lending An exciting advancement in the cryptocurrency industry will allow consumers to leverage their crypto holdings as collateral for formal currency loans. Crypto-backed lending institutions, such as BlockFi and Unchained Capital, now offer collateralized ... http://www.schneiderdowns.com/our-thoughts-on/cryptosecured-lending Thu, 10 Oct 2019 00:00:00 +0000 Steve Barber Receives Recognition from Allegheny County for Real Men Wear Pink Campaign Steve Barber received a Certificate of Recognition from the Allegheny County Council for his work with the Real Men Wear Pink campaign to raise awareness and find a cure for breast cancer. Steve and 10 other members of the 2019 Real Men Wear Pink campaign ... http://www.schneiderdowns.com/steve-barber-allegheny-county-real-men-wear-pink-campaign Wed, 09 Oct 2019 00:00:00 +0000 Changes Coming Soon to MEPs, Other Legislative Developments Anticipated Subsequent to its October 2018 proposed directive, the Department of Labor (DOL) revealed a final ruling on July 29 that will expand access to multiple employer plans (MEPs). The new declaration went into effect September 30. The DOL had been tasked with ... http://www.schneiderdowns.com/our-thoughts-on/changes-coming-soon-to-meps Wed, 09 Oct 2019 00:00:00 +0000 Employee Benefit Plans Can Do More Than Satisfy Regulatory Requirements While some believe that an employee benefit plan audit is obtained simply to satisfy a regulatory requirement, there are certain areas in which an employee benefit plan audit can assist, or add value, to plan sponsors. As our own Josh Zimmerly mentioned ... http://www.schneiderdowns.com/our-thoughts-on/employee-benefit-plans-can-do-more-than-satisfy-regulatory-requirements Tue, 08 Oct 2019 00:00:00 +0000 0-3 and a Barbecue? Has the Steelers' Season Already Gone Down in Flames? Like the rest of Steelers Nation, Schneider Downs was very disappointed when the Steelers could not march down the field on the last possession to win the game against the 49ers. Losing that game puts the Steelers in a rough spot, especially considering ... http://www.schneiderdowns.com/our-thoughts-on/steelers-season-down-in-flames Fri, 27 Sep 2019 00:00:00 +0000 IRS Determination Letter Program Expansion Effective January 1, 2017, the Internal Revenue Service (IRS) and Department of the Treasury issued an update stating that employee benefit plans would only receive an IRS Determination Letter for qualification of initial plan setup and for qualification ... http://www.schneiderdowns.com/our-thoughts-on/irs-determination-letter Fri, 27 Sep 2019 00:00:00 +0000 Matt Kraemer Spoke with Audimation Services about our firm's Automation and Data Analytic Process Team Matt Kraemer recently had the opportunity to speak with Audimation Services about our firm's Automation and Data Analytic Process Team (ADAPT) which leverages CaseWare IDEA to serve our clients more efficiently and effectively. To learn more about ... http://www.schneiderdowns.com/matt-kraemer-automation-data-analytic-process-team Thu, 26 Sep 2019 00:00:00 +0000 Clarification on 100% Bonus Depreciation for Dealership Owners The Internal Revenue Service released proposed regulations on utilizing 100% bonus depreciation for dealerships that deduct floorplan interest expense. Even though the rules were released on Friday the 13th, the rules proposed weren’t scary at all. ... http://www.schneiderdowns.com/our-thoughts-on/100-bonus-depreciation-dealership-owners Tue, 24 Sep 2019 00:00:00 +0000 Better Strategy Could Help Ease Trucker Shortage, Retention Issues According to the American Trucking Associations (ATA), the industry was short approximately 60,800 drivers in 2018. With freight volumes steadily on the rise since the end of the Great Recession, that shortage is expected to become even more acute in ... http://www.schneiderdowns.com/our-thoughts-on/trucker-shortage-retention-issues Tue, 24 Sep 2019 00:00:00 +0000 Ransomware Still a Growing Problem for Organizations of All Sizes While the concept of malware-based extortion has remained relatively unchanged since the first documented occurrence in 1989, attackers have spent the past 30 years refining their techniques and manipulating new technologies to build ransomware into a ... http://www.schneiderdowns.com/our-thoughts-on/ransomware-still-a-problem Tue, 24 Sep 2019 00:00:00 +0000 Is Your Construction Company Eligible for R&D Tax Credits? The Credit for Increasing Research Activities (IRC Section 41), or the R&D Tax Credit, as it is more commonly known, has been around since 1981. And while the methodologies for calculating and documenting the credit have evolved through the years, ... http://www.schneiderdowns.com/our-thoughts-on/construction-eligible-rd-tax-credits Tue, 24 Sep 2019 00:00:00 +0000 Advance Payments: Potential for Longer Term Deferral under Newly Issued Regulations, Repeal of Regulation 1.451-5 Back in July, the IRS formally removed regulation §1.451-5 from the Code of Federal Regulation. The regulation had permitted some companies to defer taxes for multiple tax years for certain types of payments received in advance of delivering goods ... http://www.schneiderdowns.com/our-thoughts-on/advance-payments-potential-for-longer-term-deferral-under-newly-issued-regulations-repeal-of-regulation-14515 Thu, 19 Sep 2019 00:00:00 +0000 IRS Releases Advance Payment Proposed Regulations for Accrual Method Taxpayers, Providing One-Year Deferral On September 5, the IRS released guidance in the form of proposed regulations (Prop. Reg. §1.451-8) that address the receipt of payments from customers for goods and services (along with additional other items) in advance of when the property or ... http://www.schneiderdowns.com/our-thoughts-on/irs-release-sadvance-payment-proposed-regulations-for-accrual-method-taxpayers-providing-oneyear-deferral Thu, 19 Sep 2019 00:00:00 +0000 Micro-Captive Insurance Companies Feel Pressure with Recent IRS Settlement Offers and Court Victories The IRS announced Tuesday that it is sending time-limited settlement offers to certain taxpayers under audit with micro-captive insurance transactions. Eligible taxpayers will be notified of this offer by a letter containing the applicable terms. A micro-captive ... http://www.schneiderdowns.com/our-thoughts-on/microcaptive-insurance-irs-statement Thu, 19 Sep 2019 00:00:00 +0000 I Want Mine, but How? Social Security Strategies You are now ready to claim. You’ve done your research, decided your “when” but now what about strategies? Social Security employees do their best, but sometimes they get it wrong. Your recourse? The Social Security Program Operations ... http://www.schneiderdowns.com/our-thoughts-on/i-want-mine-but-how-social-security-strategies Tue, 17 Sep 2019 00:00:00 +0000 The Stages of Wealth - Wealth Accumulation This article was originally published in Wedgewood Life magazine and is reprinted with their permission. Over the last series of articles, we have highlighted a couple of core long-term wealth tenants such as spending less than you make and the importance ... http://www.schneiderdowns.com/our-thoughts-on/the-stages-of-wealth-wealth-accumulation Tue, 17 Sep 2019 00:00:00 +0000 The Importance of Implementing Retirement Plan Best Practice Standards The relevance of fiduciary best practice standards for retirement plan sponsors is rather intuitive, given that legal and performance pressures endured by companies are tremendous, coming from multiple directions and for various reasons. A shift towards ... http://www.schneiderdowns.com/our-thoughts-on/the-importance-of-implementing-retirement-plan-best-practice-standards Tue, 17 Sep 2019 00:00:00 +0000 Imperva Alert IMPERVA ALERT Cybersecurity threats evolve every minute of every day. Best practices exist to protect against or even mitigate these growing threats, but, unfortunately, some companies still fall victim to attacks. Lapses in controls lead to many of the ... http://www.schneiderdowns.com/our-thoughts-on/imperva-alert Mon, 16 Sep 2019 00:00:00 +0000 IRS Follows Through with Strategic Plan by Use of Data Analytics The Internal Revenue Service (IRS) set forth a Strategic Plan for fiscal years 2018 through 2022. One of the six strategic goals within the plan is to: “Advance Data Access, Usability and Analytics to Inform Decision-Making and Improve Operational ... http://www.schneiderdowns.com/our-thoughts-on/irs-follows-through-with-strategic-plan-by-use-of-data-analytics Mon, 16 Sep 2019 00:00:00 +0000 Department of Labor Announces Rule to Strengthen Retirement Security for Millions Employed in Small and Mid-Sized Businesses Citing a 2018 report by the U.S. Bureau of Labor Statistics that approximately 38 million private sector employees in the United States lack access to employer-sponsored retirement savings plans, the U.S. Department of Labor announced on July 29, 2019 ... http://www.schneiderdowns.com/our-thoughts-on/department-of-labor-announces-rule-to-strengthen-retirement-security-for-millions-employed-in-small-and-midsized-businesses Tue, 10 Sep 2019 00:00:00 +0000 How Predictive Analytics Can Yield Superior Patient Care for Healthcare Providers Have you ever had to make a trip to the emergency room only to find yourself in a crowded waiting area for a long period of time? Predictive analytics is a promising solution to alleviate patients' distasteful experiences with the quality of care ... http://www.schneiderdowns.com/our-thoughts-on/how-predictive-analytics-can-yield-superior-patient-care-for-healthcare-providers Tue, 10 Sep 2019 00:00:00 +0000 Ohio's New Budget Although a couple of weeks late, Ohio Governor Mike DeWine finally signed into law the new state budget on Thursday, July 18. It was the third time in 28 years that Ohio lawmakers missed the annual June 30 deadline. That noted, the new financial plan ... http://www.schneiderdowns.com/our-thoughts-on/ohios-new-budget Mon, 09 Sep 2019 00:00:00 +0000 Current and Forecasted Conditions Play Havoc with Higher Ed Revenue Growth According to the National Center for Education Statistics, the number of high school graduates in the Northeast and Midwest is projected to decrease between 2013 and 2028 by 7% and 2%, respectively. Colleges and universities throughout the region, including ... http://www.schneiderdowns.com/our-thoughts-on/current-and-forecasted-conditions-play-havoc-with-higher-ed-revenue-growth Mon, 09 Sep 2019 00:00:00 +0000 Putting a New Positive Spin on Education Costs As another school year, the associated costs of education continues to rise. A way to prepare for these costs is to participate in a Qualified Tuition Program (QTP), also called a Section 529 plan, which allows a taxpayer to make contributions to an account ... http://www.schneiderdowns.com/our-thoughts-on/putting-a-new-positive-spin-of-education-costs Mon, 09 Sep 2019 00:00:00 +0000 The Best Things in Life Are Free - That Might Even Include Your Inheritance! If you inherit property in Pennsylvania, you may soon be able to avoid the hefty burden of paying inheritance tax! Starting next year, minor children who receive property from a deceased parent who was a Pennsylvania resident will be exempt from the inheritance ... http://www.schneiderdowns.com/our-thoughts-on/the-best-things-in-life-are-free-that-might-even-include-your-inheritance Mon, 09 Sep 2019 00:00:00 +0000 Potential Fraud in the Professional Services Industry According to the 2018 ACFE Report to the Nations on Occupational Fraud and Abuse, companies in the professional services industry are most at risk to be negatively impacted by expense reimbursement schemes, billing schemes and check and payment tampering ... http://www.schneiderdowns.com/our-thoughts-on/potential-fraud-in-the-professional-services-industry Fri, 06 Sep 2019 00:00:00 +0000 The Wolf, the Goat and the Kid: An Unexpected Tale of Invoice Redirection Fraud In the 1668 La Fontaine fable "The Wolf, the Goat, and the Kid", a mother goat leaves home in search of food, warning her daughter about the wolf who might try to enter the house in her absence. She tells him to be careful and to only open the ... http://www.schneiderdowns.com/our-thoughts-on/the-wolf-the-goat-and-the-kid-an-unexpected-tale-of-invoice-redirection-fraud_1 Fri, 06 Sep 2019 00:00:00 +0000 Composite Financial Index A widely used metric across the Higher Education industry is the Composite Financial Index, also known as the CFI. The CFI is intended to assist institutions in understanding the affordability of their strategies and is used to monitor the financial results ... http://www.schneiderdowns.com/our-thoughts-on/composite-financial-index Fri, 06 Sep 2019 00:00:00 +0000 PA DEP Issues 2018 Oil and Gas Annual Report On July 10, the Pennsylvania Department of Environmental Protection (DEP) released its 2018 Oil and Gas Annual Report. The DEP acts as Pennsylvania’s permitting and inspection body, responsible for ensuring that the construction, drilling and operation ... http://www.schneiderdowns.com/our-thoughts-on/pa-dep-issues-2018-oil-and-gas-annual-report_1 Fri, 06 Sep 2019 00:00:00 +0000 Update: New Environmental Grant Program Deadlines in Pennsylvania In 2018, pursuant to the Volkswagen Environmental Mitigation Trust, the Pennsylvania Department of Environmental Protection ("PADEP") created several environmental grant programs aimed at reducing NOx emissions made by large on-road fleets. ... http://www.schneiderdowns.com/our-thoughts-on/update-new-environmental-grant-program-deadlines-in-pennsylvania Fri, 06 Sep 2019 00:00:00 +0000 Decline in Charitable Giving After years of growth, many tax experts thought 2018 would show a decrease in charitable giving, especially among individuals who are part of the middle class. The expected decline in giving was attributed to the Tax Cuts and Jobs Act of 2017, which doubled ... http://www.schneiderdowns.com/our-thoughts-on/decline-in-charitable-giving_1 Thu, 05 Sep 2019 00:00:00 +0000 Analyzing Americas Pastime: Do Fans Really Dig the Long Ball? Everyone has their own reason to attend baseball games. Some like the food; some like the atmosphere; others long for the hope of catching a foul ball. Many, as Greg Maddux and Tom Glavine indicated in the iconic commercial 1998, come to baseball games ... http://www.schneiderdowns.com/our-thoughts-on/analyzing-americas-pastime-do-fans-really-dig-the-long-ball Thu, 05 Sep 2019 00:00:00 +0000 The Stages of Wealth - Wealth Creation This article was originally published in Wedgewood Life magazine and is reprinted with their permission. In our May article, we laid out some basic personal finance concepts including spending less than you make, pursuing a career you are passionate about, ... http://www.schneiderdowns.com/our-thoughts-on/the-stages-of-wealth-wealth-creation Fri, 30 Aug 2019 00:00:00 +0000 Gen Z Charitable Trends Generation Z, otherwise known as iGeneration, represents the quarter of the population born after 1995. In contrast to older generations, Gen Z was born into a world of digital sophistication, and has grown up in the aftermath of the War on Terror, the ... http://www.schneiderdowns.com/our-thoughts-on/generation-z-charitable-trends Fri, 30 Aug 2019 00:00:00 +0000 To Comply or Not? Kansas Issues Filing Requirement for Remote Sellers and Marketplace Providers The Kansas Department of Revenue issued Notice 19-04 “Sales Tax Requirements for Retailers Doing Business in Kansas” on August 1, 2019, providing guidance to remote sellers and marketplace providers doing business in Kansas. The notice is ... http://www.schneiderdowns.com/our-thoughts-on/to-comply-or-not-kansas-issues-filing-requirement-for-remote-sellers-and-marketplace-providers Wed, 28 Aug 2019 00:00:00 +0000 Transportation Industry Struggles with Growing Driver Shortage While the U.S. Census Bureau shows the number of truckers at an all-time high in of 3.5 million drivers in 2017, the last year for which information is available, American Trucking Association’s Chief Economist, Bob Costello argues that driver shortages ... http://www.schneiderdowns.com/our-thoughts-on/transportation-industry-struggles-with-growing-driver-shortage Tue, 27 Aug 2019 00:00:00 +0000 The Fed Cuts Interest Rate in July - Time to Revisit Your Estate Plan? On July 31, 2019, the Federal Reserve cut interest rates for the first time in over a decade. Although this may be bad news for your savings account, it may be good news for your estate plan. This is because certain popular estate planning techniques ... http://www.schneiderdowns.com/our-thoughts-on/the-fed-cuts-interest-rate-in-july-time-to-revisit-your-estate-plan Tue, 27 Aug 2019 00:00:00 +0000 Is the Whole Greater than the Sum of its Parts when Valuing Minority Interests? Can the whole company value be greater than the sum of its parts? The answer is potentially yes in the context of a valuation of a minority interest for estate purposes. A minority interest in a company often lacks control of the company. The IRS requires ... http://www.schneiderdowns.com/our-thoughts-on/is-the-whole-greater-than-the-sum-of-its-parts-when-valuing-minority-interests Tue, 27 Aug 2019 00:00:00 +0000 Manufacturers are Targets for Cybercriminals - How to Thwart an Attack Manufacturers are targets for cyber-attacks. How to thwart an attack. As a manufacturer, the common goal is to boost efficiency and control costs, while driving growth. When it comes time for devising a plan to achieve this common goal, often, technology ... http://www.schneiderdowns.com/our-thoughts-on/manufacturers-are-targets-for-cybercriminals-how-to-thwart-an-attack Mon, 26 Aug 2019 00:00:00 +0000 Ohio Truckers See Increases in State Fuel Taxes Truckers and other drivers in Ohio saw an increase in state fuel taxes earlier this summer when the Ohio tariff on gasoline increased 10.5 cents (to a total of 38.5 cents per gallon) and the tax on diesel fuel increased 19 cents, to a total of 47 cents ... http://www.schneiderdowns.com/our-thoughts-on/ohio-truckers-see-increases-in-state-fuel-taxes Sun, 25 Aug 2019 00:00:00 +0000 The 2019 Form 1040 Facelift Next year, taxpayers can expect to see their Form 1040 to be different than the postcard-size Form that was introduced as a result of the 2017 Tax Cuts and Jobs Act. The postcard-size Form 1040 was originally designed to "simplify and expedite filing ... http://www.schneiderdowns.com/our-thoughts-on/the-2019-form-1040-facelift Tue, 20 Aug 2019 00:00:00 +0000 Schneider Downs & Co., Inc.s Construction Practice Nationally Ranked In its inaugural ranking of construction accounting firms, Construction Executive magazine ranked Schneider Downs as having the 21st nationally ranked construction practice. Headquartered in Pittsburgh, PA with offices in Columbus, OH and Washington, ... http://www.schneiderdowns.com/our-thoughts-on/schneider-downs-co-incs-construction-practice-nationally-ranked Mon, 19 Aug 2019 00:00:00 +0000 403(b) Universal Availability Requirements under Scrutiny by IRS A qualified 403(b) plan must satisfy the universal availability requirement with respect to elective deferrals. That means that all employees of the employer must be eligible to make elective deferrals if any employee has the right to do so, with certain ... http://www.schneiderdowns.com/our-thoughts-on/403b-universal-availability-requirements-under-scrutiny-by-irs Mon, 19 Aug 2019 00:00:00 +0000 The Stages of Wealth This article was originally published in Wedgewood Life magazine and is reprinted with their permission. Although everyone’s situation is different, most people will go through various stages of wealth development throughout their lifetime. Over ... http://www.schneiderdowns.com/our-thoughts-on/the-stages-of-wealth Thu, 15 Aug 2019 00:00:00 +0000 New Standards in SSFS 1 Intend to Improve the Consistency and Quality of Forensic Services Black’s Law Dictionary defines the term forensic as “used in, or suitable to, courts of law or public debate.”[1] Forensic accounting services generally involve the application of specialized knowledge and investigative skills by a member ... http://www.schneiderdowns.com/our-thoughts-on/new-standards-in-ssfs-1-intend-to-improve-the-consistency-and-quality-of-forensic-services Thu, 15 Aug 2019 00:00:00 +0000 Is Your Royalty Check Correct? Have you received your oil and gas royalty check and questioned the accuracy of the production, price or expenses listed on the production statement? If you answered yes to the question, you may want to consider a royalty audit. In the last several years, ... http://www.schneiderdowns.com/our-thoughts-on/is-your-royalty-check-correct Thu, 15 Aug 2019 00:00:00 +0000 Data Analytics and Baseball: the Moneyball Approach Data analytics offers potential benefits to practically every company and plays a huge role in obtaining the information organizations need to succeed. Specifically, data mining and predictive analytics guide organizations in making business decisions ... http://www.schneiderdowns.com/our-thoughts-on/data-analytics-and-baseball-the-moneyball-approach Thu, 15 Aug 2019 00:00:00 +0000 Houston, We Have a Problem Innovation Series, Part #3 This is the third post in a series on innovation. The series starts here: A Valuation of Innovation. Innovation requires taking smart risks. The natural tendency is to select viable, or profitable, ideas early on in a process, but these are not always ... http://www.schneiderdowns.com/our-thoughts-on/houston-we-have-a-problem-innovation-series-part-3 Thu, 15 Aug 2019 00:00:00 +0000 Schneider Downs Ranks 58th Among the Nation's Top 100 Accounting Firms Schneider Downs has ranked 58th out of the top 100 national accounting firms, which was announced by Inside Public Accounting earlier this month. The firm has seen a 5.1 percent increase over the past year which resulted in a record-high $87.47 million ... http://www.schneiderdowns.com/schneider-downs-ranks-58th-among-the-nations-top-100-accounting-firms Tue, 13 Aug 2019 00:00:00 +0000 Reversing the Rise of Hunger What may seem like just another corner that we pass through on our route to work, is actually a corner which hides a secret that the blinded eye may never see. The corner of Stanwix Street and the Boulevard of the Allies is the beacon of hope for hundreds ... http://www.schneiderdowns.com/our-thoughts-on/reversing-the-rise-of-hunger-among-the-homeless-one-lunch-at-a-time Tue, 13 Aug 2019 00:00:00 +0000 Students Data Exposed by Pearson Hack In the same week that Capital One disclosed a data breach that affected more than 100 million individuals, London-based Pearson PLC announced a warning of its own. According to an article in the Wall Street Journal, a breach at the educational software ... http://www.schneiderdowns.com/our-thoughts-on/students-data-exposed-by-pearson-hack Mon, 12 Aug 2019 00:00:00 +0000 Revenue Recognition: GAAP vs. IFRS: What this Means for Your Company Accountants in America are currently under pressure to comply with Accounting Standard Update 2014-09, “Revenue from Contracts with Customers,” and Accounting Standard Codification (ASC) 606, as released by the Financial Accounting Standards ... http://www.schneiderdowns.com/our-thoughts-on/revenue-recognition-gaap-vs-ifrs Fri, 09 Aug 2019 00:00:00 +0000 The IRS turns its focus to cryptocurrency On July 26, the Wall Street Journal reported that the Internal Revenue Service has mailed letters to over 10,000 cryptocurrency holders warning that those who fail to report income and pay tax on cryptocurrency transactions may be penalized. IRS Commissioner ... http://www.schneiderdowns.com/our-thoughts-on/irs-turns-focus-to-cryptocurrency Fri, 09 Aug 2019 00:00:00 +0000 ERISA and Non-ERISA, Options for Owners Unemployment remains at an all–time low! Which is great for our economy, but it also means employees hold all of the cards. Employers are constantly trying to find ways to differentiate themselves when recruiting for top talent. We provide health ... http://www.schneiderdowns.com/our-thoughts-on/erisa-nonerisa-options-for-owners Fri, 09 Aug 2019 00:00:00 +0000 A Valuation Analysts Work is More Than Just BS (Balance Sheet) Generally Accepted Accounting Principles (“GAAP”) were developed with the purpose of benefiting the various stakeholders of a business (e.g., creditors and shareholders) by ensuring that the same financial reporting methods are used consistently ... http://www.schneiderdowns.com/our-thoughts-on/a-valuation-analysts-work-is-more-than-just-bs-balance-sheet Thu, 08 Aug 2019 00:00:00 +0000 PUC Distributes Almost $252M in Impact Fees In late June, the Pennsylvania PUC (Public Utility Commission) released detailed data on impact fee revenue generated in 2018. The past year marked the largest distribution to date, close to $242.9 million. Additionally, $8.8 million is being distributed ... http://www.schneiderdowns.com/our-thoughts-on/puc-distributes-impact-fees Thu, 08 Aug 2019 00:00:00 +0000 Dear Diary Innovation Series, Post #2 This is the second post in a series on innovation. To see the first post in the series, follow this link: A Valuation of Innovation. Innovation can increase the pace of change. Consider that roughly half of the companies within the Fortune 500 in the ... http://www.schneiderdowns.com/our-thoughts-on/dear-diary-innovation-series-post-2 Thu, 08 Aug 2019 00:00:00 +0000 Schneider Downs Announces New Shareholders PITTSBURGH, PA-- Schneider Downs, one of the top 60 certified public accounting and business advisory firms in the United States, is pleased to announce the promotion of two shareholders, Doug J. Morally and Justin C. Steele, effective July 1, 2019. “We ... http://www.schneiderdowns.com/schneider-downs-announces-new-shareholders Thu, 01 Aug 2019 00:00:00 +0000 Capital One Data Breach Exposes 100 Million Records to Seattle Hacker Barely a week after the Equifax data breach was settled for nearly $650 million dollars, there appears to be news of an almost equally large mega-breach which was announced today by Capital One. Capital One said in a statement that this breach has affected ... http://www.schneiderdowns.com/our-thoughts-on/capital-one-data-breach-exposes-100-million-records-to-seattle-hacker Tue, 30 Jul 2019 00:00:00 +0000 Delay in New FASB Standard Will Impact Financial Services As we reported earlier, on July 17 the Financial Accounting Standards Board (FASB) voted unanimously to move forward with delaying the effective start date for recent accounting changes to leases, CECL and hedges by one year for most non-SEC filers. For ... http://www.schneiderdowns.com/our-thoughts-on/delay-in-new-fasb-standard-financial-services Mon, 29 Jul 2019 00:00:00 +0000 Ohios Budget Bill and Sales Tax Changes The state of Ohio recently passed its budget bill on July 18th, which contains several sales tax changes, including new provisions for economic nexus. Effective August 1, 2019, remote sellers with more than $100,000 in Ohio gross receipts or 200 Ohio ... http://www.schneiderdowns.com/our-thoughts-on/ohios-budget-bill-and-sales-tax-changes Mon, 29 Jul 2019 00:00:00 +0000 A Perfect Fit During my first few years as an accounting major, I always saw myself working for one of the Big Four firms, as those were the only ones I had been exposed to in college. So when the time came for my fall internship recruitment, my goal was to land an ... http://www.schneiderdowns.com/our-thoughts-on/a-perfect-fit Mon, 29 Jul 2019 00:00:00 +0000 #1 Mobile App Garners Concerns Over Data Privacy If you haven't already downloaded FaceApp, you have probably either heard of it or witnessed your Facebook turn from an office party to a nursing home overnight. This free mobile app leverages state-of-the-art technology to allow the user to transform ... http://www.schneiderdowns.com/our-thoughts-on/mobile-app-concerns-over-data-privacy Thu, 25 Jul 2019 00:00:00 +0000 Kress Case Addresses S Corporation vs. C Corporation Issues The United States District Court’s March 2019 court decision in Kress v. United States1 created a lot of buzz in the valuation community. The case involved plaintiffs James and Julie Kress disputing gift taxes they paid related to their gifts of ... http://www.schneiderdowns.com/our-thoughts-on/kress-case-addresses-s-corporation-vs-c-corporation-issues Thu, 25 Jul 2019 00:00:00 +0000 Freight Exception from Business Privilege Tax The Pennsylvania Supreme Court issued a ruling in favor of S&H Transport, Inc. in its business privilege tax (BPT) dispute with the City of York over the exclusion of freight delivery and transportation charges. S&H is a freight broker that arranges ... http://www.schneiderdowns.com/our-thoughts-on/freight-exception-business-privilege-tax Thu, 25 Jul 2019 00:00:00 +0000 Mandatory E-Filing of Nonprofit Tax Returns On July 1, 2019, President Trump signed the Taxpayer First Act (Act), which requires all tax-exempt organizations to electronically file IRS Forms 990, 990-PF, 990-EZ and 990-T. In addition, Section 527 political organizations that file periodic contribution ... http://www.schneiderdowns.com/our-thoughts-on/mandatory-efiling-of-nonprofit-tax-returns Wed, 24 Jul 2019 00:00:00 +0000 Can RPAs Help Higher Education? Higher education remains one of the most heavily regulated areas of commerce. As a result, the volume of administrative burden can be significant, and costs can put quite a strain on budgets. Along with dealing with enrollment pressures, many institutions ... http://www.schneiderdowns.com/our-thoughts-on/can-rpas-help-higher-education Wed, 24 Jul 2019 00:00:00 +0000 Accounting from a Different Perspective Considering that I’m not a business major and have only taken one accounting class in my entire life, I felt a little incompetent walking into the office on the first day of my internship. How could I, a Data Science student at Penn State, be useful ... http://www.schneiderdowns.com/our-thoughts-on/accounting-different-perspective Wed, 24 Jul 2019 00:00:00 +0000 Ross S. Alessandro, III, CPA, Joins Schneider Downs as Tax Shareholder and Research and Development Credit and Incentive Services Expert PITTSBURGH, PA—Schneider Downs, one of the top 60 public accounting, tax, and business advisory services firms in the U.S., is thrilled to announce the addition of Ross S. Alessandro, III, CPA as the firm’s newest Tax Shareholder. In his new ... http://www.schneiderdowns.com/ross-s-alessandro-iii-cpa-joins-schneider-downs-as-tax-shareholder-and-research-and-development-credit-and-incentive-services-expert Tue, 23 Jul 2019 00:00:00 +0000 Postcard #2 from the American Trucking Associations National Accounting and Finance Councils Annual Conference Economic Address by the ATAs Chief Economist, Bob Costello “Slowing, but Growing” was the message from Bob Costello, the ATA’s chief economist, when he addressed the National Accounting and Finance Council’s Annual Conference in Indianapolis, Indiana on June 11, 2019. Coming off of 2018, ... http://www.schneiderdowns.com/our-thoughts-on/economic-address-atas-chief-economist-bob-costello Tue, 23 Jul 2019 00:00:00 +0000 Tax Credits for Plug-In Electric Drive Vehicles Eco-friendly electric vehicles have received another boost in popularity after the federal government introduced tax credits for individuals and businesses opting to purchase plug-in electric drive motor vehicles. These tax credits offer a direct reduction ... http://www.schneiderdowns.com/our-thoughts-on/tax-credits-plugin-electric-drive-vehicles Tue, 23 Jul 2019 00:00:00 +0000 New Wayfair Economic Nexus Provisions Go Into Effect July 1, 2019 July 1, 2019 marks the beginning of a new fiscal year for most states and introduces some new Wayfair economic nexus rules for remote sellers and marketplace facilitators doing business in Arkansas, New Mexico, Pennsylvania, Rhode Island, Tennessee and ... http://www.schneiderdowns.com/our-thoughts-on/new-wayfair-economic-nexus-provisions Tue, 23 Jul 2019 00:00:00 +0000 Results and Implications of the Institute for Supply Managements Report on Business 1st Half of 2019 On July 1st, the Institute for Supply Management (ISM) released their latest Report on Business, a monthly publication that provides industry trends and statistics for the manufacturing sector. The referenced Purchasing Managers Index (PMI) below is a ... http://www.schneiderdowns.com/our-thoughts-on/institute-for-supply-management-report-on-business Mon, 22 Jul 2019 00:00:00 +0000 The Final Issuance of SAS 136 In July 2019, the AICPA Auditing Standards Board issued the Statement on Auditing Standard (SAS) 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. This long-awaited standard will be effective for ... http://www.schneiderdowns.com/our-thoughts-on/final-issuance-sas-136 Mon, 22 Jul 2019 00:00:00 +0000 The Privacy of Consumer Banking Data and the Financial Data Exchange As cyber threats and global regulations continue to intensify, the privacy and protection of consumer banking data remains a high priority of the financial services industry. To protect their data and users, some of the largest financial institutions, ... http://www.schneiderdowns.com/our-thoughts-on/privacy-of-consumer-banking-data Mon, 22 Jul 2019 00:00:00 +0000 ACFE releases Anti-Fraud Technology Benchmarking Report With the advancement of technology over the years, the avenues for fraud perpetration, protection and detection have multiplied. In an effort to gain a better understanding of how organizations use technology to support their anti-fraud efforts, the Association ... http://www.schneiderdowns.com/our-thoughts-on/acfe-releases-antifraud-technology-benchmarking-report Fri, 19 Jul 2019 00:00:00 +0000 Part of a Team My internship experience at Schneider Downs has been truly unique. Before starting at Schneider Downs, I had anticipated that my internship would resemble what most would consider a typical internship experience. I envisioned working in the field and ... http://www.schneiderdowns.com/our-thoughts-on/part-of-a-team Fri, 19 Jul 2019 00:00:00 +0000 The Employee Plan Compliance Resolutions System Explained Everyone knows mistakes happen, but what should you do when your employee plan is the guilty party? Chances are the fix lies within the IRS Employee Plan Compliance Resolution System, or EPCRS, a way to repair plan mistakes and avoid potential disqualification. ... http://www.schneiderdowns.com/our-thoughts-on/employee-plan-compliance-resolutions-system Fri, 19 Jul 2019 00:00:00 +0000 A Valuation of Innovation There is a lot going on at Schneider Downs these days! Service offerings are expanding, our geographic footprint is growing, and new talent continues to come onboard, roughly doubling the number of SD employees over the past 15 years. It is an exciting ... http://www.schneiderdowns.com/our-thoughts-on/valuation-of-innovation Wed, 17 Jul 2019 00:00:00 +0000 Proposed Accounting Standard Update Would Delay Private Company Effective Dates for Leases, Current Expected Credit Losses (CECL) and Hedging Updates by One Year On July 17, 2019, the Financial Accounting Standards Board (FASB) voted unanimously to move forward with delaying the effective start date for recent accounting changes to leases, CECL and hedges by one year for most non-SEC filers. The FASB directed ... http://www.schneiderdowns.com/our-thoughts-on/proposed-accounting-standard-update-would-delay-private-company-effective-dates-for-leases-current-expected-credit-losses-cecl-and-hedging-updates-by-one-year Wed, 17 Jul 2019 00:00:00 +0000 Eric Fair Talks Data Privacy in the PICPA Journal Eric Fair (CISA, CBCLA), Manager in our IT Risk Advisory Practice, was published in the summer edition of the PICPA Journal. Eric's article focuses on data privacy in a data-driven world. Read the PICPA Journal - Summer Edition here. For more information, ... http://www.schneiderdowns.com/eric-fair-talks-data-privacy-in-the-picpa-journal Tue, 16 Jul 2019 00:00:00 +0000 I Want Mine, but When? Social Security Claiming Just when should you start claiming Social Security? The easy answer is to postpone claiming as long as possible. If you delay until after your full retirement age (FRA), your benefit will grow 8% for every year you wait. So why would you want to claim ... http://www.schneiderdowns.com/our-thoughts-on/social-security-claiming Tue, 16 Jul 2019 00:00:00 +0000 Is Your Nonprofit Organization at Risk of Falling Into the Starvation Cycle? In 2009, Ann Goggins Gregory and Don Howard published an article in the Stanford Social Innovation Review that changed the way nonprofit organizations and funders think about spending. They also coined a new term – the nonprofit “starvation ... http://www.schneiderdowns.com/our-thoughts-on/nonprofit-organization-risk-starvation-cycle Tue, 16 Jul 2019 00:00:00 +0000 2019-2020 Pennsylvania Budget Governor Tom Wolf and the Pennsylvania legislature finalized the state budget before the beginning of the new fiscal year on July 1, 2019. The budget does not include any tax increases or new taxes. Governor Wolf had pressed for a severance tax in his ... http://www.schneiderdowns.com/our-thoughts-on/2019-2020-pennsylvania-budget Tue, 16 Jul 2019 00:00:00 +0000 James Moyer of Schneider Downs Wealth Management Provides Financial Planning Tips for Recent College Grads James Moyer, CFP, MBA, of Schneider Downs Wealth Management was interviewed by WhatHappensNow.com about how recent college graduates can create a successful financial strategy. Read the whole interview here. For more information, contact Schneider Downs. ... http://www.schneiderdowns.com/james-moyer-of-schneider-downs-wealth-management-provides-financial-planning-tips-for-recent-college-grads Mon, 15 Jul 2019 00:00:00 +0000 Accounting for Cryptocurrencies under IFRS From June 11th to the 12th the International Financial Reporting Standards (IFRS) Interpretations Committee met to discuss several topics, including the determination on how to account of cryptocurrencies. The Committee defined cryptocurrencies to be ... http://www.schneiderdowns.com/our-thoughts-on/accounting-for-cryptocurrencies-under-ifrs Mon, 15 Jul 2019 00:00:00 +0000 The Landscape of Manufacturing: A Look Into the Past and the Future According to a 2019 Georgetown University study of manufacturing in the U.S., manufacturing used to be the dominant force in the job market in 1940, with 23% of all American jobs provided by the industry. By 2016, that percentage had decreased dramatically ... http://www.schneiderdowns.com/our-thoughts-on/the-landscape-of-manufacturing Mon, 15 Jul 2019 00:00:00 +0000 Not All Internships are Created Equal I often heard the phrase not all internships are created equal. The professors at Duquesne University were persistently stressing the importance of gaining real life work experience and that this could diversify my network. When I talked to a few peers, ... http://www.schneiderdowns.com/our-thoughts-on/not-all-internships-are-created-equal Mon, 15 Jul 2019 00:00:00 +0000 Schneider Downs Meridian receives Turnaround of the Year Award The Turnaround Management Association (TMA) has announced that Schneider Downs Meridian has received the Turnaround of the Year Award. The Schneider Downs Meridian team will be honored at the TMA Annual Conference which is taking place on September 25-27 ... http://www.schneiderdowns.com/schneider-downs-meridian-receives-turnaround-of-the-year-award Thu, 11 Jul 2019 00:00:00 +0000 Steve Barber Joins Real Men Wear Pink Campaign Steve Barber, Tax Shareholder in our firm's Pittsburgh office, is representing Schneider Downs in the 2019 Real Men Wear Pink Campaign. The campaign raises awareness and money to support the American Cancer Society's mission and save more lives ... http://www.schneiderdowns.com/steve-barber-joins-real-men-wear-pink-campaign Thu, 11 Jul 2019 00:00:00 +0000 My Intern Experience at Schneider Downs During my internship, I got to experience the great, inclusive culture at Schneider Downs. Everyone at the firm is willing to help you along the way because they understand that interns might not have a lot of prior knowledge; I’ve learned that ... http://www.schneiderdowns.com/our-thoughts-on/my-intern-experience-at-schneider-downs Thu, 11 Jul 2019 00:00:00 +0000 Postcard #1 from the American Trucking Associations National Accounting and Finance Councils Annual Conference Breakfast Address by President Chris Spear Tuesday morning’s conference began with a breakfast address by Chris Spear, the President and CEO of the American Trucking Association (ATA). He provided a quick recap of the current state of relations between the organization and political leaders ... http://www.schneiderdowns.com/our-thoughts-on/ATA-breakfast-address-by-president-chris-spear Thu, 11 Jul 2019 00:00:00 +0000 Due to Feedback, IRS is Brainstorming Other Ways to Calculate the Tax on Parking On December 10, 2018, the Internal Revenue Service (IRS) released interim guidance on the taxation of qualified transportation fringe benefits in the form of Notice 2018-99. In the Notice, the IRS stated, "Using the value of employee parking to determine ... http://www.schneiderdowns.com/our-thoughts-on/irs-brainstorming-other-ways-to-calculate-the-tax-on-parking Thu, 11 Jul 2019 00:00:00 +0000 Which States Can Tax Your Trust? Imagine that you are a taxpayer living in Pennsylvania who has recently established a trust for the benefit of your Ohio-resident children. Further imagine that you have appointed your brother, a Maryland resident, to serve as the trustee, and your trust ... http://www.schneiderdowns.com/our-thoughts-on/which-states-can-tax-your-trust Tue, 09 Jul 2019 00:00:00 +0000 2019 Compliance Supplement The Office of Management and Budget (OMB) has continued its overhaul of the 2019 Compliance Supplement, and after a significant delay, the final document was issued on July 1, 2019. This delay was a result of the additional time required by the following ... http://www.schneiderdowns.com/our-thoughts-on/2019-compliance-supplement_1 Mon, 08 Jul 2019 00:00:00 +0000 Exempt private schools offered new option to display nondiscriminatory policy As of May 28, 2019, private schools exempt under Section 501(c)(3) of the Internal Revenue Code will now be able to display their racial nondiscrimination policy online. The newly modernized Rev. Proc. 2019-22 updates the 1976 Rev. Proc. 75-50, which ... http://www.schneiderdowns.com/our-thoughts-on/exempt-private-schools-offered-new-option-to-display-nondiscriminatory-policy Tue, 02 Jul 2019 00:00:00 +0000 Possible Tax Ramifications of Robert F. Smiths Student Loan Payoff Billionaire Robert F. Smith, the founder, chairman and CEO of a private equity firm Vista Equity Partners, promised to pay off the school loans of the entire 2019 graduating class of Morehouse College in his commencement speech on May 19. Morehouse College ... http://www.schneiderdowns.com/our-thoughts-on/tax-ramifications-robert-f-smiths-student-loan-payoff Tue, 02 Jul 2019 00:00:00 +0000 Illinois Tax Amnesty Program The Illinois legislature recently passed and Governor J.B. Pritzker signed into law a amnesty program that will run from October 1, 2019 through November 15, 2019. The program allows delinquent taxpayers to resolve Illinois tax liabilities for tax periods ... http://www.schneiderdowns.com/our-thoughts-on/illinois-tax-amnesty-program Wed, 26 Jun 2019 00:00:00 +0000 Revised Form W-4 As a result of the Tax Cuts and Jobs Act passed in December of 2017, the IRS recently revised Form W-4: Employee’s Withholding Allowance Certificate. Form W-4 is typically completed when starting a new job and informs an employer of the amount of ... http://www.schneiderdowns.com/our-thoughts-on/revised-form-w4 Tue, 25 Jun 2019 00:00:00 +0000 National Flood Insurance Program Extension As I watched the pounding rain from my window for the third straight day, I could only imagine the damage this unpredictable spring weather was inflicting upon Pennsylvania’s rivers and streams. According to FEMA, floods are the nation’s most ... http://www.schneiderdowns.com/our-thoughts-on/national-flood-insurance-program-extension Tue, 25 Jun 2019 00:00:00 +0000 Cybersecurity and nonprofits: Time to button up! If you were to look up the biggest data breaches over the last 10 years, you would find a gathering of some of the largest companies in the world, many of which are familiar to the average person. While any significant loss of data or large security breach ... http://www.schneiderdowns.com/our-thoughts-on/cybersecurity-and-nonprofits-time-to-button-up_1 Mon, 24 Jun 2019 00:00:00 +0000 Income Share Agreements - The next step in higher education affordability? The student loan crisis has become a serious concern nationally, and numerous institutions of higher education are looking into alternative funding for students to help make their schools a more affordable option, with an eye also for retaining students ... http://www.schneiderdowns.com/our-thoughts-on/income-share-agreements-higher-education-affordability Mon, 24 Jun 2019 00:00:00 +0000 Update: Tax Change to Receiving Advance Payments It’s doubtful that Bret Michaels was exhibiting any sort of clairvoyant talent and was actually referring to the Tax Cuts and Jobs Act of 2017 (the Act) when he crooned that “every rose has its thorn” some 30 years ago, but the “rose” ... http://www.schneiderdowns.com/our-thoughts-on/update-tax-change-to-receiving-advance-payments Mon, 24 Jun 2019 00:00:00 +0000 When to Buy New Electronics? Now! Every day we use products bearing the label “Made in China”, a mark that has become synonymous with the affordable mass production of countless objects that fill the American home. China is a manufacturing hub with the largest export economy ... http://www.schneiderdowns.com/our-thoughts-on/when-to-buy-new-electronics Wed, 19 Jun 2019 00:00:00 +0000 Final Regulations on Charitable Contributions When a State or Local Tax Credit is Received The Treasury Department and the Internal Revenue Service have issued the final regulations regarding charitable contributions for donors also receiving a state/local tax credit. These final regulations, issued June 11, 2019, largely adopt the proposed ... http://www.schneiderdowns.com/our-thoughts-on/final-regulations-on-charitable-contributions Wed, 19 Jun 2019 00:00:00 +0000 Continued Compliance with CAISO SQMD Requirements in Non-Reporting Years Is your utility company ensuring continued compliance with the CAISO SQMD requirements during non-reporting years? With the California Independent System Operator (CAISO) reducing the required scheduling coordinator audit and testing requirements to every ... http://www.schneiderdowns.com/our-thoughts-on/continued-compliance-with-caiso-sqmd-requirements-in-nonreporting-years Wed, 19 Jun 2019 00:00:00 +0000 Skilled Labor Shortage in the Manufacturing Industry The Federal Reserve released its most recent Beige Book on June 5, 2019, which summarizes current economic conditions, including challenges, opportunities and trends of the 12 Federal Reserve Districts. A common theme noted in the publication was tight ... http://www.schneiderdowns.com/our-thoughts-on/skilled-labor-shortage-in-manufacturing-industry Tue, 18 Jun 2019 00:00:00 +0000 IASB Proposes Annual Improvements for 2019 On May 21st, the International Accounting Standards Board (IASB) proposed four amendments for this year’s improvement consideration of the International Financial Reporting Standards (IFRS). These amendments recommend a modification of the following ... http://www.schneiderdowns.com/our-thoughts-on/iasb-proposes-annual-improvements-for-2019 Tue, 18 Jun 2019 00:00:00 +0000 New Standard Mileage Rates for 2019 In December 2018, Washington D.C. embraced the Holiday spirit with a federal tax update, resulting in an increase to standard mileage rates and presumably many happy drivers. This marks the second year in a row that the federal government has increased ... http://www.schneiderdowns.com/our-thoughts-on/new-standard-mileage-rates-for-2019 Tue, 18 Jun 2019 00:00:00 +0000 Manufacturing's Workforce Crisis According to the National Association of Manufacturers' latest Outlook Survey, 90% of manufacturers are optimistic about their company's future. Yet the same survey also found 70% of manufacturers expressing serious concerns about their ability ... http://www.schneiderdowns.com/our-thoughts-on/manufacturings-workforce-crisis Tue, 18 Jun 2019 00:00:00 +0000 Cybersecurity & Employee Benefit Plans The threat of a cyberattack is prevalent throughout the business world. Given the highly sensitive data held within employee benefit plans, it should come as no surprise that they have become a major target for hackers. Protecting participants’ ... http://www.schneiderdowns.com/our-thoughts-on/cybersecurity-employee-benefit-plans_1 Mon, 17 Jun 2019 00:00:00 +0000 Form 990-T Fiscal Year 2017 Corporate Filers Blended Tax Rate Just in case you hadn’t already heard enough about the 2017 Tax Cuts and Jobs Act (TCJA), here is some beneficial information for corporations calculating their blended tax rates. As part of the TCJA, changes were made to federal income tax rates ... http://www.schneiderdowns.com/our-thoughts-on/form-990t-fiscal-year-2017-corporate-filers-blended-tax-rate Mon, 17 Jun 2019 00:00:00 +0000 Make Europe Great Again The day after the EU Parliamentary election in May 2019, I opened my newspaper in a café in Copenhagen and read the Berlingske Tidende’s morning headline: Make Europe Great Again! With May, Merkel and Macron stepping down or losing clout, ... http://www.schneiderdowns.com/our-thoughts-on/make-europe-great-again Thu, 13 Jun 2019 00:00:00 +0000 Not All Lawyers Work at Law Firms - Schneider Downs Employees Speak with the Pittsburgh Business Times about Alternate Career Paths Schneider Downs employees, Sue Kirsch, Shareholder and Tax Practice Leader, as well as Antoinette Luchini, Tax Analyst, were interviewed by the Pittsburgh Business Times about the firm's recruitment of law school graduates. Read the full article here. ... http://www.schneiderdowns.com/not-all-lawyers-work-at-law-firms-schneider-downs-employees-speak-with-the-pittsburgh-business-times-about-alternate-career-paths Wed, 12 Jun 2019 00:00:00 +0000 Determining State Residency for Income Tax Purposes “How do I change my residency for state income tax purposes?” This is a common question that comes up at least several times during tax season. Sometimes clients get concerned about how much they are paying in state income taxes and start ... http://www.schneiderdowns.com/our-thoughts-on/determining-state-residency-for-income-tax-purposes Wed, 12 Jun 2019 00:00:00 +0000 Bill S. 1564 Calls for Delay of CECL Implementation Until a Quantitative Economic Impact Study is Completed The Financial Accounting Standards Board (FASB) issued a new expected credit loss accounting standard in June 2016. This new standard introduces the current expected credit losses (CECL) methodology for estimating allowances for credit losses. The standard ... http://www.schneiderdowns.com/our-thoughts-on/bill-s-1564-delay-cecl-implementation Wed, 12 Jun 2019 00:00:00 +0000 Analytics, Projections and Cannonballs into the River Most fans would agree that statistics and analytics are more prevalent in Major League Baseball than in any other sport, and have become especially pertinent with the increased deployment of the shift. Thanks to those shifts, singles are down for the ... http://www.schneiderdowns.com/our-thoughts-on/analytics-projections-cannonballs Wed, 12 Jun 2019 00:00:00 +0000 Ray Buehler Serves as Guest Columnist for the Pittsburgh Business Times Schneider Downs' retired chairman, CEO, and president, Raymond Buehler, served as a guest columnist for the Pittsburgh Business Times on the subject of domestic violence and sexual assault in the workplace. Read the full article here. Subscription ... http://www.schneiderdowns.com/ray-buehler-serves-as-guest-columnist-for-pittsburgh-business-times Tue, 11 Jun 2019 00:00:00 +0000 Jason Staley speaks with STAR 100.7 Jason Staley, Director of Research and Due Diligence of Schneider Downs Wealth Management, spoke with Kelly Dzanaj of STAR 100.7 on Sunday, June 2nd about his support of the American Cancer Society and the Real Men Wear Pink campaign. ... http://www.schneiderdowns.com/jason-staley-speaks-with-star-1007 Tue, 11 Jun 2019 00:00:00 +0000 Business Income Deduction Changes May Impact Professional Services Firms On May 9, the Ohio House of Representatives passed House Bill 166 (“HB 166”) by a significant margin. If ratified by the Ohio Senate and signed by Governor DeWine as currently written, HB 166 could have a far-reaching impact on Ohio taxation. ... http://www.schneiderdowns.com/our-thoughts-on/business-income-deduction-changes-may-impact-professional-services-firms Tue, 11 Jun 2019 00:00:00 +0000 SECURE Act vs. RESA On May 23rd, the U.S. House of Representatives overwhelmingly passed the “Setting Every Community Up for Retirement Enhancement” (SECURE) Act by a vote of 417 to 3. The bill is now in the Senate, where it needs to be passed and then signed ... http://www.schneiderdowns.com/our-thoughts-on/secure-act-vs-resa Tue, 11 Jun 2019 00:00:00 +0000 Fraud and Corruption Seminar Review Schneider Downs was proud to sponsor a Fraud and Corruption Awareness Seminar on May 13, 2019 alongside the Pittsburgh chapters of The Institute of Internal Auditors and the Association of Certified Fraud Examiners. The yearly seminar has become the premier ... http://www.schneiderdowns.com/our-thoughts-on/fraud-and-corruption-seminar-review Thu, 06 Jun 2019 00:00:00 +0000 What is Liam Neesons Name Worth? Intellectual property (“IP”) owners will sometimes license the use of their assets to others in exchange for a fee. For example, Liam Neeson may choose to offer his name to a company that plans to market its new kidnapping escape kit in exchange ... http://www.schneiderdowns.com/our-thoughts-on/what-is-liam-neesons-name-worth Thu, 06 Jun 2019 00:00:00 +0000 To Have and to Holdand to File Jointly April showers bring May flowers, and those flowers are used in the thousands of spring weddings held across the country each year. Every ceremony hallmarks a couple’s love and commitment to each other, and brings together family and friends to celebrate ... http://www.schneiderdowns.com/our-thoughts-on/to-have-and-to-hold-file-jointly Thu, 06 Jun 2019 00:00:00 +0000 Rock You Like a Hurricane (..Maybe) Harvey, Maria, Irma, Michael, Florence – no, not the names of my cats, but rather the names of some of the major hurricanes (category 3, 4 or 5) to hit the United States in the past two years. On May 23rd, the National Oceanic and Atmospheric Administration ... http://www.schneiderdowns.com/our-thoughts-on/rock-you-like-a-hurricane Wed, 05 Jun 2019 00:00:00 +0000 Pennsylvania Legislature Proposes New Statute of Limitations for Tax Collection The Pennsylvania House of Representatives is currently considering House Bill 17 (HB 17) that would limit the Department of Revenue’s ability to collect taxes to ten years after assessment. The reduced statute of limitations would also apply to ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-legislature-proposes-new-statute-of-limitations-for-tax-collection Wed, 29 May 2019 00:00:00 +0000 2019 Compliance Supplement The Office of Management and Budget (OMB) continues to overhaul the Compliance Supplement and has delayed issuing the draft to focus on these items: Requiring agencies to reduce the number of tested compliance attributes to no more than six (except Research ... http://www.schneiderdowns.com/our-thoughts-on/2019-compliance-supplement Wed, 29 May 2019 00:00:00 +0000 Auto Dealers in Ohio Border States Beware You May be Subject to Ohio Commercial Activity Tax Auto dealers outside of Ohio with store locations near the Ohio border should pay attention to potential Ohio Commercial Activity Tax (CAT) filing obligations. Businesses with Ohio taxable gross receipts of $150,000 or more per the calendar year are subject ... http://www.schneiderdowns.com/our-thoughts-on/auto-dealers-in-ohio-border-states-beware-you-may-be-subject-to-ohio-commercial-activity-tax Tue, 28 May 2019 00:00:00 +0000 Part One of a Series: An Introduction to IRS Publication 1075 What is IRS Publication 1075? IRS Publication 1075, commonly referred to as, “Pub 1075,” lays out the guiding principles for the protection and confidentiality of Federal Tax Information (FTI). Pub 1075 contains the managerial, operational ... http://www.schneiderdowns.com/our-thoughts-on/part-one-of-a-series-an-introduction-to-irs-publication-1075 Wed, 22 May 2019 00:00:00 +0000 Bad Fiduciary. Whats it Going to Cost You? Millions. That’s what it could cost you for failing to properly execute your fiduciary responsibilities as a plan sponsor. In the first half of 2019, several class action lawsuits against major universities related to improper execution of the fiduciary ... http://www.schneiderdowns.com/our-thoughts-on/bad-fiduciary-whats-it-going-to-cost-you Wed, 22 May 2019 00:00:00 +0000 What Happens if Your Tax Return is Lost in the Mail? Imagine this scenario: the calendar says it’s April 15th, and you realize that you can’t avoid filing your federal tax returns any longer. You rush to the post office and wait in line behind other last-minute filers. When it’s finally ... http://www.schneiderdowns.com/our-thoughts-on/what-happens-if-your-tax-return-is-lost-in-the-mail Wed, 22 May 2019 00:00:00 +0000 Data: The 21st Century Building Material Bid, design, build, and operate. The amount of information required to take a job from bid all the way through completion is vast. With market competition increasing and projected shortages in skilled laborers, the margin for error during the decision-making ... http://www.schneiderdowns.com/our-thoughts-on/data-the-21st-century-building-material Wed, 22 May 2019 00:00:00 +0000 Artificial Intelligence in Higher Education Before you finish typing a key word in the search bar, it may appear as if your thoughts have been predicted. Artificial intelligence (AI) and machine learning are used to optimize search queries and search results. Every day, Google handles billions ... http://www.schneiderdowns.com/our-thoughts-on/artificial-intelligence-in-higher-education Fri, 17 May 2019 00:00:00 +0000 I Want Mine - Social Security Simplified I have this love/hate relationship with social media. In late April, when The 2019 Social Security and Medicare Trustees Reports were published, the key takeaway was that the trust fund will be depleted in 2035. Immediately, social media exploded. One ... http://www.schneiderdowns.com/our-thoughts-on/i-want-mine-social-security-simplified Thu, 16 May 2019 00:00:00 +0000 Technology Trends in Manufacturing Over the past few years, advances in technology have created a number of innovative business opportunities for the manufacturing industry. Some of the most recently developed solutions, including Internet of Things (IoT), Digital Twin technology and Augmented ... http://www.schneiderdowns.com/our-thoughts-on/technology-trends-in-manufacturing Thu, 16 May 2019 00:00:00 +0000 Steel and Aluminum Tariffs: Winner and Losers The March 2018 steel and aluminum tariffs apparently have resulted in a boom in domestic steel industry production and profits. Nucor CEO John Ferriola, who heads up the nation’s largest steel producer, notes, “[2018] was a record year for ... http://www.schneiderdowns.com/our-thoughts-on/steel-and-aluminum-tariffs-winner-and-losers Wed, 15 May 2019 00:00:00 +0000 Slow Start in 2019 for Mergers and Acquisitions According to Pitchbook’s Q1 2019 U.S. Private Equity (PE) Breakdown, there was a total of 993 deals during the first quarter of 2019, down 27.9% from the first quarter of 2018. Total value of these deals was also down 26.7% in the first quarter ... http://www.schneiderdowns.com/our-thoughts-on/slow-start-in-2019-for-mergers-and-acquisitions_1 Wed, 15 May 2019 00:00:00 +0000 Why Higher Education Institutions Must Comply with GDPR The EU General Data Protection Regulation (GDPR) has been in effect for 10 months. One sector that has been affected by the newly enforced regulation, but is not always in the spotlight, is higher education. Although, many institutions have no physical ... http://www.schneiderdowns.com/our-thoughts-on/why-higher-education-institutions-must-comply-with-gdpr Fri, 10 May 2019 00:00:00 +0000 Is It Time to Overhaul the Income Statement? The changes to revenue recognition (ASC 606) and lease accounting (ASC 842) are now squarely in the rearview mirror for most public companies. And even though private companies continue to work through these changes, I’m often asked, “What ... http://www.schneiderdowns.com/our-thoughts-on/is-it-time-to-overhaul-the-income-statement Thu, 09 May 2019 00:00:00 +0000 The Dichotomy of Cybersecurity in Higher Education Cybersecurity in the higher education (Higher Ed) realm faces many challenges. Unlike corporate entities, there may be many groups outside of central IT and security that manage systems and data in a university environment. Individual colleges and departments ... http://www.schneiderdowns.com/our-thoughts-on/the-dichotomy-of-cybersecurity-in-higher-education Fri, 03 May 2019 00:00:00 +0000 International Tax Update: OECD Releases Latest Edition of Model Tax Convention On April 25, the Organisation for Economic Co-operation and Development (OECD) formally released the tenth edition of its Model Tax Convention on Income and Capital (the Convention). Based in Paris, the OECD is an international organization comprised ... http://www.schneiderdowns.com/our-thoughts-on/international-tax-update-oecd-releases-latest-edition-of-model-tax-convention Fri, 03 May 2019 00:00:00 +0000 Wayfair Sales and Use Tax Legislation Developments Recent Wayfair sales and use tax legislation developments include: California enacted new legislation increasing the sales threshold from $100,000 to $500,000 and eliminating the 200 individual transaction threshold. This change is retroactive to April ... http://www.schneiderdowns.com/our-thoughts-on/wayfair-sales-and-use-tax-legislation-developments Thu, 02 May 2019 00:00:00 +0000 Additional Opportunity Zone Regulations Issued On April 17, the IRS finally issued additional guidance (the 4/17 proposed regulations) concerning qualified opportunity zone (QOZ) investments following up on the first set of rules issued in October 2018 (see our article from October 24, 2018). The ... http://www.schneiderdowns.com/our-thoughts-on/additional-opportunity-zone-regulations-issued Thu, 02 May 2019 00:00:00 +0000 NFL Draft by the Data: So you're saying there's a chance? Congratulations to the 261 former college football players who heard their name called at the 2019 NFL Draft last weekend, including Kyler Murray who became the 11th QB taken Number 1 overall since 2004! This is an unbelievable accomplishment, one that ... http://www.schneiderdowns.com/our-thoughts-on/nfl-draft-by-the-data-so-youre-saying-theres-a-chance Wed, 01 May 2019 00:00:00 +0000 West Virginia Enacts Special Apportionment Rules for Motor Carriers Recently the State of West Virginia enacted special apportionment rules for motor carriers owned by individuals, partnerships, other pass-through entities and small business corporations. Carriers must now apportion business income to West Virginia using ... http://www.schneiderdowns.com/our-thoughts-on/west-virginia-enacts-special-apportionment-rules-for-motor-carriers Wed, 01 May 2019 00:00:00 +0000 Minimizing Higher Ed Risks - Utilizing Internal Audit and Data Analytics We’ve all seen various colleges and universities in the news lately, and the news was not always positive. Higher education institutions face a varied and formidable army of risks, including operational, financial, regulatory and reputational. Why ... http://www.schneiderdowns.com/our-thoughts-on/minimizing-higher-ed-risks-utilizing-internal-audit-and-data-analytics Wed, 01 May 2019 00:00:00 +0000 Data Analytics: So Easy a Cow Could Do It? In the age of technology, there is no limit to the applications of data and data analytics. This spans company type, region and industry. This includes, yes, dairy farmers. Not exactly an industry that some may think has a wealth of data available, or ... http://www.schneiderdowns.com/our-thoughts-on/data-analytics-so-easy-a-cow-could-do-it Fri, 26 Apr 2019 00:00:00 +0000 2019 Private Capital Markets Report Spring brings with it many exciting things: the ability to go outside without 43 layers on, the March Madness broadcast, the vibrancy of cherry blossoms and, most importantly, the publishing of the 2019 Pepperdine Private Capital Markets Report (“PPCMR”). ... http://www.schneiderdowns.com/our-thoughts-on/2019-private-capital-markets-report Fri, 26 Apr 2019 00:00:00 +0000 President Trump Signs Two Executive Orders to Enhance Pipeline Production On April 10, 2019, President Donald Trump signed two executive orders that seek to make it simpler for energy companies to build oil and gas pipelines and enhance domestic energy production. The first order allows the Environmental Protection Agency (EPA) ... http://www.schneiderdowns.com/our-thoughts-on/president-trump-signs-two-executive-orders-to-enhance-pipeline-production Tue, 23 Apr 2019 00:00:00 +0000 Top 10 Revenue Recognition Considerations for Retailers For nonpublic companies, Accounting Standards Codification (ASC) 606 – Revenue Recognition, is effective for years beginning after December 15, 2018. If you are a nonpublic company with a calendar yearend that means that changes to revenue recognition ... http://www.schneiderdowns.com/our-thoughts-on/top-10-revenue-recognition-considerations-for-retailers Tue, 23 Apr 2019 00:00:00 +0000 March 2019: Stabilization of U.S. Manufacturing Sector, China Follows, Europe Lags Behind Despite all of the trade tariff talk and uncertainty between the United States (U.S.) and China, the March 2019 Purchasing Managers’ Index (PMI) reports have shown growth for the manufacturing sectors in the U.S. and China. As for Europe, however, ... http://www.schneiderdowns.com/our-thoughts-on/march-2019-stabilization-of-us-manufacturing-sector-china-follows-europe-lags-behind Mon, 22 Apr 2019 00:00:00 +0000 Balancing the Moral Scales Are charitable donations and good deeds a potential indicator of fraudulent activity? The theory of moral equilibrium, as applied to a business environment, posits exactly this question. According to University of Texas business professor Robert Prentice, ... http://www.schneiderdowns.com/our-thoughts-on/balancing-the-moral-scales Mon, 22 Apr 2019 00:00:00 +0000 Financial Institutions - Regs on Regs on Regs Last month a colleague and I were fortunate to attend the PA Bankers Association, School of Compliance in Harrisburg, PA. The training consisted of three days of legal and regulatory topics that pose the highest risk to financial institutions. With so ... http://www.schneiderdowns.com/our-thoughts-on/financial-institutions-regs-on-regs-on-regs Thu, 18 Apr 2019 00:00:00 +0000 Have Supply Chain Questions? Big Data Has Your Answers Verified Market Research (VMR) recently released their “Key Futuristic Trends and Competitive Landscape 2025” report, which forecasts strong growth in the Global Supply Chain Big Data Analytics market. Valued at $2.12B in 2018, VMR projects ... http://www.schneiderdowns.com/our-thoughts-on/have-supply-chain-questions-big-data-has-your-answers Thu, 18 Apr 2019 00:00:00 +0000 Enterprise Risk Management in Higher Education, and How Internal Audit Can Help Recent history indicates that the pace of change in Higher Education is unprecedented; however, institutions are only seeing a modest increase in the use of risk-based decision making. The COSO “Enterprise Risk Management - Integrated Framework” ... http://www.schneiderdowns.com/our-thoughts-on/enterprise-risk-management-in-higher-education-and-how-internal-audit-can-help Thu, 18 Apr 2019 00:00:00 +0000 RPAs Have a Role in SOX Cost Reduction and Efficiency If you’re a public entity, you know the strain SOX testing puts on company resources: the time to discuss controls and walkthrough processes with the testers; the time to pull documentation for the testers and answer questions; and the time to help ... http://www.schneiderdowns.com/our-thoughts-on/rpas-have-a-role-in-sox-cost-reduction-and-efficiency Thu, 11 Apr 2019 00:00:00 +0000 Overcoming Bias to Deliver Accurate Data Analytic Insights As organizations implement processes that harness the power of analytical tools to extract insight from their data, it’s imperative that best practices are followed to ensure those processes result in smart decisions being made for the business. ... http://www.schneiderdowns.com/our-thoughts-on/overcoming-bias-to-deliver-accurate-data-analytic-insights Thu, 11 Apr 2019 00:00:00 +0000 Improve Your Internal Audit Activity - Quality Assessment Reviews In order for your internal audit activity to be effective, it must be credible to its stakeholders. Internal auditors must be considered professionals and as professionals, internal auditors must conform to a set of professional standards: The International ... http://www.schneiderdowns.com/our-thoughts-on/improve-your-internal-audit-activity-quality-assessment-reviews Thu, 11 Apr 2019 00:00:00 +0000 Data and Tech Among Top Concerns for CPAs In the AICPA’s 2014 publication, “Reimagining Auditing in a Wired World,” the AICPA staff uses a blue sky scenario to describe what future reporting and auditing systems might resemble after implementation of various technological advances. ... http://www.schneiderdowns.com/our-thoughts-on/data-and-tech-among-top-concerns-for-cpas Thu, 11 Apr 2019 00:00:00 +0000 New features for enhanced password protection in Azure Active Directory In a previous Our Thoughts on Article, we described a threat to organizations known as password spraying, in which an attacker attempts to login to all usernames the attacker is aware of with a single password. The attacker, with a large array of user ... http://www.schneiderdowns.com/our-thoughts-on/new-features-for-enhanced-password-protection-in-azure-active-directory Tue, 09 Apr 2019 00:00:00 +0000 SEC Issues Final Ruling to Modernize and Simplify Regulation S-K On March 20, 2019, the Securities and Exchange Commission (SEC) issued final amendments to various Regulation S-K items that are intended to simplify and modernize certain Regulation S-K disclosure requirements. With the release of the final amendments, ... http://www.schneiderdowns.com/our-thoughts-on/sec-issues-final-ruling-to-modernize-and-simplify-regulation-sk Thu, 04 Apr 2019 00:00:00 +0000 Using Your Mail Server Against Youf Occasionally on penetration testing/ethical hacking engagements we encounter misconfigured mail servers which creates an opportunity to either gather information on usernames or send emails impersonating internal users. Hackers love this scenario – ... http://www.schneiderdowns.com/our-thoughts-on/using-your-mail-server-against-you Wed, 03 Apr 2019 00:00:00 +0000 2018 Manufacturing Statistics and Results IBISWorld and the Institute for Supply Management (ISM) provide industry trends and statistics periodically. Shown below are some key statistics for the manufacturing industry for 2018. The Purchasing Managers Index (PMI) is the composite index for the ... http://www.schneiderdowns.com/our-thoughts-on/2018-manufacturing-statistics-and-results Tue, 02 Apr 2019 00:00:00 +0000 Meeting the Internal Audit Requirement for ISO 27001:2013 ISO 27001:2013 is an information security framework published by the International Organization for Standardization (ISO) that formally specifies an Information Security Management System (ISMS), the framework through which an organization identifies, ... http://www.schneiderdowns.com/our-thoughts-on/meeting-the-internal-audit-requirement-for-iso-270012013 Fri, 29 Mar 2019 00:00:00 +0000 Financial Trustee Service Considerations A financial trustee is a person or firm who manages property or assets on behalf of a third party. One may be appointed for various reasons, including, but not limited to, settlements, litigation, bankruptcy, environmental remediation or charitable funds. ... http://www.schneiderdowns.com/our-thoughts-on/financial-trustee-service-considerations Fri, 29 Mar 2019 00:00:00 +0000 Fraud Report Statistics from the Data Book 2018 Fraud Report Statistics from the Data Book 2018 The Federal Trade Commission (FTC) released the “Consumer Sentinel Network: Data Book 2018” in February 2019. The report was generated from consumer complaints to the FTC that were stored in ... http://www.schneiderdowns.com/our-thoughts-on/fraud-report-statistics-from-the-data-book-2018 Thu, 28 Mar 2019 00:00:00 +0000 It's Budget Season Again! For many not-for-profit organizations, it’s that time of year … budget season. What side do you take, are you excited for the opportunity to plan for your organization’s future, or do you dread the seemingly never-ending process of ... http://www.schneiderdowns.com/our-thoughts-on/its-budget-season-again Thu, 28 Mar 2019 00:00:00 +0000 PCAOB Inspections Outlook for Audit Committees The Public Company Accounting Oversight Board (PCAOB) has introduced a new strategic plan to enhance external engagement and proactive communication with audit committees regarding the PCAOB’s core activities, including inspections. During 2019, ... http://www.schneiderdowns.com/our-thoughts-on/pcaob-inspections-outlook-for-audit-committees Thu, 28 Mar 2019 00:00:00 +0000 Sales Tax - New Legislation Wayfair Trends in 2019 It appears that 2019 is bringing some new trends in Wayfair economic nexus legislation for sales and use taxes. The most recent trend is that states such as North Dakota and Washington that initially used economic thresholds of $100,000 in sales or 200 ... http://www.schneiderdowns.com/our-thoughts-on/sales-tax-new-legislation-wayfair-trends-in-2019 Wed, 27 Mar 2019 00:00:00 +0000 The List of Nondeductible Expenses Continues to Grow The Tax Cuts and Jobs Act (TCJA) has made significant changes to the tax code and the related underlying deductions available to taxpayers. These changes have had a significant impact on professional service organizations. Specifically, businesses that ... http://www.schneiderdowns.com/our-thoughts-on/the-list-of-nondeductible-expenses-continues-to-grow Tue, 26 Mar 2019 00:00:00 +0000 Preparing for Enhanced Disclosure: Liquidity and Availability Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-14 represents the single biggest change to not-for-profit financial statements in over 20 years. This standard does not change any existing accounting, except in limited ... http://www.schneiderdowns.com/our-thoughts-on/preparing-for-enhanced-disclosure-liquidity-and-availability Tue, 26 Mar 2019 00:00:00 +0000 Legislation Introduced Preventing Rolling Stock Acquisitions from Chinese Manufacturers While the U.S. – China trade war continues, members of Congress have new concerns regarding China’s push to dominate the U.S. transit car market. On March 14, 2019, United States Senators John Cornyn (R-TX) and Tammy Baldwin (D-WI) introduced ... http://www.schneiderdowns.com/our-thoughts-on/legislation-introduced-preventing-rolling-stock-acquisitions-from-chinese-manufacturers Thu, 21 Mar 2019 00:00:00 +0000 Emotional Intelligence A recent Journal of Accounting Marketing and Sales “Growth Strategies” contained an interesting article about understanding emotional intelligence (EI) that I found interesting. Whether you are new to the business community or a seasoned professional, ... http://www.schneiderdowns.com/our-thoughts-on/fostering-emotional-intelligence-in-accounting-firms Tue, 19 Mar 2019 00:00:00 +0000 Benefit Plan Audit by Infomercial “Set it and forget it!” A familiar phrase made popular back in the 1980s thanks to an infomercial that praised the features of rotisserie ovens, but one that’s being applied today as something of a way of life. From home to work in this ... http://www.schneiderdowns.com/our-thoughts-on/benefit-plan-audit-by-infomercial Tue, 19 Mar 2019 00:00:00 +0000 Service Organization Control Report The SOC reporting process can start with an organization’s desire to communicate to customers and potential customers that the organization’s internal control processes are being implemented effectively. Or it can be prompted when an organization’s ... http://www.schneiderdowns.com/our-thoughts-on/five-questions-to-assist-with-identifying-soc-report-scope Mon, 18 Mar 2019 00:00:00 +0000 ClearlyRated's Best of Accounting Award for Superior Client Satisfaction Schneider Downs has once again been recognized with ClearyRated's Best of Accounting Award for exemplary client service and performance. ClearlyRated's Best of Accounting™ is the nation’s only service excellence award for the accounting ... http://www.schneiderdowns.com/clearlyrated-best-of-accounting-award Fri, 15 Mar 2019 00:00:00 +0000 Revenue Recognition Standard finally effective for nonpublic companies. Are you ready or still in denial? I was just there for the massage. I had no knowledge of any hush payments. It’s all about respect in the locker room. The adoption of ASC Topic 606, “Revenue from Contracts with Customers” won’t have an impact on us. These are ... http://www.schneiderdowns.com/our-thoughts-on/rev-rec-standard-effective-for-nonpublic-companies Tue, 05 Mar 2019 00:00:00 +0000 2019 M&A Trends Study | Deal Success Factors | Pittsburgh CPA Do your company’s plans for 2019 include the potential for a merger or acquisition? If so, then it would appear you have plenty of company. Deloitte’s The State of the Deal: M&A Trends 2019, which was based on surveying 1,000 executives ... http://www.schneiderdowns.com/our-thoughts-on/lets-make-a-deal Tue, 05 Mar 2019 00:00:00 +0000 Pennsylvania Department of Revenue's Modernization Project Earlier this month, the Pennsylvania Department of Revenue announced some recent developments surrounding its multi-year modernization project. My Pennsylvania Tax Hub or “myPath” System On February 4th, the Department launched its new online ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-department-of-revenues-modernization-project Thu, 28 Feb 2019 00:00:00 +0000 Part Five in a Series: Managing Risks of Technologies Emerging as Business Opportunities: Chatbots What are chatbots? Chatbots are computer programs or artificial intelligence (AI) that conduct a conversation via audio or text. These programs are typically used in dialog systems, including customer service scenarios, and are often designed to simulate ... http://www.schneiderdowns.com/our-thoughts-on/managing-risks-of-tech-emerging-as-biz-opps-chatbots Wed, 27 Feb 2019 00:00:00 +0000 Good News Regarding Excess Business Losses For Your Pass-Through Construction Business If you own a construction business, you know all too well that one or more bad contracts can make or break the financial results for the year. If you were in this scenario for the year ended December 31, 2018, your tax advisor may have been bracing you ... http://www.schneiderdowns.com/our-thoughts-on/excess-business-losses-for-passthrough-construction-business Tue, 26 Feb 2019 00:00:00 +0000 Application to Receive Funding for On-Road and Class 8 Fleet Vehicle Projects in Pennsylvania Now Available! As you know from our previous articles (Volkswagen Environmental Mitigation Trust Fund), Volkswagen is obligated to fund various environmental trusts for states to use on projects aimed at reducing overall air pollution (specifically, NOx emissions). ... http://www.schneiderdowns.com/our-thoughts-on/application-to-receive-funding-for-onroad-and-class-8-fleet-vehicle-projects-in-pennsylvania-now-available Thu, 21 Feb 2019 00:00:00 +0000 New Revenue Recognition Standard Will Impact Auto Dealers In May 2014, the Financial Accounting Standards Board (FASB) issued accounting standard update (ASU) 2014-09, Revenue from Contracts with Customers, intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue ... http://www.schneiderdowns.com/our-thoughts-on/new-revenue-recognition-standard-impact-auto-dealers Thu, 21 Feb 2019 00:00:00 +0000 California First to Require IoT Security The majority of cyber-attacks are not targeted, rather they are opportunistic, using automated phishing and vulnerability scans. Attackers usually identify the “low-hanging fruit” and investigate further. That’s not to say that attacks ... http://www.schneiderdowns.com/our-thoughts-on/california-first-to-require-iot-security Thu, 21 Feb 2019 00:00:00 +0000 Financial Fitness: Setting SMART Goals This article was originally published in Wedgewood Life magazine and is reprinted with their permission. Happy New Year! As the calendar flips and a New Year begins, many individuals begin thinking of their resolutions for the upcoming year such as taking ... http://www.schneiderdowns.com/our-thoughts-on/financial-fitness-setting-smart-goals Wed, 20 Feb 2019 00:00:00 +0000 Part Four in a Series: Managing Risks of Technologies Emerging as Business Opportunities: Robotic Process Automation Are you tired of sending the same email every week? How about searching for information from past audit documents? Lucky for you, a resolution for these work woes (and many more) has arrived. Companies are taking efficiency and cost saving to another ... http://www.schneiderdowns.com/our-thoughts-on/managing-risks-of-tech-emerging-as-biz-opp-robotic-process-automation Mon, 18 Feb 2019 00:00:00 +0000 Is Compiling Your 2018 1040 Documents Painful? Sign up for TaxCaddy with Schneider Downs to Reduce Your Tax Compliance Burden Tax simplification has arrived! Schneider Downs is proud to introduce TaxCaddy, for our individual tax clients. TaxCaddy is a safe and secure software solution that will reduce the amount of time you spend collecting your annual tax data. TaxCaddy leverages ... http://www.schneiderdowns.com/our-thoughts-on/sign-up-for-taxcaddy-with-schneider-downs Thu, 14 Feb 2019 00:00:00 +0000 Financial Fitness This article was originally published in Wedgewood Life magazine and is reprinted with their permission. It can be hard to differentiate between financial advisors without directly experiencing their client service, communication, and overall technical ... http://www.schneiderdowns.com/our-thoughts-on/financial-fitness Wed, 13 Feb 2019 00:00:00 +0000 Better Understanding PCI Penetration Testing Requirements If your company takes credit cards, you may be wondering if you are required to have a penetration test. In the past, it had been voluntary, but with PCI DSS version 3.0 and on, there are specific penetration testing requirements, depending on what self-assessment ... http://www.schneiderdowns.com/our-thoughts-on/better-understanding-pci-penetration-testing-requirements Tue, 12 Feb 2019 00:00:00 +0000 Pennsylvania's New Natural Gas Severance Tax Proposal On February 5, many Pennsylvanians listened to Governor Tom Wolf’s annual budget address to the state legislature, in which the governor said, in part: “Today I put forth my budget proposal. And let me cut to the chase. This proposal asks ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvanias-new-natural-gas-severance-tax-proposal Mon, 11 Feb 2019 00:00:00 +0000 Part Three in a Series: Managing Risks of Technologies Emerging as Business Opportunities - Blockchain Blockchain, the latest buzzword that’s made its way into mainstream media and executive boardrooms alike, is providing real solutions to real world problems. A digital, distributed (decentralized) and immutable database with seemingly endless application ... http://www.schneiderdowns.com/our-thoughts-on/managing-risks-of-tech-emerging-as-business-opportunities-blockchain Mon, 11 Feb 2019 00:00:00 +0000 Financial Fitness - Are my personal finances on the right track? This article was originally published in Wedgewood Life magazine and is reprinted with their permission. This is a frequently asked question by my clients as well as prospects. As a financial advisor, I can say that the definition of “on track” ... http://www.schneiderdowns.com/our-thoughts-on/financial-fitness-are-my-personal-finances-on-the-right-track Fri, 08 Feb 2019 00:00:00 +0000 Impairment Considerations for the Energy Sector As witnessed, the latter months of 2018 saw a dramatic downturn in oil prices. According to the U.S. Energy Information Administration, the West Texas Intermediate spot price, for instance, fell from $75 per barrel at the beginning of October to $46 per ... http://www.schneiderdowns.com/our-thoughts-on/impairment-considerations-for-the-energy-sector Wed, 06 Feb 2019 00:00:00 +0000 Qualified Business Income and Percentage Depletion Interaction The Tax Cuts and Jobs Act (TCJA) of 2017 brought about many changes in the tax code, including the introduction of new provisions. Luckily, deductions available to taxpayers in the oil and gas industry have survived tax reform and will continue to make ... http://www.schneiderdowns.com/our-thoughts-on/qualified-business-income-and-percentage-depletion-interaction Wed, 06 Feb 2019 00:00:00 +0000 Defining UBIA for Oil and Gas Producers One of the most impactful changes resulting from 2017’s Tax Cuts and Jobs Act was the introduction of the deduction for qualified business income established under Internal Revenue Code section 199A. This deduction allows non-corporate taxpayers ... http://www.schneiderdowns.com/our-thoughts-on/defining-ubia-for-oil-and-gas-producers Wed, 06 Feb 2019 00:00:00 +0000 ASC 842 Expected to Impact Natural Resource Sector Accounting Standard Codification (ASC) Topic 842 - Leases, the new FASB lease accounting standard aimed at closing a major concern of stakeholders in lease accounting in accordance with ASC 840, went live for public companies this past January 1 and will ... http://www.schneiderdowns.com/our-thoughts-on/asc-842-expected-to-impact-natural-resource-sector Wed, 06 Feb 2019 00:00:00 +0000 Comment Letters Surrounding New Revenue Recognition Standard Reveal Issues Public energy companies are now one year in on their implementation of ASC 606, Revenue From Contracts With Customers, the revenue recognition guidance that reformed and replaced ASC 605. The crux of the new guidance requires revenue recognition when ... http://www.schneiderdowns.com/our-thoughts-on/comment-letters-surrounding-new-revenue-recognition-standard-reveal-issues Wed, 06 Feb 2019 00:00:00 +0000 Vendor Audit: A Necessary Assessment A vendor audit is performed for a company that aims to attain an objective assessment of its contractors’ or vendors’ compliance to the terms, conditions and intent of the contracts and/or agreements between two entities. Vendor audits are ... http://www.schneiderdowns.com/our-thoughts-on/vendor-audit-a-necessary-assessment Wed, 06 Feb 2019 00:00:00 +0000 Asset Transactions vs. Stock Transactions Asset transactions and stock transactions are the two most common types of transaction structures when purchasing or selling a business. Asset transactions occur when buyers assume specific liabilities and purchase specific assets from a business, while ... http://www.schneiderdowns.com/our-thoughts-on/asset-transactions-vs-stock-transactions Tue, 05 Feb 2019 00:00:00 +0000 Schneider Downs' Annual Manufacturers' Economic Survey Schneider Downs’ annual Manufacturers’ Economic Survey gathers valuable insight from industry leaders throughout the region, highlighting the major challenges companies are facing, as well as how they’re reacting to and preparing for ... http://www.schneiderdowns.com/our-thoughts-on/schneider-downs-annual-manufacturers-economic-survey Mon, 04 Feb 2019 00:00:00 +0000 Part Two in a Series: Managing Risks of Technologies Emerging as Business Opportunities - Artificial Intelligence As we enter the fourth industrial revolution, technology continues to advance at a rate never before seen. Every day, driverless Ubers cruise the streets of Pittsburgh, Alexas chatter in the kitchen, and Roombas clean our carpets. This new emerging artificial ... http://www.schneiderdowns.com/our-thoughts-on/managing-risks-of-technology-artificial-intelligence Mon, 04 Feb 2019 00:00:00 +0000 Hello from the 2019 Auto Summit at the NADA Convention San Francisco was the happening place this past weekend for the National Automotive Dealership Association Convention. The West Coast had a feel of home to it as I saw familiar faces aboard the outgoing flight and bumped into some Western PA dealers at ... http://www.schneiderdowns.com/our-thoughts-on/hello-from-the-2019-auto-summit-at-the-nada-convention Tue, 29 Jan 2019 00:00:00 +0000 Qualified Opportunity Zones in Layman's Terms There has been a lot of buzz lately regarding Qualified Opportunity Zones (QOZ). This is a new tax incentive contained in and created by the Tax Cuts and Jobs Act, which was passed in December 2017. As an auditor listening to our tax experts talk about ... http://www.schneiderdowns.com/our-thoughts-on/qualified-opportunity-zones-in-laymans-terms Tue, 29 Jan 2019 00:00:00 +0000 EU Efforts to Stem Abusive Tax Structures It is of little surprise that the individual EU countries and European Commission for Competition have narrowed their focus on multinational companies with cross border operations. There have been a number of high profile cases – Astra Zenteca, ... http://www.schneiderdowns.com/our-thoughts-on/eu-efforts-to-stem-abusive-tax-structures Tue, 29 Jan 2019 00:00:00 +0000 Schneider Downs Promotes Heather Haemer and Holly Russo to co-Directors of its SOC practice Schneider Downs Names Co-Directors for System and Organization Control (SOC) Report Practice PITTSBURGH, PA – Schneider Downs announced it has named Heather A. Haemer and Holly L. Russo as Directors of the firm’s growing System and Organization ... http://www.schneiderdowns.com/schneider-downs-promotes-heather-haemer-and-holly-russo-to-codirectors-of-its-soc-practice Mon, 28 Jan 2019 00:00:00 +0000 Part One in a Series: Managing Risks of Technologies Emerging as Business Opportunities - Websites and Mobile Applications Websites and mobile applications are an important medium for businesses to interact with customers, obtain information, and conduct business transactions. According to a 2018 survey of 351 small businesses performed by Clutch.co, 42% of small businesses ... http://www.schneiderdowns.com/our-thoughts-on/managing-risks-of-tech-biz-opp-web-mobile-apps Mon, 28 Jan 2019 00:00:00 +0000 Transfer Pricing: A Reporting Requirement for Multinational Corporations It should come as no surprise that large companies often create affiliate and/or subsidiary companies to carry out various parts of their operations across the globe. These parent-affiliate/subsidiary corporations are considered related parties, and when ... http://www.schneiderdowns.com/our-thoughts-on/transfer-pricing-reporting-requirement-multinational-corporations Thu, 24 Jan 2019 00:00:00 +0000 GDPR Revisited Many have heard about the French data regulator CNIL imposing a $57 million (€50 million) fine on Google for violating the General Data Protection Regulation (GDPR), specifically for failing to make its data collection policies easily accessible ... http://www.schneiderdowns.com/our-thoughts-on/gdpr-revisited Thu, 24 Jan 2019 00:00:00 +0000 SOC 2 Reports: Common Control Exceptions and How to Avoid Them In performing SOC 2 examinations, we often come across the same types of control exceptions. To assist organizations with avoiding these exceptions, we’ve compiled a list, in no particular order, of the most common ones we typically identify. All ... http://www.schneiderdowns.com/our-thoughts-on/soc-2-reports-common-control-exceptions-avoid-them Thu, 24 Jan 2019 00:00:00 +0000 What is the SEC Looking For in Your Internal Control Environment? This Article was co-written by Nicole Saldamarco At the recent AICPA year-end conference, SEC staff members indicated that they will be looking more closely at internal controls for this year end including control considerations for new accounting pronouncements, ... http://www.schneiderdowns.com/our-thoughts-on/what-sec-looking-for-internal-control-environment Thu, 24 Jan 2019 00:00:00 +0000 Shad Fagerland Joins SDAdvantage Retirement Solutions PITTSBURGH, PA—Schneider Downs, one of the top 60 public accounting, tax, and business advisory services firms in the U.S., has recently appointed Shad Fagerland as senior manager for the firm's SDAdvantage Retirement Solutions, LP subsidiary. ... http://www.schneiderdowns.com/shad-fagerland-joins-sdadvantage-retirement-solutions Wed, 23 Jan 2019 00:00:00 +0000 PCAOB Amends Standards for the Use of Specialists This article was co-written by Jonathan Grim. In response to more estimates used in financial reporting and the increased use of specialists who determine these estimates, the PCAOB published Release No. 2018-006, Amendments to Auditing Standards for ... http://www.schneiderdowns.com/our-thoughts-on/pcaob-amends-standards-for-the-use-of-specialists Tue, 22 Jan 2019 00:00:00 +0000 SAP S/4HANA Security and Project Challenges Organizations need to be aware of the SAP S/4HANA security challenges as they prepare for the year 2025 SAP deadline for converting SAP ECC and other older SAP systems to SAP S/4HANA. The 2025 deadline is to implement the SAP S/4HANA (application) and ... http://www.schneiderdowns.com/our-thoughts-on/sap-s4hana-security-and-project-challenges Tue, 22 Jan 2019 00:00:00 +0000 PCAOB Adopts New Standard on Auditing Accounting Estimates The Public Company Accounting Oversight Board (PCAOB) adopted a new standard on auditing accounting estimates. The standard is in response to the increasing use and significance of accounting estimates in the preparation of financial statements. The new ... http://www.schneiderdowns.com/our-thoughts-on/pcaob-adopts-new-standard-on-auditing-accounting-estimates Mon, 21 Jan 2019 00:00:00 +0000 The End of an Era LIBOR Interest Rate The London interbank offered rate (LIBOR) is arguably one of the most important numbers in the finance world. You can find it within most variable-rate debt agreements, adjustable mortgages and private student loans. This rate is the standard for approximately ... http://www.schneiderdowns.com/our-thoughts-on/the-end-of-an-era-libor-interest-rate Mon, 21 Jan 2019 00:00:00 +0000 Proposed Economic Presence Standards for Philadelphias Business Income and Receipts Tax The City of Philadelphia has drafted proposed economic nexus standards for Business Income and Receipts Tax (“BIRT”) based upon the recent United States Supreme Court ruling in South Dakota v. Wayfair. The proposed economic presence standards ... http://www.schneiderdowns.com/our-thoughts-on/economic-presence-standards-philadelphia-business-income-receipts-tax Thu, 17 Jan 2019 00:00:00 +0000 Transportation and Logistics to Continue Strong, if Slower, Growth in 2019 The bustling U.S. economy – led by robust consumer spending and energetic demand on durable industries like construction, manufacturing and mining – all contributed to making 2018 a record-setting year for the trucking industry. According ... http://www.schneiderdowns.com/our-thoughts-on/transportation-continue-strong-growth-2019 Thu, 17 Jan 2019 00:00:00 +0000 IRS Provides Safe Harbors For Business Charitable Contributions The Tax Cuts and Jobs Act passed in December 2017 created Internal Revenue Code (“IRC”) §164(b)(6), which limits the annual deduction for state and local taxes to $10,000. This prompted several states with higher individual income tax ... http://www.schneiderdowns.com/our-thoughts-on/irs-provides-safe-harbors-business-charitable-contributions Thu, 17 Jan 2019 00:00:00 +0000 Long-Awaited Employee Benefit Plan Audit Standard Final Balloted In April 2017, the Audit Standards Board (ASB) issued an exposure draft of the Proposed Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. The proposed SAS was issued ... http://www.schneiderdowns.com/our-thoughts-on/employee-benefit-plan-audit-standard-final Tue, 15 Jan 2019 00:00:00 +0000 Pennsylvanias Economic Nexus Provision for Sales and Use Tax On January 8, 2019, the Pennsylvania Department of Revenue issued Sales and Use Tax Bulletin 2019-01, clarifying how the Department will apply economic nexus standards for sales and use tax based on the United States Supreme Court’s opinion in South ... http://www.schneiderdowns.com/our-thoughts-on/pa-economic-nexus-provision-sales-and-use-tax Tue, 15 Jan 2019 00:00:00 +0000 Understanding Cyberthreats in our Energy Infrastructure Cybercrime Motive Most cyberattacks are simply motivated by money – revenue from cybercrime has reached nearly $1.5 trillion per year. The majority of the cyber threat actors out there today are just your average criminals, having adapted to the ... http://www.schneiderdowns.com/our-thoughts-on/understanding-cyber-threats-energy-infrastructure Tue, 15 Jan 2019 00:00:00 +0000 Making Your Benefit Plan Audit Easier Generally, any plan with 100 or more participants requires a plan audit. Whether your plan has already reached this threshold or you anticipate the plan reaching it in the future, here are some tips to help make your plan audit go more smoothly. Documentation ... http://www.schneiderdowns.com/our-thoughts-on/making-your-benefit-plan-audit-easier Tue, 15 Jan 2019 00:00:00 +0000 Mortality Scale 2018 Update In October 2018, the Society of Actuaries released its annually updated mortality improvement scale for pension plans, MP-2018, based on the same methodology and assumptions used to develop the previous scale (MP-2017) and revised to reflect historical ... http://www.schneiderdowns.com/our-thoughts-on/mortality-scale-2018-update Fri, 11 Jan 2019 00:00:00 +0000 Step-Up Your Estate Tax Strategies Please note that the following article was co-authored by Greg Allison. One of the most common strategies employed by affluent taxpayers in a comprehensive estate plan is to gift assets into trusts. This is largely done with an eye toward removing assets ... http://www.schneiderdowns.com/our-thoughts-on/estate-tax-strategies Fri, 11 Jan 2019 00:00:00 +0000 Addressing Technology Risks within the Financial Services Industry As rapidly as technology evolves, so does the inherent risk surrounding that technology. It has now become ever so critical to ensure appropriate mitigation strategies are constantly evaluated and overall governance is maintained at the executive and ... http://www.schneiderdowns.com/our-thoughts-on/technology-risks-financial-services-industry Fri, 11 Jan 2019 00:00:00 +0000 Dan Phillips Talks Tax Reform with Pittsburgh Business Times Dan Phillips, Tax Shareholder, spoke with the Pittsburgh Business Times about how tax reform is impacting Pittsburgh after one year. Read the full article here. Subscriptions may be required. For more information on tax reform, visit the Our Thoughts ... http://www.schneiderdowns.com/dan-phillips-talks-tax-reform-with-pittsburgh-business-times Thu, 10 Jan 2019 00:00:00 +0000 Making the Most of Your Charitable Contributions One of the most significant changes introduced in new tax law is that the standard deduction has increased significantly for every type of taxpayer. For single filers, the standard deduction increased from $6,350 to $12,000, and for married filing jointly ... http://www.schneiderdowns.com/our-thoughts-on/making-the-most-of-charitable-contributions Fri, 04 Jan 2019 00:00:00 +0000 Effective Dividends to Receive a 100% Deduction under New Proposed Treasury Regulations It should come as no surprise that taxpayers seek to minimize tax liability and maximize tax benefit. One way to achieve that result is for taxpayers to defer income recognition, and thus defer tax liability into the future. Prior to 1962, one popular ... http://www.schneiderdowns.com/our-thoughts-on/effective-dividends-receive-100-percent-deduction-under-proposed-treasury-regulations Fri, 04 Jan 2019 00:00:00 +0000 Income Tax Due Diligence A Critical Piece of Acquisition Due Diligence In addition to a comprehensive sales and use tax review, a thorough income tax review is critical in the overall tax diligence process that a buyer must undertake in considering an acquisition. This is particularly true with equity transactions, due to ... http://www.schneiderdowns.com/our-thoughts-on/income-tax-due-diligence-acquisition-due-diligence Thu, 03 Jan 2019 00:00:00 +0000 Impact Fee Imposed by Pennsylvania Supreme Court The Supreme Court of Pennsylvania issued its decision in Snyder Brothers, Inc. v. Pennsylvania Public Utility Commission, ruling that impact fees applied to vertical gas wells that produced an average of 90,000 cubic feet of gas per day for a single month ... http://www.schneiderdowns.com/our-thoughts-on/impact-fee-imposed-by-pennsylvania-supreme-court Thu, 03 Jan 2019 00:00:00 +0000 What's New Under TCJA for Education Expenses? By now you know that the Tax Cuts and Jobs Act (TCJA) signed into legislation last December will have a major impact on your tax filings for the years 2018 through 2025. We at Schneider Downs are still working through each aspect as year-end tax projections ... http://www.schneiderdowns.com/our-thoughts-on/new-tcja-education-expenses Wed, 02 Jan 2019 00:00:00 +0000 Where are your trucks at December 31, 2018? For many nonpublic transportation companies, the question of where your trucks are at December 31, 2018 is an important question to prepare yourself for the upcoming revenue recognition changes. Beginning January 1, 2019, nonpublic companies are required ... http://www.schneiderdowns.com/our-thoughts-on/where-are-your-trucks-december-31-2018 Fri, 28 Dec 2018 00:00:00 +0000 The Future of Construction In thinking about the future of construction, my Google search turned up a lot of ideas. Some of the main aspirations of construction companies for the future are zero defects and accidents, efficiency and sustainability…as well as completing projects ... http://www.schneiderdowns.com/our-thoughts-on/the-future-of-construction Tue, 18 Dec 2018 00:00:00 +0000 Relief from addition to tax for underpayment of estimated income tax for tax-exempt organizations that provide Qualified Transportation Fringe Benefits As a result of the changes made to Internal Revenue Code (IRC) sections 274 and 512 by the Tax Cuts and Jobs Act of 2017, tax-exempt organizations must increase unrelated business income by any amount that is paid or incurred for any qualified transportation ... http://www.schneiderdowns.com/our-thoughts-on/relief-tax-underpayment-income-tax-for-exempt-orgs-qualified-transportation-fringe-benefits Tue, 18 Dec 2018 00:00:00 +0000 IRS Guidance on Parking Expenses for Qualified Transportation Fringes Provides Opportunities for Exempt Organizations The IRS has released Notice 2018-99, which provides interim guidance to tax-exempt organizations as to how unrelated business taxable income (UBTI) is increased by disallowed parking expenses. Guidance provided within the Notice may be relied upon until ... http://www.schneiderdowns.com/our-thoughts-on/irs-guidance-parking-expenses-for-qualified-transportation-provides-opps Tue, 18 Dec 2018 00:00:00 +0000 Nancy Skeans Talks Financial Planning with Forbes Magazine Nancy Skeans, CEO of Schneider Downs Wealth Management, was featured in a Forbes Magazine article focused on some important differences between financial planning with a spouse and planning with a live-in partner. View the full article here. For more ... http://www.schneiderdowns.com/nancy-skeans-talks-financial-planning-with-forbes-magazine Mon, 17 Dec 2018 00:00:00 +0000 Employee Benefits Due Diligence in Mergers and Acquisitions When conducting due diligence in connection with a potential merger or acquisition, companies too frequently treat employee benefits as an afterthought. In reality, employee benefit plans are a common source of substantial hidden liabilities. Employee ... http://www.schneiderdowns.com/our-thoughts-on/employee-benefits-due-diligence-mergers-acquisitions Fri, 14 Dec 2018 00:00:00 +0000 Does Santa Pay the Gift Tax? Does Santa Receive Wages of Cookies and Milk? ‘Twas the night before Christmas and all through the house, not a creature was stirring… except for St. Nick’s elf-accountants, who couldn’t wait to calculate his potential gift tax. CNBC reports that this year, U.S. holiday retail ... http://www.schneiderdowns.com/our-thoughts-on/santa-pay-gift-tax-does-he-receive-wages-cookies-milk Thu, 13 Dec 2018 00:00:00 +0000 Year-End Giving from IRAs: Traps to Avoid The holiday season is a time of giving and reflection. Charitable contributions are a time-honored way of achieving one’s philanthropic goals while enjoying certain tax benefits along the way. For IRA owners over age 70½, one of the most ... http://www.schneiderdowns.com/our-thoughts-on/IRA-checkbook-trap Thu, 13 Dec 2018 00:00:00 +0000 California Sales and Use Tax Collection Requirements California is the latest state to require out-of-state sellers to collect sales (use) tax if the seller reaches certain sales thresholds. California’s thresholds of $100,000 in sales or 200 separate transactions are consistent with those established ... http://www.schneiderdowns.com/our-thoughts-on/california-sales-use-tax-collection Thu, 13 Dec 2018 00:00:00 +0000 Don't Acquire the Data Breach - The Importance of Cybersecurity and Information Technology Due Diligence Co-Authored by: Eric Fair As businesses evolve through mergers and acquisitions (M&A), the ever-changing technology landscape continues to provide a challenge to companies and their acquirers. This highlights the ongoing need to perform cybersecurity ... http://www.schneiderdowns.com/our-thoughts-on/data-breach-cybersecurity-information-technology-due-diligence Thu, 13 Dec 2018 00:00:00 +0000 IRS Clarifies Uncertainty Surrounding Lifetime Gifting and Increased Basic Exclusion Amount Under TCJA Over the past year, Schneider Downs has been busy tracking the drafting, passage and, as of late, the Internal Revenue Service's implementation of the Tax Cuts and Jobs Act ("TCJA"). From an Estate and Trust perspective, few changes under ... http://www.schneiderdowns.com/our-thoughts-on/irs-uncertainty-lifetime-gifting-increased-basic-exclusion-amount-tcja Tue, 11 Dec 2018 00:00:00 +0000 SOC 2 Examinations - What Are the Trust Services Criteria and Categories? The 2017 Trust Services Criteria (TSC), which superseded the 2016 Trust Services Principles and Criteria (TSPC), serves as the control criteria for attestation engagements to assess and report on controls for information and systems like System and Organization ... http://www.schneiderdowns.com/our-thoughts-on/soc-2-examinations-trust-services-criteria-categories Mon, 10 Dec 2018 00:00:00 +0000 Postcard from the AICPA Global Manufacturers Conference The Schneider Downs Manufacturing Industry Focus Group sent members to the AICPA Global Manufacturers Conference in mid-November. The three-day conference covered a variety of topics including an economic outlook, tax reform update, the Blockchain impact, ... http://www.schneiderdowns.com/our-thoughts-on/postcard-aicpa-global-manufacturers-conference Thu, 06 Dec 2018 00:00:00 +0000 Amazon Money Laundering Scam An apparent fraud scheme has been uncovered that involves scammers’ use of CreateSpace, Amazon’s self-publishing service, to sell fake books under stolen identities. The scammer allegedly then buys the books with stolen credit cards and keeps ... http://www.schneiderdowns.com/our-thoughts-on/amazon-money-laundering-scam Tue, 04 Dec 2018 00:00:00 +0000 Department of Education "Raises a Warning Flag" on Student Debt In a recent speech at the Federal Student Aid Training Conference in Atlanta, U.S. Secretary of Education Betsy DeVos warned that the growth of student loan debt held by the federal government is growing in an unsustainable manner. During her speech, ... http://www.schneiderdowns.com/our-thoughts-on/department-of-education-raises-warning-student-debt Mon, 03 Dec 2018 00:00:00 +0000 Reminder: Increased Limit for Charitable Deductions With the holiday season upon us, it is time to look back at our year and to look forward to achieving our goals for 2018. For many, that means reaching into our pockets and giving back to our communities through charitable contributions. The holiday spirit ... http://www.schneiderdowns.com/our-thoughts-on/increased-limit-charitable-deductions Thu, 29 Nov 2018 00:00:00 +0000 When is a Disaster a Tax Deduction? It’s not your imagination--we are experiencing more weather and climate disasters than ever before. According to the website www.climate.gov, in 2017, “the U.S. experienced a historic year of weather and climate disasters. In total, the U.S. ... http://www.schneiderdowns.com/our-thoughts-on/when-is-a-disaster-a-tax-deduction Wed, 28 Nov 2018 00:00:00 +0000 FDIC Information Technology Risk Examination (InTREx) Program Overview The FDIC’s Information Technology Risk Examination (InTREx) Program is its current information technology and IT operations examination procedures. Originally introduced in 2016, InTREx takes a risk-based approach to performing examinations of IT. ... http://www.schneiderdowns.com/our-thoughts-on/fdic-information-technology-risk-examination-intrex-program-overview Wed, 28 Nov 2018 00:00:00 +0000 New Jersey and New Mexico Offer Tax Amnesty Programs New Jersey – Beginning November 15, 2018 and running through January 15, 2019, the New Jersey Division of Taxation is offering tax amnesty for eligible taxpayers to resolve any outstanding tax liabilities administered by the New Jersey Division ... http://www.schneiderdowns.com/our-thoughts-on/nj-nm-offer-tax-amnesty-programs Tue, 27 Nov 2018 00:00:00 +0000 Is My Home Mortgage Interest Still Deductible? You’ve probably heard that significant changes have come to the tried-and-true Schedule A itemized deductions methodology we’re all familiar with. One such modification is in the area of deductibility of mortgage, home equity loan and home ... http://www.schneiderdowns.com/our-thoughts-on/is-home-mortgage-interest-still-deductible Tue, 27 Nov 2018 00:00:00 +0000 Sales Tax Due Diligence (A Deeper Dive) As noted in our previous Our Thoughts On article, sales tax can be complicated in the context of a buying or selling an entity, and proper diligence is necessary to ensure that the buyer is made aware of known liabilities and potentially unknown liabilities. ... http://www.schneiderdowns.com/our-thoughts-on/sales-tax-due-diligence-deep-dive Mon, 26 Nov 2018 00:00:00 +0000 Higher Education and Construction; Does Building Green Still Matter? At a recent symposium held by the Master Builders’ Association of Western Pennsylvania (MBA), a panel of speakers tackled the question of whether green building and sustainability is still relevant. Key concepts and practices developed around the ... http://www.schneiderdowns.com/our-thoughts-on/higher-education-construction-building-green Wed, 21 Nov 2018 00:00:00 +0000 An Inflow of Opportunity: Tax-Free Repatriation of Foreign Source Income from a Controlled Foreign Corporation For more than fifty years, and subject to many exceptions, U.S. shareholders have been utilizing the controlled foreign corporation (“CFC”) as a vehicle to defer U.S. tax liability on income earned abroad. Internal Revenue Code (“IRC”) ... http://www.schneiderdowns.com/our-thoughts-on/inflow-opportunity-tax-free-repatriation-foreign-source-income-controlled-foreign-corporation Tue, 20 Nov 2018 00:00:00 +0000 IRS Releases Official Inflation-Adjusted Tax Figures for 2019 On November 15, 2018, the IRS issued Revenue Procedure 2018-57, which details the official inflation-adjusted tax rate schedules and other tax figures for the 2019 tax year. The highlights are as follows: Tax Rate Schedules: The tax rates remain the same ... http://www.schneiderdowns.com/our-thoughts-on/irs-inflation-adjusted-tax-figures-2019 Mon, 19 Nov 2018 00:00:00 +0000 IRS Raises the Estate and Gift Tax Exemption for 2019 Property included in an individual’s estate at the time of death is subject to a tax by the federal government. There is, however, an exemption available to offset the tax, which is typically adjusted for inflation each year. Under the Tax Cuts ... http://www.schneiderdowns.com/our-thoughts-on/irs-raises-estate-gift-tax-exemption-2019 Mon, 19 Nov 2018 00:00:00 +0000 How Does the Revenue Recognition Standard Affect Private Equity Firms? The creation and adoption of the Financial Accounting Standards Board’s (FASB) Codification Section 606, Revenue from Contracts with Customers, (ASC 606) is one of the most significant changes to the Codification that has occurred over the past ... http://www.schneiderdowns.com/our-thoughts-on/revenue-recognition-standard-private-equity-firms Mon, 19 Nov 2018 00:00:00 +0000 2019 Filing Season Risks Facing Delayed Start The new Tax Cuts and Jobs Act (the “Act”) brought significant tax code changes to both individuals and businesses and to tax-exempt organizations. In an effort to evaluate how the IRS’ information technology organization has been dealing ... http://www.schneiderdowns.com/our-thoughts-on/2019-filing-season-risks-delayed-start Fri, 16 Nov 2018 00:00:00 +0000 Danske Bank Money Laundering Scandal Fallout On September 19, 2018, Thomas Borgen, CEO of the Estonian Branch of Danske Bank since 2013, resigned amidst potentially the largest money laundering scandal in European history. Danske Bank’s Chairman, Ole Anderson followed suit and stepped down ... http://www.schneiderdowns.com/our-thoughts-on/danske-bank-money-laundering-scandal-fallout Fri, 16 Nov 2018 00:00:00 +0000 Horsing Around - How A Champion Quarter-Horse Breeder Stole Millions Rita Crundwell, Comptroller of the City of Dixon, Illinois and successful quarter-horse breeder, had no idea that her $53.7 million fraud would soon be coming to an end while she was away at an equine competition in October 2011. While Crundwell was out ... http://www.schneiderdowns.com/our-thoughts-on/horsing-around-how-a-champion-quarterhorse-breeder-stole-millions Fri, 16 Nov 2018 00:00:00 +0000 Fraud in the Music Streaming Industry Over the past several years, as the music streaming industry has experienced rapid growth, fraud has entered into the industry. Though the total impact of this type of fraud is indeterminable at the moment, this could be a legitimate concern in the future. ... http://www.schneiderdowns.com/our-thoughts-on/fraud-in-the-music-streaming-industry Thu, 15 Nov 2018 00:00:00 +0000 2018 International Fraud Awareness Week The Association of Certified Fraud Examiners (ACFE) in its Report to the Nations: 2018 Global Study on Occupational Fraud and Abuse estimates that, worldwide, fraud costs companies 5% of their annual revenue each year. Median losses are estimated to be ... http://www.schneiderdowns.com/our-thoughts-on/2018-international-fraud-awareness-week Thu, 15 Nov 2018 00:00:00 +0000 Is Your Construction Company Eligible for a Credit for Wages Paid under FMLA? The Tax Cuts and Jobs Act enacted late last year created an employer credit for paid leave provided under the Family and Medical Leave Act (FMLA). The credit is equal to 12.5% of wages paid to a qualifying employee during any period in which he or she ... http://www.schneiderdowns.com/our-thoughts-on/construction-company-eligible-credit-wages-paid-under-fmla Tue, 13 Nov 2018 00:00:00 +0000 Lessons Every Company Can Learn From the Decline of Sears On October 15, Sears Holdings, owner of the once-beloved Sears department stores, filed for bankruptcy protection. While the company’s decline has been largely publicized, it is still hard to believe that a longstanding staple in the American shopping ... http://www.schneiderdowns.com/our-thoughts-on/lessons-company-decline-sears Tue, 13 Nov 2018 00:00:00 +0000 Kathy Petrucci and Roy Lydic featured in OSCPA's Voice Kathy Petrucci and Roy Lydic were featured in an article titled "Best Practices When Applying For A Job" in the OSCPA's Voice. To read the article they were featured in click here. To view the Voice's September/October 2018 publication ... http://www.schneiderdowns.com/kathy-petrucci-and-roy-lydic-featured-in-oscpas-voice Thu, 08 Nov 2018 00:00:00 +0000 What You Need to Know About the Ohio Data Protection Act What Is the Ohio Data Protection Act? On August 3, 2018, Ohio Governor John Kasich signed the Ohio Data Protection Act (“the Act”) into law. The Act, which went into effect on November 2, 2018, provides affirmative litigation defense to Ohio ... http://www.schneiderdowns.com/our-thoughts-on/what-you-need-to-know-about-the-ohio-data-protection-act Thu, 08 Nov 2018 00:00:00 +0000 Professional Service Firms - Are You Ready for the Implementation of the New Lease Standard? What Are the Five Key Questions to Ask? Professional service firms will be required to adopt Accounting Standards Update (ASU) 2016-02 Topic 842 - Leases (ASU 2016-02) in the upcoming years. ASU 2016-02 is effective for periods beginning after December 15, 2019 for nonpublic entities and after ... http://www.schneiderdowns.com/our-thoughts-on/professional-service-firms-implementation-new-lease-standard-five-key-questions Wed, 07 Nov 2018 00:00:00 +0000 2019 Retirement Plan Limitations ... http://www.schneiderdowns.com/our-thoughts-on/2019-retirement-plan-limitations_1 Tue, 06 Nov 2018 00:00:00 +0000 The Estate and Gift Tax Exemption Planning Puzzle As every good tax advisor knows, planning is key. So what happens when you have to plan for the unknown? This is the situation that estate and gift tax planners are currently facing in response to the Tax Cut and Jobs Act (“TCJA”) signed into ... http://www.schneiderdowns.com/our-thoughts-on/estate-gift-tax-exemption-planning-puzzle Tue, 06 Nov 2018 00:00:00 +0000 Transportation Industry Adjusts to New Tax Laws Surrounding Per Diems Effective in 2018, new tax laws were put in place regarding the treatment of per diems for company drivers and owner-operators within the transportation industry. A per diem payment is a reimbursement, as defined in Internal Revenue Code and Regulations, ... http://www.schneiderdowns.com/our-thoughts-on/transportation-industry-adjusts-tax-laws-per-diems Tue, 06 Nov 2018 00:00:00 +0000 Private Companies Rejoice - VIE Rules are Changing for the Better The Financial Accounting Standards Board (FASB) recently released one of the most anticipated changes to accounting guidance for variable interest entities (VIE). The change is intended to provide relief to private companies from challenges that have ... http://www.schneiderdowns.com/our-thoughts-on/private-companies-rejoice-vie-rules-changing Mon, 05 Nov 2018 00:00:00 +0000 How to Decide if a Type 1 or Type 2 SOC Report is Right for Your Organization In a previous article, we described the differences between SOC 1 reports and SOC 2 reports. Once an organization decides to pursue a SOC 1 or SOC 2 report, the next decision it will need to make is whether it will complete a Type 1 examination or a Type ... http://www.schneiderdowns.com/our-thoughts-on/type-1-type-2-soc-report-organization Mon, 05 Nov 2018 00:00:00 +0000 2019 Retirement Plan Limitations On November 1, 2018, the Internal Revenue Service announced the cost-of-living adjustments (COLA) that will take effect January 1, 2019 (IRS Notice 2018-83). These COLAs affect various contribution and deduction limits for qualified retirement plans, ... http://www.schneiderdowns.com/our-thoughts-on/2019-retirement-plan-limitations Mon, 05 Nov 2018 00:00:00 +0000 Are You Ready for ASC 606 to go into Effect? For fiscal periods beginning after December 15, 2017, ASC 606 will change the way companies recognize revenue. In general, ASC 606 will affect revenue recognition from contracts with their customers. How will this ASC affect retailers? Retailers will ... http://www.schneiderdowns.com/our-thoughts-on/are-you-ready-for-asc-606-to-go-into-effect Fri, 02 Nov 2018 00:00:00 +0000 Revenue Procedure 2018-52 Released by IRS: VCP Modifications On September 28, 2018, the IRS released Revenue Procedure 2018-52, which will be effective as of January 1, 2019 and supersedes Revenue Procedure 2016-51. The most impactful change comes to the submission of corrections process to the IRS’s Voluntary ... http://www.schneiderdowns.com/our-thoughts-on/revenue-procedure-2018-52-released-irs-vcp-modifications Thu, 01 Nov 2018 00:00:00 +0000 Retail Sales Register Solid Third Quarter Results Going into the Holiday Season Based on calculations released by the National Retail Federation (NRF) and data from the U.S. Census Bureau, retail sales in September increased three percent and the three-month moving average increased 4.5 percent over the prior year. This excludes ... http://www.schneiderdowns.com/our-thoughts-on/retail-sales-third-quarter-results-holiday-season Thu, 01 Nov 2018 00:00:00 +0000 Schneider Downs Sponsors the 2018 Pennsylvania Automotive Association Fall Conference Last month, Steve Barber and Henry Szymanski from our Auto Dealer Advisory Group attended the 2018 Pennsylvania Automotive Association (“PAA”) Fall Conference held at the Fairmont Southampton in Bermuda. As a Bronze sponsor of the event, Schneider ... http://www.schneiderdowns.com/our-thoughts-on/schneider-downs-2018-pennsylvania-automotive-association-fall-conference Thu, 01 Nov 2018 00:00:00 +0000 Is Your Organization Failing Password Security Management? Security management may be implementing high-cost sophisticated measures in your organization, but it’s often the first factor of enterprise authentication that isn’t getting the attention it deserves. According to the LastPass 2018 Global ... http://www.schneiderdowns.com/our-thoughts-on/organization-failing-password-security-management Thu, 01 Nov 2018 00:00:00 +0000 Gramm-Leach-Bliley Act - Are you protecting your students' financial data? The Gramm-Leach-Bliley Act (GLBA) is a federal law that applies to entities that collect consumer financial data, including institutions of higher education. This law, specifically the Safeguards Rule, applies to how higher education institutions collect, ... http://www.schneiderdowns.com/our-thoughts-on/gramm-leach-bliley-act-protecting-students-financial-data Wed, 31 Oct 2018 00:00:00 +0000 The Changing Landscape of Qualified Retirement Plans Plan Sponsors continue to be faced with the pressure of overseeing a “successful” retirement plan for participants and beneficiaries. How “successful” is defined continues to be an ever-evolving and expanding measurement. In this ... http://www.schneiderdowns.com/our-thoughts-on/changing-landscape-qualified-retirement-plans Wed, 31 Oct 2018 00:00:00 +0000 Mitigating the Risk of Cyber Attacks to Your Employee Benefit Plan From Target to Equifax to the federal government, it seems that a new cybersecurity breach makes headlines on an almost daily basis. With all these breeches, an attack on your employee benefit plan seems inevitable. Cybersecurity risks, such as phishing ... http://www.schneiderdowns.com/our-thoughts-on/mitigating-risk-cyber-attacks-employee-benefit-plan Wed, 31 Oct 2018 00:00:00 +0000 Calling all U.S. Citizens Did you properly report your foreign income and assets? U.S. citizens are required to report income on their tax returns, irrespective of where the income is earned or where they live. This means that a U.S. citizen abroad could be required to file tax ... http://www.schneiderdowns.com/our-thoughts-on/calling-all-us-citizens Tue, 30 Oct 2018 00:00:00 +0000 SOC Report Refresher: What Are the Different Types of SOC Reports? The rise of cloud computing has played a key role with businesses that outsource certain functions to service organizations. Since such organizations are now being held accountable for computing, processing, storage and the protection of customer data, ... http://www.schneiderdowns.com/our-thoughts-on/soc-report-soc-reports Tue, 30 Oct 2018 00:00:00 +0000 What You Should Know About Sales Tax Due Diligence Sales tax is rarely a top priority for either buyers or sellers, but should not be overlooked when evaluating a deal. A sales tax due diligence review can undercover improperly filed returns, nexus issues, and improper taxability categorization. Any of ... http://www.schneiderdowns.com/our-thoughts-on/what-you-should-know-about-sales-tax-due-diligence Tue, 30 Oct 2018 00:00:00 +0000 It's time to talk about your CYBER audit policy Imagine for a moment that your organization is hit with a malicious Trojan that your office’s Information Technology (IT) staff hasn’t noticed for months, and it maintained persistence on one of your file servers where your team maintains ... http://www.schneiderdowns.com/our-thoughts-on/its-time-to-talk-about-your-cyber-audit-policy Mon, 29 Oct 2018 00:00:00 +0000 Congress Reaches Out to President to Help ESOPs More than 20 members of Congress signed a letter addressed to President Trump earlier this month requesting assistance in protecting employee-owned companies from the Department of Labor (“DOL”). The letter argues that the DOL has issued very ... http://www.schneiderdowns.com/our-thoughts-on/congress-reaches-out-to-president-to-help-esops Mon, 29 Oct 2018 00:00:00 +0000 Significant Tax Savings Available Using Qualified Opportunity Zones: Proposed Regulations Issued The Internal Revenue Service (IRS) finally issued much needed guidance, in the form of proposed regulations, on Qualified Opportunity Zones (QOZs). The guidance provides investors/taxpayers with an initial set of rules on how to qualify for the special ... http://www.schneiderdowns.com/our-thoughts-on/tax-savings-avail-qualified-opp-zones-proposed-regs-issued Wed, 24 Oct 2018 00:00:00 +0000 2018 Construction Spending Update Recently, the U.S Census Bureau released its report detailing a monthly estimate of the total dollar value of construction work done in the U.S. The spending estimate included work done on new and existing structures for both the private and public sectors. ... http://www.schneiderdowns.com/our-thoughts-on/2018-construction-spending-update Fri, 19 Oct 2018 00:00:00 +0000 Cyber Monday Growth Brings Evolving Risks for Retailers The trees outside are turning vibrant shades of red, orange and yellow, which has retailers seeing green. As Black Friday and Cyber Monday quickly approach, it is predicted that spending on these days will be at an all-time high. Adobe estimates that ... http://www.schneiderdowns.com/our-thoughts-on/cyber-monday-growth-brings-evolving-risks-for-retailers Thu, 18 Oct 2018 00:00:00 +0000 IRS provides guidance on Exclusion from Income of Qualified Moving Expense Reimbursements On September 21, the Internal Revenue Service issued Notice 2018-75, providing guidance on excluding from income an employee’s reimbursed qualified moving expenses incurred in 2017 but paid after January 1, 2018. The recently enacted Tax Cuts and ... http://www.schneiderdowns.com/our-thoughts-on/irs-guidance-exclusion-income-moving-expense-reimbursements Wed, 17 Oct 2018 00:00:00 +0000 Schneider Downs Professionals take part in the PICPA's CPA Conversations Schneider Downs Cybersecurity and IT Risk Advisory Shareholder, Dan Desko, and Risk Advisory Manager, Troy Fine, took part in the Pennsylvania Institute of Certified Public Accountant's CPA Conversations podcast where they discussed what boards need ... http://www.schneiderdowns.com/schneider-downs-professionals-take-part-in-the-picpas-cpa-conversations Tue, 16 Oct 2018 00:00:00 +0000 What is Ransomware? Ever since the mid-2000s, industries around the world constantly have one fear in the back of their mind in regards to information security: ransomware. What Is Ransomware? Ransomware is a type of malicious software that either prevents access to existing ... http://www.schneiderdowns.com/our-thoughts-on/ransomware Mon, 15 Oct 2018 00:00:00 +0000 Don Linzer talks new tax incentives for workforce housing Don Linzer, CEO, Schneider Downs Corporate Finance, LP and Partner, Schneider Downs Wealth Management Advisors, wrote an article for Multi-Housing News (MHN) about new tax incentives for workforce housing. Sophie Xu, an intern in our Corporate Finance ... http://www.schneiderdowns.com/don-linzer-talks-new-tax-incentives-for-workforce-housing Thu, 11 Oct 2018 00:00:00 +0000 Turnaround Plan Required - Political Conversations in Business The current political environment has become a daily part of many conversations. With the polarized political environment in the U.S., and individuals holding dramatically differing political viewpoints, politics is now inherently embedded in my business ... http://www.schneiderdowns.com/our-thoughts-on/turnaround-plan-political-conversations-business Wed, 10 Oct 2018 00:00:00 +0000 Business Meals Remain Deductible On Wednesday, October 3, 2018, the Internal Revenue Service (IRS) issued Tax Notice 2018-76 confirming our conclusion reached in March 2018 that certain business meals will remain 50% deductible. The results are more favorable than we had originally hoped ... http://www.schneiderdowns.com/our-thoughts-on/business-meals-remain-deductible Mon, 08 Oct 2018 00:00:00 +0000 Labor Shortage, Tall Task The labor shortage facing contractors has been a key industry risk in recent years. On August 29, 2018, Autodesk and the Associated General Contractors of America (AGC) released their findings of a survey taken by over 2,500 constructions firms nationwide. ... http://www.schneiderdowns.com/our-thoughts-on/labor-shortage-tall-task Mon, 08 Oct 2018 00:00:00 +0000 IRS Releases 2018 Draft of Excise Tax Form 4720; Includes Schedules for Exempt Organizations Two new excise taxes added by the recently enacted Tax Cuts and Jobs Act may apply to exempt organizations, for tax years beginning after December 31, 2017: A 21% excise tax on executive compensation, applicable to the top five "covered" employees ... http://www.schneiderdowns.com/our-thoughts-on/irs-2018-draft-excise-tax-form-4720-exempt-organizations Thu, 04 Oct 2018 00:00:00 +0000 Key Oil and Gas Provisions Remain Through Tax Reform While there have been sweeping changes due to the Tax Cuts and Jobs Act of 2017, a few key components that taxpayers in the oil and gas industry have routinely benefitted from will remain intact. One of the more important provisions to remain under the ... http://www.schneiderdowns.com/our-thoughts-on/oil-gas-provisions-tax-reform Tue, 02 Oct 2018 00:00:00 +0000 David Brinkman speaks to PLANADVISER about preparing for market volatility David Brinkman, Investment Relationship Manager with Schneider Downs Wealth Management in Columbus, Ohio spoke with PLANADVISER about helping participants brace for market volatility. Read the full article here. For more information, visit the Schneider ... http://www.schneiderdowns.com/david-brinkman-speaks-to-planadviser-about-preparing-for-market-volatility Mon, 01 Oct 2018 00:00:00 +0000 United States-Mexico-Canada Agreement (USMCA) Finalized On August 27, the existing North American Free Trade Agreement (NAFTA) was replaced with a new tentative accord between the United States and Mexico. The original NAFTA had been instituted to remove trade barriers and most tariffs between the United States, ... http://www.schneiderdowns.com/our-thoughts-on/agreement-usmca-finalized Mon, 01 Oct 2018 00:00:00 +0000 Phishing, Don't Take the Bait! We’ve all heard about phishing by now. It’s the attack vector of choice for many hackers – in which the weapon used is a simple email. Hackers love phishing because it’s usually easier to trick a single employee into clicking a ... http://www.schneiderdowns.com/our-thoughts-on/phishing-dont-take-the-bait Mon, 01 Oct 2018 00:00:00 +0000 How the size of an organization can affect its risk of fraud According to the Association of Certified Fraud Examiners’ (“ACFE”) 2018 Report to the Nations, organizations with less than 100 employees represented the largest number of cases that they studied and were also the victims of the largest ... http://www.schneiderdowns.com/our-thoughts-on/size-of-organization-risk-of-fraud Fri, 28 Sep 2018 00:00:00 +0000 Putting a Face to the Fraud What do fraudsters look like? Do they dress, act, or talk a certain way? In the Association of Certified Fraud Examiners’ (“ACFE”) 2018 Report to the Nations, the ACFE explores common characteristics and risk profiles for those who commit ... http://www.schneiderdowns.com/our-thoughts-on/putting-a-face-to-the-fraud Fri, 28 Sep 2018 00:00:00 +0000 If You're Waiting For A Sign, This Might Be It - Six Behavioral Red Flags Of Fraud According to the Association of Certified Fraud Examiners’ (“ACFE”) 2018 Report to the Nations, in 85% of the cases studied, fraudsters displayed at least one behavioral red flag. In 50% of the cases, multiple red flags were evident. ... http://www.schneiderdowns.com/our-thoughts-on/six-behavioral-red-flags-fraud Fri, 28 Sep 2018 00:00:00 +0000 Occupational Fraud - An Attack From Within In the Association of Certified Fraud Examiners’ (“ACFE”) 2018 Report to the Nations, the ACFE presents its findings related their study of 2,690 cases of occupational fraud that were investigated between January 2016 and October 2017. ... http://www.schneiderdowns.com/our-thoughts-on/occupational-fraud-attack-within Fri, 28 Sep 2018 00:00:00 +0000 Minimum Wages Are On the Rise Effective October 1, 2018, Delaware will enact a 50-cent increase in its minimum wage, bringing it to a new high of $8.75 per hour. Shortly thereafter and throughout 2019, adjustments will be made to minimum wage levels in 22 states and districts, including ... http://www.schneiderdowns.com/our-thoughts-on/minimum-wages-rise Wed, 26 Sep 2018 00:00:00 +0000 New Submission Requirements for Forms 1099-MISC The Protecting Americans from Tax Hikes (PATH) Act of 2015 updated the due date filing requirements for Forms 1099-MISC as follows: January 31 - Reporting non-employee compensation (Box 7), whether filed on paper or electronically February 28 – ... http://www.schneiderdowns.com/our-thoughts-on/new-submission-requirements-1099misc Mon, 24 Sep 2018 00:00:00 +0000 Schneider Downs Welcomes National Security Agency (NSA) Veteran David B. Murphy as Lead Cybersecurity Analyst PITTSBURGH, PA — Schneider Downs, a top 55 certified public accounting and business advisory firm with a leading Cybersecurity practice, announced that David B. Murphy, has joined the firm’s Pittsburgh office as a Lead Cybersecurity Analyst. ... http://www.schneiderdowns.com/schneider-downs-welcomes-national-security-agency-nsa-veteran-david-b-murphy-as-lead-cybersecurity-analyst Thu, 20 Sep 2018 00:00:00 +0000 Calculation of Value Accepted in Divorce Case In a recent Alabama divorce case (Rohling v. Rohling, 2018 Ala. Civ. App. LEXIS 94), the appeals court affirmed the trial court’s acceptance of a calculation of value of the husband’s dental laboratory business. The husband acted as his own ... http://www.schneiderdowns.com/our-thoughts-on/calculation-value-accepted-divorce-case Thu, 20 Sep 2018 00:00:00 +0000 Administrative Expenses for Trusts and Estates Will Remain Deductible The Internal Revenue Service (the “IRS”) has announced in Notice 2018-61 (the “Notice”) that it plans to issue regulations clarifying that non-grantor trusts and estates can still take deductions for certain costs paid or incurred ... http://www.schneiderdowns.com/our-thoughts-on/administrative-expenses-trusts-estates-deductible Tue, 18 Sep 2018 00:00:00 +0000 New Employee Benefit Plan Auditing Standard Now Final After years of debate, deliberation and revision, it appears the Auditing Standards Board (ASB) is finally set to issue Statement on Auditing Standards (SAS) Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ... http://www.schneiderdowns.com/our-thoughts-on/new-employee-benefit-plan-auditing-standard-final Tue, 18 Sep 2018 00:00:00 +0000 Understanding and Calculating Economic Nexus Thresholds for Sales and Use Tax While a few states such as Hawaii and Vermont already have active economic nexus provisions in place for sales and use tax, remote sellers are anxiously working to comply with a number of states whose economic nexus provisions go into effect on October ... http://www.schneiderdowns.com/our-thoughts-on/economic-nexus-thresholds-sales-use-tax Tue, 18 Sep 2018 00:00:00 +0000 New Procurement Standards Impacting Research and Development Activities The Research and Development (R&D) Cluster encompasses a variety of programs in which the federal government sponsors research and development activities through a number of awards, such as contracts, grants, cooperative agreements, etc. The purpose ... http://www.schneiderdowns.com/our-thoughts-on/new-procurement-standards-research-development-activities Thu, 13 Sep 2018 00:00:00 +0000 Will Cloud Service Providers' SOC 2 Reports Satisfy SaaS Companies' Customer Assurance Needs? Software-as-a-Service (SaaS) companies tend to provide services that require their customers to entrust them with their sensitive data. Therefore, customers of SaaS companies need to obtain assurance over the controls in place at SaaS companies to be ... http://www.schneiderdowns.com/our-thoughts-on/cloud-service-providers-soc-2-reports-saas-companies Thu, 13 Sep 2018 00:00:00 +0000 State of Higher Education Looking Up, But Still Facing Challenges The general outlook for the higher education sector has been negative for a number of years, according to Moody’s industry reports for the past several years. Nonetheless, for selected revenue streams, the first half of 2018 experienced better growth ... http://www.schneiderdowns.com/our-thoughts-on/state-of-higher-education-challenges Wed, 12 Sep 2018 00:00:00 +0000 Don't Be Lulled Into a False Sense of Security In my journey as a cybersecurity professional, I provide a wide variety of services to an even wider variety of clients. Within those services, there is one underlying value that I have come to appreciate above the rest: removing a false sense of security, ... http://www.schneiderdowns.com/our-thoughts-on/false-sense-of-security Mon, 10 Sep 2018 00:00:00 +0000 Student Loan Repayment Program - A Retirement Plan Twist A recent IRS decision allowing an employer to offer a student loan repayment (SLR) benefit as an element of its retirement plan could open the door to other employers interested in offering similar benefits. On August 17, 2018, the IRS issued Private ... http://www.schneiderdowns.com/our-thoughts-on/student-loan-repayment-program-retirement-plan Fri, 07 Sep 2018 00:00:00 +0000 PA DEP Issues 2017 Annual Oil and Gas Report On August 31, the Pennsylvania Department of Environmental Protection (DEP) released its 2017 annual oil and gas report. The DEP, with a mission of “protecting Pennsylvania’s air, land and water from pollution and providing for the health ... http://www.schneiderdowns.com/our-thoughts-on/pa-dep-oil-gas-report Fri, 07 Sep 2018 00:00:00 +0000 Free Speech/Privacy Advocates Score Significant Victory with Changes to Form 990 Schedule B Disclosure Requirements Advocates of free speech and personal privacy scored a significant victory with the Service's recent release of Revenue Procedure 2018-38. Effective for tax years ending December 31, 2018, the new procedure exempts all tax-exempt organizations, other ... http://www.schneiderdowns.com/our-thoughts-on/free-speech-advocates-score-victory-changes-form-990 Wed, 05 Sep 2018 00:00:00 +0000 Aretha Franklin Left no Will - What Happens Next? On August 16, 2018, a saddened world mourned the passing of legendary vocalist and songwriter Aretha Franklin. Known affectionately to her fans as the “Queen of Soul,” Franklin will long be remembered for her musical accomplishments and also ... http://www.schneiderdowns.com/our-thoughts-on/aretha-franklin-no-will Tue, 04 Sep 2018 00:00:00 +0000 The interplay of the new charitable deduction regulations and state and local tax credits There is a lot of concern, and possibly even misconceptions, regarding the (practical) impact of the proposed charitable contribution regulations that were issued last week. In particular, there is much angst over the impact those regulations may have ... http://www.schneiderdowns.com/our-thoughts-on/interplay-of-new-charitable-deduction-regulations-state-local-tax-credits Thu, 30 Aug 2018 00:00:00 +0000 IRS Provides Guidance on What Constitutes a Covered Employee under Code Sec. 162(m) On August 22, the IRS issued Notice 2018-68, providing guidance on the application of section 162(m), which generally limits the amount of a deduction that publicly held corporations can claim for compensation paid to certain employees earning in excess ... http://www.schneiderdowns.com/our-thoughts-on/irs-guidance-employee-code-sec-162m Thu, 30 Aug 2018 00:00:00 +0000 SECURITY NOTICE: MAJOR ONLINE BANKING PLATFORM VULNERABILITY - FISERV Businesses that utilize Fiserv eBanking platforms should take note of an online banking information disclosure vulnerability that was made public. Fiserv is a top provider for internet banking solutions for banks of various sizes. In a recent Brian Krebs ... http://www.schneiderdowns.com/our-thoughts-on/online-banking-platform-vulnerability-fiserv Wed, 29 Aug 2018 00:00:00 +0000 The U.S. - Mexico Trade Agreement Impact on U.S. Manufacturing The North American Free Trade Agreement (NAFTA) has been in the news recently, which is not surprising since President Trump signed an executive order to renegotiate the existing agreement back in January 2017. The original NAFTA agreement instituted ... http://www.schneiderdowns.com/our-thoughts-on/us-mexico-trade-agreement-impact-manufacturing Wed, 29 Aug 2018 00:00:00 +0000 IRS Issues Interim Guidance to Organizations with Multiple Unrelated Businesses On August 21, the Internal Revenue Service released IRS Notice 2018-67, which provides long-awaited interim guidance on the new rules under Section 512(a)(6) of the Internal Revenue Code. This IRC section, added by the Tax Cuts and Jobs Act, requires ... http://www.schneiderdowns.com/our-thoughts-on/irs-issues-interim-guidance-to-organizations-with-multiple-unrelated-businesses Tue, 28 Aug 2018 00:00:00 +0000 How the Tax Cuts and Job Act Impacted Valuations How has the Tax Cuts and Jobs Act (“TCJA”) affected business valuations? The impact of the TCJA is dependent upon the company being valued as well as the specific approach chosen for a valuation. Listed below are a few key items that should ... http://www.schneiderdowns.com/our-thoughts-on/tax-cuts-job-act-valuations Mon, 27 Aug 2018 00:00:00 +0000 Pass-Through Entity vs. C Corporation There has been much recent debate about whether the difference between the amount of taxes paid by a C corporation, as compared to those paid by a pass-through entity (“PTE”, e.g., an S corporation, partnership or a limited liability company), ... http://www.schneiderdowns.com/our-thoughts-on/passthrough-entity-c-corporation Mon, 27 Aug 2018 00:00:00 +0000 Proposed Changes to Gainful Employment Regulations On August 10, the Department of Education (DOE) announced a proposal to rescind gainful employment regulations. This is part of the on-going initiative by the Trump administration to review existing federal requirements with the goal of reducing regulation ... http://www.schneiderdowns.com/our-thoughts-on/proposed-changes-gainful-employment-regulations Fri, 24 Aug 2018 00:00:00 +0000 GDPR's Effects on Higher Education Co-Authored by: Jaye Wilson It has been nearly three months since the General Data Protection Regulation (GDPR) has gone into effect, its impact has been varied among corporations, small businesses, higher education and other organizations. Larger organizations ... http://www.schneiderdowns.com/our-thoughts-on/gdprs-effects-higher-education Fri, 24 Aug 2018 00:00:00 +0000 Mary Richter Speaks About How Tarrifs Affecting Manufacturers Mary Richter, a Tax Shareholder in the Pittsburgh Office, spoke with the Pittsburgh Business Times about how tarrifs are affecting the manufacturing industry. You can find the article here. Subscription may be required. ... http://www.schneiderdowns.com/mary-richter-speaks-about-how-tarrifs-affecting-manufacturers Thu, 23 Aug 2018 00:00:00 +0000 Schneider Downs Corporate Finance Names New CEO Schneider Downs Corporate Finance, LP Expands Senior Management Team PITTSBURGH, PA - Schneider Downs Corporate Finance, LP (SDCF) announced several senior management promotions, positioning it for continued growth in the regional and national mergers ... http://www.schneiderdowns.com/schneider-downs-corporate-finance-names-new-ceo Thu, 23 Aug 2018 00:00:00 +0000 Trends in Purchase Price Allocations In the world of mergers and acquisitions, it is useful to study past transactions to provide benchmarks and to understand trends in an industry. One source that can be used for this purpose is the Houlihan Lokey 2016 Purchase Price Allocation Study, which ... http://www.schneiderdowns.com/our-thoughts-on/trends-purchase-price-allocations Thu, 23 Aug 2018 00:00:00 +0000 How Tax Reform Will Make Divorce More Expensive Divorcing couples are not likely to be found on the list of taxpayers who are happy with the sweeping changes effected by The Tax Cuts and Jobs Act (the “Act”). For certain couples who part ways by means of a divorce decree or separation agreement ... http://www.schneiderdowns.com/our-thoughts-on/tax-reform-divorce-more-expensive Thu, 23 Aug 2018 00:00:00 +0000 Proposed Changes to Data Collection Forms Could Add Significant Hours to Compliance Reporting On April 3, the U.S Department of Commerce Federal Audit Clearinghouse (FAC) proposed revisions to the Data Collection Form (DCF) that is submitted by all entities subject to Single Audit Act Amendments of 1996. As it currently stands, all nonfederal ... http://www.schneiderdowns.com/our-thoughts-on/data-collection-compliance-reporting Thu, 23 Aug 2018 00:00:00 +0000 U.S. retail sales in June increase 6.6% year-over-year, leading to the continued rise in interest rates by the Federal Reserve for 2018 Boosted by increased purchases primarily of automobiles, retail sales during June in the United States rose steadily, affirming expectations for strong economic growth in the second quarter. The Commerce Department noted that retail sales increased 0.5% ... http://www.schneiderdowns.com/our-thoughts-on/us-retail-sales-increase-interest-rates-federal-reserve-2018 Tue, 21 Aug 2018 00:00:00 +0000 Final Regulations on Recordkeeping and Substantiating Charitable Contributions The American Jobs Creation Act of 2004 and the Pension Protection Act of 2006 made changes to the charitable contribution deduction recordkeeping and substantiation requirements. In 2008, the IRS issued proposed treasury regulations to address these changes. ... http://www.schneiderdowns.com/our-thoughts-on/final-regulations-recordkeeping-charitable-contributions Tue, 21 Aug 2018 00:00:00 +0000 Updated: Do Printers/Printing Companies Require a SOC (System and Organization Control) Report? The answer to this question is clearly based upon the level of risk that the printing company represents to its clients. To answer this question, one must first gain an understanding of the services provided by printing vendors, sensitivity of the data ... http://www.schneiderdowns.com/our-thoughts-on/updated-printing-companies-and-soc-reports Fri, 17 Aug 2018 00:00:00 +0000 Apple Tops $1 Trillion Market Capitalization Threshold Earlier this month, Apple became the first publicly traded U.S. company to surpass $1 trillion in market capitalization. It tops a list that, as of August 3, claims five technology-centric entities as the largest in the world, ranked by market cap: $1.0 ... http://www.schneiderdowns.com/our-thoughts-on/apple-1-trillion-market-capitalization Wed, 15 Aug 2018 00:00:00 +0000 The Benefits of Sell Side Due Diligence There has been an uptick in the number of companies doing sell side due diligence over the past few years, for many good reasons. Sell side diligence helps the company determine its true value by identifying its sustainable cash flows, the quality of ... http://www.schneiderdowns.com/our-thoughts-on/benefits-sell-side-due-diligence Tue, 14 Aug 2018 00:00:00 +0000 Strategies for Service Organizations to Prepare for the New SOC 2 Reporting Requirements Service Organizations that undergo a SOC 2 examination or are currently preparing to have one performed, should be aware of the recently updated requirements and how their pending SOC 2 examinations will be impacted. The specific changes pertain to the ... http://www.schneiderdowns.com/our-thoughts-on/strategies-service-organizations-soc-2-reporting-requirements Tue, 14 Aug 2018 00:00:00 +0000 IRS Clarifies Freight Brokerage Will Qualify for 20% Qualified Business Income Deduction The Internal Revenue Service issued proposed regulations on August 8, 2018 related to the new Section 199A Deduction, also known as the Qualified Business Income Deduction (QBI). Available for the first time in 2018, the 20% deduction would be available ... http://www.schneiderdowns.com/our-thoughts-on/irs-freight-brokerage-qualified-business-income-deduction Mon, 13 Aug 2018 00:00:00 +0000 IRS Releases Draft of 2018 Form 990 On July 18, 2018, the Internal Revenue Service (IRS) released a draft of the 2018 Form 990. With the passing of The Tax Cuts and Jobs Act (The Act), two questions have been added to the draft 2018 Form 990 in regards to the newly imposed excise tax on ... http://www.schneiderdowns.com/our-thoughts-on/irs-draft-2018-form-990 Mon, 13 Aug 2018 00:00:00 +0000 Living The Dream I had just turned 17 when I walked into my first college accounting class. I had no idea what I was getting myself into, but was excited for a new opportunity because I had just about exhausted my list of possible majors and had not yet found something ... http://www.schneiderdowns.com/our-thoughts-on/living-the-dream Mon, 13 Aug 2018 00:00:00 +0000 If Only Those Employees... One of the most common sentiments that I come across as an information security professional is that employees are the ones making the organization less secure:. If only everyone was as smart as IT, or a security professional or of high intelligence, ... http://www.schneiderdowns.com/our-thoughts-on/if-only-those-employees Mon, 13 Aug 2018 00:00:00 +0000 Tax Reform Impact on Donor Acknowledgement Letters Each year, charitable organizations gather their contribution data over the past calendar year in order to prepare their donor acknowledgement letters. With the passing of the Tax Cuts and Jobs Act of 2017 (TCJA) in late December of 2017, charitable organizations ... http://www.schneiderdowns.com/our-thoughts-on/tax-reform-donor-acknowledgement-letters Mon, 13 Aug 2018 00:00:00 +0000 How Tax Reform Made Your Estate Plan Obsolete If you are among the many taxpayers who had wills and other estate planning documents prepared prior to this year, don’t be too eager to delete your estate planning advisor from your rolodex. Thanks to changes to the federal estate, gift and generation-skipping ... http://www.schneiderdowns.com/our-thoughts-on/tax-reform-estate-plan-obsolete Fri, 10 Aug 2018 00:00:00 +0000 Domain Names Acquired in a Business Combination This article provides a brief discussion of some common valuation methods used to determine the fair value of one particular type of intangible asset: domain names. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification ... http://www.schneiderdowns.com/our-thoughts-on/domain-names-business-combination Fri, 10 Aug 2018 00:00:00 +0000 IRS Releases Proposed Regulations on the 20% Qualified Business Income Deduction for Flow-through Businesses On August 8, the Treasury Department and Internal Revenue Service released long-awaited regulations on the 20% deduction for pass-through businesses whose income flows through to individuals or certain trusts and estates. The release totaled over 180 ... http://www.schneiderdowns.com/our-thoughts-on/irs-releases-proposed-regulations-20-qualified-business-income-deduction-flowthrough-businesses Thu, 09 Aug 2018 00:00:00 +0000 Ready for a Fast-Moving Wayfair World Since the U.S. Supreme Court’s decision in South Dakota v. Wayfair eliminated the physical presence standard for substantial sales and use tax nexus, states are now free to impose economic nexus standards as long as those standards do not discriminate ... http://www.schneiderdowns.com/our-thoughts-on/fastmoving-wayfair-world Wed, 08 Aug 2018 00:00:00 +0000 How are Automobile Dealerships Valued? Typically, when valuing a business, three approaches to valuation are considered: the income approach, the market approach and the asset-based approach. These three approaches are relevant to valuing automobile dealerships; however, for automobile dealerships, ... http://www.schneiderdowns.com/our-thoughts-on/how-are-automobile-dealerships-valued Wed, 08 Aug 2018 00:00:00 +0000 Is a Capital Gains Tax Cut on the Horizon? President Donald Trump is reportedly pushing for another change in tax policy by indexing capital gains for inflation. Implementing the change is projected to both (i) boost economic growth and (ii) result in a tax cut of $102 billion over the next decade ... http://www.schneiderdowns.com/our-thoughts-on/capital-gains-tax-cut-on-horizon Mon, 06 Aug 2018 00:00:00 +0000 PA DEP Calls for Plugging of Almost 1,100 Wells The Pennsylvania Department of Environmental Protection (DEP) estimates that there are between 100,000 and 500,000 abandoned, unplugged wells in the commonwealth, and now it is trying to stop almost 1,100 more from adding to that count. In late July, ... http://www.schneiderdowns.com/our-thoughts-on/pa-dep-plugging-almost-1100-wells Fri, 03 Aug 2018 00:00:00 +0000 Advisers Longing Clarity on Qualified Business Income Deduction When the Tax Cuts and Jobs Act (The Act) was signed into law at the end of 2017, questions arose immediately regarding the applicability of the 20% deduction for Qualified Business Income (QBI). It was immediately clear that the deduction would not provide ... http://www.schneiderdowns.com/our-thoughts-on/advisers-longing-clarity-qualified-business-income-deduction Fri, 03 Aug 2018 00:00:00 +0000 It's Never Too Early to Plan for Your Successor In the past year, we have worked with clients in a variety of industries to address succession matters. Some industries seem to have a more natural succession track than others. Recently, we have been working with a number of professional service companies. ... http://www.schneiderdowns.com/our-thoughts-on/plan-for-your-successor Fri, 03 Aug 2018 00:00:00 +0000 ASU 2016-02: How the Lease Standard Will Impact Drilling Companies On February 25, 2016, the Financial Accounting Standards board (“FASB”) issued ASU 2016-02 on leases, which is effective for calendar periods beginning January 1, 2019 for public business entities and January 1, 2020 for all other entities ... http://www.schneiderdowns.com/our-thoughts-on/asu-201602-lease-standard-impact-drilling-companies Thu, 02 Aug 2018 00:00:00 +0000 Accounting Firm Trade Names What is the value of the Schneider Downs trade name? The number is too large to fit on this page! I am joking, but in all seriousness, a company’s trade name might have considerable value, and it is often necessary to determine the value of a professional ... http://www.schneiderdowns.com/our-thoughts-on/accounting-firm-trade-names Thu, 02 Aug 2018 00:00:00 +0000 SOC 2 Reporting Standards Updated: Effective 12/15/2018 The AICPA recently updated the SOC 2 reporting standards to align with the COSO 2013 Internal Control Framework. The specific updates pertain to the updated 2017 Trust Services Criteria (TSC) and the 2018 SOC 2 Description Criteria (DC). Service organizations ... http://www.schneiderdowns.com/our-thoughts-on/soc-2-reporting-standards-updated Wed, 01 Aug 2018 00:00:00 +0000 Checking in on the PCAOB in a Time of Transition The Public Company Accounting Oversight Board (PCOAB) has experienced a transformation in recent months, including the appointment of a new chairman and an entirely new board as well as the departure of several long-serving staff. The Chairman, William ... http://www.schneiderdowns.com/our-thoughts-on/pcaob-time-of-transition Wed, 01 Aug 2018 00:00:00 +0000 Optimizing your two-factor authentication security Often when discussing cybersecurity threats like phishing and initial points of compromise with clients, we’ll hear something along the lines of, “That looks great, but we have two-factor authentication enabled on that login.” But while ... http://www.schneiderdowns.com/our-thoughts-on/optimizing-two-factor-authentication-security Mon, 30 Jul 2018 00:00:00 +0000 Tax Reform 2.0 Framework The House Ways and Means Committee (the “Committee”) released a brief outline of its tax reform plan titled House GOP Listening Session Framework: Tax Reform 2.0 (the “framework”) on July 24, 2018. House Republicans hope this long-awaited ... http://www.schneiderdowns.com/our-thoughts-on/tax-reform-framework Thu, 26 Jul 2018 00:00:00 +0000 Impairment Testing for Intangible Assets with Indefinite Lives Accounting Standards Codification (“ASC”) 350 Intangibles – Goodwill and Other states that “an intangible asset with a finite useful life shall be amortized; an intangible asset with an indefinite useful life shall not be amortized ... http://www.schneiderdowns.com/our-thoughts-on/impairment-testing-intangible-assets-indefinite-lives Wed, 25 Jul 2018 00:00:00 +0000 Procurement Standards - Is Your NFP in Compliance? In May 2017, the Office of Management and Budget (OMB) issued an additional one-year grace period for implementation of the procurement standards in 2 CFR 200.317 through 200.326. As a result, the implementation date for the new procurement standards ... http://www.schneiderdowns.com/our-thoughts-on/procurement-standards-nfp-compliance Tue, 24 Jul 2018 00:00:00 +0000 How "Taxing" is the Suspension of Miscellaneous Itemized Deductions for Trusts and Estates In Notice 2018-61 issued July 13, 2018 by the Internal Revenue Service ("IRS"), the IRS has provided insight to the recently enacted Internal Revenue Code ("IRC") Section 67(g). Under this section, no miscellaneous itemized deductions ... http://www.schneiderdowns.com/our-thoughts-on/taxing-suspension-miscellaneous-itemized-deductions-trusts-estates Tue, 24 Jul 2018 00:00:00 +0000 Traditional Retailers on the Mend? Scott Galloway, a professor of marketing at New York University’s Stern School of Business once said about Amazon that the company does not want to own a piece of retail, they want to own all of it. With Amazon currently owning around 40% of the ... http://www.schneiderdowns.com/our-thoughts-on/traditional-retailers-on-the-mend Mon, 23 Jul 2018 00:00:00 +0000 SEC Expands the Scope of Smaller Public Companies That Qualify for Scaled Disclosures On June 28, 2018, the Securities and Exchange Commission (SEC) adopted an amendment that expands the scope of the definition of Smaller Reporting Companies (SRC) that qualify for scaled disclosures. The amendments are intended to encourage capital formation ... http://www.schneiderdowns.com/our-thoughts-on/sec-expands-scope-smaller-public-companies-scaled-disclosures Wed, 18 Jul 2018 00:00:00 +0000 Ohio Sales and Use Tax Exemptions for the Oil and Gas Industry Ohio House Bill (“H.B.”) 430 clarifies the Ohio sales and use tax exemption language for the oil and gas industry. The law becomes effective on September 13, 2018, but is intended to clarify existing Ohio law and “applies to all cases ... http://www.schneiderdowns.com/our-thoughts-on/ohio-sales-and-use-tax-exemptions-for-the-oil-and-gas-industry Tue, 17 Jul 2018 00:00:00 +0000 Ohio Bright-Line Residency Test Ohio House Bill (“HB”) 292 creates an updated bright-line residency test which may be used by individuals to create a presumption that the individual is not domiciled in Ohio (i.e., that they are an Ohio nonresident). The law is effective ... http://www.schneiderdowns.com/our-thoughts-on/ohio-brightline-residency-test Tue, 17 Jul 2018 00:00:00 +0000 What Are Complementary Subservice Organization Controls And How Do They Impact SOC Reports? Service organizations typically outsource functions such as data center hosting or transaction processing, to outside vendors, referred to as subservice organizations. Depending on the nature of the function outsourced, user entities may require information ... http://www.schneiderdowns.com/our-thoughts-on/complementary-subservice-organization-controls-soc-reports Tue, 17 Jul 2018 00:00:00 +0000 Are You Green? A multipurpose indoor arena that serves as an entertainment venue that hosts concerts, family events, and most importantly, the home of the Pittsburgh Penguins, the PPG Paints Arena is a top attraction not just for tourists, but for the residents of Pittsburgh. ... http://www.schneiderdowns.com/our-thoughts-on/are-you-green Mon, 16 Jul 2018 00:00:00 +0000 Like-Kind Exchanges Are No More For Vehicles. Don't Panic - Bonus Depreciation and Luxury Auto Limits Have Increased The 2017 Tax Cuts and Jobs Act (TCJA) made significant changes to the property eligible for tax-free treatment in like-kind exchange transactions under IRC Sec. 1031. Under previous law, non recognition of gain applied to like-kind exchanges of (1) depreciable ... http://www.schneiderdowns.com/our-thoughts-on/likekind-exchanges-vehicles-bonus-depreciation-luxury-auto-limits-increased Fri, 13 Jul 2018 00:00:00 +0000 New Jersey Enacts Numerous Corporate and Individual Income Tax Changes New Jersey Governor Phil Murphy recently signed legislation that enacted numerous, and significant, income tax changes for both corporate and individual taxpayers. Following are some key takeaways: Corporation Business Tax Combined reporting - For tax ... http://www.schneiderdowns.com/our-thoughts-on/new-jersey-corporate-individual-income-tax-changes Fri, 13 Jul 2018 00:00:00 +0000 How to Beat the Exam Nicknamed Can't Pass Again: Tips to Passing the CPA Exam The passing rate of each of the four parts of the CPA exam is about 50%. And although we tend to sometimes focus on the half who fail, remember: 50% of the people who take the test do pass. Some of my colleagues and I were able to pass all four parts ... http://www.schneiderdowns.com/our-thoughts-on/how-to-beat-exam-tips-cpa-exam Thu, 12 Jul 2018 00:00:00 +0000 Opportunities Created in the Trucking Industry with Electronic Logging Device Mandate Seth Clevenger and Eric Miller from Transport Topics, a freight transportation publication, hosted a web broadcast last month to discuss the effect of the electronic logging device (ELD) mandate on the trucking industry. The biggest takeaway from the ... http://www.schneiderdowns.com/our-thoughts-on/opportunities-created-trucking-industry-electronic-logging-device-mandate Thu, 12 Jul 2018 00:00:00 +0000 Investment in Opportunity Zones Can Yield Significant Tax Benefits (Part 1 - Introduction) The Tax Cuts and Jobs Act (the “Act”) signed into law back in December contains a number of tax beneficial provisions. One that should catch the eye of investors with significant capital gains includes an economic development program that ... http://www.schneiderdowns.com/our-thoughts-on/investment-opportunity-zones-yield-significant-tax-benefits-part1 Wed, 11 Jul 2018 00:00:00 +0000 Funding for Start-Up Companies “I have developed the next groundbreaking software tool, but how can I obtain funding in order to grow this innovation?” This is an all-too-familiar thought of every entrepreneur. Obtaining funding for a start-up organization can be one of ... http://www.schneiderdowns.com/our-thoughts-on/funding-startup-companies Wed, 11 Jul 2018 00:00:00 +0000 Not-for-Profit Entities Receive Guidance on Contributions! Be aware! If your organization receives contributions from third parties, or contracts with government agencies, there are changes to the method and timing of recording revenue. These changes could be effective as early as July 1, 2018 for not-for-profit ... http://www.schneiderdowns.com/our-thoughts-on/notforprofit-entities-receive-guidance-contributions Mon, 09 Jul 2018 00:00:00 +0000 SEC Approves Final and Proposed Rules in Latest Open Meeting Staying busy this summer, the SEC on June 28, 2018 they voted to approve five final rules and proposals that represent significant progress on many of its priorities. First, the SEC adopted amendments to modernize the definition of “smaller reporting ... http://www.schneiderdowns.com/our-thoughts-on/sec-final-proposed-rules-open-meeting Mon, 09 Jul 2018 00:00:00 +0000 Accounting for Cloud Computing Earlier this month, the Financial Accounting Standards Board’s (FASB) Emerging Issue Task Force (EITF) reached a consensus to permit the capitalization of cloud computing implementation costs under hosting agreements that are service contracts. ... http://www.schneiderdowns.com/our-thoughts-on/accounting-cloud-computing Fri, 06 Jul 2018 00:00:00 +0000 Misconceptions v. Reality: My Internship Experience For many, the word “internship” brings to mind images of young college students grabbing coffee, sitting around bored, and doing busy work because the full-time employees either do not have the time, or the inclination, to deal with the kids ... http://www.schneiderdowns.com/our-thoughts-on/misconceptions-reality-internship-experience Thu, 05 Jul 2018 00:00:00 +0000 My Summer 2018 Internship Experience Starting a new job is an experience unlike any other. It makes a person feel simultaneously nervous, excited, hopeful, and anxious, whether it be a cashier at a supermarket or a server at a diner. Starting a new career makes these feelings even stronger. ... http://www.schneiderdowns.com/our-thoughts-on/my-summer-2018-internship-experience Tue, 03 Jul 2018 00:00:00 +0000 Pennsylvania Impact Fee Distributions Top $209 Million in 2017 The Pennsylvania Public Utility Commission (PUC) recently published detailed information regarding the 2017 distribution of Act 13 impact fees levied on unconventional natural gas wells. Act 13 was signed into law by former Pennsylvania Governor Tom Corbett ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-impact-fee-distributions Tue, 03 Jul 2018 00:00:00 +0000 Post Card 1040 On Friday June 29, 2018, the IRS released the much anticipated draft "postcard-sized" Form 1040 that was promised by the GOP during the lead-up to tax reform. The new "postcard" Form 1040 will replace and consolidate the Forms 1040, ... http://www.schneiderdowns.com/our-thoughts-on/post-card-1040 Tue, 03 Jul 2018 00:00:00 +0000 Pennsylvania Bonus Depreciation Update On Thursday June 28, 2018, Pennsylvania Governor Tom Wolf signed into law Act 72 of 2018 (“Act 72”). Act 72 updates the Commonwealth’s corporate net income tax law relative to changes in depreciation expense under federal law as a result ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-bonus-depreciation-update Mon, 02 Jul 2018 00:00:00 +0000 Pennsylvania Launches 1099-MISC Website In 2017, Pennsylvania enacted Act 43 of 2017 which imposed a withholding requirement on payors of Pennsylvania-source income to certain nonresidents. The law and lack of initial guidance resulted in confusion and many questions for businesses attempting ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-1099misc-website Mon, 02 Jul 2018 00:00:00 +0000 The IT Security Superhero's Guide to Good Cyber Hygiene “Move along folks, nothing to see here!” is what I imagine stressed-out IT security crusaders worldwide murmur every night in their sleep. Especially after spending yet another day protecting their organizations from the hundreds of thousands ... http://www.schneiderdowns.com/our-thoughts-on/it-security-superheros-guide-cyber-hygiene Thu, 28 Jun 2018 00:00:00 +0000 Pennsylvania Issues Guidance on Filing of Forms W-2 and 1099 To assist employers in complying with its new W-2/1099 filing requirements, the Pennsylvania Department of Revenue released the 2018 W-2 and 1099 Employer Withholding Reporting Instructions and Specifications Handbook. The Handbook addresses topics such ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-filing-forms-w2-and-1099 Wed, 27 Jun 2018 00:00:00 +0000 Pennsylvania State Budget Approved for $32.7 Billion, No Severance Tax Included On June 22, Pennsylvania Governor Tom Wolf signed into law a $32.7 billion state budget for fiscal year 2019. Noted as “bipartisan,” this is the first time in the Governor’s tenure that a budget has been signed before the June 30 deadline. ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-state-budget-no-severance-tax-included Wed, 27 Jun 2018 00:00:00 +0000 Will Federal Reserve Increases Impact Residential Construction? In recent years, the residential construction industry has shown great strength not only due to the demand for housing, but also because of consistently low interest rates. With the Federal Reserve raising interest rates and potential further increases ... http://www.schneiderdowns.com/our-thoughts-on/federal-reserve-residential-construction Tue, 26 Jun 2018 00:00:00 +0000 Bill Introduced to Repeal Unrelated Business Income Tax Rules for Exempt Organizations On June 7, Rep. K. Michael Conaway, R-Texas, introduced H.R. 6037, the Nonprofits Support Act that seeks to repeal two unrelated business income provisions enacted as part of the 2017 Tax Cuts and Jobs Act (TCJA). The bill consists of two sections: the ... http://www.schneiderdowns.com/our-thoughts-on/bill-repeal-income-tax-exempt-organizations Tue, 26 Jun 2018 00:00:00 +0000 Postcard from the 2018 AICPA SOC for Cybersecurity Conference I recently attended the AICPA’s SOC for Cybersecurity conference at the AICPA’s headquarters in Durham, North Carolina. The conference covered the following areas: The AICPA's Cybersecurity Risk Management reporting framework and how it ... http://www.schneiderdowns.com/our-thoughts-on/2018-aicpa-soc-cybersecurity-conference Mon, 25 Jun 2018 00:00:00 +0000 It's a New Era: Sales Tax Compliance after South Dakota v. Wayfair The United States Supreme Court overturned the physical presence standard for sales and use tax nexus for remote sellers in its opinion on the case of South Dakota v. Wayfair. The Court ruled the physical presence standard established by Quill is “unsound ... http://www.schneiderdowns.com/our-thoughts-on/sales-tax-compliance-south-dakota-wayfair Mon, 25 Jun 2018 00:00:00 +0000 Cryptojacking on the Rise Since 2013, companies have had one main thing on their minds when it came to IT security – ransomware – an exploitative attack that’s cost thousands of users countless hours and billions of dollars from which to recover. In 2017, when ... http://www.schneiderdowns.com/our-thoughts-on/cryptojacking-on-the-rise Fri, 22 Jun 2018 00:00:00 +0000 United States Supreme Court Issues Opinion in Wayfair Case Earlier today, the United States Supreme Court, in a 5-to-4 decision, issued its much anticipated opinion in South Dakota v. Wayfair, overturning the physical presence requirement that has been the basis of sales and use tax nexus for the past 51 years. ... http://www.schneiderdowns.com/our-thoughts-on/united-states-supreme-court-issues-opinion-in-wayfair-case Thu, 21 Jun 2018 00:00:00 +0000 Late Participant Contributions to Your Employee Benefit Plan? EBSA is Coming for You! Contributions to employee benefit plans that are withheld from employee pay must be remitted to the plan as soon as administratively feasible. Generally, the U.S. Department of Labor (DOL) believes that “contributions (other than union dues) withheld ... http://www.schneiderdowns.com/our-thoughts-on/late-participant-contributions-employee-benefit-plan-ebsa Wed, 20 Jun 2018 00:00:00 +0000 The Wayfair Case, Quill, and Sales and Use Tax Nexus History On April 17, 2018 the United States Supreme Court heard arguments in the case of South Dakota v. Wayfair Inc., challenging the long-standing law regarding when a state may impose its sales and use tax collection requirements on remote sellers. The Court ... http://www.schneiderdowns.com/our-thoughts-on/wayfair-case-quill-sales-and-use-tax-nexus-history Wed, 20 Jun 2018 00:00:00 +0000 Inclusive or Carve-Out: How Subservice Organizations Are Presented in SOC Reports Service organizations typically use subservice organizations (i.e. third parties) to perform key controls that are necessary, in combination with the controls at the service organization, to meet the applicable control objectives (SOC 1) or Trust Services ... http://www.schneiderdowns.com/our-thoughts-on/how-subservice-organizations-are-presented-in-soc-reports Wed, 20 Jun 2018 00:00:00 +0000 IRS Releases Guidance Regarding TCJA Higher Education Excise Tax on Net Investment Income On June 8, 2018, the IRS released Notice 2018-55 (“Notice”) regarding the Tax Cuts and Jobs Act's 1.4% excise tax on the net investment income of “applicable education institutions.” In short, the Notice provides that, in determining ... http://www.schneiderdowns.com/our-thoughts-on/irs-releases-guidance-tcja-higher-education-excise-tax-net-investment-income Wed, 20 Jun 2018 00:00:00 +0000 Revenue Recognition- Member Owned Private Organization In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), providing a robust framework for addressing revenue recognition issues and, upon its effective date, ... http://www.schneiderdowns.com/our-thoughts-on/revenue-recognition-private-organization Tue, 19 Jun 2018 00:00:00 +0000 Insight - Fed Funds Increase On June 13, members of the Federal Reserve’s Federal Open Market Committee voted to increase the target range for the federal funds rate by 25 basis points from the previous range of 1.50% - 1.75% to a range of 1.75% - 2.00%. The rate is applied ... http://www.schneiderdowns.com/our-thoughts-on/fed-funds-increase Tue, 19 Jun 2018 00:00:00 +0000 The Path You Choose Will Lead to Your Success Welcomed. As soon as I walked off the elevator and onto the 17th floor for training, that was the feeling I received. From day one, the firm treated me just like an actual, full-time auditor. Earlier, I had the opportunity to meet some of the other interns ... http://www.schneiderdowns.com/our-thoughts-on/the-path-you-choose-will-lead-to-your-success Tue, 19 Jun 2018 00:00:00 +0000 Does your organization have plans for construction this summer? Higher education institutions and not-for-profit organizations now need to consider the Uniform Guidance procurement requirements for fiscal year beginning July 1, 2018 when entering into construction contracts that have an element of federal funding. ... http://www.schneiderdowns.com/our-thoughts-on/organization-plans-construction-summer Tue, 19 Jun 2018 00:00:00 +0000 Expense Reimbursement Schemes in the Professional Services Industry According to the 2018 ACFE Report to the Nations on Occupational Fraud and Abuse, the median loss from occupational fraud costs the professional services industry $258,000. The most common scheme surrounds expense reimbursements. An expense reimbursement ... http://www.schneiderdowns.com/our-thoughts-on/expense-reimbursement-schemes-professional-services-industry Mon, 18 Jun 2018 00:00:00 +0000 Use Tax - To Report or To Collect and Remit: That is the Question If the United States Supreme Court upholds the physical presence standard in its South Dakota v. Wayfair opinion, many remote sellers lacking the physical presence nexus in various states might still find themselves deciding to collect and remit the state’s ... http://www.schneiderdowns.com/our-thoughts-on/use-tax-to-report-or-collect-remit Fri, 15 Jun 2018 00:00:00 +0000 Tax Exempt Advisory Committee Weighs In on Current Issues The Advisory Committee on Tax Exempt and Government Entities (ACT) fosters public discussion of issues relevant to tax-exempt and government entities, and presents in an organized and constructive fashion the interested public’s observations surrounding ... http://www.schneiderdowns.com/our-thoughts-on/tax-exempt-advisory-committee-current-issues Thu, 14 Jun 2018 00:00:00 +0000 Hands-On Learning Experience In high school, where I first decided I wanted to go into accounting, I was not really aware of what a public accounting firm did. While studying at Pitt, the idea of working in audit for a public accounting firm really interested me. When I received ... http://www.schneiderdowns.com/our-thoughts-on/hands-on-learning-experience Thu, 14 Jun 2018 00:00:00 +0000 Internet of Things: Keeping Security in Focus At Schneider Downs, we understand that the continuous advancement of technology fuels a corresponding expansion in the variety of internet-connected systems and devices used by our clients. These devices have the potential to enable process efficiency, ... http://www.schneiderdowns.com/our-thoughts-on/internet-security-focus Wed, 13 Jun 2018 00:00:00 +0000 Greetings from the American Trucking Association's National Accounting and Finance Council Annual Conference In support of Schneider Downs’ many clients in the transportation and logistics industry, we sent a delegation to attend the American Trucking Association’s (ATA) National Accounting and Finance Council (NAFC) Annual Conference in Raleigh, ... http://www.schneiderdowns.com/our-thoughts-on/american-trucking-associations-national-accounting-finance-annual-conference Wed, 13 Jun 2018 00:00:00 +0000 Real World Application College does not prepare you for the real world in the way you would expect. The unlimited number of homework problems you have due and vocab words you have to memorize make you question how much of this is actually going to apply when you get a real ... http://www.schneiderdowns.com/our-thoughts-on/real-world-application Wed, 13 Jun 2018 00:00:00 +0000 Pennsylvania Issues Exemption Form for 1099-MISC Withholding Act 43 of 2017 imposed a withholding requirement on payors of Pennsylvania-source income to non-resident individuals and single member LLCs. The requirement has proven difficult for businesses to implement and led to many questions for payors. In response, ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-tax-exemption-form-withholding Tue, 12 Jun 2018 00:00:00 +0000 Life begins at the end of your comfort zone During the past year, everything that I knew to be normal was completely changed. Not only did I find myself at a new Penn State campus with over 40,000 students, but only 9 months later, I moved to Pittsburgh all alone without knowing anyone to intern ... http://www.schneiderdowns.com/our-thoughts-on/life-begins-end-of-comfort-zone Tue, 12 Jun 2018 00:00:00 +0000 12 Simple Words This fall, I will be entering my fifth year at Penn State to finish my bachelor’s and master’s degrees in accounting and, in a few short weeks, I will complete my second summer internship at Schneider Downs. It’s now been almost two ... http://www.schneiderdowns.com/our-thoughts-on/12-simple-words Tue, 12 Jun 2018 00:00:00 +0000 SOC Reporting: Vendor or Subservice Organization? Many service organizations outsource functions of their business to third-party organizations (vendors). The functions performed by vendors may impact the service organization’s delivery of services to user entities. When completing a SOC 1 or SOC ... http://www.schneiderdowns.com/our-thoughts-on/soc-reporting-vendor-subservice-organization Tue, 12 Jun 2018 00:00:00 +0000 Congressional Research Service Releases Tax Policy Options on College Endowments Educational institution endowments have come under attack from all sides lately. Whether it is the new excise tax on net investment income, a Congressman intent on forced spending to reduce the cost of higher education, or dedicated Congressional hearings, ... http://www.schneiderdowns.com/our-thoughts-on/congressional-research-tax-policy-college-endowments Tue, 12 Jun 2018 00:00:00 +0000 IRS releases guidance to taxpayers for changing accounting methods to conform to financial accounting revenue recognition standards On May 10, 2018, the IRS released Revenue Procedure 2018-29 (hereinafter Rev. Proc. 2018-29) to provide new, automatic procedures for taxpayers changing their method of accounting for the recognition of income for federal income tax purposes to a method ... http://www.schneiderdowns.com/our-thoughts-on/irs-taxpayers-accounting-methods-financial-accounting-revenue Tue, 12 Jun 2018 00:00:00 +0000 Lifestages: The Final Frontier You have a lovely retirement mapped. But after the travel, second careers and volunteerism, when you are feeling your age, what then? What does that phase of your life look like? The final years are a challenging phase for planning. Our Greatest Generation ... http://www.schneiderdowns.com/our-thoughts-on/lifestages-final-frontier Mon, 11 Jun 2018 00:00:00 +0000 Consider Stock Transactions When Performing Business Valuations Business valuations performed for gift or estate tax purposes utilize the fair market value (“FMV”) standard of value. That is, the value of the business that “would change hands between a willing buyer and willing seller, neither being ... http://www.schneiderdowns.com/our-thoughts-on/stock-transactions-performing-business-valuations Fri, 08 Jun 2018 00:00:00 +0000 Landmark Regulatory Reform Bill Alleviating Burden on Banks Signed into Law On May 24th, President Trump signed into law S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. The law intends to right size the provisions placed on financial services organizations as part of Dodd-Frank Act by reducing administrative ... http://www.schneiderdowns.com/our-thoughts-on/landmark-reform-bill-signed Mon, 04 Jun 2018 00:00:00 +0000 CFPB Auto Dealer Regulation Overturned On May 21, 2018, President Donald Trump signed a resolution of disapproval effectively reining in the ability of the Consumer Finance Protection Bureau (CFPB) to punish auto dealers for what the CFPB perceived as discriminatory lending practices. The ... http://www.schneiderdowns.com/our-thoughts-on/cfpb-overturned Mon, 04 Jun 2018 00:00:00 +0000 How Accounting Found Me From an early age in life – around age five or six – kids start being asked what they want to do when they grow up. It’s an innocent question that slowly gains more and more weight to it, the older you get. A young child can dream of ... http://www.schneiderdowns.com/our-thoughts-on/how-accounting-found-me Mon, 04 Jun 2018 00:00:00 +0000 Is your home router hacked? At Schneider Downs, we understand that cybersecurity threats to our clients will sometimes extend to devices and systems outside their IT purview. As the acceptance and utilization of remote employees increases, so does the risk associated with remote ... http://www.schneiderdowns.com/our-thoughts-on/is-your-home-router-hacked Thu, 31 May 2018 00:00:00 +0000 Pennsylvania Provides Clarification on Application of Nextel Decision The Pennsylvania Department of Revenue recently released Corporation Tax Bulletin 2018-02 to clarify its position on the application of the decision issued on October 18, 2017 in the case of Nextel Communications of the Mid-Atlantic, Inc. v. Commonwealth ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-provides-clarification-on-application-of-nextel-decision Thu, 31 May 2018 00:00:00 +0000 IRS Announces 2017 Marginal Well Credit for Marginally Producing Natural Gas Properties Natural gas well owners holding an operating interest in a qualified marginal well during 2017 are eligible to claim a $0.51 credit per qualified MCF, since the IRS finalized and released the reference price used to compute the credit for the 2017 tax ... http://www.schneiderdowns.com/our-thoughts-on/irs-announces-2017-marginal-well-credit-for-marginally-producing-natural-gas-properties Thu, 31 May 2018 00:00:00 +0000 Time to Revisit that Roth Conversion? Thanks to the recently enacted Tax Cuts and Jobs Act, now could be the best time to convert your traditional IRA into a Roth IRA. Roths have been in the public eye since 1997 when Congress passed the Taxpayers Relief Act. Due to income limitations and ... http://www.schneiderdowns.com/our-thoughts-on/time-to-revisit-that-roth-conversion Thu, 31 May 2018 00:00:00 +0000 New Revenue Procedure for Contributors Making Donation to Tax-Exempt Organizations New Revenue Procedure 2018-32 modifies, consolidates and supersedes Rev. Proc. 81-6, Rev Proc. 81-7, Rev. Proc. 89-23 and Rev. Proc. 2011-33 in providing more accessible guidance to grantors and contributors who make donations to tax-exempt organizations. ... http://www.schneiderdowns.com/our-thoughts-on/revenue-contributors-donation-taxexempt-organizations Thu, 24 May 2018 00:00:00 +0000 Climbing AFRs Put Dormant Estate Planning Techniques Back on the Table When considering federal estate tax planning, one of the most common objectives of the planner is removing assets from the taxpayer’s taxable estate. Many of these techniques are predicated upon a taxpayer’s assets appreciating at a rate that ... http://www.schneiderdowns.com/our-thoughts-on/climbing-afrs-estate-planning-techniques Tue, 22 May 2018 00:00:00 +0000 U.S. Retail Sales on the Rise U.S. retail sales were on the rise at the beginning of the second quarter. Commerce Department figures showed that there was a 0.8% increase in the value of sales in March and a 0.3% increase in April, which matched the median forecast. February retail ... http://www.schneiderdowns.com/our-thoughts-on/us-retail-sales-rise Mon, 21 May 2018 00:00:00 +0000 The Rise of Business Email Compromise Scams The Rise of Business Email Compromise Scams Business Email Compromise – or BEC – is an increasingly common scam targeting U.S. and European companies that is often carried out by criminal organizations. In most cases, attackers from these ... http://www.schneiderdowns.com/our-thoughts-on/business-email-scams Mon, 21 May 2018 00:00:00 +0000 IRS-Issued Guidance on Blended Corporate Tax Rates With the new tax law in effect on January 1, 2018, and many corporations having fiscal year-ends that differ from a calendar (December 31) year-end, the Internal Revenue Service (IRS) recently issued guidance on how to calculate income taxes under the ... http://www.schneiderdowns.com/our-thoughts-on/irs-guidance-on-blended-corporate-tax-rates Thu, 17 May 2018 00:00:00 +0000 IRS Intends to Issue Proposed Regulations Regarding the Limit for the Deduction of Business Interest On April 2, 2018, the Internal Revenue Service ("IRS') issued Notice 2018-28 announcing its intent to issue proposed regulations addressing the amendments to Section 163(j) regarding the deductibility of business interest expense. For purposes ... http://www.schneiderdowns.com/our-thoughts-on/irs-proposed-regulations-regarding-limit-deduction Thu, 17 May 2018 00:00:00 +0000 What Did Auto Dealers Give Up for 100% Floorplan Interest Deductibility? There has been a lot of praise for the National Automotive Dealer Association (“NADA”) for lobbying for the 100% deductibility of floorplan interest expense and rightfully so. There was much panic when we saw that “floor plan interest ... http://www.schneiderdowns.com/our-thoughts-on/auto-dealers-floorplan-interest-deductibility Mon, 14 May 2018 00:00:00 +0000 IRS Releases FAQs on Family Medical Leave Act Credit The IRS recently posted to its website FAQs regarding the new Internal Revenue Code Section 45S, "Employer Credit for Paid Family and Medical Leave" ("FML credit"), added by the Tax Cuts and Jobs Act of 2017. Much of the FAQs act as ... http://www.schneiderdowns.com/our-thoughts-on/irs-releases-faqs-on-family-medical-leave-act-credit Thu, 10 May 2018 00:00:00 +0000 IRS Clarifies Treatment of Transportation Fringe Benefits for Tax-Exempt Employers The IRS recently released subsequent guidance on an issue we discussed in a previous Our Thoughts On article (see here). In late March, the agency updated Publication 15-B, "Employer's Tax Guide to Fringe Benefits," which clarified its interpretation ... http://www.schneiderdowns.com/our-thoughts-on/irs-clarifies-treatment-of-transportation-fringe-benefits-for-taxexempt-employers Thu, 10 May 2018 00:00:00 +0000 Sonic Thump: The History and Future of Commercial Supersonic Aviation Recent news reports have given attention to NASA’s low-boom flight demonstration (LBFD) project. Per the NASA website, the mission “has two goals: 1) design and build a piloted, large-scale supersonic X-plane with technology that reduces the ... http://www.schneiderdowns.com/our-thoughts-on/sonic-thump-the-history-and-future-of-commercial-supersonic-aviation Thu, 10 May 2018 00:00:00 +0000 401(k) Plan Sponsors and Participants: Be Aware of Unethical Requests In our ongoing effort to keep you apprised of important industry developments, we thought you should be aware that Wells Fargo recordkeeping is presently under investigation by the United States Department of Labor (DOL) for alleged actions surrounding ... http://www.schneiderdowns.com/our-thoughts-on/401k-plan-sponsors-and-participants-be-aware-of-unethical-requests Mon, 07 May 2018 00:00:00 +0000 GDPR or Naught Over the past few weeks, there have been multiple major news stories regarding data security, but one that affects over 85 million individuals is Facebook and the massive data scandal with Cambridge Analytica. Data that was leaked originated from Facebook, ... http://www.schneiderdowns.com/our-thoughts-on/gdpr-or-naught Thu, 03 May 2018 00:00:00 +0000 Transportation Industry Shifting Gears with Blockchain How the logistics and transportation industry is evolving with the help of shared distributed-ledger technology Blockchain, and the potential roadblocks ahead. Poised for a Transformation Peter Drucker once said, "Efficiency is doing better what ... http://www.schneiderdowns.com/our-thoughts-on/transportation-industry-shifting-gears-with-blockchain Thu, 03 May 2018 00:00:00 +0000 How to Address a Modified Opinion in your SOC Report In the event that a user obtains a System and Organization Controls (SOC) Report and sees that the service auditor has modified their opinion in some way, questions should surface for that user that they hope to have answered by continuing to read the ... http://www.schneiderdowns.com/our-thoughts-on/how-to-address-a-modified-opinion-in-your-soc-report Thu, 03 May 2018 00:00:00 +0000 Schneider Downs Increases Headquarters Space Schneider Downs has added a third floor at the One PPG Place headquarters to accommodate its growing staff, less than five years after relocating downtown from the Strip District. Steve Thompson, co-CEO, spoke with the Pittsburgh Business Times about ... http://www.schneiderdowns.com/schneider-downs-increases-headquarters-space Thu, 03 May 2018 00:00:00 +0000 One Month Away: Should You Be Preparing for GDPR? We’re now less than a month away from the beginning of the European Union’s enforcement of the General Data Protection Regulation (GDPR), effective May 25, 2018. This is widely considered to be the most comprehensive data privacy regulation ... http://www.schneiderdowns.com/our-thoughts-on/should-you-be-preparing-for-gdpr Thu, 26 Apr 2018 00:00:00 +0000 SECs Proposal at a Glance With the fate of the Department of Labor’s Fiduciary Regulation hanging in the balance following a recent ruling by the United States Court of Appeals for the Fifth Circuit, the Securities and Exchange Commission recently proposed its own version ... http://www.schneiderdowns.com/our-thoughts-on/secs-proposal-at-a-glance Wed, 25 Apr 2018 00:00:00 +0000 Spousal IRAs? Dan Napierkowski Explains Concept to NerdWallet Dan Napierkowski, a CFP and senior investment relationship manager for Schneider Downs Wealth Management, spoke with NerdWallet about Spousal IRAs and how they can boost retirement savings. Read the full article here. ... http://www.schneiderdowns.com/spousal-iras-dan-napierkowski-explains-concept-to-nerdwallet Wed, 25 Apr 2018 00:00:00 +0000 What do user entities expect to be in your SOC Report? When a service organization engages a service auditor to perform a System and Organization Controls (SOC) report examination, it is important to note that there are required sections that every report must contain. But there are also many other facets ... http://www.schneiderdowns.com/our-thoughts-on/what-do-user-entities-expect-to-be-in-your-soc-report Mon, 23 Apr 2018 00:00:00 +0000 Weathering Volatile Markets Over the past few months, investors have had to deal with increased market volatility, a trend that could well persist for some time to come. As concerns continue to rise, the financial media will point to a number of possible contributing factors, including ... http://www.schneiderdowns.com/our-thoughts-on/weathering-volatile-markets Tue, 17 Apr 2018 00:00:00 +0000 Pete Lieberman Explains Why Family-Owned Businesses Are Selling So Well Pete Lieberman of Schneider Downs Corporate Finance Advisors was interviewed by the Pittsburgh Business Times about the recent sale of The James Austin Comp (Schneider Downs Corporate Finance advised this sale). In the article, Pete explains why there ... http://www.schneiderdowns.com/pete-lieberman-explains-why-familyowned-businesses-are-selling-so-well Mon, 16 Apr 2018 00:00:00 +0000 Schneider Downs Meridian Adds Three Consultants PITTSBURGH, PA—Schneider Downs & Co., Inc. announces the additions of James Giombetti, Louis Marcoccia, Ed.D. and Richard Roupe to its subsidiary Schneider Downs Meridian. Schneider Downs Meridian is a practice within the firm that specializes ... http://www.schneiderdowns.com/schneider-downs-meridian-adds-three-consultants Thu, 12 Apr 2018 00:00:00 +0000 Blockchain Technology and Its Impact on Employee Benefit Plans Blockchain technology appears to be the latest up and coming change affecting the way many industries will process transactions. What is blockchain technology? It is a digital ledger created to capture transactions among various parties in a network. ... http://www.schneiderdowns.com/our-thoughts-on/blockchain-technology-and-its-impact-on-employee-benefit-plans Wed, 11 Apr 2018 00:00:00 +0000 Service Providers: Are You Ready for a Post-Quill Sales Tax World? On April 17, 2018 the United States Supreme Court will hear oral arguments in the case of South Dakota v. Wayfair, Inc. The issue is whether the Supreme Court should overrule its previous opinion in Quill Corp. v. North Dakota (“Quill”) that ... http://www.schneiderdowns.com/our-thoughts-on/service-providers-are-you-ready-for-a-postquill-sales-tax-world Wed, 11 Apr 2018 00:00:00 +0000 Texas and Alabama offer Tax Amnesty Texas – Beginning May 1 and running through June 29, Texas will offer tax amnesty for liabilities that have not been previously reported to the Comptroller. The amnesty applies to periods prior to January 1, 2018. Taxpayers who come forth and settle ... http://www.schneiderdowns.com/our-thoughts-on/texas-and-alabama-offer-tax-amnesty Wed, 11 Apr 2018 00:00:00 +0000 Museums to Receive Clarity on Accounting for Collections The Financial Accounting Standards Board (FASB) will soon release for public comment a proposal revising its guidance on accounting for historical collections. The proposal attempts to align the FASB guidance with the requirements from the AAM, formerly ... http://www.schneiderdowns.com/our-thoughts-on/museums-to-receive-clarity-on-accounting-for-collections Wed, 11 Apr 2018 00:00:00 +0000 A Tax Cut and Jobs Act Call for Guidance on Implementing the 20% Qualified Business Income Deduction The Tax Cuts and Jobs Act (the Act), enacted December 22, 2017, provided many taxpayer-friendly benefits, including a 20% deduction against flow-through income from certain qualifying businesses. Much has been discussed and written about the need for ... http://www.schneiderdowns.com/our-thoughts-on/a-tax-cut-and-jobs-act-call-for-guidance-on-implementing-the-20-qualified-business-income-deduction Thu, 05 Apr 2018 00:00:00 +0000 Is your PA business ready? Starting in 2018, Pennsylvania is requiring businesses to withhold state income tax of 3.07% from all non-resident Form 1099 recipients paid over $5,000 per year. As a business, you will want to assess how much of an impact this will have on your organization ... http://www.schneiderdowns.com/our-thoughts-on/is-your-pa-business-ready Thu, 05 Apr 2018 00:00:00 +0000 The Second Line of Defense: An Overview Risk management in any organization can be complex and difficult. Many companies address the complexity by adding layers of audit and governance, and when an organization grows large enough or risks are deeply intertwined in different segments of the ... http://www.schneiderdowns.com/our-thoughts-on/the-second-line-of-defense-an-overview Thu, 05 Apr 2018 00:00:00 +0000 Cybersecurity for Car Dealers: Indifference Is Not a Strategy With cyber-attacks on the rise, it is hard to go a day without hearing or reading about a massive breach or incident. What the news outlets don’t show you is the impact these cyber-attackers are having on the small to medium-sized businesses right ... http://www.schneiderdowns.com/our-thoughts-on/cybersecurity-for-car-dealers-indifference-is-not-a-strategy Wed, 04 Apr 2018 00:00:00 +0000 Do You Have a DPO? You May Need One Soon May 25, 2018, is a date with significant meaning if you’re a company that operates within the European Union or processes data that identifies EU citizens. That’s when the new General Data Protection Regulation (GDPR) goes into full effect. ... http://www.schneiderdowns.com/our-thoughts-on/do-you-have-a-dpo-you-may-need-one-soon Wed, 04 Apr 2018 00:00:00 +0000 Dan Phillips Talks Pittsburgh Pirates and Tax Law with the Pittsburgh Business Times Dan Phillips, Tax Shareholder, spoke with the Pittsburgh Business Times about how the tax reform could impact the way the Pittsburgh Pirates trade players. Read the full article here. Subscriptions may be required. ... http://www.schneiderdowns.com/dan-phillips-talks-pittsburgh-pirates-and-tax-law-with-the-pittsburgh-business-times Tue, 03 Apr 2018 00:00:00 +0000 Healthcare Trends and Industry Outlook Healthcare is a constantly evolving industry, and yet how much change there is to come. The trend towards value-based payment as opposed to volume-based payment continues, mergers across all types of healthcare organizations are becoming more and more ... http://www.schneiderdowns.com/our-thoughts-on/healthcare-trends-and-industry-outlook Thu, 29 Mar 2018 00:00:00 +0000 How Do You Measure the Success of Your Retirement Plan? This article was co-written by Miles Gibson. There can never be enough questions for your Investment Committee to ask as it reviews your organization’s retirement plan. Understanding the underlying strategy of your plan’s investment options ... http://www.schneiderdowns.com/our-thoughts-on/how-do-you-measure-the-success-of-your-retirement-plan Thu, 29 Mar 2018 00:00:00 +0000 Increased Penalties for Failure to File an FBAR to Report Foreign Financial Assets The Financial Crimes Enforcement Network (FinCEN) recently announced inflation-adjusted penalties for failure by U.S. persons to file a Report of Foreign Bank and Financial Accounts (FBAR) reporting an interest in foreign financial accounts. The civil ... http://www.schneiderdowns.com/our-thoughts-on/increased-penalties-for-failure-to-file-an-fbar-to-report-foreign-financial-assets Thu, 29 Mar 2018 00:00:00 +0000 Tax Provisions Included in Federal Spending Bill On Friday March 23, Congress passed the Consolidated Appropriations Act, 2018, H.R. 1625 (the Act), a $1.3 trillion spending bill designed to keep the government open for business for the remainder of the budget year ending September 30. In addition to ... http://www.schneiderdowns.com/our-thoughts-on/tax-provisions-included-in-federal-spending-bill Thu, 29 Mar 2018 00:00:00 +0000 Tax Reform Impacts Federal Estate, Gift and Generation-Skipping Taxes Within the recently enacted Tax Cuts and Jobs Act (the “Act”), lawmakers failed to satisfy longstanding promises of a full repeal of the federal estate tax. The Act does, however, significantly increase the amount of wealth that taxpayers ... http://www.schneiderdowns.com/our-thoughts-on/tax-reform-impacts-federal-estate-gift-and-generationskipping-taxes Wed, 28 Mar 2018 00:00:00 +0000 Report Cards Are Out: American Infrastructure Gets D+ The American Society of Civil Engineers (ASCE) recently released their 2017 Infrastructure Report Card. Every four years, the ASCE grades the nation’s infrastructure within sixteen major categories on an A - F scale. Many factors determine the grade ... http://www.schneiderdowns.com/our-thoughts-on/american-infrastructure-report-card Mon, 26 Mar 2018 00:00:00 +0000 Regulatory Reform Bill Alleviating Burden on Banks and Credit Unions Progresses Through Congress The United States Senate passed bill S. 2155 – Economic Growth, Regulatory Relief and Consumer Protection Act – a bipartisan reform bill that removes a long list of regulatory requirements on financial services organizations. It now goes to ... http://www.schneiderdowns.com/our-thoughts-on/regulatory-reform-bill-alleviating-burden-on-banks-and-credit-unions-progresses-through-congress Thu, 22 Mar 2018 00:00:00 +0000 My Client/Prospective Client Just Asked for a SOC Report. Now What Do I Do? Does anxiety and panic set in when a client or prospect asks if you have a Systems and Organization Controls (SOC) report? Could you be in jeopardy of losing a current client or missing out on a new opportunity or prospective client? Have you even thought ... http://www.schneiderdowns.com/our-thoughts-on/my-clientprospective-client-just-asked-for-a-soc-report-now-what-do-i-do Thu, 22 Mar 2018 00:00:00 +0000 NIST Releases Final Draft Publication to Assist in Assessing Compliance with NIST SP 800-171 Background As of December 31, 2017, all Department of Defense (DoD) contractors that process, store or transmit Controlled Unclassified Information (CUI) must meet the Defense Federal Acquisition Regulations Supplement (DFARS) minimum security standards. ... http://www.schneiderdowns.com/our-thoughts-on/nist-releases-final-draft-publication-nist-sp-800171 Thu, 22 Mar 2018 00:00:00 +0000 Pennsylvania Department of Environmental Protection Proposes 250% Permit Fee Increase for Unconventional Gas Wells The Pennsylvania Department of Environmental Protection (DEP) has proposed a 250% permit fee increase for all unconventional gas wells. This would increase the current fee of $5,000 to $12,500. This will be the first increase in permit fees since 2014. ... http://www.schneiderdowns.com/our-thoughts-on/pa-dept-of-environmental-protection-proposes-permit-fee-increase-for-unconventional-gas-wells Thu, 22 Mar 2018 00:00:00 +0000 One-Time Fuel Credit Claims Begin April 2 for 180 Days The IRS recently released Notice 2018-21 that provides, among other things, guidance to taxpayers regarding the Biodiesel Mixture Credit, the Alternative Fuel Credit and the Alternative Fuel Mixture Credit, all of which expired at the end of 2016. The ... http://www.schneiderdowns.com/our-thoughts-on/onetime-fuel-credit-claims-begin-april-2-for-180-days Thu, 15 Mar 2018 00:00:00 +0000 GDPR: Common Myths and Truths Revealed The General Data Protection Regulation (GDPR) has been a hot topic of conversation since being adopted in April 2016. The new regulation changes how companies need to manage the data of data subjects in the European Union (EU) and will become fully enforceable ... http://www.schneiderdowns.com/our-thoughts-on/gdpr-common-myths-and-truths-revealed Thu, 15 Mar 2018 00:00:00 +0000 New Tariffs Proposed on Steel and Aluminum On March 8, President Trump announced that the United States would begin imposing tariffs on imported steel and aluminum. While on the campaign trail in 2016, Mr. Trump clearly stated his intent to strengthen our global position, renegotiate trade agreements, ... http://www.schneiderdowns.com/our-thoughts-on/new-tariffs-proposed-on-steel-and-aluminum Thu, 15 Mar 2018 00:00:00 +0000 IRS Reacts To Perceived Loopholes Under The Tax Cuts and Jobs Act Taxpayers attempting to take advantage of perceived loopholes in the Tax Cuts and Jobs Act ("TCJA"),beware: the IRS has been quick to respond to positions with which it disagrees. In the most recent example, the IRS released guidance that closed ... http://www.schneiderdowns.com/our-thoughts-on/irs-reacts-to-perceived-loopholes-under-the-tax-cuts-and-jobs-act Thu, 15 Mar 2018 00:00:00 +0000 Taxpayers can continue to deduct interest paid on home equity loans under the recently enacted Tax Cuts and Jobs Act For tax years beginning after Dec. 31, 2017 and before Jan. 1, 2026, the original language of the Tax Cuts and Jobs Act (the Act) indicated that “home equity debt” is no longer deductible. The elimination of the deduction for interest on home ... http://www.schneiderdowns.com/our-thoughts-on/taxpayers-can-continue-to-deduct-interest-paid-on-home-equity-loans-under-the-recently-enacted-tax-cuts-and-jobs-act Thu, 08 Mar 2018 00:00:00 +0000 Employer Tax Credit for Paid Family and Medical Leave The Tax Cuts and Jobs Act ("TJCA") provides a general business credit to qualifying employers that provide paid leave pursuant to the Family Medical and Leave Act ("FMLA"). Currently, the FMLA does not require employers to compensate ... http://www.schneiderdowns.com/our-thoughts-on/employer-tax-credit-for-paid-family-and-medical-leave Thu, 08 Mar 2018 00:00:00 +0000 Pennsylvania Public Utilities Commission Increases Impact Fees for 2017 For 2017, Pennsylvania’s Independent Fiscal Office (IFO) is projecting the impact fee to be approximately $219.4 million, the third highest in the history of the fee, and an increase of $46.1 million from the prior year. This is due to the Pennsylvania ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-public-utilities-commission-increases-impact-fees-for-2017 Thu, 08 Mar 2018 00:00:00 +0000 SEC Issues Guidance on Disclosure of Cybersecurity Risks and Incidents The Securities and Exchange Commission (SEC) issued interpretive Release No. 33-10459 Commission Statement and Guidance on Public Company Cybersecurity Disclosures to assist public companies in preparing disclosures about cybersecurity risks and incidents. ... http://www.schneiderdowns.com/our-thoughts-on/sec-issues-guidance-on-disclosure-of-cybersecurity-risks-and-incidents Thu, 08 Mar 2018 00:00:00 +0000 Passphrases and Other Password Protection Strategies Building a reputation for sound data privacy and robust security is challenging for many organizations in this digital age, especially those in the financial services industry. Below are a few statistics to help illustrate the reasons why this challenge ... http://www.schneiderdowns.com/our-thoughts-on/password-protection-strategies Thu, 08 Mar 2018 00:00:00 +0000 Late To Comply with GDPR? Here Are Three Steps to Take Right Now. Background The European Union’s (EU) General Data Protection Regulation (GDPR) goes into effect on May 25, 2018. The regulation is specific to the protection of natural persons with regard to the processing of personal data and on the free movement ... http://www.schneiderdowns.com/our-thoughts-on/late-to-comply-gdpr-three-steps-to-take-right-now Mon, 05 Mar 2018 00:00:00 +0000 401(k) Hardship Withdrawals - Made Easier by the 2018 Budget Act Hardship withdrawals from 401(k) and 403(b) plans will be soon become less restrictive under the provisions of the recently-passed Bipartisan Budget Act of 2018“ (the “Budget Act”). Under current rules, 401(k) plan participants who experience ... http://www.schneiderdowns.com/our-thoughts-on/401k-hardship-withdrawals-made-easier-by-the-2018-budget-act Thu, 01 Mar 2018 00:00:00 +0000 Internal Revenue Service Seeking Comments on Proposed Changes to Donor Advised Funds On December 4, 2017, the Internal Revenue Service (IRS) issued Notice 2017-73, wherein the agency describes the approaches it’s considering in addressing certain issues regarding donor advised funds (DAFs). The notice discusses three specific situations: ... http://www.schneiderdowns.com/our-thoughts-on/internal-revenue-service-seeking-comments-on-proposed-changes-to-donor-advised-funds Thu, 01 Mar 2018 00:00:00 +0000 Revenue Recognition Considerations for Engineering Firms In August 2017, the FASB issued guidance for engineering firms in connection with the implementation of ASU 2014-09 and the five-step model. Step One requires firms to determine whether or not there are multiple contracts. An important consideration specific ... http://www.schneiderdowns.com/our-thoughts-on/revenue-recognition-considerations-for-engineering-firms Thu, 22 Feb 2018 00:00:00 +0000 Revenue Recognition Considerations for Software Companies In August 2017, the FASB issued guidance for software companies in connection with the implementation of ASU 2014-09 and the five-step model. Step One requires companies to determine whether or not there are multiple contracts. An important consideration ... http://www.schneiderdowns.com/our-thoughts-on/revenue-recognition-considerations-for-software-companies Thu, 22 Feb 2018 00:00:00 +0000 Siloing of Unrelated Business Income Is Creating Many Questions for Tax-Exempt Organizations “Siloing” is the term being used to describe the 2017 tax reform change that requires exempt organizations to separate each of their unrelated business activities and only tax those with income. I am not sure it is a real word. It is fun to ... http://www.schneiderdowns.com/our-thoughts-on/siloing-of-unrelated-business-income-is-creating-many-questions-for-taxexempt-organizations Thu, 22 Feb 2018 00:00:00 +0000 How Tax Reform has Affected the Manufacturing Industry On December 22, 2017, the highly anticipated tax reform was signed into law. One goal of tax reform was to help attract manufacturers to return to the U.S. and create additional jobs for Americans, to continue to drive down the unemployment rate. How ... http://www.schneiderdowns.com/our-thoughts-on/how-tax-reform-has-affected-the-manufacturing-industry Wed, 14 Feb 2018 00:00:00 +0000 Manufacturers Looking for Ways to Reduce Expenses Manufacturers across the world are constantly looking for ways to reduce expenses and ultimately increase the bottom line. Some companies have eliminated unnecessary positions within the organization while others have employed conscientious cost-cutting. ... http://www.schneiderdowns.com/our-thoughts-on/manufacturers-looking-for-ways-to-reduce-expenses Wed, 14 Feb 2018 00:00:00 +0000 You Get a Tax Cut! And They Get a Tax Cut! Should I Stay an S Corp? The Tax Cuts and Jobs Act represents the largest overhaul in federal tax law since 1986. The changes are sweeping and affect almost every form of income tax on the books. Under the new law, most individuals and corporations will see a decrease their tax ... http://www.schneiderdowns.com/our-thoughts-on/you-get-a-tax-cut-they-get-a-tax-cut-stay-s-corp Wed, 14 Feb 2018 00:00:00 +0000 New Pennsylvania Withholding Requirement on 1099-MISC Filers for Non-Residents *Alert* - The Pennsylvania Department of Revenue delayed the penalty for failure to withhold until July 1, 2018. See Our Thoughts On dated 2/9/2018. Under Act 43 of 2017, anyone that pays Pennsylvania-source non-employee compensation or business income ... http://www.schneiderdowns.com/our-thoughts-on/new-pa-withholding-requirement-1099-filers-for-nonresidents Tue, 13 Feb 2018 00:00:00 +0000 Changes to the Entertainment Expense The Tax Cuts and Jobs Act permanently repealed most business deductions related to entertainment, amusement or recreation activities or a facility used in connection with any of the aforementioned activities. Membership and club dues remain non-deductible. ... http://www.schneiderdowns.com/our-thoughts-on/changes-to-the-entertainment-expense Tue, 13 Feb 2018 00:00:00 +0000 New Limitation on Business Losses of Pass-through Entities The Tax Cuts and Jobs Act expands certain limitations on losses for non-corporate taxpayers. The new provisions limit the aggregate amount of deduction related to business income generated during the year to $500,000 (filing joint) or $250,000 (filing ... http://www.schneiderdowns.com/our-thoughts-on/new-limitation-on-business-losses-of-passthrough-entities Tue, 13 Feb 2018 00:00:00 +0000 Business Interest Deduction The Tax Cuts and Jobs Act (“the Act”) provides for new limits on the business interest deduction that may impact the transportation industry. Effective for any tax year beginning after December 31, 2017, the Act places a limit on the deductibility ... http://www.schneiderdowns.com/our-thoughts-on/business-interest-deduction Tue, 13 Feb 2018 00:00:00 +0000 TAX REFORM: A NEW DEDUCTION FOR INDIVIDUALS - 20% QUALIFIED BUSINESS INCOME DEDUCTION The Tax Cuts and Jobs Act provided non-corporate taxpayers (e.g., S-corporations, partnerships, limited liability companies, and sole proprietorships) a new deduction that is claimed on individual income tax returns. Calculation of this deduction is complex. ... http://www.schneiderdowns.com/our-thoughts-on/tax-reform-a-new-deduction-for-individuals-20-qualified-business-income-deduction Tue, 13 Feb 2018 00:00:00 +0000 Like-Kind Exchanges No Longer Available for Personal Property Effective after December 31, 2017, the Tax Cuts and Jobs Act (“the Act”) repeals the favorable deferral of gain generated by like-kind exchanges of tangible personal property. This means that businesses in the transportation industry can no ... http://www.schneiderdowns.com/our-thoughts-on/likekind-exchanges-not-available-personal-property Tue, 13 Feb 2018 00:00:00 +0000 Welcoming the New Year -- Recap of Federal Gas Tax Proposals, 2018 Pennsylvania Toll Increases and Pennsylvania Gas Tax Reductions The Commonwealth of Pennsylvania decreased both the wholesale motor fuels tax and the diesel fuels tax on gasoline by .006 cents on January 1, 2018. Despite the slight reduction in rates, Pennsylvania still wins the first place trophy for the highest ... http://www.schneiderdowns.com/our-thoughts-on/welcoming-the-new-year-recap-of-federal-gas-tax-proposals-2018-pennsylvania-toll-increases-and-pennsylvania-gas-tax-reductions Tue, 13 Feb 2018 00:00:00 +0000 One-Year Extension of the Alternative Fuel Excise Tax Credit for 2017 This article was in collaboration with Keith Donnelly. The Alternative Fuel Credit is a refund of federal excise taxes that many companies in the transportation and manufacturing industries utilized in the past. To qualify, the taxpayer sold or used the ... http://www.schneiderdowns.com/our-thoughts-on/oneyear-extension-of-the-alternative-fuel-excise-tax-credit-for-2017 Tue, 13 Feb 2018 00:00:00 +0000 Easing the Burden on Exempt Organizations' Application for Exemption The Internal Revenue Service (“IRS”) recently issued Revenue Procedure 2018-15, stating that it will no longer require a new exemption application from a domestic 501(c) organization that changes its corporate formation or place of organization, ... http://www.schneiderdowns.com/our-thoughts-on/easing-burden-on-exempt-orgs-app-exemption Mon, 12 Feb 2018 00:00:00 +0000 Federal Government's Appetite for Revenue Nibbles Away at Tax Deductible Meals With apologies to William Shakespeare, a big tax question vexing many business owners these days is not, “To be or not to be?” but, rather, “Meals – deductible or not deductible?” Like many initial responses that come from ... http://www.schneiderdowns.com/our-thoughts-on/federal-governments-appetite-revenue-nibbles-away-tax-deductible-meals Mon, 12 Feb 2018 00:00:00 +0000 The U.S. Is Becoming More Attractive for Manufacturing Firms Conditions are improving in the U.S. manufacturing industry, which may lead firms to consider constructing new facilities or relocating their operations back to America. Tax relief, in the form the Tax Cuts and Jobs Act, was signed into law by President ... http://www.schneiderdowns.com/our-thoughts-on/us-becoming-more-attractive-manufacturing-firms Mon, 12 Feb 2018 00:00:00 +0000 Changes in Ohio Financial Institutions Tax All large corporations begin small, with a vision and strategy. The Small Business Investment Company (SBIC) program provides loans to private equity funds licensed by the U.S. Small Business Administration (SBA) to help finance promising young companies ... http://www.schneiderdowns.com/our-thoughts-on/changes-in-ohio-financial-institutions-tax Mon, 12 Feb 2018 00:00:00 +0000 AICPA Requests Guidance on TCJA On January 29, 2018, the American Institute of Certified Public Accountants (AICPA) sent a letter to the Internal Revenue Service (IRS) requesting clarification and guidance on a variety of provisions included in the Tax Cuts and Jobs Act (TCJA). In it, ... http://www.schneiderdowns.com/our-thoughts-on/aicpa-requests-guidance-on-tcja Mon, 12 Feb 2018 00:00:00 +0000 Pennsylvania 1099-MISC Update from the Department Businesses and organizations have been struggling to implement the withholding and reporting obligations passed under Act 43 of 2017. Act 43 requires withholding on payments to non-resident individuals of Pennsylvania-source income, including lessors. ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-1099misc-update-from-the-department Fri, 09 Feb 2018 00:00:00 +0000 Christopher Pascuzzi Joins Firm as CFO Schneider Downs Names Christopher Pascuzzi New Chief Financial Officer PITTSBURGH – Schneider Downs, one of the nation’s 60 largest certified public accounting firms, has named Christopher J. Pascuzzi, CPA, as its new Chief Financial Officer. ... http://www.schneiderdowns.com/christopher-pascuzzi-joins-firm-as-cfo Thu, 08 Feb 2018 00:00:00 +0000 Proposed Pa. House Bill Would Repeal Department of Revenue Disallowance of 100% Bonus The recently enacted Tax Cuts and Jobs Act (“Act”) signed into law December 22, 2017 has brought significant changes to the federal tax system. There are numerous unanswered questions involving the Act that are still being researched by tax ... http://www.schneiderdowns.com/our-thoughts-on/proposed-pa-house-bill-would-repeal-department-of-revenue-disallowance-of-bonus Wed, 07 Feb 2018 00:00:00 +0000 Hardship Availability Due to Modification of Deduction for Personal Casualty Losses Under the Tax Cuts and Jobs Act In general, the Internal Revenue Service’s hardship distribution regulations provide that a hardship distribution may only be made on account of a participant’s immediate and heavy financial need. This “immediate and heavy financial ... http://www.schneiderdowns.com/our-thoughts-on/hardship-availability-due-to-modification-of-deduction Wed, 07 Feb 2018 00:00:00 +0000 Impact of Tax Reform on Professional Service Organizations The Tax Cuts and Jobs Act (The Act) was signed into law on December 22nd and brings with it the most sweeping changes to the Tax Code in more than 30 years. In some cases professional service organizations may be one of the few industries that is a loser ... http://www.schneiderdowns.com/our-thoughts-on/tax-reform-professional-service-organizations Wed, 07 Feb 2018 00:00:00 +0000 Tax Reform Bill Includes Extension of Time to Repay Retirement Plan Loans With sweeping tax reform going into full effect last month, many 401(k) participants are wondering how and if their plans will be affected. The answer to that question is: not much. The biggest news for 401(k) owners with regard to the new tax laws is ... http://www.schneiderdowns.com/our-thoughts-on/tax-reform-bill-extends-time-to-repay-retirement-plan-loans Wed, 07 Feb 2018 00:00:00 +0000 Jason Staley featured in Financial Advisor IQ Jason Staley, Investment Relationship Manager at Schneider Downs Wealth Management Advisors, LP, talked with Financial Advisor IQ about how the SALT deductions passed by Congress will impact municipal bond funds. Please click herre to read the article. ... http://www.schneiderdowns.com/jason-staley-featured-in-financial-advisor-iq Thu, 01 Feb 2018 00:00:00 +0000 Pennsylvania Nonprofit Alert: State Raises Audit Requirement Threshold On December 22, 2017, Governor Tom Wolf signed two legislative measures that amend the Pennsylvania Solicitation of Funds for Charitable Purposes Act. Act 71 of 2017, intended to align state audit requirements for financial reports with those under federal ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-nonprofit-alert-state-raises-audit-requirement-threshold Wed, 31 Jan 2018 00:00:00 +0000 ASU 2018-01 Lessens the Blow of Accounting for Land Easements Under New Lease Requirements Back in February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities ... http://www.schneiderdowns.com/our-thoughts-on/asu-201801-lessens-blow-accounting-land-easements Wed, 31 Jan 2018 00:00:00 +0000 Pa. Legislators Hope to Cut Permit Red Tape, Smooth Path for Drillers The Pennsylvania Department of Environmental Protection (DEP) claims it will render a decision on a drilling permit for new well within 45 days of application. The timing on that determination, however, actually averages closer to 100 days. Similarly, ... http://www.schneiderdowns.com/our-thoughts-on/pa-legislators-hope-to-cut-permit-red-tape-smooth-path-for-drillers Tue, 30 Jan 2018 00:00:00 +0000 Reminder: Foreign-owned U.S. Disregarded Entities Face New Reporting Requirements Until recently, disregarded entities (DREs) were typically not required to obtain an employer identification number (EIN) and generally did not have federal tax filing requirements. As long as the DRE or its foreign owner did not receive U.S.-source income, ... http://www.schneiderdowns.com/our-thoughts-on/reminder-foreignowned-us-disregarded-entities-face-new-reporting-requirements Tue, 30 Jan 2018 00:00:00 +0000 State and Local Property Tax Deduction Update New bipartisan legislation introduced in the House, titled “The Cutting Local Taxes by Reinstating SALT Bill (HR 4789)” (the “Bill”) would now allow a deduction for prepaid 2018 property taxes paid in 2017. This new proposal would ... http://www.schneiderdowns.com/our-thoughts-on/state-local-property-tax-deduction-update Fri, 26 Jan 2018 00:00:00 +0000 TPP Likely To Pass Without U.S. This month the 11 remaining countries in negotiations under the Trans-Pacific Partnership (TPP) signaled that the agreement will move forward under a new version called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) ... http://www.schneiderdowns.com/our-thoughts-on/tpp-likely-to-pass-without-us Thu, 25 Jan 2018 00:00:00 +0000 SEC Effects of Tax Reform On December 22, 2017, the SEC issued Staff Accounting Bulletin No. 118 (SAB 118) in response to the passage of the Tax Cuts and Jobs Act (Act), which describes three scenarios associated with a company’s status of accounting for income tax reform: ... http://www.schneiderdowns.com/our-thoughts-on/sec-effects-of-tax-reform Thu, 25 Jan 2018 00:00:00 +0000 Employers Take Note: IRS Issues 2018 Income Tax Withholding Tables With passage of the Tax Cuts and Jobs Act, the IRS has now assumed the important task of implementing tax reform. On January 11, the agency began this process by releasing the new 2018 federal income tax withholding tables. Though taxpayers must begin ... http://www.schneiderdowns.com/our-thoughts-on/irs-issues-2018-income-tax-withholding-tables Tue, 23 Jan 2018 00:00:00 +0000 2017 TAX CUTS AND JOBS ACT: EFFECT OF TRANSPORTATION FRINGE BENEFITS ON UNRELATED BUSINESS TAXABLE INCOME (UBTI) Under the 2017 Tax Cuts and Jobs Act, Section 274(a) of the Internal Revenue Code includes a new provision that expressly disallows deductions for “the expense of any qualified transportation fringe (as defined in section 132(f)) provided to the ... http://www.schneiderdowns.com/our-thoughts-on/tax-cuts-and-jobs-act-effect-of-transportation-fringe-benefits-on-unrelated-business-taxable-income-ubti Tue, 23 Jan 2018 00:00:00 +0000 Rewind: Schneider Downs Energy and Natural Resources Industry Group 2017 Recap Schneider Downs’ Energy and Natural Resources Industry Group provides specialized financial advice and services to our clients in the oil and gas, mining and aggregates, forest products, and alternative fuel and energy industries. Our Energy and ... http://www.schneiderdowns.com/our-thoughts-on/2017-schneider-downs-energy-natural-resources-industry-group-recap Tue, 23 Jan 2018 00:00:00 +0000 What the Government Shutdown Means for the IRS The Internal Revenue Service ("IRS") has updated their Fiscal Year 2018 Lapsed Appropriations Contingency Plan ("the plan") which outlines how they plan to deal with the first five business days of a government shutdown, also known ... http://www.schneiderdowns.com/our-thoughts-on/what-the-government-shutdown-means-for-the-irs Mon, 22 Jan 2018 00:00:00 +0000 Mary Richter Named to the Western Pennsylvania District Export Council Mary Richter has been named to the Western Pennsylvania District Export Council (DEC). District Export Councils are organizations of business leaders from local communities, appointed by various U.S. Secretaries of Commerce, whose knowledge of and expertise ... http://www.schneiderdowns.com/mary-richter-named-to-western-pa-district-export-council Mon, 22 Jan 2018 00:00:00 +0000 Worker Shortage an Ongoing Challenge for Construction Firms in 2018 In a recent survey of more than 1,600 construction firms conducted by Associated General Contractors of America, respondents reported that their companies will struggle to find and retain workers for the upcoming 2018 summer construction season. The survey ... http://www.schneiderdowns.com/our-thoughts-on/worker-shortage-an-ongoing-challenge-for-construction-firms-in-2018 Fri, 19 Jan 2018 00:00:00 +0000 Payroll Personnel, Beware of W-2 Scam The IRS has urged employers to notify their payroll department of a W-2 phishing scam that affected hundreds of organizations—and hundreds of thousands of their employees—last year. Targets of the scam include small and large businesses, public ... http://www.schneiderdowns.com/our-thoughts-on/payroll-personnel-beware-of-w2-scam Fri, 19 Jan 2018 00:00:00 +0000 Real Estate Industry: Opportunities in the Tax Reform Act On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (The Act) into law. The Act provides opportunities for all facets of the real estate industry, including many real estate investment and developer-friendly provisions, with few industry ... http://www.schneiderdowns.com/our-thoughts-on/real-estate-industry-opportunities-in-the-tax-reform-act Fri, 19 Jan 2018 00:00:00 +0000 Slowdown in International Enrollments Affecting U.S. Colleges and Universities Many higher education institutions have their financial challenges these days, thanks in part to a saturated market, an increase in online education programs and an overall decline in the number of high school graduates pursuing college and university ... http://www.schneiderdowns.com/our-thoughts-on/slowdown-international-enrollments-affecting-us-colleges-and-universities Thu, 18 Jan 2018 00:00:00 +0000 Recently Issued Accounting Standards Potentially Impacting Construction Company Financial Reporting in the Upcoming Year With the start of the new year, many contractors are gearing up for their annual year-end audits to begin. I wanted to provide a quick refresher on some of the newly issued accounting standards updates (ASUs) that contractors may need to consider from ... http://www.schneiderdowns.com/our-thoughts-on/recently-issued-accounting-standards-potentially-impacting-construction-company-financial-reporting-upcoming-year Tue, 16 Jan 2018 00:00:00 +0000 2018 Brings Additional Withhholding Requirements for Payors of Pennsylvania-Source Income In October of 2017, Pennsylvania Governor Tom Wolf signed into law Act 43 (“the Act”). Among the other provisions of this Act, companies are now required to withhold state tax on out-of-state independent contractors that perform services within ... http://www.schneiderdowns.com/our-thoughts-on/2018-brings-additional-withholding-requirements-payors-pennsylvaniasource-income Tue, 16 Jan 2018 00:00:00 +0000 The Impact of the Tax Cuts and Jobs Act on Your Construction Company Beyond 2017 If you (or your trust or estate) own an interest in a pass-through construction company, you’ll want to take note of two of the more significant changes regarding deductions made by the recently enacted Tax Cuts and Jobs Act (“the Act”). ... http://www.schneiderdowns.com/our-thoughts-on/the-impact-of-tax-cuts-and-jobs-act-on-your-construction-company Tue, 16 Jan 2018 00:00:00 +0000 Standard Mileage Rate for 2018 Announced For 2018, the standard mileage rate for the use of a car, van, pickup, or panel truck will increase to 54.5 cents per mile for business miles driven (53.5 cents in 2017). The standard mileage rate represents all costs associated with vehicles. Taxpayers ... http://www.schneiderdowns.com/our-thoughts-on/standard-mileage-rate-for-2018-announced Tue, 16 Jan 2018 00:00:00 +0000 Geological and Geophysical Costs Now Amortizable Over 24 Months for Certain Non-E&P Companies Generally, any geological and geophysical (G&G) expenses paid or incurred in connection with the exploration for, or development of, oil or gas within the United States, shall be allowed as a deduction over a 24-month period beginning with the mid-point ... http://www.schneiderdowns.com/our-thoughts-on/geological-geophysical-costs-amortizable Tue, 16 Jan 2018 00:00:00 +0000 Tax Reform: A New Deduction for Individuals - 20% Qualified Business Income Deduction The Tax Cuts and Jobs Act provided non-corporate taxpayers (e.g., S-corporations, partnerships, limited liability companies, and sole proprietorships) a new deduction that is claimed on individual income tax returns. Calculation of this deduction is complex. ... http://www.schneiderdowns.com/our-thoughts-on/new-individuals-qualified-business-income-deduction Tue, 16 Jan 2018 00:00:00 +0000 Marginal Well Credit Creates Major Opportunity to Reduce Taxes The marginal well credit (MWC), generally unavailable since its enactment in the early 2000s due to price limitations, is now available for natural gas producers with operating interests in tax year 2016 and is projected to be available for tax year 2017. ... http://www.schneiderdowns.com/our-thoughts-on/marginal-well-credit-major-opportunity-reduce-taxes Mon, 15 Jan 2018 00:00:00 +0000 Significant Tax Savings Now Available for Purchased Equipment and Other Tangible Property The Tax Cuts and Jobs Act provides an enormous tax benefit to taxpayers investing in capital asset additions: the Act increases the bonus depreciation deduction to 100% of cost for a limited time and additionally, increases the amount eligible to expense ... http://www.schneiderdowns.com/our-thoughts-on/significant-tax-savings-available-purchased-equipment-other-tangible-property Mon, 15 Jan 2018 00:00:00 +0000 Like-Kind Exchange Repealed for Equipment - Opportunity Still Exists for Mineral Rights Effective after December 31, 2017, the Tax Cuts and Jobs Act repealed the favorable tax deferral treatment to company cars, drilling rigs, mining equipment and other personal property. However, the Act still allows a tax free exchange to real property ... http://www.schneiderdowns.com/our-thoughts-on/likekind-exchange-repealed-equipment-opportunity-exists-mineral-rights Mon, 15 Jan 2018 00:00:00 +0000 New Limitation on Business Losses of Non-Corporate Taxpayers The Tax Cuts and Jobs Act expanded certain pass-through limitations on losses for non-corporate taxpayers. The new provisions limit the aggregate amount of deduction related to business income generated during the year to $500,000 (filing joint) or $250,000 ... http://www.schneiderdowns.com/our-thoughts-on/limitation-on-business-losses-noncorporate-taxpayers Mon, 15 Jan 2018 00:00:00 +0000 Disallowance of the Entertainment Expense The Tax Cuts and Jobs Act permanently repealed most business deductions related to entertainment, amusement, or recreation activities or a facility used in connection with any of the aforementioned activities. Membership and club dues remain non-deductible. ... http://www.schneiderdowns.com/our-thoughts-on/disallowance-of-the-entertainment-expense Mon, 15 Jan 2018 00:00:00 +0000 Financial Statements: Impact of Tax Reform on Deferred Taxes The Tax Cuts and Jobs Act of 2017 (the Act) was signed into law on December 22, 2017 by President Trump. While everyone has been concerned with tax planning opportunities, don’t forget the financial statement impact. The most anticipated change ... http://www.schneiderdowns.com/our-thoughts-on/financial-statements-impact-tax-reform-deferred-taxes Mon, 15 Jan 2018 00:00:00 +0000 New PA Withholding Requirement on Royalties, Bonus Payments, Rents and other Business Income Under Act 43 of 2017, anyone that pays Pennsylvania-source non-employee compensation or business income to a non-resident individual or disregarded entity that has a non-resident member and is required to file a Federal Form 1099-MISC with the Pennsylvania ... http://www.schneiderdowns.com/our-thoughts-on/pa-withholding-requirement-royalties-bonus-payments-rents-other-business-income Mon, 15 Jan 2018 00:00:00 +0000 IRS Implements Stricter Identity Proofing Process for E-Service Users As data protection grabs center stage in our increasingly digital world, the IRS has taken steps to enhance its own digital regulation policies. One such measure is the implementation of the Secure Access Program, a new “identity proofing system” ... http://www.schneiderdowns.com/our-thoughts-on/irs-stricter-identity-proofing-process-eservice-users Thu, 11 Jan 2018 00:00:00 +0000 IRS PUTS SMALL BUSINESSES ON ALERT The Internal Revenue Service (IRS) recently issued a News Release (IR 2017-198) to heighten awareness of identity theft toward small businesses. In the past year, the IRS has noted a sharp increase in the number of fraudulent Forms 1120, 1120S and 1041 ... http://www.schneiderdowns.com/our-thoughts-on/irs-puts-small-businesses-on-alert Thu, 11 Jan 2018 00:00:00 +0000 On Your Marks, Get Set, Go! Tax Season Begins It’s that time of year again – the IRS issued a statement on January 4 announcing the official beginning of tax season on Monday, January 29, 2018. Starting on this date, the IRS will begin accepting 2017 income tax returns. This year’s ... http://www.schneiderdowns.com/our-thoughts-on/2018-tax-season-begins Wed, 10 Jan 2018 00:00:00 +0000 Requirements of the SEC's Mandated Pay Ratio The Securities and Exchange Commission’s (SEC) pay ratio rule that was mandated by the Dodd-Frank Act requires pay ratio disclosures for a company's first full fiscal year beginning on or after January 1, 2017. For a calendar year company, this ... http://www.schneiderdowns.com/our-thoughts-on/requirements-of-the-secs-mandated-pay-ratio Wed, 10 Jan 2018 00:00:00 +0000 Annual Oil and Gas Update Sheds Light on Current State of the Industry The oil and gas industry in the United States has been somewhat depressed of late, with a decline in the number of active rigs from the record highs of previous years, and numerous calls for increases in taxes and regulations, which have led to instability ... http://www.schneiderdowns.com/our-thoughts-on/annual-oil-gas-update-current-state Tue, 09 Jan 2018 00:00:00 +0000 Tax Act Rules That Will Impact 2017 Tax Returns President Trump recently signed into law the Tax Cuts and Jobs Act (“the Act”), most of which becomes effective for the 2018 tax year. Certain provisions of the Act, though, become effective before that time and should be taken into consideration ... http://www.schneiderdowns.com/our-thoughts-on/tax-act-rules-that-will-impact-2017-tax-returns Tue, 09 Jan 2018 00:00:00 +0000 IF YOU SEE A SPECTRE, DON'T HAVE A MELTDOWN! Dan Desko contributed to this article. At Schneider Downs, many of our clients have been reaching out and asking for advice on how to deal with the recently reported global security vulnerabilities Meltdown and Spectre. This article discusses the weaknesses ... http://www.schneiderdowns.com/our-thoughts-on/if-you-see-a-spectre-dont-have-a-meltdown Fri, 05 Jan 2018 00:00:00 +0000 IRS Issues Notice for Computing "Transition Tax" On December 29, the Internal Revenue Service (IRS) and Treasury Department published Notice 2018-07 (Notice), providing guidance for computing the “transition tax” under the new Tax Cuts and Jobs Act enacted one week earlier. Under the new ... http://www.schneiderdowns.com/our-thoughts-on/irs-issues-notice-for-computing-transition-tax Fri, 05 Jan 2018 00:00:00 +0000 Employee Withholding Changes in the New Year Shortly after the tax bill was signed by President Trump, the Internal Revenue Service (“IRS”) issued a statement on December 26, 2017 indicating that they are currently working to develop withholding guidance for 2018. The Tax Cuts and Jobs ... http://www.schneiderdowns.com/our-thoughts-on/employee-withholding-changes-in-the-new-year Fri, 05 Jan 2018 00:00:00 +0000 New Tax Law Offers Many Opportunities for Transportation Companies The new tax law commonly referred to as the Tax Cuts and Jobs Act of 2017 (“The Act”) will provide many opportunities – and a few challenges – for companies in the transportation industry. This article highlights some of the important ... http://www.schneiderdowns.com/our-thoughts-on/new-tax-law-offers-opportunities-transportation-companies Thu, 04 Jan 2018 00:00:00 +0000 Pennsylvania Decouples from Federal Bonus Depreciation In response to the recently enacted federal Tax Cuts and Jobs Act of 2017 (“The Act”), the Pennsylvania Department of Revenue (“Department”) issued Corporation Tax Bulletin 2017-02 to assist taxpayers with understanding The Act’s ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-decouples-from-federal-bonus-depreciation Thu, 04 Jan 2018 00:00:00 +0000 Three May Be Better Than Four With many potential college students and their families questioning the necessity and benefit of committing four years of time and money to earn an undergraduate degree, tapping and successfully reaching that market has become increasingly challenging ... http://www.schneiderdowns.com/our-thoughts-on/three-may-be-better-than-four Thu, 04 Jan 2018 00:00:00 +0000 Michael Bucci talks to NerdWallet about the benefits of Roth IRAs Michael Bucci, Senior Manager of Investment Strategy for Retirement Plan Services at Schneider Downs Wealth Management Advisors, talked to NerdWallet about why it's important to have a Roth IRA, even if you have a 401k. Read his article here. For ... http://www.schneiderdowns.com/michael-bucci-nerdwallet-interview-roth-ira Thu, 04 Jan 2018 00:00:00 +0000 Jason Staley talks predictions with Investor's Business Daily Jason Staley, Investment Relationship Manager at Schneider Downs Wealth Management Advisors, LP, talked with Investor's Business Daily about how he responds to clients who are looking for his predictions on how markets will perform in the months ahead. ... http://www.schneiderdowns.com/jason-staley-talks-predictions-with-investors-business-daily Wed, 03 Jan 2018 00:00:00 +0000 Tax Reform Changes to Charitable Deduction As promised, the House-Senate Conference Committee on the Tax Cuts and Jobs Act has preserved the deduction for charitable contributions. The new law actually increases the adjusted gross income (AGI) limitation for deducting cash contributions— ... http://www.schneiderdowns.com/our-thoughts-on/tax-reform-changes-to-charitable-deduction Wed, 03 Jan 2018 00:00:00 +0000 Ohio's Unified Filing Systems for Businesses As efforts are made across the country to simplify tax laws, the state of Ohio has taken the first major step to streamline local tax filings. Between arduous municipal tax codes and the administrative burden that comes with doing business in multiple ... http://www.schneiderdowns.com/our-thoughts-on/ohios-unified-filing-systems-for-businesses Tue, 02 Jan 2018 00:00:00 +0000 Tax Reform in the News Tax Reform has been in the news quite a bit lately, and our own Dan Phillips has been an in-demand resource to help explain what the changes may mean for companies and individuals. See below for the most recent coverage. Dan Phillips talks to KDKA TV ... http://www.schneiderdowns.com/tax-reform-in-the-news Tue, 02 Jan 2018 00:00:00 +0000 A Whole Lot of Wells, Not a Lot of Money Within Pennsylvania lie masses of unplugged and abandoned oil and gas wells. While that may elicit a “so, what?” response from the general public, the problem with these wells arises from the slew of issues that come along with them. The wells ... http://www.schneiderdowns.com/our-thoughts-on/whole-lot-of-wells-not-a-lot-of-money Wed, 27 Dec 2017 00:00:00 +0000 Tax Reform and Payment of Taxes Prior to December 31, 2017 With passage of the new tax reform bill, a number of tried-and-true year-end tax planning strategies have suddenly taken on added significance. Due to the change in the law as we enter 2018, many filers are looking for opportunities to defer income until ... http://www.schneiderdowns.com/our-thoughts-on/tax-reform-payment-taxes-prior-to-december-31-2017 Wed, 27 Dec 2017 00:00:00 +0000 OPEC Cuts vs. U.S. Shale Recovery On November 30, at their last meeting in Vienna, Austria, the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers, led by Russia, agreed to extend oil production cuts until the end of 2018. In the last quarter of 2016, all 14 countries ... http://www.schneiderdowns.com/our-thoughts-on/opec-cuts-vs-us-shale-recovery Thu, 21 Dec 2017 00:00:00 +0000 Turnaround: The wisdom and humility of asking for help As Managing Director of Schneider Downs Meridian, I work closely with companies facing financial or operational issues. Together, we work to find solutions to restore the company to an improved state. Often, when first engaged with a client in our business ... http://www.schneiderdowns.com/our-thoughts-on/turnaround-wisdom-humility-asking-for-help Thu, 21 Dec 2017 00:00:00 +0000 BREAKING NEWS: House and Senate Have Passed Tax Overhaul Bill Both the House and Senate have passed the tax bill, and it is on its way to be signed by President Trump. It’s unclear now, but the President is likely to sign the bill between Christmas Day and sometime on New Year’s Day. It seems that a ... http://www.schneiderdowns.com/our-thoughts-on/dec-20-house-and-senate-pass-tax-overhaul-bill Wed, 20 Dec 2017 00:00:00 +0000 Be Sure You're Properly Completing Those Thrift Store Receipts Stop me if this sounds familiar: you pull up to your local thrift store, pop open the trunk, hand the attendant two or three garbage bags full of donated home goods and clothing, take the blank slip of paper with the organization's name on printed ... http://www.schneiderdowns.com/our-thoughts-on/properly-completing-thrift-store-receipts Wed, 20 Dec 2017 00:00:00 +0000 BREAKING NEWS: House Passes Historic Tax Overhaul Bill The House passed the most sweeping tax code rewrite in three decades earlier this afternoon. The bill now moves to the Senate. Senate Majority Leader Mitch McConnell (R-Ky) said earlier Tuesday that the Senate will vote on the bill later this evening. ... http://www.schneiderdowns.com/our-thoughts-on/Dec-19-house-passes-historic-tax-overhaul-bill Tue, 19 Dec 2017 00:00:00 +0000 IRS ANNOUNCES 2018 STANDARD MILEAGE RATES The Internal Revenue Service (IRS) has announced the optional 2018 standard mileage rates (Notice 2018-03) used to calculate the deductible costs of operating an automobile for business, medical or moving, and charitable purposes. The standard mileage ... http://www.schneiderdowns.com/our-thoughts-on/irs-announces-2018-standard-mileage-rates Mon, 18 Dec 2017 00:00:00 +0000 Postcard from the AICPA Construction and Real Estate Conference Last week, the AICPA hosted its annual Construction and Real Estate conference in Las Vegas, welcoming over 1,000 attendees. I was fortunate to participate, along with four fellow Schneider Downs colleagues from across multiple disciplines and offices. ... http://www.schneiderdowns.com/our-thoughts-on/postcard-aicpa-construction-real-estate-conference Mon, 18 Dec 2017 00:00:00 +0000 Completed Contract Method Permitted for Grading and Soil Compaction In Technical Advice Memorandum (TAM) 201650014, the IRS has determined that long term contracts requiring grading and soil compaction qualify for the completed contract method of accounting. The completed contract method allows taxpayers to defer revenue ... http://www.schneiderdowns.com/our-thoughts-on/completed-contract-method-permitted-grading-soil-compaction Mon, 18 Dec 2017 00:00:00 +0000 Postcard from the AICPA SEC Conference - Day 3 This article was co-written by Ryan Deatrick and Matt McNeal. Greetings from the final day of the AICPA Conference on Current SEC and PCAOB Developments in Washington, D.C.! Day 3 started with a panel discussion on Foreign Private Issuers (FPIs), including ... http://www.schneiderdowns.com/our-thoughts-on/postcard-aicpa-sec-conference-day-3 Mon, 18 Dec 2017 00:00:00 +0000 Nearing a Final Tax Plan After months of discussion, analysis, posturing and negotiation, it looks like a final tax plan is taking shape. On December 13, a joint House and Senate conference committee appeared to reach agreement on the basic outline of a final bill. GOP lawmakers ... http://www.schneiderdowns.com/our-thoughts-on/nearing-a-final-tax-plan Thu, 14 Dec 2017 00:00:00 +0000 The Sweeping Tax Overhaul and the "Season of Giving" Last week, the U.S. Senate passed a historic overhaul of the U.S. tax code. This pushed Republican lawmakers one step closer to passing their first major legislation since President Trump took office. As the tax overhaul continues to move forward, now ... http://www.schneiderdowns.com/our-thoughts-on/tax-overhaul-and-season-of-giving Wed, 13 Dec 2017 00:00:00 +0000 MIT Study Suggests U.S. Vastly Overstates Oil Output Forecasts Researchers at MIT have uncovered issues with the U.S. Energy Department’s official forecast for oil output, which may vastly overstate oil and gas production in the years to come. The flaw is due to the Energy Information Administration’s ... http://www.schneiderdowns.com/our-thoughts-on/mit-study-suggests-us-overstates-oil-output-forecasts Wed, 13 Dec 2017 00:00:00 +0000 Changes Expected in Early 2018 for Applications of Exempt Organizations Sunita Lough, commissioner of the Internal Revenue Service (IRS) Tax-Exempt and Government Entities (TE/GE) Division stated recently that changes will be made in January to Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of ... http://www.schneiderdowns.com/our-thoughts-on/changes-expected-early-2018-applications-exempt-organizations Tue, 12 Dec 2017 00:00:00 +0000 Will Higher Education Prosper from the PROSPER Act? Last week, while most Americans were following Congress’ latest actions on tax reform, the U.S. House of Representatives Committee on Education and the Workforce issued a sweeping proposal that will have broad implications on higher education. The ... http://www.schneiderdowns.com/our-thoughts-on/higher-education-prosper-act Tue, 12 Dec 2017 00:00:00 +0000 Higher Education: So Many Costs, But Not All Qualify for Each of the Tax Benefit Programs With multiple credits/deductions/education savings programs available to those of us with children in college, it’s confusing to know which costs are considered to be qualified for each of these incentive programs. The following represents an overview ... http://www.schneiderdowns.com/our-thoughts-on/higher-education-costs-tax-benefit-programs Tue, 12 Dec 2017 00:00:00 +0000 Potential Permanent Fracking Ban May Have Big Impact in PA Hydraulic fracturing – or “fracking,” as it has come to be known – is a hot topic these days. The fracking process, which involves pumping water, sand and chemicals into the ground in an attempt to crack underlying rock to free ... http://www.schneiderdowns.com/our-thoughts-on/permanent-fracking-ban-may-have-big-impact-in-pennsylvania Tue, 12 Dec 2017 00:00:00 +0000 Excel is Not Dead Recent news posted in The Wall Street Journal has depicted Excel as ill-equipped financial reporting software. Tatyana Shumsky discussed how it took users days to pull data from their various systems into Excel Spreadsheets. Adobe Inc.’s finance ... http://www.schneiderdowns.com/our-thoughts-on/excel-is-not-dead Tue, 12 Dec 2017 00:00:00 +0000 Postcard from the AICPA SEC Conference - Day 2 Greetings from the AICPA Conference on Current SEC and PCAOB Developments in Washington, D.C.! Day 2 started with the Securities Exchange Commission’s (SEC) Division of Corporation Finance discussing recent developments, including the potential ... http://www.schneiderdowns.com/our-thoughts-on/postcard-from-the-aicpa-sec-conference-day-2 Fri, 08 Dec 2017 00:00:00 +0000 Postcard from the AICPA SEC Conference - Day 1 Greetings from the AICPA Conference on Current SEC and PCAOB Developments! The conference kicked-off on Monday, December 4 in Washington, D.C. The conference kicked-off with Kimberly Ellison-Taylor, Chair of the American Institute of Certified Public ... http://www.schneiderdowns.com/our-thoughts-on/postcard-from-the-aicpa-sec-conf Wed, 06 Dec 2017 00:00:00 +0000 MATTERS TO CONSIDER AS 2017 COMES TO A CLOSE You may have just filed your 2016 retirement plan audit and feel like you can put that matter on the back burner for a while. But that’s not the case; there’s much to consider as the year comes to an end and 2018 begins. By December 31, plan ... http://www.schneiderdowns.com/our-thoughts-on/matters-to-consider-as-2017-comes-to-a-close Wed, 06 Dec 2017 00:00:00 +0000 Ohio Municipal Net Profit Tax Registration As noted in our summary of Ohio’s 2018-2019 Budget (House Bill 49), for tax years beginning on or after January 1, 2018, taxpayers have the option of filing a single municipal net profit return with the Department of Taxation, rather than filing ... http://www.schneiderdowns.com/our-thoughts-on/ohio-municipal-net-profit-tax-registration Wed, 29 Nov 2017 00:00:00 +0000 Post-Thanksgiving Tax Reform Update - Business Income Taxes We have much to be thankful for in the U.S., though taxes are not usually thought of as one of our many blessings. Tax reform, if enacted, will provide benefits to many, but there is still significant work ahead when it comes to reconciling the differences ... http://www.schneiderdowns.com/our-thoughts-on/tax-reform-update-business-income-taxes Wed, 29 Nov 2017 00:00:00 +0000 Schneider Downs Sponsors the 2017 Pennsylvania Automotive Association Fall Conference Last month, as director of Schneider Downs’ Auto Dealer Advisory Group, I represented the firm at the 2017 Pennsylvania Automotive Association (“PAA”) Fall Conference, held at the Omni Resort on Hilton Head Island. Schneider Downs is ... http://www.schneiderdowns.com/our-thoughts-on/schneider-downs-sponsors-2017-PA-automotive-association-fall-conference Wed, 29 Nov 2017 00:00:00 +0000 2018 Retirement Plan Limitations Update to the original article: On October 13, 2017, the Social Security Administration (SSA) announced that the maximum amount of earnings subject to the Social Security tax (taxable wage base) was to increase to $128,700 in 2018, from $127,200 in 2017. ... http://www.schneiderdowns.com/our-thoughts-on/2018-retirement-plan-limitations Wed, 29 Nov 2017 00:00:00 +0000 Big Data in the Construction World We hear a lot about “big data” these days. But what exactly generates big data in the construction world, and what value, if any, does it hold for your organization? As defined, big data accrues from digital information that is separately ... http://www.schneiderdowns.com/our-thoughts-on/big-data-construction-world Mon, 27 Nov 2017 00:00:00 +0000 Tax Reform and its Potential Impact for Manufacturers Tax reform efforts in both the House and Senate contain important implications for manufacturers. On Thursday, November 16, House Republicans passed their version of the Tax Cuts and Jobs Act of 2017, a bill the National Association of Manufacturers (NAM) ... http://www.schneiderdowns.com/our-thoughts-on/tax-reform-potential-impact-manufacturers Mon, 27 Nov 2017 00:00:00 +0000 IRS Announces Updates for Contribution Limits and Income Thresholds for Retirement Plans in 2018 Employees who participate in 401(k), 403(b) or 457(b) plans will be able to contribute up to $18,500 in 2018, up from $18,000 for 2017. This limit is aggregated to all plans, including pre-tax and Roth 401(k) contributions, but can also be lowered by ... http://www.schneiderdowns.com/our-thoughts-on/irs-announces-updates-contribution-limits-income-thresholds Mon, 27 Nov 2017 00:00:00 +0000 How to Pass the CPA Exam The CPA is like a marathon. It is intimidating from afar, but it’s not until you start training for it that you truly realize the amount of time and effort you are going to have to commit in order to achieve your goal. If you commit to being one ... http://www.schneiderdowns.com/our-thoughts-on/how-to-pass-cpa-exam Mon, 27 Nov 2017 00:00:00 +0000 Nick Lombardo featured by OSCPA in article discussing revenue recognition Nick Lombardo spoke to Laura Hay, COO of the OSCPA about the impending implementation of the new revenue recognition requirements. Read the full article here. For more information, contact Schneider Downs. ... http://www.schneiderdowns.com/nick-lombardo-featured-by-oscpa-on-revenue-recognition Mon, 27 Nov 2017 00:00:00 +0000 Senate Releases Its Version of Tax Cuts and Jobs Act With the House passing its “Tax Cuts and Jobs Act” last week and the Senate releasing its version yesterday (see our Tax Reform page), U.S. tax reform is well underway. But there’s no guarantee efforts on either side will come to full ... http://www.schneiderdowns.com/our-thoughts-on/senate-releases-version-tax-cuts-and-jobs-act Wed, 22 Nov 2017 00:00:00 +0000 Tax Reform Series: International Tax Implications from the House and Senate Tax Bills This month, the U.S. House of Representatives and Senate both released proposed laws looking to dramatically reform taxation in America. On November 16, the House passed the Tax Cuts and Jobs Act (the "Act") and the Senate Finance Committee ... http://www.schneiderdowns.com/our-thoughts-on/international-tax-implications-from-the-house-and-senate-tax-bills Tue, 21 Nov 2017 00:00:00 +0000 Revenue Recognition - What Public Construction Industry Companies are Saying In just over a month and a half, many public construction industry companies will be adopting FASB ASU 2014-09, Revenue from Contracts with Customers (Topic 606). So we were interested in what they would be disclosing about the adoption of the standard ... http://www.schneiderdowns.com/our-thoughts-on/revenue-recognition-what-public-construction-industry-companies-are-saying Mon, 20 Nov 2017 00:00:00 +0000 Impact Fee vs. Severance Tax Natural gas producers for unconventional wells do pay something; it’s in the form of an impact fee. Impact fees arose from PA Act 13 of 2012. In 2016, $173.2 million was paid in impact fees, and in 2015, the amount was $158.7 million. Total impact ... http://www.schneiderdowns.com/our-thoughts-on/impact-fee-vs-severance-tax Mon, 20 Nov 2017 00:00:00 +0000 CPA Exam Changes - Remaining Current, Relevant, Reliable, and Legally Defensible On April 1, 2017, the Uniform CPA Examination underwent its largest change since the exam transitioned from a pen-and-paper exam to a computerized exam in 2004. The new exam has been designed to be more relevant with the day-to-day job expectations of ... http://www.schneiderdowns.com/our-thoughts-on/cpa-exam-changes-remaining-current-relevant-reliable-and-legally-defensible Mon, 20 Nov 2017 00:00:00 +0000 Ohio Tax Amnesty 2018 The Ohio Department of Taxation (“Department”) announced that the 2018 tax amnesty program, which was implemented as part of the 2018-2019 biennial budget, will run from January 1, 2018 through February 15, 2018. Individual and business taxpayers ... http://www.schneiderdowns.com/our-thoughts-on/ohio-tax-amnesty-2018 Mon, 20 Nov 2017 00:00:00 +0000 House Passes Tax Bill A tax reform bill has been passed by the House of Representatives today, November 16, 2017. The bill, H.R.1, passed by a 227-205 margin along party lines, with 13 House Republicans joining all the House Democrats to oppose the bill. The passage of the ... http://www.schneiderdowns.com/our-thoughts-on/house-passes-tax-bill Thu, 16 Nov 2017 00:00:00 +0000 Final Thoughts - Part 8 in a Series Nonprofit organizations play a vital role in society by providing services and grants that support a wide range of initiatives in fields such as medicine, education, social services and the arts. They operate in an increasingly complex world. While the ... http://www.schneiderdowns.com/our-thoughts-on/final-thoughts-comp-best-practices Wed, 15 Nov 2017 00:00:00 +0000 West Virginia Strikes Gold with Shale Gas Development In the midst of President Trump’s three-day mission to China to forge energy deals between the two nations, at least one was finalized. On November 9, West Virginia provided a boost to its economic future when the state’s commerce secretary, ... http://www.schneiderdowns.com/our-thoughts-on/west-virginia-strikes-gold-shale-gas-development Mon, 13 Nov 2017 00:00:00 +0000 Pay as You Go, So You Won't Owe The title of this article is the IRS’s catchy new slogan launched at the end of October to remind taxpayers that income tax should be paid in throughout any given tax year; it’s not due just when the tax returns are filed. While the slogan ... http://www.schneiderdowns.com/our-thoughts-on/pay-as-you-go-so-you-wont-owe Mon, 13 Nov 2017 00:00:00 +0000 AICPA's Progress Toward Improving Employee Benefit Plan Audits In 2014, the AICPA launched an initiative for improving the quality of audits by improving the overall audit process. The process for enhancing audit quality includes the following six steps: pre-licensure, standards and ethics, CPA learning and support, ... http://www.schneiderdowns.com/our-thoughts-on/aicpas-progress-toward-improving-employee-benefit-plan-audits Mon, 13 Nov 2017 00:00:00 +0000 Dan Phillips talks tax reform with Post-Gazette Dan Phillips, Shareholder, Tax Advisory Services, talked to the Pittsburgh Post-Gazette about the potential impact of tax reform on cyclical industries like steel and startups struggling to turn a profit. Read the full article here. For more information, ... http://www.schneiderdowns.com/dan-phillips-talks-tax-reform-with-post-gazette Mon, 13 Nov 2017 00:00:00 +0000 Tax Implications of Senate's Version of Tax Reform for Exempt Organizations Keith Donnelly also contributed to this article. On November 9, 2017, the Senate Finance Committee released policy highlights of their version of the “Tax Cuts and Jobs Act H.R.1” (“Act H.R. 1”). Although the actual proposed legislation ... http://www.schneiderdowns.com/our-thoughts-on/tax-implications-senates-version-tax-reform-exempt-organizations Fri, 10 Nov 2017 00:00:00 +0000 Senate Republicans Unveil Tax Reform Policy Highlights On November 2, 2017, the United States House of Representatives released the “Tax Cuts and Jobs Act”, a bill that, if passed, would be the broadest rewrite of our nation’s tax code in over three decades. We summarized some of the key ... http://www.schneiderdowns.com/our-thoughts-on/senate-republicans-unveil-tax-reform-policy-highlights Fri, 10 Nov 2017 00:00:00 +0000 The Senate Sounds Off on the House's Tax Reform Bill On Thursday, November 2, 2017, the U.S. House of Representatives issued its version of a tax reform bill, the “Tax Cuts and Jobs Act.” If all goes as planned, the natural timeline would allow the House an editing and deliberating period until ... http://www.schneiderdowns.com/our-thoughts-on/the-senate-sounds-off-on-the-houses-tax-reform-bill Fri, 10 Nov 2017 00:00:00 +0000 Tax Reform Update Series - Professional Service Companies Implications On November 2, the U.S. House of Representatives released the draft Tax Cuts and Jobs Act (H.R. 1) (Act) which includes many provisions that could have a significant impact on taxpayers in the professional services space. The majority of these provisions ... http://www.schneiderdowns.com/our-thoughts-on/tax-reform-implications-professional-service-companies Thu, 09 Nov 2017 00:00:00 +0000 Pitfalls in Gathering Comparable Compensation Data - Part 7 in a Series As discussed in the previous post, comparable compensation data can be obtained from Forms 990 of the identified peer group, as well as from available compensation surveys. It’s important to understand the various compensation sources that can be ... http://www.schneiderdowns.com/our-thoughts-on/pitfalls-comparable-compensation-data Wed, 08 Nov 2017 00:00:00 +0000 The Estate Tax, or Lack Thereof, Under the Tax Cuts and Jobs Act of 2017 On November 2, 2017, the House Committee on Ways and Means released a tax reform plan known as the Tax Cuts and Jobs Act (the “Act”). As expected, the bill targeted, among other areas of current tax law, the estate, gift and generation-skipping ... http://www.schneiderdowns.com/our-thoughts-on/estate-tax-under-tax-cuts-jobs-act-2017 Tue, 07 Nov 2017 00:00:00 +0000 Shale Gas Generates Some Real Savings For Industrial and Commercial Consumers A study from the University of Pennsylvania’s Kleinman Center for Energy Policy titled “Pennsylvania’s Gas Decade: Insights into Consumer Pricing Impacts from Shale Gas” has found that the development of the Marcellus Shale formation ... http://www.schneiderdowns.com/our-thoughts-on/shale-gas-generates-savings-industrial-commercial-consumers Tue, 07 Nov 2017 00:00:00 +0000 How to Determine an Accounting Standards Effective Date for Not-for-Profit Entities Since the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2013-12, Definition of a Public Business Entity (ASU) 2013-12, Definition of a Public Business Entity (ASU 2013-12), it has been clear that a not-for-profit ... http://www.schneiderdowns.com/our-thoughts-on/how-to-determine-accounting-standards-effective-date-notforprofit-entities Tue, 07 Nov 2017 00:00:00 +0000 The Earliest of Early Black Friday Deals With the holiday season quickly approaching, the month of November could be a huge boost for the retail industry. According to surveys from NPD Group, Americans have become less prone to that dreadful “last minute” holiday shopping and are ... http://www.schneiderdowns.com/our-thoughts-on/earliest-of-early-black-friday-deals Tue, 07 Nov 2017 00:00:00 +0000 Proposed Regulations Affecting Valuation Discounts - New Update Provides Sigh of Relief In August of 2016, the Internal Revenue Service (the “IRS”) proposed regulations that, if made final, would have extensive consequences on estate planning for owners of family-controlled businesses. These regulations, under Internal Revenue ... http://www.schneiderdowns.com/our-thoughts-on/proposed-regulations-affecting-valuation-discounts_1 Mon, 06 Nov 2017 00:00:00 +0000 Papa John's Claims NFL is to Blame for a Poor Third Quarter Papa John’s has been a NFL league sponsor since 2010, but the company’s founder and CEO, John Schnatter was quick to blame the league for its poor performance last quarter. Since the release of its financials, the pizza chain fell $70 million ... http://www.schneiderdowns.com/our-thoughts-on/papa-johns-nfl-blame-poor-third-quarter Mon, 06 Nov 2017 00:00:00 +0000 Tax Reform Update Series: Tax Reform and the Impact to Your ETR House Republicans released their long-awaited tax reform bill on Thursday, November 2, the Tax Cuts and Jobs Act (“Act”). As promised by Republican House leaders for many months, the Act reduces the corporate tax rate from the current maximum ... http://www.schneiderdowns.com/our-thoughts-on/tax-reform-impact-to-etr Fri, 03 Nov 2017 00:00:00 +0000 Tax Reform Series: Implications for Tax Exempt Entities The Tax Cuts and Jobs Act, H.R.1 was released on November 2, 2017 by the House Committee of Ways and Means. In addition to rate provisions, there are numerous other provisions that, if enacted, will have a direct impact on the tax-exempt sector. It should ... http://www.schneiderdowns.com/our-thoughts-on/tax-reform-series-implications-for-tax-exempt-entities Fri, 03 Nov 2017 00:00:00 +0000 Pennsylvania Supreme Court Issues Decision on NOL Cap On October 18, 2017, the Supreme Court of Pennsylvania issued its decision in the case of Nextel Communications of the Mid-Atlantic, Inc. v. Commonwealth of Pennsylvania Department of Revenue. At issue was whether or not the Commonwealth’s statutory ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-supreme-court-issues-decision-on-nol-cap Fri, 03 Nov 2017 00:00:00 +0000 The Tax Reform Games Begin Yesterday, after much speculation and fanfare, the House Committee on Ways and Means released a tax reform bill – the Tax Cuts and Jobs Act – that contains many of the same concepts that have been advocated for in the past. The bill exceeds ... http://www.schneiderdowns.com/our-thoughts-on/the-tax-reform-games-begin Fri, 03 Nov 2017 00:00:00 +0000 US News & World Report Interviews Nancy Skeans about Retirement Planning Why are seniors so reluctant to retire, and why do they get nervous tapping in to their retirement funds? Nancy Skeans discusses that, and more, in a feature article for US News & World Report. For more information, contact Schneider Downs. ... http://www.schneiderdowns.com/us-news-world-report-interviews-nancy-skeans-about-retirement-planning Thu, 02 Nov 2017 00:00:00 +0000 Is Your Debt Both Efficient and Properly Structured? There are a variety of reasons a company’s debt can become inefficient or improperly structured. Companies are not static entities, but instead are constantly changing to meet market demands, growth and competitive landscapes. Over time, these changes ... http://www.schneiderdowns.com/our-thoughts-on/debt-efficient-properly-structured Wed, 01 Nov 2017 00:00:00 +0000 Pennsylvania Legislature Passes Spending Plan to Pay for $32 Billion Budget Earlier this week the Pennsylvania Legislature passed a spending plan to pay for the $32 billion budget it passed in July. Last summer’s legislation created a deficit in excess of $2 billion and a lot of controversy on how to pay for it. After months ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-legislature-passes-spending-plan Wed, 01 Nov 2017 00:00:00 +0000 Thompson's Cooperative Management Mineral Rights Act On October 2, 2017, the U.S. House of Representatives passed a bill, the Cooperative Management of Mineral Rights Act of 2017, which was introduced by Representative Glenn Thompson [R-PA]. The bill will now be sent to the Senate for consideration, prior ... http://www.schneiderdowns.com/our-thoughts-on/thompsons-cooperative-management-mineral-rights-act Wed, 01 Nov 2017 00:00:00 +0000 Is Your Comparable Compensation Data Actually Comparable?- Part 6 in a Series Once the board of directors has determined who will be leading the compensation process (full board or a compensation committee) and has discussed the organization’s goals and compensation philosophy, it’s time to gather comparable market ... http://www.schneiderdowns.com/our-thoughts-on/comparable-compensation-data Wed, 01 Nov 2017 00:00:00 +0000 Update on Grant Funding from the Volkswagen Environmental Mitigation Trust Fund Last year, Volkswagen was found guilty of designing and installing illegal defeat devices for the purpose of evading federal and state emission standards. As noted in our June 21, 2017 article, the Environmental Mitigation Trust was created as a result ... http://www.schneiderdowns.com/our-thoughts-on/update-grant-funding-volkswagen-environmental-mitigation-trust-fund Wed, 01 Nov 2017 00:00:00 +0000 Trigger Question on the Rebuttable Presumption for Executive Compensation The Tax-Exempt and Government Entities section of the Internal Revenue Service (IRS) has indicated that it will be using data-driven decision-making to determine case selection for audits. Basically, the IRS will analyze trigger questions embedded in ... http://www.schneiderdowns.com/our-thoughts-on/trigger-question-on-the-rebuttable-presumption-for-executive-compensation Tue, 31 Oct 2017 00:00:00 +0000 Get Ready for Critical Audit Matters On Monday, October 23, the SEC accepted the Public Company Oversight Board’s new standard for enhanced audit reports. Previously approved by the PCAOB in June, the new standard significantly expands the scope of audit reports to include a discussion ... http://www.schneiderdowns.com/our-thoughts-on/critical-audit-matters Wed, 25 Oct 2017 00:00:00 +0000 Schneider Downs Manufacturing Survey - Seeking Manufacturers' Input The Schneider Downs Manufacturing Focus Group has released its annual economic questionnaire. This is the seventh year for the survey. Our survey is conducted each year to accumulate opinions regarding the issues most important to manufacturers, including ... http://www.schneiderdowns.com/our-thoughts-on/schneider-downs-manufacturing-survey-seeking-manufacturers-input Wed, 25 Oct 2017 00:00:00 +0000 Pittsburgh Helping to Spur Construction Growth in September According to a recent report from Dodge Data & Analytics, new U.S. construction starts increased 14% in September from the previous month. A construction start is defined as the date that the project reaches the start stage. The Commonwealth of Pennsylvania, ... http://www.schneiderdowns.com/our-thoughts-on/pittsburgh-helping-to-spur-construction-growth-in-september Wed, 25 Oct 2017 00:00:00 +0000 5500 Filing Deadline -- What to do if you missed it! If your Company sponsors a benefit plan subject to the Employee Retirement Income Security Act of 1974 (ERISA), you are more than likely well aware of the filing deadline for the IRS Form 5500 – Annual Return/Report of Employee Benefit Plan. However, ... http://www.schneiderdowns.com/our-thoughts-on/5500-filing-deadline-what-to-do-if-you-missed-it Wed, 25 Oct 2017 00:00:00 +0000 State Income Withholding Simplification on the Horizon The House of Representatives recently passed the Mobile Workforce State Income Tax Simplification Act of 2017. If enacted, employees who work in a state different than their home state would only be subject to that state's income taxes if they work ... http://www.schneiderdowns.com/our-thoughts-on/state-income-withholding-simplification-on-the-horizon Wed, 25 Oct 2017 00:00:00 +0000 Compensation Best Practices in the Nonprofit World - Part 5 in a Series In this series that addresses common issues surrounding compensation, it’s worthwhile to note that compensation encompasses all forms of pay and not simply base salary. Let’s dive a little deeper into the different elements of compensation. ... http://www.schneiderdowns.com/our-thoughts-on/nonprofit-compensation-best-practices Wed, 25 Oct 2017 00:00:00 +0000 Update on the Status of the 179D Deduction In 2005, Congress passed the Energy Policy Act which created the 179D Energy-Efficient Commercial Building Deduction. The 179D deduction allowed owners of commercial buildings and designers of government buildings to take a federal tax deduction of up ... http://www.schneiderdowns.com/our-thoughts-on/update-on-status-of-179d-deduction Mon, 23 Oct 2017 00:00:00 +0000 Developing a Compensation Philosophy - Part 4 in the Series A compensation philosophy can be useful to a board of directors of a nonprofit in developing compensation processes and determining pay packages for new and existing employees. It can define the principles and guidelines for the organization’s compensation ... http://www.schneiderdowns.com/our-thoughts-on/developing-a-compensation-philosophy-part-4-in-the-series Thu, 19 Oct 2017 00:00:00 +0000 Potential Audit Relief for Charitable Organizations Soliciting in Pennsylvania Charitable organizations soliciting contributions in the state of Pennsylvania could see changes coming to the thresholds for audit requirements. In September, the Senate Committee approved House Bill 1420, which sets new auditing thresholds of financial ... http://www.schneiderdowns.com/our-thoughts-on/audit-relief-charitable-organizations-soliciting-pa Thu, 19 Oct 2017 00:00:00 +0000 Form 1098-T Reporting Requirements Change for Tax Year 2018 The Internal Revenue Service recently announced that colleges and universities will no longer have relief from the Box 1 reporting requirement on Form 1098-T, beginning with tax year 2018 reporting. Educational institutions are required to file Form 1098-T, ... http://www.schneiderdowns.com/our-thoughts-on/form-1098t-reporting-requirements-change-for-tax-year-2018 Wed, 18 Oct 2017 00:00:00 +0000 Pennsylvania CPE changes In September 2017, the Pennsylvania State Board of Accountancy announced major changes to CPE requirements for licensed Pennsylvania CPAs. Effective January 1, 2018, the subject minimums that make up the 80 total hours in the biennial reporting periods ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-cpe-changes Tue, 17 Oct 2017 00:00:00 +0000 Postcard from EACUBO Day one of the annual meeting of the Eastern Association of College and University Business Officers brought together more than 450 individuals to discuss the state of the industry in our hometown of Pittsburgh. The start of the day was all about making ... http://www.schneiderdowns.com/our-thoughts-on/postcard-from-eacubo Tue, 17 Oct 2017 00:00:00 +0000 Who Should Handle Compensation Matters on a Nonprofit Board of Directors? Part 3 in the Series For small or medium-sized boards, executive compensation may be handled by the entire board. For larger boards of directors, though, it may be useful to delegate executive compensation matters to a special compensation committee in order to ensure adequate ... http://www.schneiderdowns.com/our-thoughts-on/compensation-matters-on-nfp-board Mon, 16 Oct 2017 00:00:00 +0000 Treasury Department to Withdraw Proposed Regulations Under Section 2704 We have been providing you with information and updates on proposed regulations under Section 2704 of the Internal Revenue Code since August 2016, which can be found here: The IRS is Rewriting the Rules on Valuation Discounts - August 30, 2016 Update ... http://www.schneiderdowns.com/our-thoughts-on/treasury-department-to-withdraw-proposed-regulations-under-section-2704 Wed, 11 Oct 2017 00:00:00 +0000 Regional Economic Impact of the Shell Cracker Plant In June 2016, Shell Oil Company, the U.S. subsidiary of the global oil and gas company Royal Dutch Shell, announced that it had selected a site in Beaver County, PA as the location of its new ethylene production plant. Ethylene, primarily used in plastics ... http://www.schneiderdowns.com/our-thoughts-on/regional-economic-impact-of-the-shell-cracker-plant Wed, 11 Oct 2017 00:00:00 +0000 Who Can Answer the Retail Industry's Distress Call? For anyone who has been following the retail industry closely during 2017, it’s common knowledge that retail, in conjunction with the restaurant industry, is considered among the industries suffering most in the U.S. In fact, according to the S&P, ... http://www.schneiderdowns.com/our-thoughts-on/who-can-answer-the-retail-industrys-distress-call Wed, 11 Oct 2017 00:00:00 +0000 Nonprofit Executive Compensation: The Board's Responsibilities - Part 2 in the Series The board of directors, when setting compensation for the chief executive officer (and other executives, as the case may be), must weigh several obligations during the process: Mission Responsibility The board of directors’ mandate is to guide the ... http://www.schneiderdowns.com/our-thoughts-on/nfp-executive-compensation-board-responsibilities Mon, 09 Oct 2017 00:00:00 +0000 Hedge Accounting Changes Companies have indicated that the hedge accounting requirements in current guidance sometimes prevent companies from properly recognizing the economic results of their hedging strategies within their financial reporting. As a result the Financial Accounting ... http://www.schneiderdowns.com/our-thoughts-on/hedge-accounting-changes Mon, 09 Oct 2017 00:00:00 +0000 Proposed Revision of Criteria for a Description of a Service Organization's System in a SOC 2 Report The system description of an SOC 2 report is the area in which the service organization details the system that is being assessed and the risks that are considered throughout the entire report. This section is essential to user entities, business partners ... http://www.schneiderdowns.com/our-thoughts-on/proposed-revision-of-criteria-soc2-report Thu, 05 Oct 2017 00:00:00 +0000 Cell Phone Showdown Part IV: New Opposition This is the fourth article in a series tracking ongoing patent infringement cases between cell phone manufacturers Apple and Samsung. A brief background on the situation and summary of events occurring through the date of this article are provided below. ... http://www.schneiderdowns.com/our-thoughts-on/cell-phone-showdown-part-iv-new-opposition Thu, 05 Oct 2017 00:00:00 +0000 Severance Tax on the Horizon? Currently, the Pennsylvania legislature is in the process of approving and finalizing the fiscal year 2017-2018 budget. The revenue portion of the state budget may or may not include a severance tax impacting Pennsylvania’s natural gas industry. ... http://www.schneiderdowns.com/our-thoughts-on/severance-tax-on-the-horizon Thu, 05 Oct 2017 00:00:00 +0000 Pittsburgh Nonprofits in the Headlines: Compensation Best Practices in the Nonprofit World - Part 1 in the Series A front page-article in the Sunday, September 10 issue of the Pittsburgh Post-Gazette titled “Pittsburgh’s nonprofits are untaxed, unelected and unrivaled in power” provides an in-depth look at the significant impact nonprofits have ... http://www.schneiderdowns.com/our-thoughts-on/compensation-best-practices-nonprofit Thu, 05 Oct 2017 00:00:00 +0000 Beth Lynch Talks Financial Planning for Divorce with CNBC Beth Lynch, Director of Financial Planning at Schneider Downs Wealth Management Advisors, LP, spoke with CNBC about financial planning for divorce for both men and women. Read the full article here. For more information, contact Schneider Downs. ... http://www.schneiderdowns.com/beth-lynch-talks-financial-planning-for-divorce-with-cnbc Thu, 05 Oct 2017 00:00:00 +0000 The Senate's Reaction to the Unified Tax Reform Framework Last week saw the introduction of the Unified Tax Reform Framework from the “Big Six,” which started Senate and House committees on the path to writing a detailed bill with an announced deadline of November 13. For more particulars, see our ... http://www.schneiderdowns.com/our-thoughts-on/tax-reform-senate-reaction Wed, 04 Oct 2017 00:00:00 +0000 Strengthening Career and Technical Education for the 21st Century Act The lack of skilled labor continues to be a concern of many manufacturers in today’s environment. Attracting and maintaining talented laborers to fill important positions in companies can be difficult. Without vocational and technical education, ... http://www.schneiderdowns.com/our-thoughts-on/strengthening-career-and-technical-education-for-the-21st-century-act Tue, 26 Sep 2017 00:00:00 +0000 Some Property Rights Contracts May Get Relief from the Lease Standard The Financial Accounting Standards Board (FASB) issued a proposed amendment to Accounting Standard Update 2016-02 Topic 842 – Leases (ASU 2016-02) that would provide relief for certain types of property rights like land easements and rights of use. ... http://www.schneiderdowns.com/our-thoughts-on/some-property-rights-contracts-may-get-relief-from-the-lease-standard Tue, 26 Sep 2017 00:00:00 +0000 PA House Passes Budget On September 13, 2017, Pennsylvania’s House of Representatives passed its revenue plan of $2.2 billion to balance the state’s budget. The vote was 103-91, with all yes votes from Republicans, and the no votes were comprised of all Democrats ... http://www.schneiderdowns.com/our-thoughts-on/pa-house-passes-budget Tue, 26 Sep 2017 00:00:00 +0000 Equifax Data Breach - How to Protect Your Organization and its Sensitive Data Last week, credit reporting bureau Equifax reported that personal data belonging to approximately 143 million U.S. consumers was compromised in a massive information breach that began in mid-May of 2017 but not discovered until July. Organizations may ... http://www.schneiderdowns.com/our-thoughts-on/equifax-data-breach-protecting-your-org-and-data Mon, 25 Sep 2017 00:00:00 +0000 New Revenue Recognition Rules Slowly Merging with the Transportation Industry On May 28, 2014, the Financial Accounting Standards Board and the International Accounting Standards Board issued guidance merging U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards treatment of revenue recognition ... http://www.schneiderdowns.com/our-thoughts-on/revenue-recognition-merging-transportation Wed, 20 Sep 2017 00:00:00 +0000 Who Has an HSA? With the recent turmoil in Congress over health care mandates, one thing has become crystal clear: Health Savings Account (HSA) may be your best option. The HSA is the only account that is triple-tax advantaged. You get a tax deduction on contributions, ... http://www.schneiderdowns.com/our-thoughts-on/who-has-an-hsa Tue, 19 Sep 2017 00:00:00 +0000 The Continuing Growth of E-commerce In total, consumer spending accounts for nearly 70% of U.S. GDP and has been growing this year by 0.2% during May and June and 0.3% in July according to the United States Department of Commerce. Retail sales are also projected to increase at 4%; however, ... http://www.schneiderdowns.com/our-thoughts-on/continuing-growth-ecommerce Tue, 19 Sep 2017 00:00:00 +0000 The Effect of Technology on Higher Education Enrollment In a competitive marketplace, businesses are always competing for ways to attract more customers. At higher education institutions, the competition is similar. Colleges and universities continually compete for the most important asset to them: students. ... http://www.schneiderdowns.com/our-thoughts-on/effect-of-technology-on-higher-ed-enrollment Tue, 19 Sep 2017 00:00:00 +0000 College Tuition Costs...Declining? It’s no surprise the massive amount of debt that college students have amassed over the last three decades can be attributed in part due to rising education costs. According to the Wall Street Journal, college tuition in the U.S. has risen nearly ... http://www.schneiderdowns.com/our-thoughts-on/college-tuition-costs-declining Tue, 19 Sep 2017 00:00:00 +0000 IRS May Audit Deceased Spouse's Estate Tax Return if Portability Elected The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 introduced a new concept known as “portability” to the American transfer tax system. Portability provides an additional layer of estate tax relief by allowing ... http://www.schneiderdowns.com/our-thoughts-on/deceased-spouses-estate-tax-return Tue, 19 Sep 2017 00:00:00 +0000 Schneider Downs Announces 2017 Promotions PITTSBURGH—September 7, 2017—Schneider Downs, one of the 60 largest certified public accounting and business advisory firms in the United States, is pleased to announce that the following professionals have been promoted to director, senior ... http://www.schneiderdowns.com/schneider-downs-announces-2017-promotions Thu, 14 Sep 2017 00:00:00 +0000 Thinking of increasing your fleet for 2018? If you are making new trucks and trailers purchases, consider Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) No. 2016-02, Lease (Topic 842) when entering into these new finance or operating leases. This new ASU now ... http://www.schneiderdowns.com/our-thoughts-on/increasing-your-fleet-for-2018 Wed, 13 Sep 2017 00:00:00 +0000 The Border Adjustment Tax is Out of the Tax Reform Plan A hot topic at the National Auto Dealers Association Convention back in January was the Border Adjustment Tax (“BAT”). Auto dealers can be relieved to know that the BAT has been pulled from the proposed tax reform plan. With the current administration ... http://www.schneiderdowns.com/our-thoughts-on/the-border-adjustment-tax-is-out-of-the-tax-reform-plan Tue, 12 Sep 2017 00:00:00 +0000 Equihacked? The Equifax Breach, Questions and Answers. As many of you may have already read in the headlines, a massive information breach occurred recently at credit reporting bureau Equifax. According to their website, the company identified a cybersecurity incident on July 29, 2017, that has the potential ... http://www.schneiderdowns.com/our-thoughts-on/equihacked-the-equifax-breach-questions-and-answers Tue, 12 Sep 2017 00:00:00 +0000 SAB 116: What You Need to Know The Securities and Exchange Commission (SEC) recently released Staff Accounting Bulletin (SAB) 116, which became effective last week. The primary purpose of this release is to modify existing interpretive guidance to bring it into conformity with Financial ... http://www.schneiderdowns.com/our-thoughts-on/sab-116-what-you-need-to-know Mon, 11 Sep 2017 00:00:00 +0000 Website Launched for Grant Seekers to Review Foundations GrantAdvisor.org is an electronic platform recently launched that allows grant applicants and recipients to review foundations and provide comments on an anonymous basis regarding their experiences with grantmaking foundations. Nonprofit Quarterly reported ... http://www.schneiderdowns.com/our-thoughts-on/website-launched-for-grant-seekers-to-review-foundations Fri, 08 Sep 2017 00:00:00 +0000 Equifax Breach - Are You One of the 143 Million Affected? Credit Agency Compromise On Thursday September 7th Equifax, one of the main credit reporting and monitoring services, announced their system had been breached. The breach happened in May through July of this year. Potentially 143 million consumers may ... http://www.schneiderdowns.com/our-thoughts-on/equifax-breach-are-you-one-of-the-143-million-affected Fri, 08 Sep 2017 00:00:00 +0000 The Trump Administration's Push to Revamp ISDS Recently, President Trump has prompted discussion of renegotiating the North American Free Trade Agreement (NAFTA) with the United States, Canada and Mexico. The NAFTA system had been put in place in order to protect businesses and investors— to ... http://www.schneiderdowns.com/our-thoughts-on/the-trump-administrations-push-to-revamp-isds Thu, 07 Sep 2017 00:00:00 +0000 Tim Hammer and John Bellardini Talk to Pittsburgh Business Times about Schneider Downs' Expansion of Services John Bellardini, Managing Director of Schneider Downs LP, and Tim Hammer, co-managing ceo and shareholder of Schneider Downs, discuss the firm's approach to adding new services. Read the full article here. Subscription may be required. For additional ... http://www.schneiderdowns.com/tim-hammer-john-bellardini-expansion-of-services Thu, 07 Sep 2017 00:00:00 +0000 Ohio Commercial Activity Tax - Could the Grass Be Greener for Your Company on the Other Side of the Greenscapes Case? The situsing of gross receipts from the sale of tangible personal property for purposes of the Ohio Commercial Activity Tax ("CAT") can be a complex exercise. A recent decision by the Ohio Board of Tax Appeals ("BTA") highlights several ... http://www.schneiderdowns.com/our-thoughts-on/ohio-commercial-activity-tax-could-the-grass-be-greener-for-your-company-on-the-other-side-of-the-greenscapes-case Wed, 06 Sep 2017 00:00:00 +0000 Governance, Accountability and Transparency - More Than Just Buzzwords Governance, accountability and transparency are much more than the current buzzwords of Board room discussions. Achieving and maintaining sound governance practices with a fully engaged Board of Directors/Trustees, while holding members and management ... http://www.schneiderdowns.com/our-thoughts-on/governance-accountability-and-transparency-more-than-just-buzzwords Wed, 06 Sep 2017 00:00:00 +0000 SEC Comment Letter Trends Securities and Exchange Commission (SEC) Comment Letters are correspondence between the SEC’s Division of Corporation Finance and a public company that has made a filing under the Securities Act of 1933 or the Securities Exchange Act of 1934. The ... http://www.schneiderdowns.com/our-thoughts-on/sec-comment-letter-trends Wed, 06 Sep 2017 00:00:00 +0000 IRS Obtains Favorable Ruling in Captive Insurance Case Taxpayers with established captive insurance companies, or those considering such arrangements, should take notice of a recent Tax Court decision denying a captive insurance company’s election to be treated as a small insurance company under Section ... http://www.schneiderdowns.com/our-thoughts-on/irs-obtains-favorable-ruling-in-captive-insurance-case Wed, 06 Sep 2017 00:00:00 +0000 SOC for Cybersecurity Reports: Overview and Comparison to SOC 2 Reports The AICPA recently updated the System and Organization Controls (SOC) reporting suite of services with the releases of Statement on Standards for Attestation Engagements (SSAE) No. 18; the 2017 Trust Services Criteria for Security, Availability, Processing ... http://www.schneiderdowns.com/our-thoughts-on/soc-for-cybersecurity-reports-overview-and-comparison-to-soc-2-reports Tue, 05 Sep 2017 00:00:00 +0000 Deep Discount Grocery Stores on the Rise In a difficult year for retail stores, one channel that is seeing the largest growth in shopper activity is deep discount grocery stores (not inclusive of dollar stores) according to Nielsen Homescan panel data. Between 2011 and 2016, store counts of ... http://www.schneiderdowns.com/our-thoughts-on/deep-discount-grocery-stores-on-the-rise Wed, 30 Aug 2017 00:00:00 +0000 Investment Committees and Endowment The role of a higher education institution’s investment committee is critical to the short- and long-term successes of the college or university. Specifically, the investment committee plays a major role in assisting its institution in navigating ... http://www.schneiderdowns.com/our-thoughts-on/investment-committees-and-endowment Wed, 30 Aug 2017 00:00:00 +0000 Hurricane Harvey: Rain Falls, Gas Prices Rise When meteorologists merely project a hurricane’s path across an area that produces large quantities of oil and natural gas and has a large refining capacity – like the Gulf of Mexico – consumers ultimately see an increase in gasoline ... http://www.schneiderdowns.com/our-thoughts-on/hurricane-harvey-gas-prices-rise Wed, 30 Aug 2017 00:00:00 +0000 Changes for PA Nonprofit Organizations The Pennsylvania Solicitation of Funds for Charitable Purpose Act (SFCP) requires organizations soliciting charitable contributions from Pennsylvania residents to register with the Bureau by filing a Charitable Organization Registration Statement (BCO-10). ... http://www.schneiderdowns.com/our-thoughts-on/changes-for-pa-nonprofit-organizations Tue, 29 Aug 2017 00:00:00 +0000 AICPA releases SOC for Cybersecurity Examination Guidelines The AICPA has recently published a reporting framework for CPA firms to perform an assessment of an organization’s cybersecurity risk management program. A SOC for Cybersecurity Report is an examination to provide stakeholders with information regarding ... http://www.schneiderdowns.com/our-thoughts-on/aicpa-soc-for-cybersecurity-exam-guidelines Tue, 29 Aug 2017 00:00:00 +0000 UK Country-by-Country Reporting Notification Due September 1 For large businesses operating in the UK, the first country-by-country (CbC) reporting notification is due to Her Majesty's Revenue and Customs (HMRC) on September 1 for fiscal years beginning January 1, 2016. CbC reporting, as we've written about ... http://www.schneiderdowns.com/our-thoughts-on/uk-countrybycountry-reporting-notification Tue, 29 Aug 2017 00:00:00 +0000 How prepared are companies for the new Revenue Recognition Standards? - Survey says... Recently, Compliance Week and Workiva conducted a survey in order to determine various companies’ readiness and preparation for the new FASB revenue recognition standards. The survey conducted inquired of 100 companies in various industries and ... http://www.schneiderdowns.com/our-thoughts-on/how-prepared-are-companies-for-new-revrec-standards Tue, 29 Aug 2017 00:00:00 +0000 Schneider Downs Announces Donald Applegarth as New Leader for Assurance and Advisory Services Donald B. Applegarth assumes leadership of firm’s audit and assurance practice PITTSBURGH – Schneider Downs, one of the nation’s 60 largest certified public accounting firms, today announced that Donald B. Applegarth has been named the ... http://www.schneiderdowns.com/donald-applegarth-new-leader-for-assurance-and-advisory-services Tue, 29 Aug 2017 00:00:00 +0000 Internal Revenue Service Midyear Report Card National Taxpayer Advocate Nina Olson recently provided a midyear report card to the United States Congress, noting key observations regarding the performance of the Internal Revenue Service (“IRS”). In her commentary regarding the 2017 tax ... http://www.schneiderdowns.com/our-thoughts-on/internal-revenue-service-midyear-report-card Fri, 25 Aug 2017 00:00:00 +0000 NACUBO Study Reveals Record Highs in 2016 Tuition Discount Rates On May 15, 2017, the National Association of Colleges and University Business Officers (NACUBO) released its annual Tuition Discounting Study (TDS) for 2016. According to the study, the tuition discount rate for private institutions of higher education ... http://www.schneiderdowns.com/our-thoughts-on/nacubo-study-reveals-record-highs-in-2016-tuition-discount-rates Wed, 23 Aug 2017 00:00:00 +0000 Will Tax Cuts for Brewers and Distillers Be Part of Tax Reform? A bipartisan group of lawmakers is looking to reduce the tax burden on small and large brewers and distilleries. They have introduced the Craft Beverage Modernization Reform Act (H.R. 747) and Senate (S. 236). This proposed tax reform would cut the excise ... http://www.schneiderdowns.com/our-thoughts-on/will-tax-cuts-for-brewers-and-distillers-be-part-of-tax-reform Wed, 23 Aug 2017 00:00:00 +0000 Joint Ventures in the Construction Industry The construction industry is constantly growing to meet the needs of the ever-evolving economy and world. According to Dun & Bradstreet’s First Research Industry Database, US corporate profits, an indicator of corporate demand for construction ... http://www.schneiderdowns.com/our-thoughts-on/joint-ventures-in-the-construction-industry Tue, 22 Aug 2017 00:00:00 +0000 Using the Composite Financial Index as a Self-Benchmarking Tool The Composite Financial Index (CFI), which was developed for use by institutions of higher education, is a very effective tool for self-benchmarking. While the CFI does permit comparison of scores among institutions, the CFI is also a useful tool to benchmark ... http://www.schneiderdowns.com/our-thoughts-on/composite-financial-index-selfbenchmarking-tool Tue, 22 Aug 2017 00:00:00 +0000 Avoiding Common Issues in Your Single Audit Thomson Reuters published a white paper on some of the most common issues encountered in single audits for the year ended June 30, 2016. The top lessons learned from the white paper are as follows: Insufficient Internal Control and Undocumented Policies ... http://www.schneiderdowns.com/our-thoughts-on/avoiding-common-issues-in-your-single-audit Tue, 22 Aug 2017 00:00:00 +0000 Data Security and Public Breaches Large-scale data breaches continue to fill the tabloids and make rounds on nightly news circuits. Various public entities, such as Target, Home Depot and Anthem, Inc., have been the victims of costly data breaches in recent years (including financial ... http://www.schneiderdowns.com/our-thoughts-on/data-security-and-public-breaches Tue, 22 Aug 2017 00:00:00 +0000 Preparing for the General Data Protection Regulation (GDPR) History and Overview The European Union (EU) introduced its data protection standard 20 years ago through the Data Protection Directive 95/46/EC. Since a Directive allows Member States a margin of flexibility when implementing into national law, Europe ... http://www.schneiderdowns.com/our-thoughts-on/preparing-for-gdpr Tue, 22 Aug 2017 00:00:00 +0000 Mary Richter Named Finalist for the Greater Pittsburgh Athena Awards Mary Richter, Tax Shareholder, has been been a finalist for the Greater Pittsburgh Athena Awards. The Athena Awards honors exceptional women who demonstrate excellence in their profession, contribute to their community and help other women to succeed ... http://www.schneiderdowns.com/mary-richter-athena-awards-finalist Thu, 17 Aug 2017 00:00:00 +0000 The Autonomous Vehicle Revolution and Its Impact on Commercial Real Estate Driverless vehicles are coming and will dramatically change the commercial real estate landscape. Many of the world's largest corporations have been investing billions in the technology. Google has been testing a self-driven Prius in California since ... http://www.schneiderdowns.com/our-thoughts-on/autonomous-vehicle-revolution-impact-on-commercial-real-estate Wed, 16 Aug 2017 00:00:00 +0000 The "Big Six's" Joint Statement on Tax Reform A group of ranking members of both the legislative and executive branches recently issued a statement listing their goals for unified tax reform. The "Big Six” is composed is of: House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch ... http://www.schneiderdowns.com/our-thoughts-on/the-big-six-joint-statement-on-tax-reform Wed, 16 Aug 2017 00:00:00 +0000 What Is Blockchain and How Might It Disrupt the World? Over the past few months, I have been seeing more headlines about blockchain’s potential to disrupt several industries because of the multitude of types of information or data that it can be used for. Some of the various uses include financial transactions, ... http://www.schneiderdowns.com/our-thoughts-on/blockchain-and-how-might-it-disrupt-the-world Wed, 16 Aug 2017 00:00:00 +0000 Strategic Enablers: Digital Speed and Agility in the Retail Industry Schneider Downs Retail Industry group members attended the Columbus Retail Summit last week. At one session, experts from Abercrombie and Fitch, Homage, American Signature, and The Riverside Company discussed the impact of digital technology on their ... http://www.schneiderdowns.com/our-thoughts-on/strategic-enablers-digital-speed-and-agility-in-the-retail-industry Wed, 16 Aug 2017 00:00:00 +0000 Stepping Stone for My Marketing Career Throughout my college career, the importance of getting an internship was reiterated time and again by many of my professors. Internships can lead to future job opportunities, educate you on how to act in a corporate environment, and they are a great ... http://www.schneiderdowns.com/our-thoughts-on/stepping-stone-career Tue, 15 Aug 2017 00:00:00 +0000 Yinz Go DahnTahn for an Internship n'at Coming into any new job you’re not sure what to expect. Schneider Downs showed us the two most important things right when we walked in: the bathroom and the coffee pot. After that, it’s all up to you, kinda. After completing my undergrad ... http://www.schneiderdowns.com/our-thoughts-on/yinz-dahntahn-internship Tue, 15 Aug 2017 00:00:00 +0000 FASB Proposes Improvements to Not-For-Profit Grant and Contribution Accounting Several stakeholder groups, including the AICPA, FASB NFP Advisory Committee and others, have raised concerns over the difficulty encountered by many not-for-profit entities in applying the current guidance around accounting for grants and contributions. ... http://www.schneiderdowns.com/our-thoughts-on/fasb-improvements-nfp-grant-contribution-accounting Mon, 14 Aug 2017 00:00:00 +0000 Will Amazon's new refund policy crush small businesses? Amazon’s newest refund policy is stirring up controversy with their sellers as reported by CNBC. Marketplace sellers not using Fulfillment by Amazon (FBA), but rather their home, garage or their own warehouse, received an email earlier this week ... http://www.schneiderdowns.com/our-thoughts-on/amazons-new-refund-policy Thu, 10 Aug 2017 00:00:00 +0000 Still Awaiting That $1 Trillion-Dollar Infrastructure Bill A few months ago, I wrote an article, Questions Remain on the Trump Administration's Infrastructure Plans. As we approach autumn, many questions remain and we await a formally issued plan. That now is beginning to manifest itself as a significant ... http://www.schneiderdowns.com/our-thoughts-on/1-trillion-dollar-infrastructure-bill Thu, 10 Aug 2017 00:00:00 +0000 Involved and Evolved Benjamin Franklin once said, “Tell me and I forget, teach me and I may remember, involve me and I learn.” This quote perfectly describes my internship experience at Schneider Downs. The staff, managers and shareholders I worked with during ... http://www.schneiderdowns.com/our-thoughts-on/involved-and-evolved Thu, 10 Aug 2017 00:00:00 +0000 Reviewing a Form 990 as a Board Member Beginning in 2008, the Internal Revenue Service requires disclosure of 1.) whether an organization’s Form 990 itself has been provided to the filing organization’s full governing body prior to being filed, and 2.) any process of review of ... http://www.schneiderdowns.com/our-thoughts-on/reviewing-a-form-990-as-a-board-member Thu, 10 Aug 2017 00:00:00 +0000 Shale Oil Producers Continue to Challenge OPEC's Pricing Power For the past four months in a row, there have been increases in shale oil production of more than 100,000 barrels per day, according to data compiled by the U.S. Energy Information Administration. These continued increases have challenged the Organization ... http://www.schneiderdowns.com/our-thoughts-on/shale-oil-producers-continue-to-challenge-opecs-pricing-power Thu, 10 Aug 2017 00:00:00 +0000 Erin Abbot Named to the Leadership Columbus Class of 2018 Erin Abbot, Senior Audit Manager in our Columbus office, has been named to the Leadership Columbus Class of 2018 which includes up-and-coming leaders from various industries who show a strong commitment to bettering their communities. Congratulations ... http://www.schneiderdowns.com/erin-abbot-named-to-the-leadership-columbus-class-of-2018 Thu, 10 Aug 2017 00:00:00 +0000 David Brinkman Featured as Guest-Author in Columbus Business First David Brinkman, Investment Relations Manager at Schneider Downs Wealth Management Advisors, has been featured as a guest author for the Columbus Business First. David wrote an editorial focusing on the personal approach versus the more recent trend toward ... http://www.schneiderdowns.com/david-brinkman-columbus-business-first-guest-author Thu, 10 Aug 2017 00:00:00 +0000 Summer Leadership Program Schneider Downs was my first taste of public accounting. I had an accounting internship last summer, but it was nothing compared to this one. At Schneider Downs, you have huge opportunities for growth in every department. I had done Schneider Downs’ ... http://www.schneiderdowns.com/our-thoughts-on/summer-leadership-program_1 Wed, 09 Aug 2017 00:00:00 +0000 Started From the Bottom, Now I'm Here For so many young professionals, college is a time of testing the waters and attempting to find your calling. Trying to pick a major that seems destined to be your life-long career calling can be very stressful and overwhelming. For whatever reason, I ... http://www.schneiderdowns.com/our-thoughts-on/bottom-now-here Wed, 09 Aug 2017 00:00:00 +0000 Roots of Steel Between growing up in the country less than an hour from “dahn-tahn” Pittsburgh and ultimately attending nearby Westminster College for my undergraduate accounting and business degrees, you could say that I’m a Western Pennsylvanian ... http://www.schneiderdowns.com/our-thoughts-on/roots-of-steel Tue, 08 Aug 2017 00:00:00 +0000 From Factory to Financial Statements On my way up to the 17th floor on my first day of my summer internship, I was feeling an equal mix of nervousness and excitement - excited to begin my experience with a great accounting firm, and nervous about the unknown adventures that were ahead of ... http://www.schneiderdowns.com/our-thoughts-on/factory-financial-statements Tue, 08 Aug 2017 00:00:00 +0000 Summer of Growth Looking back on my internship at Schneider Downs as it is quickly ending; I can’t believe how much I have learned in such a short period of time. Over the course of my eight week internship, I think I have learned as much as I do in a whole semester. ... http://www.schneiderdowns.com/our-thoughts-on/summer-of-growth Tue, 08 Aug 2017 00:00:00 +0000 Exceeding Expectations It was the night before I started my audit internship at Schneider Downs. I was trying to think about the work I would be doing during my internship. My thinking was that since Schneider Downs is a competitor with the Big 4, I will not be doing anything ... http://www.schneiderdowns.com/our-thoughts-on/exceeding-expectations_1 Mon, 07 Aug 2017 00:00:00 +0000 The Birthday Interview When it came time to schedule my second- round interview with Schneider Downs, I had to choose between missing my second Tax exam and my birthday. I decided to be a good student and have my second- round interview on my birthday, so I didn’t have ... http://www.schneiderdowns.com/our-thoughts-on/the-birthday-interview Mon, 07 Aug 2017 00:00:00 +0000 On the Road with Schneider Downs During my freshman year at Grove City College, I decided to become a member of the Accounting Society. Going into it, I wasn’t quite sure what these monthly meetings would consist of, but I knew being a part of this group would help me learn more ... http://www.schneiderdowns.com/our-thoughts-on/on-road-schneider-downs Mon, 07 Aug 2017 00:00:00 +0000 Proposed Taxes: Damaging to Users and Producers of Natural Gas in PA Earlier in the summer, in an attempt to close the budget gap for the 2017-18 fiscal year, the Pennsylvania Senate passed a bill to assess an additional severance tax on natural gas production, as well as a tax on the use of natural gas by Pennsylvanians. ... http://www.schneiderdowns.com/our-thoughts-on/proposed-taxes-damaging-users-producers-natural-gas-pa Fri, 04 Aug 2017 00:00:00 +0000 Denial of Section 199 Deduction for Certain Computer Software Fees A recent Chief Counsel Advice memorandum determined that fees in connection with access to online software represented services and, as such, should not be considered qualified gross receipts for purposes of the Section 199 deduction. Section 199 provides ... http://www.schneiderdowns.com/our-thoughts-on/denial-of-section-199-deduction Thu, 03 Aug 2017 00:00:00 +0000 Update on Proposed Tax Regulations Under Section 2704 In August and December of last year, we provided you with information and updates on proposed regulations under Section 2704 of the Internal Revenue Code. Those articles can be found here: https://www.schneiderdowns.com/our-thoughts-on/estate/irs/tax/irs-rewriting-rules-on-valuation-discounts ... http://www.schneiderdowns.com/our-thoughts-on/update-on-proposed-tax-regulations-under-section-2704 Thu, 03 Aug 2017 00:00:00 +0000 Nancy Skeans is named CEO of Schneider Downs Wealth Management Schneider Downs has announced that Nancy Skeans has been neamed CEO of Schneider Downs Wealth Management Advisors, LP. The Pittsburgh Business Times highlighted Nancy's career and promotion. You can read the full article here. For more information, ... http://www.schneiderdowns.com/nancy-skeans-is-named-ceo-of-schneider-downs-wealth-management Thu, 03 Aug 2017 00:00:00 +0000 Back to the Future - Voice-Driven Payments As the tech world is constantly evolving, new opportunities are arising for many corporations, including financial service corporations. One of those new opportunities is how individuals are using voice-driven digital assistants, such as Apple Siri, Amazon ... http://www.schneiderdowns.com/our-thoughts-on/back-to-the-future-voice-driven-payments Wed, 02 Aug 2017 00:00:00 +0000 Boring Company Hints at Exciting Future for Travel The Wall Street Journal recently reported on Tesla CEO Elon Musk’s claim to have received approval to build a high-speed tunnel-based transportation system along the East Coast. This so-called “Hyperloop” would be capable of transporting ... http://www.schneiderdowns.com/our-thoughts-on/boring-company-hints-at-exciting-future-for-travel Mon, 31 Jul 2017 00:00:00 +0000 Postcard from the Next Generation of Transportation Stephanie Levine also contributed to this article. We recently attended an interesting event at the Heinz History Center hosted by the Post-Gazette and Peoples Gas titled “The Next Generation of Transportation”. The panel consisted of five ... http://www.schneiderdowns.com/our-thoughts-on/Next-Generation-Transportation Thu, 27 Jul 2017 00:00:00 +0000 Planning for 2017 Form 1042-S Changes Form 1042-S, Report of Foreign Persons' U.S. Source Income Subject to Withholding, has several additional reporting requirement changes for 2017. The most noteworthy change for 2017 is the addition of the requirement for each withholding agent to ... http://www.schneiderdowns.com/our-thoughts-on/2017-form-1042s-changes Wed, 26 Jul 2017 00:00:00 +0000 Year-Round Pell: Application and Calculation Effective July 1, 2017, eligible students are able to receive “up to 150 percent of the student’s Pell Grant scheduled award” with a maximum annual grant up to $8,880 due to a recent change by the U.S. Department of Education. This is ... http://www.schneiderdowns.com/our-thoughts-on/year-round-pell-application-calculation Tue, 25 Jul 2017 00:00:00 +0000 The SD Difference Entering into the IT Audit Internship, I didn’t really know what to expect. As with anything that is new and unknown, I walked into Schneider Downs my first day with my head held high and an eagerness to learn. I was welcomed into the firm with ... http://www.schneiderdowns.com/our-thoughts-on/the-sd-difference Tue, 25 Jul 2017 00:00:00 +0000 Rhythms of the Steel city Squinting through the windshield, I watched the jagged tops of skyscrapers break the horizon line as the car approached Liberty Bridge. My Uber driver spun his head toward the back seat: “Pittsburgh has the most bridges out of any city in the entire ... http://www.schneiderdowns.com/our-thoughts-on/rhythms-steel-city Tue, 25 Jul 2017 00:00:00 +0000 A Summer of Learning Back when I was a freshman in college, my knowledge of investment banking was limited. My knowledge at the time extended only to the coverage I read in the “Business” section of the news, or the world depicted in movies such as 1987’s ... http://www.schneiderdowns.com/our-thoughts-on/summer-of-learning Tue, 25 Jul 2017 00:00:00 +0000 My Steps to the Accounting World While deciding on a college to attend, I ended up choosing Point Park University due to the opportunity I had to participate on the track and field team. I began as a business major, but it was when I took my first college accounting class when I fell ... http://www.schneiderdowns.com/our-thoughts-on/steps-to-accounting-world Mon, 24 Jul 2017 00:00:00 +0000 Technology in Higher Ed This summer’s trend of retro technology looks to be continuing, as Nintendo will ride the resurgence with the release of the Super Nintendo Classic (arriving in stores on September 29 for those doing early Christmas shopping). This comes after a ... http://www.schneiderdowns.com/our-thoughts-on/technology-higher-ed Mon, 24 Jul 2017 00:00:00 +0000 2017 Higher Education: Avoid Contagious Data Blindness Having worked with different institutions of higher education in a strategic capacity over the past several years, a few observations have become clear to me. While the size and locations of these institutions varied, one thing remained constant - the ... http://www.schneiderdowns.com/our-thoughts-on/higher-education-avoid-contagious-data-blindness Mon, 24 Jul 2017 00:00:00 +0000 Accounting for Phantom Stock Plans One appealing option for the owners of professional service firms that do not want to relinquish equity is a phantom stock plan. Phantom stock plans are designed to provide employees an incentive based on the potential increase in value of a company’s ... http://www.schneiderdowns.com/our-thoughts-on/accounting-phantom-stock-plans Mon, 24 Jul 2017 00:00:00 +0000 The Schneider Downs Standard Internships serve a vital purpose for both employer and intern. While the employer seeks to find enthusiastic new employees who are reliable and productive, the internship serves the role as a trial period in which the employer can evaluate a potential ... http://www.schneiderdowns.com/our-thoughts-on/schneider-downs-standard Thu, 20 Jul 2017 00:00:00 +0000 What's to Blame for Traditional Retailers' Struggles Lately, some traditional retailers have been facing enormous challenges. While online retailers like Amazon are raking in huge profits, traditional retailers are being forced to close stores or, in some cases, file for bankruptcy. Although some of this ... http://www.schneiderdowns.com/our-thoughts-on/whats-to-blame-for-traditional-retailers-struggles Thu, 20 Jul 2017 00:00:00 +0000 How Do the New Revenue Recognition Rules Impact Tax? Most companies are aware of the new Accounting Standards Update for revenue recognition related to when revenue from contracts with customers for goods and services is recognized for financial statement purposes under Generally Accepted Accounting Principles. ... http://www.schneiderdowns.com/our-thoughts-on/how-revenue-recognition-rules-impact-tax Thu, 20 Jul 2017 00:00:00 +0000 Plan Sponsors: Still Think Your Retirement Plan Is Only About The Investment Menu? While the DOL fiduciary rule now has a full compliance date of January 1st, 2018, generally, the applicability date was June 9, 2017. Regardless of this ongoing saga, acting in the best interests of plan participants is a commitment plan sponsors will ... http://www.schneiderdowns.com/our-thoughts-on/plan-sponsors-still-think-your-retirement-plan-is-only-about-the-investment-menu Thu, 20 Jul 2017 00:00:00 +0000 The IRS May Reject Faulty Paper Filed Exempt Organization Returns Electronically submitted tax returns that are incomplete or incorrect are rejected automatically by the IRS. However, faulty paper-filed returns do not get rejected, and instead, the IRS works with the filers to gather any missing information or correct ... http://www.schneiderdowns.com/our-thoughts-on/faulty-paper-filed-exempt-organization-returns Thu, 20 Jul 2017 00:00:00 +0000 Bridging the GAAP Picture this: the first week of freshman year, your professors say you need a strong resume and cover letter, or you will never have a chance getting a job at a competitive accounting firm. So you go to the career center, learn what a cover letter is, ... http://www.schneiderdowns.com/our-thoughts-on/bridging-the-gaap Thu, 20 Jul 2017 00:00:00 +0000 Setting the Foundation It all started back at the Robert Morris career fair – I approached the Schneider Downs recruiter and mentioned that I have an interest in tax accounting. The recruiter informed me that the deadline to apply was the same day. With this in mind, ... http://www.schneiderdowns.com/our-thoughts-on/setting-the-foundation Thu, 20 Jul 2017 00:00:00 +0000 Connections, Success, and High-Quality Accounting Since I attend a smaller university, I was worried I wouldn’t be able to easily find high-quality internships to help move my career forward. I always had a goal of getting an internship at a well-established firm in the Pittsburgh area, and Schneider ... http://www.schneiderdowns.com/our-thoughts-on/connections-success-accounting Thu, 20 Jul 2017 00:00:00 +0000 Meant to Be I didn’t think I believed in fate, but reflecting on my path to this internship at Schneider Downs, I can only come to the conclusion that maybe it was where I was destined to be. The accounting department at Duquesne University offers a wonderful ... http://www.schneiderdowns.com/our-thoughts-on/meant-to-be Tue, 18 Jul 2017 00:00:00 +0000 Functional Expense Classification With June 30 just behind us and so many not-for-profit organizations beginning their financial statement close process, functional expense classification is front of mind for many. Not-for-profit organizations are required to report expenses according ... http://www.schneiderdowns.com/our-thoughts-on/functional-expense-classification Mon, 17 Jul 2017 00:00:00 +0000 MOBILE WORKFORCE LEGISLATION APPROVED BY HOUSE The U.S. House of Representatives approved the “Mobile Workforce State Income Tax Simplification Act of 2017” (H.R. 1393) on June 20, 2017. H.R. 1393’s purpose is to limit the authority of states to tax certain income of employees for ... http://www.schneiderdowns.com/our-thoughts-on/mobile-workforce-legislation Thu, 13 Jul 2017 00:00:00 +0000 Ohio's 2018-2019 Budget On June 30, 2017 Governor Kasich signed House Bill 49, a FY2018-2019 budget for the state of Ohio. The Ohio Society of CPAs and practicing CPAs alike seem pleased with the outcome, as it contains several taxpayer-friendly provisions and some old favorites. ... http://www.schneiderdowns.com/our-thoughts-on/ohio-2018-2019-budget Thu, 13 Jul 2017 00:00:00 +0000 How to Select the Right Cloud Reporting Solution Many companies struggle to understand what cloud reporting is, why it’s important, and what to look for in selecting the right tool for their organization. Reporting, both financial and operational, is arguably the most significant element of Corporate ... http://www.schneiderdowns.com/our-thoughts-on/how-to-select-the-right-cloud-reporting-solution Thu, 13 Jul 2017 00:00:00 +0000 How to Leverage Technology to Improve Your Budgeting & Forecasting Processes Many organizations struggle with technology when it comes to their budgeting and forecasting processes. There is a wide range of technical issues they have to deal with, such as: Manually and repetitively extracting and manipulating data, Consolidating ... http://www.schneiderdowns.com/our-thoughts-on/improve-your-budgeting-forecasting-processes Thu, 13 Jul 2017 00:00:00 +0000 Not Your Average Internship Prior to the start of my Schneider Downs internship, I had several misconceptions of what being intern would entail. I was always under the assumption interns got coffee, made copies, and were stuck staring at a screen in a cubicle. I was under this preconceived ... http://www.schneiderdowns.com/our-thoughts-on/not-average-internship Thu, 13 Jul 2017 00:00:00 +0000 Schneider Downs Names Four New Shareholders The largest expansion of leadership since 1998 PITTSBURGH, PA-- Schneider Downs, one of the top 60 certified public accounting and business advisory firms in the United States, is expanding its leadership team with the naming of four shareholders. This ... http://www.schneiderdowns.com/schneider-downs-names-four-new-shareholders Thu, 13 Jul 2017 00:00:00 +0000 A Postcard From COPAS Last week, the Council of Petroleum Accountants Societies (COPAS), hosted its latest chapter meeting at Oglebay Resort and Conference Center in Wheeling, West Virginia, where local industry experts discussed a variety of current events impacting the oil ... http://www.schneiderdowns.com/our-thoughts-on/a-postcard-from-copas Wed, 12 Jul 2017 00:00:00 +0000 Maximizing Retirement Benefits for Key Employees As a general rule, the Internal Revenue Code requires that a qualified retirement plan cannot discriminate in favor of highly compensated employees (HCEs) with respect to the amount of contributions or benefits provided by the plan. In a defined contribution ... http://www.schneiderdowns.com/our-thoughts-on/maximizing-retirement-benefits Tue, 11 Jul 2017 00:00:00 +0000 Fiscal Year 2017-2018 Pennsylvania State Budget Update It appears that Pennsylvania Governor Tom Wolf and state legislators have come to a tentative agreement on the spending plan for the 2017-2018 fiscal year. The approximately $32 billion budget currently includes no broad-based tax increases, but the Governor ... http://www.schneiderdowns.com/our-thoughts-on/fiscal-year-20172018-pennsylvania-state-budget-update Tue, 11 Jul 2017 00:00:00 +0000 New Proposed Partnership Audit Regulations Released - Part I This article was co-written by Natasa Capuzzi. Back in February we discussed the impact of tax-related matters as a result of President Trump’s executive order to halt implementation of tax changes. See article here. As a result of that regulatory ... http://www.schneiderdowns.com/our-thoughts-on/new-proposed-partnership-audit-regulations-released-part-i Thu, 06 Jul 2017 00:00:00 +0000 Feels Like Home If you had known me around the time that I was searching for internships in college, you would have assumed that I was having to make one of the most difficult decisions of my life. I was being a typical stressed-out, over-reactive college student who ... http://www.schneiderdowns.com/our-thoughts-on/feels-like-home Thu, 06 Jul 2017 00:00:00 +0000 Privacy Shield Update The European Commission approved a new data-sharing engagement with the United States, known as the EU-US Privacy Shield, in July 12, 2016. The aim of Privacy Shield is to provide a safer data-sharing climate for all Europeans. The data transfer agreement ... http://www.schneiderdowns.com/our-thoughts-on/privacy-shield-update Thu, 06 Jul 2017 00:00:00 +0000 Postcard from the 2017 AICPA Not-For-Profit Conference Approximately 1,200 accounting professionals converged on National Harbor in Washington, D.C. for the 2017 annual AICPA Not-for-Profit Conference for three days of continuing education on hot topics in the industry. Unsurprisingly, there was a significant ... http://www.schneiderdowns.com/our-thoughts-on/postcard-from-the-2017-aicpa-notforprofit-conference Wed, 05 Jul 2017 00:00:00 +0000 Data Analytics and its Impact on Client Service At the AICPA ENGAGE conference in Las Vegas a few weeks ago, there was much discussion on the speed of change and the impact of technology on the audit profession. Data analytics was the buzz word of choice at the conference, and there was standing room ... http://www.schneiderdowns.com/our-thoughts-on/data-analytics-and-its-impact-on-client-service Wed, 05 Jul 2017 00:00:00 +0000 Year Round Pell is Swell It’s no surprise that enrollment in postsecondary education has been on the decline in recent years. According to the National Student Clearinghouse Research Center, overall postsecondary enrollment has decreased 1.5% from Spring 2016 to Spring ... http://www.schneiderdowns.com/our-thoughts-on/year-round-pell-is-swell Wed, 05 Jul 2017 00:00:00 +0000 Vacation Homes & Like-Kind Exchanges Now that the real estate market is picking up, it may be a good time to sell or upgrade your vacation home. Instead of selling your vacation home to buy a new one, you might want to consider a “like-kind exchange” under the provisions of Internal ... http://www.schneiderdowns.com/our-thoughts-on/vacation-homes-likekind-exchanges Wed, 05 Jul 2017 00:00:00 +0000 Schneider Downs Brings Cloud CPM to the Marketplace with New BI360 Cloud PITTSBURGH, PA – June 26, 2017 – Schneider Downs, a leading provider of intelligent business solutions to the enterprise and mid-market, today announced that next-generation cloud CPM suite, BI360 Cloud, built on and for Microsoft Azure, is ... http://www.schneiderdowns.com/schneider-downs-brings-cloud-cpm-to-the-marketplace-with-new-bi360-cloud Wed, 05 Jul 2017 00:00:00 +0000 The Dream Internship Schneider Downs, the friendliest place on earth! Or so I think. Everyone here at Schneider Downs has made my internship so wonderful and one of the best decisions I have ever made. I was hesitant before I started, because I had no experience in a professional ... http://www.schneiderdowns.com/our-thoughts-on/dream-internship Thu, 29 Jun 2017 00:00:00 +0000 Petya or NotPetya, That Isn't the Question A slightly new strain of malware, dubbed “Petya”, has been making its rounds on the internet recently and it has even hit close to home here in Pittsburgh. Some researchers have named it Petya as they believe it resembled a previous ransomware ... http://www.schneiderdowns.com/our-thoughts-on/petya-or-notpetya Thu, 29 Jun 2017 00:00:00 +0000 From Struggle to Success Thinking back on my senior year of high school, I thought I had it all figured out. I was a three-sport athlete who was offered a Division I soccer scholarship, received multiple academic scholarships, and was ready to move on in life. Little did I know ... http://www.schneiderdowns.com/our-thoughts-on/struggle-to-success Wed, 28 Jun 2017 00:00:00 +0000 Internal Revenue Service Disagrees with Stine Ruling on When Depreciation Starts One benefit to owning a building is the ability to expense it over time. Tax depreciation starts on an asset’s “placed in service date,” as defined by the Internal Revenue Service (IRS) in Section 167(a). Currently, there is also the ... http://www.schneiderdowns.com/our-thoughts-on/internal-revenue-service-disagrees-with-stine-ruling-on-when-depreciation-starts Wed, 28 Jun 2017 00:00:00 +0000 Smart Belt Coalition Combining Research on Autonomous Vehicles; Pennsylvania Developing Regulations The Pennsylvania Department of Transportation (PennDOT), Pennsylvania Turnpike Commission (PTC), and Pennsylvania universities have formed the Smart Belt Coalition (“Coalition”) to work with transportation agencies and universities in Ohio ... http://www.schneiderdowns.com/our-thoughts-on/smart-belt-coalition-combining-research-on-autonomous-vehicles Wed, 28 Jun 2017 00:00:00 +0000 From Flying Through Clouds to Flying Through Numbers My internship experience thus far at Schneider Downs & Co. has not only opened my eyes to what operations take place in the accounting industry, but also to how the many different departments that make up an accounting firm work together. Schneider ... http://www.schneiderdowns.com/our-thoughts-on/flying-clouds-flying-numbers Wed, 28 Jun 2017 00:00:00 +0000 Root Cause Analysis and the 5 Whys to Eradicate Issues What happens in your organization when an error is identified or a process produced unexpected results? How do you go about correcting the issue? If your answer is that your organization simply corrects the error/outcome, has the issue been truly addressed? ... http://www.schneiderdowns.com/our-thoughts-on/root-cause-analysis-5-whys Tue, 27 Jun 2017 00:00:00 +0000 Red Flags in Reasonable Compensation How does an IRS agent determine that an organization might have a reasonable compensation issue? We can look to the Reasonable Compensation Job Aid for IRS Valuation Professionals[1] (the “Job Aid”) for some ideas. The Job Aid suggests steps ... http://www.schneiderdowns.com/our-thoughts-on/red-flags-in-reasonable-compensation Tue, 27 Jun 2017 00:00:00 +0000 Revenue Recognition Disclosure Requirements With the forthcoming changes to the revenue recognition standard as part of Accounting Standards Update (ASU) No. 2014-09, Revenue From Contracts with Customers, contractors need to be mindful of the additional disclosures that will be required as part ... http://www.schneiderdowns.com/our-thoughts-on/revenue-recognition-disclosure-requirements Tue, 27 Jun 2017 00:00:00 +0000 Disruption One of the many challenges facing businesses today is disruption. Disruption comes in many forms. One that has hit the oil and gas sector is the current economic downturn. Granted, things have stabilized slightly, but the industry is still feeling its ... http://www.schneiderdowns.com/our-thoughts-on/disruption Tue, 27 Jun 2017 00:00:00 +0000 New Estate Tax Portability Relief The federal estate tax provides a lifetime exemption of $5,490,000 (for 2017) per person. That means that the first $5,490,000 of assets owned at death are exempt from federal estate tax. All additional assets are subject to a 40% tax (for 2017). Prior ... http://www.schneiderdowns.com/our-thoughts-on/new-estate-tax-portability-relief Mon, 26 Jun 2017 00:00:00 +0000 IRS to Revise Form 1023-EZ, Streamlined Application for Recognition of Exemption On July 1, 2014, the Internal Revenue Service (IRS) introduced the highly scrutinized Form 1023-EZ, Streamline Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code (IRC). The purpose of this form was to shorten ... http://www.schneiderdowns.com/our-thoughts-on/irs-to-revise-form-1023ez-streamlined-application-for-recognition-of-exemption Mon, 26 Jun 2017 00:00:00 +0000 Life is a Highway Growing up, I had always set goals for myself that I would work hard to accomplish, whether it was making the varsity basketball team or earning an A on my next essay. I was only in sixth grade when I knew I wanted to attend Penn State. Check. Going into ... http://www.schneiderdowns.com/our-thoughts-on/life-highway Mon, 26 Jun 2017 00:00:00 +0000 Columbus' Coolest Offices: Schneider Downs Schneider Downs' Columbus office on East State Street was featured as one of Columbus' Coolest Offices in the Columbus Business First. Who says accountants aren't cool? Read the full article, including pictures of our space here. Subsriptions ... http://www.schneiderdowns.com/columbus-coolest-offices-schneider-downs Mon, 26 Jun 2017 00:00:00 +0000 Susan Kirsch Profiled in the Pittsburgh Post-Gazette Susan Kirsch, Shareholder and Tax Chair, was profiled in the Pittsburgh Post-Gazette about her high school job answering phones at the motherhouse of the Sisters of Divine Providence in McCandless. Read the full article here. Subsriptions may be required. ... http://www.schneiderdowns.com/susan-kirsch-profiled-in-the-pittsburgh-postgazette Mon, 26 Jun 2017 00:00:00 +0000 Making the Most of My College Education As a senior in high school, I had no idea what I wanted to do after I graduated college. I went into my freshman year at Ohio University as an education major, possibly wanting to teach high school calculus. At this point I still wasn’t sure of ... http://www.schneiderdowns.com/our-thoughts-on/making-most-college-education Fri, 23 Jun 2017 00:00:00 +0000 Major Major Decision All throughout high school, I would be asked what I wanted my professional career to be. The problem was that I had no idea what I wanted to do with the rest of my life; however, my family had an idea. That idea was accounting. In high school, I had no ... http://www.schneiderdowns.com/our-thoughts-on/major-decision Thu, 22 Jun 2017 00:00:00 +0000 IRS Grants Temporary Relief for Late Portability Elections The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 introduced a new concept known as “portability” to the American transfer tax system. Portability provides an additional layer of estate tax relief by allowing ... http://www.schneiderdowns.com/our-thoughts-on/irs-grants-temporary-relief-for-late-portability-elections Thu, 22 Jun 2017 00:00:00 +0000 My Path to Schneider Downs My expectations of what an internship with Schneider Downs would be like were constructed from the experiences of my past internships as well as from the advice and information I was able to gather from friends who had recently gone through internships ... http://www.schneiderdowns.com/our-thoughts-on/path-schneider-downs Wed, 21 Jun 2017 00:00:00 +0000 Principal PFIO Class Action Lawsuit If you are a retirement plan sponsor utilizing Principal as your service provider, you may have seen that Principal was recently named as defendant in a class action lawsuit based on their Principal Fixed Income Guaranteed Option (aka PFIO). In order ... http://www.schneiderdowns.com/our-thoughts-on/principal-pfio-class-action-lawsuit Wed, 21 Jun 2017 00:00:00 +0000 Can Your Company Benefit From Grant Funding for Fleet or Equipment Repower or Replacement? Our Transportation and Logistics Industry Group is closely monitoring the progress of the Environmental Mitigation Trust that was created as a result of litigation with the U.S. Environmental Protection Agency and Volkswagen. The total grant funding is ... http://www.schneiderdowns.com/our-thoughts-on/grant-funding-fleet-equipment-repower-or-replacement Wed, 21 Jun 2017 00:00:00 +0000 Safeguard an Important Benefit Do you review? It is a great habit to cultivate. If you are employed, you typically have an annual open enrollment for benefits. Take time to review healthcare, insurances, as well as your retirement plan contributions and allocations. Have you had any ... http://www.schneiderdowns.com/our-thoughts-on/safeguard-important-benefit Wed, 21 Jun 2017 00:00:00 +0000 Senators Propose Increase to Research & Development Tax Credit for U.S. Manufacturers On June 6, 2017, Senators Chris Coons (D-DE) and Pat Roberts (R-KS) introduced the Invent and Manufacture in America Act (Act) in the Senate. The Act looks to increase the amount of Research & Development (R&D) tax credit available to companies ... http://www.schneiderdowns.com/our-thoughts-on/senators-propose-increase-to-randd-manu-tax-credit Mon, 19 Jun 2017 00:00:00 +0000 Final IRS Regulations on Country-by-Country Reporting Are in Line with the OECD's BEPS Plan The Internal Revenue Service (IRS) recently finalized (TD 9773) proposed regulations on the Country-by-Country (CbC) reporting of financial information for large international businesses. This brings U.S. tax reporting in line with Action 13 of the Organization ... http://www.schneiderdowns.com/our-thoughts-on/final-irs-regulations-on-country-by-country-reporting Mon, 19 Jun 2017 00:00:00 +0000 Postcard from the 2017 PICPA Not-for-Profit Conference I, along with Shane Gastecki, Schneider Downs Audit Manager, and approximately 130 other accounting professionals, recently attended the PICPA’s annual Not-for-Profit Conference in Harrisburg, PA. One of the first presenters was Laura Otten, Ph.D., ... http://www.schneiderdowns.com/our-thoughts-on/2017-picpa-nfp-conference Wed, 14 Jun 2017 00:00:00 +0000 RETIREMENT ACCOUNT LOANS--Should you use them? The list is long--kids in college, a move to a newer house or a remodel of the current one, family members to support, and vacations to be taken before you're too old, etc. How is it possible to meet all expenditures on both the needs and wants lists? ... http://www.schneiderdowns.com/our-thoughts-on/retirement-account-loans-should-you-use-them Wed, 14 Jun 2017 00:00:00 +0000 IRS Reissues Partnership Audit Regulations in Proposed Form The November 2015 Bipartisan Budget Act provides for new partnership audit rules that allow the Internal Revenue Service to assess and collect tax at the partnership level instead of at the individual partner level. Proposed regulations were reissued ... http://www.schneiderdowns.com/our-thoughts-on/irs-partnership-audit-regulations Wed, 14 Jun 2017 00:00:00 +0000 OECD's Country-By-Country Reporting Exchange Activated This spring, the Organization for Economic Cooperation and Development (OECD) took another step toward implementation of global Country-by-Country (CbC) financial reporting. Article 13 of the OECD’s Base Erosion Profit Shifting (BEPS) project focuses ... http://www.schneiderdowns.com/our-thoughts-on/oecds-reporting-exchange-activated Wed, 14 Jun 2017 00:00:00 +0000 Schneider Downs Announces Expansion of Management Team PITTSBURGH—Schneider Downs, one of the 60 largest certified public accounting and business advisory firms in the United States, is pleased to announce the following additions to our management team. Jennifer L. Zatchey, CPA, Audit Senior Manager ... http://www.schneiderdowns.com/schneider-downs-announces-expansion-of-management-team-2017 Wed, 14 Jun 2017 00:00:00 +0000 Bitcoin Technology Making Inroads in the Financial Industry via Blockchain The meteoric rise of Bitcoin value over the past few months has garnered a lot of interest in the cryptocurrency. However, another aspect of the underlying technology, Blockchain, is poised to make a big impact in the financial industry. Blockchain was ... http://www.schneiderdowns.com/our-thoughts-on/bitcoin-technology-making-inroads-in-the-financial-industry-via-blockchain Tue, 13 Jun 2017 00:00:00 +0000 New Changes to the Premium Amortization Period on Callable Debt Securities The Financial Accounting Standards Board issued guidance targeting the treatment of premiums for callable debt securities; however, the treatment of discounts will not be impacted. The changes are described in Accounting Standards Update (ASU) No. 2017-08, ... http://www.schneiderdowns.com/our-thoughts-on/new-changes-to-the-premium-amortization-period-on-callable-debt-securities Tue, 13 Jun 2017 00:00:00 +0000 The OMB (Finally) Releases Draft 2017 Compliance Supplement The Office of Management and Budget (OMB) finally released draft copies of the 2017 compliance supplement to the American Institute of Certified Public Accountants (AICPA) to be shared publicly. As members of the Government Audit Quality Center since ... http://www.schneiderdowns.com/our-thoughts-on/omb-releases-draft-2017-compliance-supplement Tue, 13 Jun 2017 00:00:00 +0000 SCOTUS: Church-Affiliated Plans are Exempt from ERISA On June 5, 2017, the Supreme Court unanimously ruled that religiously affiliated non-profit plans are exempt from ERISA even if the church did not originally establish the plan. This ruling overturned lower court decisions at both the district and appellate ... http://www.schneiderdowns.com/our-thoughts-on/scotus-church-affiliated-plans Tue, 13 Jun 2017 00:00:00 +0000 Key Fraud Considerations for Volunteer-led Organizations Fraud has the potential to affect every business or organization. However, the risk of fraud within volunteer-led organizations is often overlooked. Volunteer-led organizations such as charities, religious groups, and association-governed communities ... http://www.schneiderdowns.com/our-thoughts-on/key-fraud-considerations-for-volunteer-led-organizations Tue, 13 Jun 2017 00:00:00 +0000 Pennsylvania and Ohio: Rust Belt or Green Belt? Are the days of Pennsylvania and Ohio being the center of the Rust Belt gone? Well, maybe at least in terms of leading the way in green construction. Early this year, the United States Green Building Council (USGBC) released its listing of the Top 10 ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-ohio-rust-green-belt Tue, 13 Jun 2017 00:00:00 +0000 Community College Students Challenged by Loss of FAFSA Tool Applying for financial aid can be a stressful and cumbersome process for students. One of the most challenging, but necessary, pieces of the process has traditionally been the Free Application for Federal Student Aid (FAFSA). In order to complete the ... http://www.schneiderdowns.com/our-thoughts-on/community-college-students-challenged-loss-fafsa-tool Mon, 12 Jun 2017 00:00:00 +0000 Form 5500 Changes The following changes have been made to the Form 5500 for 2016 filings: Administrative Penalties – The new maximum penalty for a plan administrator who fails or refuses to file a complete and accurate Form 5500 was increased to $2,063 a day. Schedules ... http://www.schneiderdowns.com/our-thoughts-on/form-5500-changes Fri, 09 Jun 2017 00:00:00 +0000 Sourcing of Revenue- Which Method to Use? Companies filing state income tax returns must determine how much income is reported to a state based on a combination of property residing in the state, payroll employed in the state and sales generated in the state (referred to as “apportionment ... http://www.schneiderdowns.com/our-thoughts-on/sourcing-revenue-which-method Fri, 09 Jun 2017 00:00:00 +0000 Roth 401(k) Trivia: What You May Not Know 401(k) plans have been around since 1981; however, the conception for the establishment of such plans was included in the Revenue Act of 1978 whereby Congress included a provision that allowed employees to avoid being taxed on a portion of income that ... http://www.schneiderdowns.com/our-thoughts-on/roth-401k-trivia Fri, 09 Jun 2017 00:00:00 +0000 Tax Reform and the Repatriation of Foreign Earnings It seems that tax reform is unceasing; every election cycle brings calls for “fairness” by supporters of all political parties with the definition of fairness seeming to be that, “I pay too much - and you don’t pay your fair share.” ... http://www.schneiderdowns.com/our-thoughts-on/tax-reform-and-the-repatriation-of-foreign-earnings Thu, 08 Jun 2017 00:00:00 +0000 Be Sure Your QRPBI Properties Are Used IN Your Trade or Business Last summer, the Internal Revenue Service (“IRS”) took a look at the gross income exclusion for forgiveness of qualified real property business indebtedness (“QRPBI”) when it issued Revenue Ruling 2016-15. The ruling provided both ... http://www.schneiderdowns.com/our-thoughts-on/qrpbi-properties Wed, 07 Jun 2017 00:00:00 +0000 PROCUREMENT STANDARDS UPDATE - Additional One-Year Grace Period Granted In March, I wrote an article reminding everyone that the U.S. Office of Management and Budget’s (OMB) procurement standards deferral period had concluded or was concluding, depending on an organization’s fiscal year-end. On May 17, 2017, the ... http://www.schneiderdowns.com/our-thoughts-on/procurement-standards-update-addl-grace-period Tue, 06 Jun 2017 00:00:00 +0000 PCAOB Expands Disclosures in Auditor's Report Doug Morally contributed to this article. On June 1, 2017, the Public Company Accounting Oversight Board (PCAOB) adopted a new auditor reporting standard that will significantly expand the standard audit report. This long-awaited standard is the most ... http://www.schneiderdowns.com/our-thoughts-on/pcaob-expands-disclosures-auditors-report Tue, 06 Jun 2017 00:00:00 +0000 Remember - Demos are Fringe Benefits As we come out of tax season, we always encounter a few things that are worth following up with our automotive clients. Demonstrators (“demos”) are a great place to start. We understand that dealers seem to be getting away from using this ... http://www.schneiderdowns.com/our-thoughts-on/remember-demos-are-fringe-benefits Tue, 06 Jun 2017 00:00:00 +0000 Predictive Analytics: The Crystal Ball for Education Enrollment in Pennsylvania and Ohio postsecondary institutions declined approximately 1.9% and 0.5% in the spring of 2017 compared to the spring of 2016, respectively. This is consistent with the overall total enrollment in all sectors declining approximately ... http://www.schneiderdowns.com/our-thoughts-on/predictive-analytics-the-crystal-ball-for-education Tue, 06 Jun 2017 00:00:00 +0000 When Giving to Your Alma Mater: All Donations May Soon Not Be Treated Equally For several months now, we have been following Congress’ efforts to address the rising costs of higher education and its recent focus on endowments as a potential solution to the issue (see here and here). Now, as Congress pushes forward with drafting ... http://www.schneiderdowns.com/our-thoughts-on/giving-to-your-alma-mater Tue, 06 Jun 2017 00:00:00 +0000 West Virginia Supreme Court Eliminates NPRI Pooling Consent On May 31, 2017, the West Virginia Supreme Court issued an opinion eliminating the need for nonparticipating oil and gas royalty interest owners to consent to pooling agreements sought by lessees. A nonparticipating royalty interest exists where a party ... http://www.schneiderdowns.com/our-thoughts-on/west-virginia-supreme-court-eliminates-npri-pooling-consent Tue, 06 Jun 2017 00:00:00 +0000 Could robots be the end of the retail worker? Robotics have been disrupting manufacturing for decades now in the form of automating tasks that are either cumbersome, labor-intensive or repetitive. Now robots are poised to now make the leap to retail, replacing everything from the individuals who ... http://www.schneiderdowns.com/our-thoughts-on/could-robots-be-the-end-of-the-retail-worker Mon, 05 Jun 2017 00:00:00 +0000 Trump's Budget Eliminates the Manufacturing Extension Partnership The Trump administration recently released its first full budget, and while overall spending remains relatively unchanged, it’s clear the administration is looking to reduce spending in areas that contain overlap with work being done by private ... http://www.schneiderdowns.com/our-thoughts-on/trump-budget-manufacturing-extension-partnership Mon, 05 Jun 2017 00:00:00 +0000 Pittsburgh's Energy Efficiency is Ranked 17th out of 51 U.S. Cities In recent news, the Trump administration has made it clear that the United States intends to withdraw from the Paris Climate Treaty (United Nations Framework Convention on Climate Change), which was touted by the previous presidential administration. ... http://www.schneiderdowns.com/our-thoughts-on/pittsburghs-energy-efficiency-rank Thu, 01 Jun 2017 00:00:00 +0000 Personalities of Pittsburgh: Timothy Hammer Timothy Hammer, co-managing shareholder of Schneider Downs, was featured in the Pittsburgh Business Times "Personalities of Pittsburgh." Tim talks about his 30+ years in accounting and his love for racehorses. Read the full article here. Subscriptions ... http://www.schneiderdowns.com/personalities-of-pittsburgh-timothy-hammer Thu, 01 Jun 2017 00:00:00 +0000 Potential Changes to Single Audits for Higher Education Institutions In 2016, the Department of Education (DOE) attempted to implement a mandatory annual compliance audit of Student Financial Assistance programs beginning in FY 2017. This would’ve been included in the Office of Management and Budget’s (OMB) ... http://www.schneiderdowns.com/our-thoughts-on/potential-changes-single-audits-higher-ed Tue, 30 May 2017 00:00:00 +0000 IRS Compliance Campaign Use of "Soft Letters" The IRS Large Business and International (LB&I) division is transitioning its audit process from industry, taxpayer-focused examinations to targeted return selection within specifically identified tax areas. On January 31, the LB&I announced the ... http://www.schneiderdowns.com/our-thoughts-on/irs-compliance-campaign-use-of-soft-letters Tue, 30 May 2017 00:00:00 +0000 President Trump Signs Executive Order to Prevent IRS from Enforcing Sanctions on Churches for Engaging in Political Activities In 1954, then-Senator Lyndon Johnson introduced a bill known today as the Johnson Amendment that was signed into law under 501(c)(3) of the Internal Revenue Code (IRC). The Johnson Amendment prevents religious leaders from endorsing candidates from the ... http://www.schneiderdowns.com/our-thoughts-on/prevent-sanctions-on-churches-for-engaging-in-politics Tue, 30 May 2017 00:00:00 +0000 Pittsburgh Robotics Market On Tuesday, May 23, Schneider Downs was a co-sponsor of a moderated panel discussion on the future of robotics and artificial intelligence (AI), and particularly, its impact in Pittsburgh. The panelists included Dr. John Dolan, a faculty member of Carnegie ... http://www.schneiderdowns.com/our-thoughts-on/pittsburgh-robotics-market Tue, 30 May 2017 00:00:00 +0000 Microsoft Dynamics 365 A couple of months ago, I wrote about enterprise software for small/medium-size business (SMB) and introduced Microsoft Dynamics 365 for Financials. This application is one of the building blocks of Microsoft’s Dynamics product line which is being ... http://www.schneiderdowns.com/our-thoughts-on/microsoft-dynamics-365-article Thu, 25 May 2017 00:00:00 +0000 Compliance with Use Tax Reporting Laws Begins July 1, 2017 Since the U.S. Supreme Court declined to hear the appeal about a Colorado use tax reporting law last December, the states of Louisiana and Vermont, in addition to Colorado, have enacted use tax reporting requirements that will take effect on July 1, 2017. ... http://www.schneiderdowns.com/our-thoughts-on/compliance-with-use-tax-reporting-laws Wed, 24 May 2017 00:00:00 +0000 What Percentage of Health Insurance Coverage Does Your Construction Company Pay? A question was recently posted on the Construction Financial Management Association (CFMA) message board requesting input as to the amount of health insurance coverage that other employers pay on behalf of their employees. Given the impact that health ... http://www.schneiderdowns.com/our-thoughts-on/percentage-of-health-insurance-coverage-construction-company-pay Wed, 24 May 2017 00:00:00 +0000 New Legislation Could Impact the Definition of a Stripper Well The Pennsylvania Commonwealth Court decision that defined the threshold of low-producing “stripper wells” could cost state and local governments up to $16 million, with larger declines in future years—as production decreases as the wells ... http://www.schneiderdowns.com/our-thoughts-on/definition-of-a-stripper-well Tue, 23 May 2017 00:00:00 +0000 AICPA Proposes Changes to Employee Benefit Plan Reporting In April 2017, the AICPA Auditing Standards Board (ASB) proposed Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. The intention of this SAS, like other recent developments ... http://www.schneiderdowns.com/our-thoughts-on/aicpa-changes-employee-benefit-plan-reporting Tue, 23 May 2017 00:00:00 +0000 Challenging the Status Quo to Remain Sustainable NACUBO’s Spring 2017 Higher Education Accounting Forum focused on more than simply the debits and credits. There was discussion on how to help business offices be the change agents that they need to be to confront many of the challenges that the ... http://www.schneiderdowns.com/our-thoughts-on/challenging-the-status-quo Tue, 23 May 2017 00:00:00 +0000 Considerations for Implementing a Payroll Card System Does your business issue a high number of payroll checks? Do you experience a high level of turnover? I would suggest you consider implementing a payroll card (pay card) system. What are pay cards? Investopedia explains: “Payroll cards are an alternative ... http://www.schneiderdowns.com/our-thoughts-on/considerations-implementing-payroll-card-system Mon, 22 May 2017 00:00:00 +0000 The State of the Automobile Industry The automobile industry experienced a great year in 2015 with annual sales of light vehicles (SAAR) reaching an all-time high of 17.5 million units. As shown in the chart below, the automobile industry experienced significant growth from 2011 to 2015, ... http://www.schneiderdowns.com/our-thoughts-on/state-of-the-automobile-industry Thu, 18 May 2017 00:00:00 +0000 Financial Wellness Check-up: Ten Steps to Financial Health Just as you visit your primary care physician for an annual checkup or have your car inspected annually, it's as important to review your financial picture to gauge the wellness of your overall financial health. The following are ten things to consider: ... http://www.schneiderdowns.com/our-thoughts-on/ten-steps-financial-health Thu, 18 May 2017 00:00:00 +0000 PA Law on Payroll Card Use Last November, Pennsylvania Governor Tom Wolf signed into law the Payroll Cards (pay cards) Bill S.B. 1265. This law became effective May 3, 2017. Until it was passed, there were no explicit regulations surrounding pay card use in Pennsylvania. Most businesses ... http://www.schneiderdowns.com/our-thoughts-on/pa-law-on-payroll-card-use Tue, 16 May 2017 00:00:00 +0000 Be Aware: WannaCry is out and it's potentially dangerous. WannaCry, the latest cyber-attack to make its way into the mainstream news hit the internet right before Mother’s Day 2017. Reports came in from Europe that some computers connected to the Internet started to be taken over by a nasty ransomware ... http://www.schneiderdowns.com/our-thoughts-on/wannacry-potentially-dangerous Mon, 15 May 2017 00:00:00 +0000 Best Practices: Internal Controls at Not-for-Profit Organizations In Pennsylvania alone, there are 63,345 not-for-profit organizations that employ over 15% of the state’s workforce. These organizations generate almost $132 billion in annual revenues. However, many not-for-profit organizations do not have the budgets ... http://www.schneiderdowns.com/our-thoughts-on/best-practices-internal-controls-at-nfp-organizations Fri, 12 May 2017 00:00:00 +0000 Impact of NFP Reporting Model on Board-Designated Net Assets In 2016, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-For-Profit (NFP) Entities. This comes after nearly 20 years with the current reporting model for nonprofits. ... http://www.schneiderdowns.com/our-thoughts-on/NFP-Reporting-model-board-designated-net-assets Fri, 12 May 2017 00:00:00 +0000 Don't Forget About Accounting Standards Update 2015-03 - Simplifying the Presentation of Debt Issuance Costs Over the last couple of years, there has been a lot of discussion surrounding the new lease accounting and revenue recognition guidance that has been issued and how it will affect contractor financial statements. With all this talk, it is easy to overlook ... http://www.schneiderdowns.com/our-thoughts-on/-accounting-standards-update-2015-03 Thu, 11 May 2017 00:00:00 +0000 What to do When Fraud Occurs The letter arrived in the mail two days after I saw the story on the news; my credit card had been used at a hotel that was hacked last fall. On a work trip, I stayed at a reputable hotel and provided my credit card for incidental expenses, as the clerk ... http://www.schneiderdowns.com/our-thoughts-on/what-to-do-when-fraud-occurs Thu, 11 May 2017 00:00:00 +0000 Fringe Benefits - Manufacturing Tax Tips A fringe benefit is a form of pay for the performance of services given by the provider of the benefit to the recipient of the benefit. An example would be when an employer allows an employee to use a business vehicle to commute to and from work. Any ... http://www.schneiderdowns.com/our-thoughts-on/fringe-benefits-manufacturing-tax-tips Mon, 08 May 2017 00:00:00 +0000 Revenue Recognition: Challenges in Implementing the New Standard I’m sure by now you have heard there is going to be a little change in how practically all companies, including E & P companies, recognize revenue. I thought I would share some of the challenges in implementing this new standard. Judgement – ... http://www.schneiderdowns.com/our-thoughts-on/revenue-recognition-challenges Thu, 04 May 2017 00:00:00 +0000 Forecasts for Valuations The Income Approach to business valuation is based on the principle that the fair market value of an entity may be measured by the present value of its future cash flows. In order for a valuation analyst to prepare a supportable valuation under the Income ... http://www.schneiderdowns.com/our-thoughts-on/forecasts-for-valuations Tue, 02 May 2017 00:00:00 +0000 Record-High Manufacturing Optimism, Is Trump to Thank? On March 31, 2017, National Association of Manufacturers’ (NAM) President and CEO, Jay Timmons, along with others from the manufacturing industry met with President Donald Trump. A major discussion point of this meeting was the recent release of ... http://www.schneiderdowns.com/our-thoughts-on/record-high-manufacturing-optimism Tue, 02 May 2017 00:00:00 +0000 Can a Vehicle-Related Benefits Program Reduce Costs? A current issue within not-for-profit and governmental entities is whether it makes financial sense to provide vehicles to employees or to reimburse them for use of their personal vehicles. Vehicle costs are under increased examination because not-for-profit ... http://www.schneiderdowns.com/our-thoughts-on/can-a-vehicle-related-benefits-program-reduce-costs Fri, 28 Apr 2017 00:00:00 +0000 Guaranteed Payments Are the Only Amount Subject to Self-Employment Tax, Right? On Wednesday, April 12, the Tax Court issued a memorandum decision Castigliola¹ that addressed the self-employment tax characterization of income earned. This case involved a law firm located in Mississippi that was formed as a member-managed PLLC ... http://www.schneiderdowns.com/our-thoughts-on/guaranteed-payments-selfemployment-tax Fri, 28 Apr 2017 00:00:00 +0000 The Trump Administration Reveals its Fundamental Principles for Tax Reform In the White House’s briefing on April 26, it was made clear that tax reform is all about creating more jobs and growing the economy. The details provided on exactly what the Administration’s ultimate tax reform package would encompass were ... http://www.schneiderdowns.com/our-thoughts-on/trump-administration-reveals-fundamental-principle-tax-reform Thu, 27 Apr 2017 00:00:00 +0000 Challenging the Traditional Tuition Model Traditional tuition models are being challenged by many who see the rising cost of tuition as a potential impediment to those wishing to pursue a college degree. Institutions and state governments alike are experimenting with alternative models in attempts ... http://www.schneiderdowns.com/our-thoughts-on/challenging-the-traditional-tuition-model Tue, 25 Apr 2017 00:00:00 +0000 Time to Revisit Your International Stock Exposure Since the end of the financial crisis in 2009, the U.S. stock market has been on a roll. From March 9, 2009 (the U.S. stock market bottom) through March 31, 2017, the U.S. stock market, as measured by the S&P 500, has had an annualized return of 19.14% ... http://www.schneiderdowns.com/our-thoughts-on/revisit-international-stock-exposure Mon, 24 Apr 2017 00:00:00 +0000 IRS to Begin Using Private Debt Collectors Taxpayers with long-overdue federal tax obligations should be aware of a new weapon in the Internal Revenue Service’s (the “IRS”) tax collection arsenal. Beginning in April of 2017, under the authority of a new federal law, the IRS will ... http://www.schneiderdowns.com/our-thoughts-on/irs-using-private-debt-collectors Thu, 20 Apr 2017 00:00:00 +0000 The Florida Electronic Wills Act Anyone who hasn’t lived on a deserted island for the past two decades has surely observed how the digital age has transformed nearly every aspect of our lives, including the way we work, shop, and interact with the world around us. As the latest ... http://www.schneiderdowns.com/our-thoughts-on/the-florida-electronic-wills-act Thu, 20 Apr 2017 00:00:00 +0000 Standard College Dorms... A Thing of the Past... While on-campus housing is typically mandatory for first-year college students, the luxurious off-campus housing options surrounding campuses across the country are increasing in popularity among upper classmen. Private student housing developments have ... http://www.schneiderdowns.com/our-thoughts-on/standard-college-dorms-a-thing-of-the-past Mon, 17 Apr 2017 00:00:00 +0000 The Benefit of Tracking Key Performance Indicators (KPIs) The development and monitoring of Key Performance Indicators (“KPIs”) is a concept that has been around for quite some time. However, there are still businesses that don’t fully utilize KPIs to monitor performance. Tracking KPIs that ... http://www.schneiderdowns.com/our-thoughts-on/benefit-tracking-key-performance-indicators Mon, 17 Apr 2017 00:00:00 +0000 Patrick Armknecht featured in Accounting Today Patrick Armknecht, Shareholder, was featured in Accounting Today discussing Schneider Downs' service offering of Microsoft Dynamics 365 for Financials. The platform is a cloud-based business management solution for small to mid-sized businesses that ... http://www.schneiderdowns.com/patrick-armknecht-featured-in-accounting-today Mon, 10 Apr 2017 00:00:00 +0000 DOL Delays Applicability of Fiduciary Rule, but the Horse is Out of the Barn... The Department of Labor has delayed by 60 days the applicability date of the long-debated Fiduciary Rule. The rule was to be effective April 10 and now becomes effective June 9, 2017, absent repeal or other delays. The delay is to give the DOL time to ... http://www.schneiderdowns.com/our-thoughts-on/dol-delays-applicability-of-fiduciary-rule Fri, 07 Apr 2017 00:00:00 +0000 Will a Strategy of Exclusivity Be the Path to Success for Dick's Sporting Goods About a month ago, Dick’s Sporting Goods (Dick’s) announced it was dropping 20% of its brand offerings. One wonders if this strategy shift was in response to challenges faced by other brick and mortar retailers such as limited selection compared ... http://www.schneiderdowns.com/our-thoughts-on/strategy-of-exclusivity-path-to-success-dicks-sporting-goods Wed, 05 Apr 2017 00:00:00 +0000 IRS Issues Documentation Requirements for Employee Benefit Plan Hardship Withdrawals In a February 23, 2017 memorandum to its agents, the IRS did an about-face regarding the documentation that plan participants must provide to enable them to receive hardship withdrawals from their retirement plans. Back in 2015, the IRS stated that employers ... http://www.schneiderdowns.com/our-thoughts-on/irs-issues-documentation-requirements Wed, 05 Apr 2017 00:00:00 +0000 Jason Staley and David Brinkman Provide Tips for Millennials Dreaming of Retirement Jason Staley and David Brinkman, Investment Relationship Managers at Schneider Downs Wealth Management Advisors, LP, were interviewed by the US News & World Report for their article: 7 Tips for Millennials Dreaming of Retirement. For more information, ... http://www.schneiderdowns.com/millennials-dreaming-of-retirement Wed, 05 Apr 2017 00:00:00 +0000 A Customer Files for Bankruptcy, What Now? In light of Westinghouse’s bankruptcy filing, do you know what to do if a major customer of your company files for bankruptcy protection? If you have a customer file for bankruptcy, you may need to prepare a strategic plan as a direct result. This ... http://www.schneiderdowns.com/our-thoughts-on/customer-files-bankruptcy Tue, 04 Apr 2017 00:00:00 +0000 REMINDER - Uniform Guidance Procurement Standards are Effective in 2017 Can you believe it? The first quarter of 2017 has ended, spring is here and we are headed toward summer. This also means that the deferment period on the U.S. Office of Management and Budget’s (OMB) procurement standards has come to a close. In ... http://www.schneiderdowns.com/our-thoughts-on/uniform-guidance-procurement-standards-2017 Fri, 31 Mar 2017 00:00:00 +0000 Nancy Skeans on How to Build Your Budget in Retirement Nancy Skeans, Managing Director at Schneider Downs Wealth Management Advisors, LP, spoke with U.S. News and World Report about budgeting retirement. Read the full article here. For more information, please contact Schneider Downs. ... http://www.schneiderdowns.com/nancy-skeans-build-your-budget-in-retirement Wed, 29 Mar 2017 00:00:00 +0000 AICPA SSAE 18 - Does Your Service Organization Effectively Assess the Controls Residing at its Subservice Organizations? Many service organizations (e.g., payroll processors, data centers, facilities management companies), for reasons similar to why their clients contract with them, will contract with third parties to perform certain functions or services on their behalf. ... http://www.schneiderdowns.com/our-thoughts-on/aicpa-ssae-18-effective-controls-assessment-subservice-organizations Tue, 28 Mar 2017 00:00:00 +0000 Enterprise Software for the Growing Small Business Does a small/medium-size business (SMB) need an enterprise software application, and will the cost outweigh the benefit? Let’s first define enterprise software. Typically referred to as Enterprise Resource Planning, or ERP, enterprise software is ... http://www.schneiderdowns.com/our-thoughts-on/enterprise-software-for-growing-small-business Mon, 27 Mar 2017 00:00:00 +0000 Spear-Phishing Attack Leads to 500 Million Yahoo Accounts Hacked On Wednesday, March 15, 2017, the U.S. Justice Department unsealed a federal indictment of four individuals, including two officers of the Russian Federal Security Service (FSB), for computer hacking, economic espionage and other criminal offenses in ... http://www.schneiderdowns.com/our-thoughts-on/500-million-yahoo-accounts-hacked Fri, 24 Mar 2017 00:00:00 +0000 Pittsburgh Business Times Highlights Schneider Downs Job Openings Steven Thompson, co-ceo, and Thomas Harvey, director of human resources, spoke with the Pittsburgh Business Times about Schneider Downs' growing firm. To read the full article, visit the Pittsburgh Business Times website. Subscriptions may be required. ... http://www.schneiderdowns.com/pittsburgh-business-times-highlights-schneider-downs-job-openings Thu, 23 Mar 2017 00:00:00 +0000 Modernizing the Tax Sales Tax System or Just Another Tax Hike? As state legislators and governors argue over new budgets, you will often hear or read stories about the need to modernize the sales tax system. The justification for modernizing the sales tax system cited by state officials and some experts is that the ... http://www.schneiderdowns.com/our-thoughts-on/modernizing-tax-sales-tax-system Tue, 21 Mar 2017 00:00:00 +0000 Are Store Associates the Key to Competing with E-Commerce? As someone who has worked in all levels of retail, from a store associate all the way up to general manager, the results of a recent Tulip Retail survey caused an audible gasp, followed by a groan. The survey reveals that 83% of shoppers believe they ... http://www.schneiderdowns.com/our-thoughts-on/key-to-competing-with-ecommerce Tue, 21 Mar 2017 00:00:00 +0000 The Overwhelming Influence of Mobile Devices in the Retail Industry For as long as we can remember, retailers have sought out new and innovative ways to get consumers into traditional brick-and-mortar stores throughout all kinds of exciting marketing initiatives. Once the customer was inside the store, retailers worked ... http://www.schneiderdowns.com/our-thoughts-on/influence-mobile-devices-retail-industry Mon, 20 Mar 2017 00:00:00 +0000 HUD Issues Having 20+ years’ experience dealing with both governmental and not-for-profit agencies, I can honestly say that management letter comments (material weakness and significant deficiencies) constitute one of the most difficult parts of my job. My ... http://www.schneiderdowns.com/our-thoughts-on/hud-issues Wed, 15 Mar 2017 00:00:00 +0000 ASU 2017-06: Yet Another Step in Simplifying EBP Reporting The Financial Accounting Standards Board recently issued Accounting Standards Update (ASU) 2017-06, Plan Accounting—Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic ... http://www.schneiderdowns.com/our-thoughts-on/simplifying-ebp-reporting Tue, 14 Mar 2017 00:00:00 +0000 Jason Staley Answers Questions About Interest Rate Hikes Jason Staley, Investment Relationship Manager at Schneider Downs Wealth Management Advisors, LP, talks with US News & World Report about rate hikes. Read the full article here. For more information, please contact Schneider Downs. ... http://www.schneiderdowns.com/jason-staley-answers-questions-about-interest-rate-hikes Tue, 14 Mar 2017 00:00:00 +0000 New Going Concern Standard On February 22, 2017, the American Institute of Certified Public Accountants (AICPA) Auditing Standards Board issued Statement on Auditing Standards No. 132 (SAS No. 132) addressing the auditor’s consideration of an entity’s ability to continue ... http://www.schneiderdowns.com/our-thoughts-on/new-going-concern-standard Fri, 10 Mar 2017 00:00:00 +0000 Thinking outside the box to solve labor challenges in the Transportation and Logistics industries Good employees are crucial to the success of any business; unfortunately finding and retaining talent is also one of the top challenges most companies face. With an increasing number of opportunities in the industry, qualified candidates can afford to ... http://www.schneiderdowns.com/our-thoughts-on/solve-labor-challenges-transportation-logistics-industries Fri, 10 Mar 2017 00:00:00 +0000 Mary Richter Named BusinessWomen First Honoree Mary Richter, Tax Shareholder in our Pittsburgh office, was named a BusinessWomen First Honoree by the Pittsburgh Business Times. Read her full story here. For more information contact Schneider Downs. ... http://www.schneiderdowns.com/mary-richter-named-businesswomen-first-honoree Thu, 09 Mar 2017 00:00:00 +0000 Chris McElroy Joins Firm as Tax Shareholder Schneider Downs has hired Christopher S. McElroy to serve as a Tax Sharehodler. Mr. McElroy has 25 years of private and public accounting experience. He previously served as a tax market leader and international tax partner at a big four public accounting ... http://www.schneiderdowns.com/chris-mcelroy-joins-firm-as-tax-shareholder Thu, 09 Mar 2017 00:00:00 +0000 International Business Update On March 7, Schneider Downs hosted the members of the Western Pennsylvania Global Business Forum at the Rivers Club. The Forum was founded by Mark Santo (Fox Rothschild) and Mary Richter (Schneider Downs) as a resource to connect businesses, educational ... http://www.schneiderdowns.com/our-thoughts-on/international-business-update Wed, 08 Mar 2017 00:00:00 +0000 Manufacturing and Our Nation's Infrastructure It was sixty years ago when President Eisenhower launched one of the most ambitious infrastructure undertakings in world history. Over the next forty years, the Interstate Highway System became the lifeblood of the American economy. But for too long, ... http://www.schneiderdowns.com/our-thoughts-on/manufacturing-and-our-nations-infrastructure Wed, 08 Mar 2017 00:00:00 +0000 Questions Remain on the Trump Administration's Infrastructure Plans During the campaign, President Trump routinely touted the $1 trillion infrastructure spending plan that would create millions of jobs. As policies begin to be articulated, including his most recent speech to a joint session of congress, many questions ... http://www.schneiderdowns.com/our-thoughts-on/questions-trump-infrastructure-plans Wed, 08 Mar 2017 00:00:00 +0000 Approved IRS Form 1023-EZ Data Now Available Online The Internal Revenue Service (IRS) announced that it will now make approved Form 1023-EZ data available to the public through its website. Form 1023-EZ, Streamlined Application for Recognition of Exemption Under 501(c)(3) of the Internal Revenue Code, ... http://www.schneiderdowns.com/our-thoughts-on/irs-form-1023ez-data-available-online Tue, 07 Mar 2017 00:00:00 +0000 The Border Adjustment Tax Last summer, House GOP members released their blueprint on tax reform, "A Better Way, Our Vision for a Confident America." The GOP members stated within the blueprint that they would eliminate the "self-imposed export penalty and import ... http://www.schneiderdowns.com/our-thoughts-on/border-adjustment-tax Mon, 06 Mar 2017 00:00:00 +0000 Recognizing Revenue - Revenue May Be Recognized More Quickly Under ASU 2014-09 Relating to the Sale of Software Licenses ASU 2014-09, Revenue from Contracts with Customers, will have a significant effect across all industries; however, the software industry is likely to see situations in which revenue may be recognized earlier upon implementation of the new standard. The ... http://www.schneiderdowns.com/our-thoughts-on/recognizing-revenue-asu-201409-software-licenses Mon, 06 Mar 2017 00:00:00 +0000 Losing your phone is no longer just an inconvenience. For many of us, a cell phone has become an indispensable tool in our daily life. We use it to communicate with others, to take pictures, and to keep track of our to-do list and calendars. Lots of us have moved to using our phones as a way to pay for goods ... http://www.schneiderdowns.com/our-thoughts-on/losing-your-phone Thu, 02 Mar 2017 00:00:00 +0000 Revenue Recognition: Software Industry In connection with the Financial Accounting Standards Board Accounting Standards Update 2014-09, Revenue from Contracts with Customers, 13 issues were identified as companies within the software industry began to initiate implementation plans. The issues ... http://www.schneiderdowns.com/our-thoughts-on/revenue-recognition-software-industry Thu, 02 Mar 2017 00:00:00 +0000 Exempt Organizations Extension Changes To A Single Request As a result of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, this January, the IRS released an updated version of Form 8868, Application for Extension of Time to File an Exempt Organization Return. Effective for taxable ... http://www.schneiderdowns.com/our-thoughts-on/exempt-organizations-extension-changes-single-request Thu, 02 Mar 2017 00:00:00 +0000 Manufacturing Tour Makes a Stop in Pittsburgh The State of Manufacturing Tour 2017 made a stop in Pittsburgh on February 28, 2017. The National Association of Manufacturers (NAM), in partnership with the Allegheny Conference and the Pennsylvania Manufacturers Association (PMA), made the event possible. ... http://www.schneiderdowns.com/our-thoughts-on/manufacturing-tour-in-pittsburgh Wed, 01 Mar 2017 00:00:00 +0000 Five Tips for Your Effective and Efficient Audit Most companies have an annual audit performed to comply with banking and investment requirements. For most calendar year-end companies, the annual audits are currently underway. There are several steps that management can do in order to ensure the process ... http://www.schneiderdowns.com/our-thoughts-on/five-tips-effective-efficient-audit Wed, 01 Mar 2017 00:00:00 +0000 IRS Rolls Out New Compliance Campaign The Internal Revenue Service’s Large Business and International (LB&I) division is taking a new approach to tax compliance, with a series of 13 campaigns aimed at cracking down on tax evasion. The LB&I is moving toward issue-based examinations ... http://www.schneiderdowns.com/our-thoughts-on/irs-new-compliance-campaign Tue, 28 Feb 2017 00:00:00 +0000 Accounting for Goodwill is Changing...Again Anyone who has been in the accounting profession for a handful of years has seen numerous changes to the accounting guidance as it relates to goodwill. In 2001, Summary of Statement No. 142 was issued to address accounting for intangible assets acquired ... http://www.schneiderdowns.com/our-thoughts-on/accounting-for-goodwill-is-changing-again Tue, 28 Feb 2017 00:00:00 +0000 Updates and Changes to Mortality Tables by the IRS and Society of Actuaries The IRS has approved and issued Notice 2016-50, Updated Static Mortality Tables for Defined Benefit Pension Plans for 2017. However, they have once again postponed the implementation of using the updated Society of Actuary’s (SOA’s) latest ... http://www.schneiderdowns.com/our-thoughts-on/updates-and-changes-to-mortality-tables Tue, 28 Feb 2017 00:00:00 +0000 Same-Day ACH: Is Your Financial Institution Prepared? Participation in the Automated Clearing House (ACH) network provides financial institutions with many significant opportunities. Compared to paper-check processing, ACH offers numerous advantages including enhanced efficiency, reduced processing costs, ... http://www.schneiderdowns.com/our-thoughts-on/same-day-ach Mon, 27 Feb 2017 00:00:00 +0000 And the award goes to... Lessons learned from last night's Oscars screw-up Like many Americans, last night I was fixated on the Academy Awards ceremony, arguably the most important award show for the motion picture industry. As a CPA, I am intrigued by the secrecy and the process and the related internal controls thereon that ... http://www.schneiderdowns.com/our-thoughts-on/lessons-learned-from-oscars-screw-up Mon, 27 Feb 2017 00:00:00 +0000 DISC Commissions not subject to IRS Recharacterization On February16th, the Sixth Circuit Court of Appeals reversed the Tax Court Summa Holding, Inc. (Summa) decision which disallowed the payment of commissions to Domestic International Sales Corporation (DISC) owned by Roth IRAs. The Tax Court improperly ... http://www.schneiderdowns.com/our-thoughts-on/disc-commissions-irs-recharacterization Mon, 27 Feb 2017 00:00:00 +0000 PCAOB Continues Its Efforts to Improve Transparency On December 15, 2015, the Public Company Accounting Oversight Board (PCAOB) issued PCAOB Release No. 2015-008, Improving the Transparency of Audits: Rules to Require Disclosure of Certain Audit Participants on a New PCAOB Form and Related Amendments to ... http://www.schneiderdowns.com/our-thoughts-on/pcaob-improve-transparency Fri, 24 Feb 2017 00:00:00 +0000 Schneider Downs Risk Advisory Services: Supporting Your Global Business Needs Does your business operate on a global scale? Our Risk Advisory Services group has provided internal audit services for locally based companies that are operating both nationally and internationally. Through these internal audits, we have provided recommendations ... http://www.schneiderdowns.com/our-thoughts-on/schneider-downs-risk-advisory-services-supporting-global-business-needs Fri, 24 Feb 2017 00:00:00 +0000 Thomas Harvey Talks Accounting Industry Hiring Demands with Pittsburgh Business Times Thomas Harvey, Director of Human Resources, spoke with the Pittsburgh Business Times about the demand of interns in the accounting industry. Click here to read the full article. For more information on internshipships at Schneider Downs visit our careers ... http://www.schneiderdowns.com/tom-harvey-pittsburgh-business-times Fri, 24 Feb 2017 00:00:00 +0000 Our Thoughts On... Named Top 50 Accounting Blog Schneider Downs' Our Thoughts On... blog was listed as one of the 50 best accounting blogs on Accounting School Guide's website. To see the full list of the most prominent accounting blogs from the last calendar year visit accountingschoolguide.com. ... http://www.schneiderdowns.com/our-thoughts-on-named-top-50-accounting-blog Thu, 23 Feb 2017 00:00:00 +0000 1099 Reporting for the Transportation Industry Every January here at Schneider Downs, we receive many questions from our clients related to the requirement to send or receive the Form 1099-MISC. In general, any payment for services by a non-employee that is $600 or more should be reported on a Form ... http://www.schneiderdowns.com/our-thoughts-on/1099-reporting-transportation-industry Thu, 23 Feb 2017 00:00:00 +0000 Reminder: Pennsylvania Tax Amnesty Program Beginning Soon In just over two months, the Pennsylvania Department of Revenue will begin the 2017 Tax Amnesty Program. For eligible taxpayers who participate in the program, the Department of Revenue will waive all penalties and one-half of interest due on tax delinquencies ... http://www.schneiderdowns.com/our-thoughts-on/PA-tax-amnesty-program-beginning-soon Thu, 23 Feb 2017 00:00:00 +0000 The Future is Now - Autonomous Vehicles are Here If you have walked or driven around downtown Pittsburgh in the past six months, you may have noticed a few cars on the road that look like they are straight out of a sci-fi movie. These Ford Fusions, equipped with large, spinning sensors on the tops of ... http://www.schneiderdowns.com/our-thoughts-on/autonomous-vehicles-are-here Wed, 22 Feb 2017 00:00:00 +0000 Cybersecurity Considerations for Employee Benefit Plans The DOL's ERISA Advisory Council recently issued a report, Cybersecurity Considerations for Benefit Plans, which summarizes its examination of and recommendations regarding cybersecurity considerations as they relate to employee benefit plans. The ... http://www.schneiderdowns.com/our-thoughts-on/cybersecurity-employee-benefit-plans Wed, 22 Feb 2017 00:00:00 +0000 Preparing Retail for Generation Z Move over millennials, as Generation Z comes of age, they are becoming a force for change in retail. Generation Z is composed of everyone born after 1995 and is expected to number more than 2.6 billion individuals around the globe by 2020. This generation, ... http://www.schneiderdowns.com/our-thoughts-on/preparing-retail-for-generation-z Wed, 22 Feb 2017 00:00:00 +0000 Accounting for the Subsequent Measurement of Goodwill Just Became a Little Simpler In January 2017, The FASB issued Accounting Standards Update 2017-04 Intangibles—Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment. By in large, this will alleviate some of the costs and burden on companies by eliminating ... http://www.schneiderdowns.com/our-thoughts-on/accounting-for-goodwill Tue, 21 Feb 2017 00:00:00 +0000 Use Data Analysis to Reveal Patterns in a Fraud Investigation In today’s increasingly data-driven world, companies utilize statistics collected on human behavior to direct their product development and marketing strategies. Entities are able to take the seemingly random actions of their customers and look ... http://www.schneiderdowns.com/our-thoughts-on/patterns-in-a-fraud-investigation Tue, 21 Feb 2017 00:00:00 +0000 Can the Use of Drones Result in Cost Savings for Your Construction Company? Studies focusing on construction efficiency have documented 25% to 50% waste in coordinating labor and managing, moving, and installing materials (Tulacz and Armistead, 2007). In addition, in 2007 the Federal Facilities Council (FFC) estimated that $4 ... http://www.schneiderdowns.com/our-thoughts-on/drones-cost-savings-construction-company Tue, 21 Feb 2017 00:00:00 +0000 UPDATE: Taxability of Software Related Services in Pennsylvania Update: Please be advised that the Pennsylvania Department of Revenue has taken down the letter ruling referred to below that addressed the taxability of support services related to canned computer software. Many professional groups and organizations ... http://www.schneiderdowns.com/our-thoughts-on/taxability-software-services-pennsylvania Wed, 15 Feb 2017 00:00:00 +0000 Lifestages: Pay Down Debt or Save? I was recently posed this great question: “Shall I pay down debt or save for retirement? Is there a ratio I should consider?” The short answer is yes. But, like all things planning, there are other considerations. In this case, we assume you ... http://www.schneiderdowns.com/our-thoughts-on/lifestages-pay-down-debt-save_1 Wed, 15 Feb 2017 00:00:00 +0000 Lifestages: Pay Down Debt or Save? ... http://www.schneiderdowns.com/our-thoughts-on/lifestages-pay-down-debt-save Wed, 15 Feb 2017 00:00:00 +0000 SSAE 18 - It's Almost Here...What Are the SOC Reporting Implications? In April 2016, the American Institute of Certified Public Accountants (AICPA) Auditing Standards Board (ASB) issued the Statement on Standards for Attestation Engagements (SSAE) No. 18, Attestation Standards: Clarification and Recodification. The primary ... http://www.schneiderdowns.com/our-thoughts-on/ssae-18-soc-reporting-implications Wed, 15 Feb 2017 00:00:00 +0000 UPDATED: Trump Issues Executive Order to Halt Implementation of Tax Changes On February 13th an IRS official said that due to specific instructions from the Trump administration regarding the government regulatory process, the IRS will not be releasing any guidance including revenue procedures and revenue rulings that are "beyond ... http://www.schneiderdowns.com/our-thoughts-on/trump-issues-executive-order-halt-tax-changes Wed, 15 Feb 2017 00:00:00 +0000 SOC 2 Trust Services Criteria Revamped to Align with the COSO 2013 Framework The AICPA’s Assurance Services Executive Committee (ASEC) recently released an exposure draft, proposing revisions of the Trust Services Criteria (TSC) for Security, Availability, Processing Integrity, Confidentiality, and Privacy. The changes will ... http://www.schneiderdowns.com/our-thoughts-on/soc-2-trust-services-criteria-revamped Tue, 14 Feb 2017 00:00:00 +0000 Planned U.S. Manufacturing Investments: Momentum for the Fourth Industrial Revolution If you have been following the news over the past three months, you have undoubtedly heard a great deal about the “wall,” a Russian-hacked election, the early work to repeal the Affordable Care Act and border taxes. But what has also made ... http://www.schneiderdowns.com/our-thoughts-on/planned-us-manufacturing-investments Mon, 13 Feb 2017 00:00:00 +0000 Governor Tom Wolf Proposes New State Budget for 2017-2018 On Tuesday, February 7, 2017, Pennsylvania Governor Tom Wolf presented his budget to the state legislature. While the Governor announced that he was not proposing any broad tax increases, he did put forth a $32.3 billion spending plan that included $1 ... http://www.schneiderdowns.com/our-thoughts-on/governor-wolf-proposes-state-budget-2017 Mon, 13 Feb 2017 00:00:00 +0000 Why Oil Rig Counts May Not Mean as Much Any Longer Over the past several years, one of the key metrics of the health and activity within the oil and gas industry has been the number of active rigs. This metric has been watched to gauge the cycles of activity in the industry over the past few years. With ... http://www.schneiderdowns.com/our-thoughts-on/why-oil-rig-counts-may-not-mean-much Mon, 13 Feb 2017 00:00:00 +0000 Carol Murray to Lead Family Office Service Group Schneider Downs has hired Carol Murray to serve as the Family Office Service Group's chief operations officer. Ms. Murray's new role was featured in the Pittsburgh Business Times. Read the full story here. Subscription may be required. Please ... http://www.schneiderdowns.com/carol-murray-to-lead-family-office-service-group Mon, 13 Feb 2017 00:00:00 +0000 Congressman Tom Reed's Vision for Students and What It Means for Higher Education In October, we recapped how the Senate Committee of Finance and House Ways and Means Committee had decided to renew their focus on the rising cost of higher education. Now, coming on the heels of the most recent House Ways and means Subcommittee on Oversight ... http://www.schneiderdowns.com/our-thoughts-on/congressman-tom-reed-students-higher-education Fri, 10 Feb 2017 00:00:00 +0000 Pennsylvania Real Estate Tax Discounts You bought your first house; congratulations! Now you will join other homeowners in paying property tax to your municipality, county and school district. While you have no control over millage rates and little say in the assessed value assigned to your ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-real-estate-tax-discounts Thu, 09 Feb 2017 00:00:00 +0000 Calendar-Year C Corporations Receive an Additional Month to File February 8, 2017: Within the last week, newly revised instructions for Form 7004 were posted to the IRS website. In the latest update, calendar-year C corporations are now granted an automatic six-month extension to file income tax returns by filing a ... http://www.schneiderdowns.com/our-thoughts-on/calendar-year-c-corporations-additional-month-file Wed, 08 Feb 2017 00:00:00 +0000 States Require New Authentication Procedures for Electronic Filing States have implemented new security measures to protect taxpayers who file their tax returns electronically. The majority of states now require the signing officer of a partnership, S corporation, corporation, fiduciary or exempt organization return ... http://www.schneiderdowns.com/our-thoughts-on/states-new-authentication-procedures Wed, 08 Feb 2017 00:00:00 +0000 Staci Brogan & Gene Logan Featured in Accounting Today Schneider Downs Shareholders, Staci Brogan and Eugene Logan, were featured in Accounting Today's special report, Working with Nonprofits. For more informtaion, contact Schneider Downs or visit our Not-for-Profit page. ... http://www.schneiderdowns.com/staci-brogan-gene-logan-featured-in-accounting-today Wed, 08 Feb 2017 00:00:00 +0000 Columbus, The Smart City for Transportation In June 2016, the City of Columbus beat out 77 other cities in the U.S. Department of Transportation’s Smart City Challenge. As a result, the city was awarded $50 million in federal grants in order to develop “smart” transportation systems. ... http://www.schneiderdowns.com/our-thoughts-on/columbus-smart-city-transportation Tue, 07 Feb 2017 00:00:00 +0000 The Evolving Unified Registration Statement Compliance with laws relating to charitable solicitation or fundraising has always been a difficult and laborious process. In fact, as of November 2016, 46 states require that before a charitable organization, or their agent may solicit funds from a state ... http://www.schneiderdowns.com/our-thoughts-on/the-evolving-unified-registration-statement Mon, 06 Feb 2017 00:00:00 +0000 Credits Returned from the Grave - "Enhanced Oil Recovery Credit" The 2016 tax year will be an historic one for the Energy and Natural Resources industry with the return of the Enhanced Oil Recovery (EOR) Credit. This credit has been phased out completely for the past 10 tax years due to the average domestic first purchase ... http://www.schneiderdowns.com/our-thoughts-on/enhanced-oil-recovery-credit Mon, 06 Feb 2017 00:00:00 +0000 In a Contentious Election Year, Tax Reform and Regulations Cited as Important Factors in 2016 Manufacturers' Economic Survey Tax reform, environmental laws and other government regulations were cited among the factors most likely to impact manufacturers in the coming year, according to the results released this week from the annual Schneider Downs Manufacturers’ Economic ... http://www.schneiderdowns.com/our-thoughts-on/important-factors-manufacturing-survey Thu, 02 Feb 2017 00:00:00 +0000 New Lease Standard and Impact on Automobile Dealers On February 25, 2016, the Financial Accounting Standards Board (FASB) issued its new lease accounting standard, FASB Accounting Standard Update 2016-02 – Leases. The new standard introduces a right-of-use model which brings most leases onto a lessee’s ... http://www.schneiderdowns.com/our-thoughts-on/new-lease-standard-impact-automobile-dealers Thu, 02 Feb 2017 00:00:00 +0000 The Continued Value of a College Degree Over the past few years, there has been much in the news about the rising cost of higher education and recent graduates struggling to pay down significant student loan balances. While these stories grab headlines, the truth may be more than a few stories ... http://www.schneiderdowns.com/our-thoughts-on/continued-value-college-degree Thu, 02 Feb 2017 00:00:00 +0000 Ohio Budget Proposal Released On January 30, Ohio Governor John Kasich released his budget proposal for the next two fiscal years, which includes a number of changes to Ohio’s tax system. Ohio recently ranked 45th in the Tax Foundation’s State Business Tax Climate Index, ... http://www.schneiderdowns.com/our-thoughts-on/ohio-budget-proposal-released Wed, 01 Feb 2017 00:00:00 +0000 Rig Counts Climb Amid Increased Prices and Positive Speculation Rig counts’ weekly responsiveness is a key factor in forecasting the price of oil and gas and ultimately the productivity within the industry. North American markets are projected to rebound in 2017, with onshore drilling activity being a primary ... http://www.schneiderdowns.com/our-thoughts-on/rig-counts-climb Wed, 01 Feb 2017 00:00:00 +0000 Overhead and the Role of the Nonprofit Board In a recent study of over 10,000 New York nonprofit organizations, “Understanding Overhead: A Governance Challenge for Nonprofit Trustees,” the authors, John MacIntosh of SeaChange Capital Partners and George Morris and Dylan Roberts of Oliver ... http://www.schneiderdowns.com/our-thoughts-on/overhead-role-nonprofit-board Mon, 30 Jan 2017 00:00:00 +0000 How Can Benchmarking Work for Construction Companies? Benchmarking can be a very important and powerful tool in managing a business and improving financial and operation performance. We are often asked by our clients “what are you seeing in the industry” or “what do your other clients do”. ... http://www.schneiderdowns.com/our-thoughts-on/benchmarking-for-construction-companies Wed, 25 Jan 2017 00:00:00 +0000 Are You Leaving Tax Savings From Your College Education on the Table? The Treasury Department Thinks So The rising cost of higher education has been on the minds of American families for a number of years and has even sparked recent Congressional investigations. As costs continue to climb and employers increasingly require a college degree for entry level ... http://www.schneiderdowns.com/our-thoughts-on/maximizing-tax-credits-college-expenditures Tue, 24 Jan 2017 00:00:00 +0000 IRS Issues Final Regulations on Modified Carryover Basis As the Trump administration begins, the estate planning community is bracing itself for the far-reaching changes to the tax code that our elected leaders have promised. In the meantime, the Internal Revenue Service (the “IRS”) is busy patching ... http://www.schneiderdowns.com/our-thoughts-on/modified-carryover-basis Tue, 24 Jan 2017 00:00:00 +0000 Beer Run - The First Commercial Delivery by a Self-Driving Truck On October 20, 2016, a self-driving tractor-trailer traveled 120 miles down a Colorado highway and made a delivery of 51,744 cans of Budweiser beer. This incredible technological feat was accomplished by Otto, a San Francisco start-up that was purchased ... http://www.schneiderdowns.com/our-thoughts-on/first-commercial-delivery-self-driving-truck Mon, 23 Jan 2017 00:00:00 +0000 A Wrong Made Right for Combat-Injured Veterans On December 16, 2016, President Obama signed the Combat-Injured Veterans Tax Fairness Act of 2016 into law. Many veterans who were separated from service as a result of combat injuries were paid a lump-sum disability payment upon separation. Congress’s ... http://www.schneiderdowns.com/our-thoughts-on/wrong-made-right-combat-injured-veterans Mon, 23 Jan 2017 00:00:00 +0000 2017 Infrastructure Plan - What Can the Construction Industry Expect? Following the 2016 election results, many construction industry company executives were trying to remember President Trump’s campaign promises related to his infrastructure plan. What can I expect? Trump’s promises included a $1 trillion infrastructure ... http://www.schneiderdowns.com/our-thoughts-on/2017-infrastructure-plan-construction-industry Fri, 20 Jan 2017 00:00:00 +0000 Ensuring Marital Bliss Through Social Security Compliance Over the past year, I, along with a number of other Schneider Downs employees, took the big plunge. That is, we got married! After a hectic year of planning, there may be one more important “to do” on the marriage check list – a legal ... http://www.schneiderdowns.com/our-thoughts-on/ensuring-marital-bliss-social-security-compliance Fri, 20 Jan 2017 00:00:00 +0000 Items to Consider When Implementing Audit Reviews of SAP S/4HANA and SuccessFactors Many of these items are not new to system development projects, but this article provides project points directly related to SAP S/4HANA and SuccessFactors. Organizations should consider the following when implementing SAP S/4HANA and SuccessFactors (although ... http://www.schneiderdowns.com/our-thoughts-on/implementing-audit-reviews-sap-s4hana-successfactors Thu, 19 Jan 2017 00:00:00 +0000 Can Solar Power Really Beat Coal? Recent significant drops in the pricing of solar panels have experts wondering how much longer before the cost of solar power will beat the cost of electricity produced by coal. The consensus seems to be growing that parity in many markets will be around ... http://www.schneiderdowns.com/our-thoughts-on/can-solar-power-really-beat-coal Wed, 18 Jan 2017 00:00:00 +0000 The Impacts of Inventory Inflation Schemes Used to Commit Financial Statement Fraud In the Association of Certified Fraud Examiners’ (“ACFE”) bi-annual Report to the Nations on Occupational Fraud and Abuse, the ACFE presents its findings related to the three major types of occupational fraud, which are asset misappropriation, ... http://www.schneiderdowns.com/our-thoughts-on/inventory-inflation-schemes-financial-statement-fraud Wed, 18 Jan 2017 00:00:00 +0000 Why Should Your Organization Conduct an Enterprise Risk Assessment? Regardless of your organization’s size and complexity, performing a periodic enterprise risk assessment is critical for aiding key stakeholders (board, management, associates, etc.) to recognize the threats to the organization and assess their potential ... http://www.schneiderdowns.com/our-thoughts-on/conducting-enterprise-risk-assessments Tue, 17 Jan 2017 00:00:00 +0000 Harsher Penalties for Toll Skippers on PA Turnpike Takes Effect This Summer 75 PA. C.S. § 1380 ("Section 1380") will be taking effect this summer and will allow the PA Transportation Department to suspend the vehicle registration of motorists who fail to pay six or more violations for evading tolls on the Pennsylvania ... http://www.schneiderdowns.com/our-thoughts-on/harsher-penalties-toll-skippers-pa-turnpike Mon, 16 Jan 2017 00:00:00 +0000 Auto-Enrollment Pushes Retirement Plans Higher Plan assets for 401(k) plans and similar types of defined contribution plans have topped $7 trillion due to continued growth in employee contributions. Part of this increase is not due to employees consciously saving more; it is due to the continued growth ... http://www.schneiderdowns.com/our-thoughts-on/auto-enrollment-pushes-retirement-plans-higher Mon, 16 Jan 2017 00:00:00 +0000 FAFSA Fears Unfounded Is there a FAFSA in your future? Even if you are a FAFSA pro, read on, there may be a few tips for you. The Federal Application for Free Student Aid (FAFSA) is the federal government’s way of helping us pay for college. After entering your income ... http://www.schneiderdowns.com/our-thoughts-on/fafsa-fears-unfounded Fri, 13 Jan 2017 00:00:00 +0000 FinCEN Reminds Taxpayers of New FBAR Deadline The Financial Crimes Enforcement Network (FinCEN) has reminded taxpayers that the due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts maintained during 2016 is April 18, 2017. In addition, FinCEN will ... http://www.schneiderdowns.com/our-thoughts-on/new-fbar-deadline Thu, 12 Jan 2017 00:00:00 +0000 Employee Benefit Plans: Are You Prepared? Another reporting year/tax-filing period for your employee benefit plan is over – are you prepared? Did you put in place everything you said you would last year, and are you going to learn from your mistakes? This is the time to ensure you have ... http://www.schneiderdowns.com/our-thoughts-on/filing-requirements-employee-benefit-plans Wed, 11 Jan 2017 00:00:00 +0000 Construction Spending: 2016 on the rise, 2017...TBD The United States Department of Commerce on January 3, 2017 reported that construction spending continues to be on the rise, reaching an over ten-year high. Construction spending in the U.S. reached $1.18 trillion during November 2016, up approximately ... http://www.schneiderdowns.com/our-thoughts-on/construction-spending-2017 Mon, 09 Jan 2017 00:00:00 +0000 Working Capital Adjustments in Due Diligence During a transaction, efforts need to be made to evaluate the level of working capital sufficient to sustain current operations of the business. This is necessary because a buyer allocates value to the enterprise value of the business, and also requires ... http://www.schneiderdowns.com/our-thoughts-on/working-capital-adjustments-due-diligence Mon, 09 Jan 2017 00:00:00 +0000 Nancy Skeans Speaks with US News & World Report about Downsizing Nancy Skeans, Partner and Managing Director at Schneider Downs Wealth Management Advisors, LP, spoke with U.S. News & World Report about preparing for retirement and when to start downsizing. Read the full article here. For more information, please ... http://www.schneiderdowns.com/nancy-skeans-down-sizing Mon, 09 Jan 2017 00:00:00 +0000 Impacts of a Trump Presidency on Higher Education Higher Education wasn’t a hot-topic during the recent election which presents a level of uncertainty surrounding the future of Higher Education. In addition, President-elect Trump’s nominee for the U.S. Department of Education has very little ... http://www.schneiderdowns.com/our-thoughts-on/trump-presidency-higher-education-impact Fri, 06 Jan 2017 00:00:00 +0000 2017 Business: Recognize the Past and Present While Leveraging the Constant - CHANGE As the New Year approaches, I reflect back on the loss of a special person, Dr. Thomas Walsh of Grenell Consulting, Thomas was the type of man who was dedicated to helping businesses, organizations, and people improve, and on January 1st, 2016,he passed ... http://www.schneiderdowns.com/our-thoughts-on/2017-businesses-embrace-change Fri, 06 Jan 2017 00:00:00 +0000 Welcome to 2017 from Pennsylvania - Driving Just Got More Expensive The Commonwealth of Pennsylvania raised the wholesale motor fuels tax on gasoline by 8 cents on January 1, 2017. They have also increased the tax on diesel fuel by 11 cents. The gas tax is now 58.2 cents per gallon and is the highest in the nation. The ... http://www.schneiderdowns.com/our-thoughts-on/driving-just-got-more-expensive Thu, 05 Jan 2017 00:00:00 +0000 IRS Extends Five Year Eligibility Limitation The Internal Revenue Service (“IRS”) issued Notice 2017-6 on December 20, 2016, which extends for one year the five year eligibility limitation period for making automatic accounting method changes to comply with the tangible property regulations. ... http://www.schneiderdowns.com/our-thoughts-on/IRS-extends-five-year-eligibility-limitation Thu, 05 Jan 2017 00:00:00 +0000 CPE: An Update on the Oil and Gas and Construction Industries On December 19, Schneider Downs presented an internal oil, gas and construction continuing professional education (CPE) seminar. During the CPE, Schneider Downs experts within the oil and gas and construction industries were able to share their knowledge ... http://www.schneiderdowns.com/our-thoughts-on/oil-gas-construction-industries-update Wed, 04 Jan 2017 00:00:00 +0000 AICPA Releases Tool for Determining Acceptability of Limited Scope Certifications In recent years, the quality of employee benefit plan audits has been a focus of the Department of Labor and the American Institute of Certified Public Accountants (AICPA) Peer Review program. One of the most frequent deficiencies was found to be the ... http://www.schneiderdowns.com/our-thoughts-on/aicpa-acceptability-limited-scope-certifications Tue, 03 Jan 2017 00:00:00 +0000 What Should Contractors Seek in an Accounting Firm? Guidance from the ICCIFP Construction contractors are faced with a variety of challenges every day. These challenges include accurate bidding, cost estimating, project management and much more. In addition to the everyday business challenges facing every construction contractor, ... http://www.schneiderdowns.com/our-thoughts-on/contractors-accounting-firm-guidance-ICCIFP Tue, 03 Jan 2017 00:00:00 +0000 Happy Holidays and Happy New Year from Schneider Downs! New Tax Season Approaching The IRS has announced that it will begin accepting and processing electronic and paper returns on Monday, January 23, 2017. The deadline to submit 2016 tax returns will be Tuesday, April 18, 2017, due to the usual April 15 deadline falling on a Saturday ... http://www.schneiderdowns.com/our-thoughts-on/new-tax-season-approaching Wed, 28 Dec 2016 00:00:00 +0000 Another Year Past, Another Task... As the year draws to a close, it is a time to reflect on the past 12 months and to ponder what worked and what didn’t. It is also a time for us accountants to prepare for year-end financial reporting and tax return preparation. As we wind down these ... http://www.schneiderdowns.com/our-thoughts-on/preparing-year-end-financial-reporting Thu, 22 Dec 2016 00:00:00 +0000 Pennsylvania Nonprofits' Concerns and Challenges The Lincoln Institute for Public Policy Research and the Pennsylvania Association of Nonprofit Organizations conducted their 2016 Pennsylvania Charitable Organizations Survey in November. A total of 177 nonprofit organizations responded to the survey. ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-nonprofits-concerns-challenges Wed, 21 Dec 2016 00:00:00 +0000 2017 Pension Plan Limitations The Internal Revenue Service (IRS) announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2017 tax year. Highlights of limitations that changed for 2017 include a $1,000 increase ... http://www.schneiderdowns.com/our-thoughts-on/2017-pension-plan-limitations Tue, 20 Dec 2016 00:00:00 +0000 The Holidays: The Gift that Keeps on Giving for Retail and Transportation Companies When the holiday season rolls around so does the money that is spent buying gifts for friends, families, and even co-workers. Since 2009, holiday season sales have seen a steady increase of 3.4% per year. This year, the National Retail Foundation estimates ... http://www.schneiderdowns.com/our-thoughts-on/transportation-industry-holiday-season Mon, 19 Dec 2016 00:00:00 +0000 ACA Deadline & NJ/PA ReciprocityDont Miss These Two Updates! Between the holidays and the recent focus on the injunction of the FLSA change, we want to be sure you didn’t miss these two important updates. ACA Reporting Extension for Forms 1095 The IRS extended the deadline for submitting Forms 1095-B or 1095-C ... http://www.schneiderdowns.com/our-thoughts-on/aca-deadline-njpa-reciprocity-updates Mon, 19 Dec 2016 00:00:00 +0000 The Value of Forecast Models? 98% to 99%; 98%; 95%; 84%; 71%; What are these numbers? The odds that you will love this article? No – clearly that is 100%. These were the odds of Hillary Clinton winning the presidential election on November 8, 2016 according to the various forecasts ... http://www.schneiderdowns.com/our-thoughts-on/value-of-forecast-models Fri, 16 Dec 2016 00:00:00 +0000 Postcard from the AICPA SEC Conference - Part 4 The AICPA Conference on Current SEC and PCAOB Developments in Washington, DC concluded on Wednesday last week, its third day. The last day covered several sessions including International Reporting Matters, Non-GAAP Measures, the New Lease Accounting ... http://www.schneiderdowns.com/our-thoughts-on/aicpa-sec-conference-postcard-4 Wed, 14 Dec 2016 00:00:00 +0000 IRS Announces 2017 Standard Mileage Rates The Internal Revenue Service (IRS) has announced the optional 2017 standard mileage rates (Notice 2016-169) used to calculate the deductible costs of operating an automobile for business, medical or moving, and charitable purposes. The standard mileage ... http://www.schneiderdowns.com/our-thoughts-on/irs-announces-2017-standard-mileage-rates Wed, 14 Dec 2016 00:00:00 +0000 IRS Reminds Taxpayers to Donate Before the End of 2016 On November 28, 2016, the Internal Revenue Service (IRS) published News Release IR-2016-154 to encourage tax payers to donate to qualified charities in order to reduce their personal federal income tax. The news release was published to coincide with ... http://www.schneiderdowns.com/our-thoughts-on/irs-reminds-taxpayers-donate-before-2016-year-end Wed, 14 Dec 2016 00:00:00 +0000 Marketing Your Not-For-Profit Organization Using Form 990 The Internal Revenue Code (IRC) requires most nonprofit organizations to file an annual information return, Form 990, Return of Organization Exempt from Tax, to disclose information concerning its activities, including income, expenses, contributions, ... http://www.schneiderdowns.com/our-thoughts-on/marketing-nfp-organization-using-form-990 Tue, 13 Dec 2016 00:00:00 +0000 Joel Rosenthal & John Popies Take On the Polar Plunge Joel Rosenthal and John Popies, Shareholders in the Pittsburgh office participated in the Pittsburgh Polar Plunge on Friday, December 9th. The pair braved the extremely cold weather and jumped in the water to benefit the Special Olympics. For more infromation, ... http://www.schneiderdowns.com/joel-rosenthal-john-popies-polar-plunge Tue, 13 Dec 2016 00:00:00 +0000 Adding Value and Efficiency to Your Business Through Process Reviews When did your business last take a step back to evaluate your current accounting and governance processes? Have you been following the same procedures since inception, since that’s the method that has always worked for your company? You are not ... http://www.schneiderdowns.com/our-thoughts-on/adding-value-business-process-reviews Mon, 12 Dec 2016 00:00:00 +0000 IRS Naughty List: New Look-Up Chart to Track Tax Practitioner Disciplinary Actions The IRS’s Office of Professional Responsibility (OPR), which is in charge of enforcing the standards and procedures of tax practice, has revamped its approach in regard to publishing information on disciplined tax practitioners. It is now easier ... http://www.schneiderdowns.com/our-thoughts-on/irs-tax-practitioner-disciplinary-actions-list Mon, 12 Dec 2016 00:00:00 +0000 Postcard from the AICPA SEC Conference - Part 3 Day two of the AICPA Conference on Current SEC and PCAOB Developments from Washington, DC continued with remarks from the chairs of the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB), as well as updates ... http://www.schneiderdowns.com/our-thoughts-on/aicpa-sec-conference-postcard-3 Wed, 07 Dec 2016 00:00:00 +0000 Year-End Tax Savings Ideas, Fourth in a Series: Tax Loss Harvesting History has proven that investment returns vary year over year, with some years generating positive returns while others yield disappointing losses. A prudent and effective tax loss harvesting strategy can accumulate tax losses in disappointing years ... http://www.schneiderdowns.com/our-thoughts-on/tax-loss-harvesting Wed, 07 Dec 2016 00:00:00 +0000 Postcard from the AICPA SEC Conference - Part 2 Day one continued at the AICPA Conference on Current SEC and PCAOB Developments in Washington, DC. The afternoon of day one had several informative sessions including two panel discussions, one on Internal Control over Financial Reporting (ICFR) and the ... http://www.schneiderdowns.com/our-thoughts-on/aicpa-sec-conference-postcard-2 Tue, 06 Dec 2016 00:00:00 +0000 Update on Proposed Regulations Affecting Valuation Discounts In August of this year, the Internal Revenue Service (“IRS”) unveiled proposed regulations under Section 2704 of the Internal Revenue Code that would modify the rules regarding the valuation of interests in certain family-owned businesses ... http://www.schneiderdowns.com/our-thoughts-on/proposed-regulations-affecting-valuation-discounts Tue, 06 Dec 2016 00:00:00 +0000 1042-S - Changes to 2016 Report of Foreign Persons' U.S. Source Income Subject to Withholding With the end of the year close in sight, changes to 2016 tax reporting will become a popular topic of discussion. Due dates for returns of partnerships, S-corporations and C- corporations are changing, as well as the due date and certain reporting requirements ... http://www.schneiderdowns.com/our-thoughts-on/2016-form-1042s-changes Tue, 06 Dec 2016 00:00:00 +0000 Mary Richter Receives Joe Ott Award Mary Richter, Tax Shareholder, was honored with the Joe Ott Award for her dedication to making a positive change in the disability community at ACHIEVA's Awards of Excellence on December 5th. Please visit ACHIEVA's website or contact Schneider ... http://www.schneiderdowns.com/mary-richter-receives-joe-ott-award Tue, 06 Dec 2016 00:00:00 +0000 Postcard from the AICPA SEC Conference - Part I Welcome to the AICPA Conference on Current SEC and PCAOB Developments from Washington, DC. This three-day conference kicked off with a welcome address from the new AICPA Chair, Kimberly Ellison-Taylor. Ms. Ellison-Taylor highlighted four initiatives of ... http://www.schneiderdowns.com/our-thoughts-on/aicpa-sec-conference-postcard Mon, 05 Dec 2016 00:00:00 +0000 The Donald J. Trump Foundation Acknowledges Self-Dealing On November 21, The Donald J. Trump Foundation (the Foundation) released its 2015 Form 990-PF, Return of Private Foundation to the public and uploaded the return to the nonprofit-tracking website Guidestar. On the 2015 Form 990-PF, the Foundation, which ... http://www.schneiderdowns.com/our-thoughts-on/trump-foundation-acknowledges-self-dealing Mon, 05 Dec 2016 00:00:00 +0000 What Could be the Answer to the Current Trucking Industry Driver Shortage? Women. Over the past years, we have continued to hear about driver shortages and declines in trucking industry employment. The driver shortage is a growing concern. In recent months, a study published by the American Transportation Research Institute revealed ... http://www.schneiderdowns.com/our-thoughts-on/answer-trucking-industry-driver-shortage-women Thu, 01 Dec 2016 00:00:00 +0000 Why Not Just Get a Calculation Instead of a Valuation? The answer to this question depends on the situation. In 2012, another member of the Schneider Downs Business Advisory Services team, Jen Doering, wrote an article outlining the differences between a calculation engagement and a valuation engagement when ... http://www.schneiderdowns.com/our-thoughts-on/calculations-versus-valuations Thu, 01 Dec 2016 00:00:00 +0000 Year-End Tax Savings Ideas, Third in a Series: Maximize Tax-Deferred Savings into Retirement Accounts It’s not too late to take advantage of the tax-deferred treatment of assets in retirement accounts for 2016. In addition to the tax deduction, the ability to grow assets without having to pay taxes on dividends, interest, and/or capital gains allows ... http://www.schneiderdowns.com/our-thoughts-on/maximize-tax-deferred-retirement-savings Wed, 30 Nov 2016 00:00:00 +0000 Rosemary Mazzeo Speaks with Point Park University Rosemary Mazzeo, Manager of Risk Advisory Services, speaks with her alma mater, Point Park University, about her tenure at Schneider Downs. Visit Point Park University's website here to read the full interview. ... http://www.schneiderdowns.com/rosemary-mazzeo-speaks-with-point-park-university Wed, 30 Nov 2016 00:00:00 +0000 Nancy Skeans Gives Advice on End-of-Year Tax Moves Nancy Skeans, Partner and Managing Director of Schneider Downs Wealth Management Advisors, LP, talks with US News & World Report about end-of-year tax moves to make now. For more information, contact Schneider Downs. ... http://www.schneiderdowns.com/-nancy-skeans-year-end-tax-moves Wed, 30 Nov 2016 00:00:00 +0000 Three Local Construction Projects Receive Accolades Engineering News-Record (ENR)* recently announced its 2016 Mid-Atlantic Region Best Projects, and the winners included three local projects. Included among the winners were the Hulton Bridge Replacement, the Flight 93 National Memorial Plaza and Visitor ... http://www.schneiderdowns.com/our-thoughts-on/local-construction-projects-receive-accolades Tue, 29 Nov 2016 00:00:00 +0000 5 Mistakes in a Contractor Audit Annually, most companies have an audit completed by their CPA for banking, bonding and other users of their financial statements. For most CFOs and controllers, this is just another thing they have to do in addition to their current workload. They have ... http://www.schneiderdowns.com/our-thoughts-on/contractor-audit-mistakes Tue, 29 Nov 2016 00:00:00 +0000 The Final Rule for Overtime Suspended by Federal Judge On November 22, 2016, Federal Judge Amos L. Mazzant III of the Eastern District of Texas issued a nationwide preliminary injunction on the final rules for overtime for exempt white-collar workers. The injunction suspends the implementation of the regulation ... http://www.schneiderdowns.com/our-thoughts-on/final-rule-for-overtime-suspended Mon, 28 Nov 2016 00:00:00 +0000 Jason Staley Talks Boosting Retirement Returns Jason Staley, Investment Relationship Manager at Schneider Downs Wealth Management Advisors, LP, talks with US News & World Report about boosting retirement returns in a low-interest rate era. Read the full article here. For more information, please ... http://www.schneiderdowns.com/jason-staley-retirement-returns Wed, 23 Nov 2016 00:00:00 +0000 Year-End Tax Savings Ideas, Second in a Series: Charitable Gifting Strategies - Boost Your Tax Benefits Financial markets have appreciated over the past several years leaving investors with some significant gains in their taxable investment accounts. An investor who is charitably inclined and has assets with unrealized capital appreciation may want to consider ... http://www.schneiderdowns.com/our-thoughts-on/charitable-gifting-strategies-boost-tax-benefits Tue, 22 Nov 2016 00:00:00 +0000 5 Mistakes in a Contractor Audit, or The Dangerous Road of Last Year Annually, most companies have an audit completed by their CPA for banking, bonding and other users of their financial statements. For most CFOs and controllers, this is just another thing they have to do in addition to their current workload. They have ... http://www.schneiderdowns.com/our-thoughts-on/5-mistakes-contractor-audit Mon, 21 Nov 2016 00:00:00 +0000 National Retail Federation Projects Solid Holiday Sales Growth If you are planning on making a trip to the mall or ordering that hard-to-get item from Amazon, do it sooner rather than later. The National Retail Federation recently released its Holiday 2016 Consumer Survey. The current year projection is a 3.6% increase ... http://www.schneiderdowns.com/our-thoughts-on/national-retail-federation-projects-holiday-sales-growth Mon, 21 Nov 2016 00:00:00 +0000 New Lease Standard and Impact on the Construction Industry On February 25, 2016, the Financial Accounting Standards Board (FASB) issued its new lease accounting standard, FASB Accounting Standard Update 2016-02 – Leases. The new standard introduces a right-of-use model which brings most leases onto a lessee’s ... http://www.schneiderdowns.com/our-thoughts-on/new-lease-standard-impact-construction-industry Mon, 21 Nov 2016 00:00:00 +0000 Preparing Your Financial Statements (and Organization) for the Reporting Model Changes In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities, which provides some of the most sweeping changes to the reporting guidance for not-for-profit entities in more than ... http://www.schneiderdowns.com/our-thoughts-on/preparing-financial-statements-reporting-model Fri, 18 Nov 2016 00:00:00 +0000 Changes to Employee Benefit Plan Auditor's Reports May Be on the Way In January 2015, the Auditing Standards Board (ASB) created the Employee Benefit Plan Task Force (Task Force), whose goal was to improve the quality of employee benefit plan audits through strengthening of the auditor’s report. Changes to the auditor’s ... http://www.schneiderdowns.com/our-thoughts-on/employee-benefit-plan-auditors-reports-changes Thu, 17 Nov 2016 00:00:00 +0000 Margaret Good Honored with TMA Chairman's Award Margaret Good, Managing Director of Schneider Downs Meridian, was honored with the Chairman's Award during the Turnaround Management Association's annual meeting. The Turnaround Management Association was established in 1988 and currently has ... http://www.schneiderdowns.com/margaret-good-tma-chairmans-award Thu, 17 Nov 2016 00:00:00 +0000 SEC Chairwoman to Step Down While last week’s presidential election results may have been a surprise to many, it is likely to be just the beginning of many more changes as we head into 2017. One recently announced change is that Mary Jo White, chairwoman of the Securities ... http://www.schneiderdowns.com/our-thoughts-on/sec-chairwoman-to-step-down Wed, 16 Nov 2016 00:00:00 +0000 The Sharing Economy: It's Mine But You Can Have Some Have you ever caught an Uber or Lyft to a business meeting? Or, maybe you booked your last vacation through Airbnb? How about renting an outfit from Rent the Runway for a night out on the town? If you've ever engaged in any of these activities, welcome ... http://www.schneiderdowns.com/our-thoughts-on/sharing-economy-expansion Wed, 16 Nov 2016 00:00:00 +0000 Year-End Tax Savings Idea, First in a Series: Capital Gains Distributions - Be Aware and Take Action Every year, mutual funds are required to distribute any net realized capital gains to their shareholders regardless of whether the fund had a positive or negative return for the year. These distributions are then subject to capital gains tax rates to ... http://www.schneiderdowns.com/our-thoughts-on/capital-gains-distributions Wed, 16 Nov 2016 00:00:00 +0000 Time to Pay Attention to Congressional Tax Proposals For the past many years, there has been a steady stream of proposals regarding tax reform coming from Washington, D.C. Up until now, the proposals all had one thing in common: they had no chance of being enacted due to opposing views held by the House, ... http://www.schneiderdowns.com/our-thoughts-on/pay-attention-congressional-tax-proposals Tue, 15 Nov 2016 00:00:00 +0000 International Fraud Awareness Week Resources The Association of Certified Fraud Examiners (ACFE) is sponsoring International Fraud Awareness Week from November 13-19, 2016 to help businesses reduce fraud worldwide. According to the 2016 ACFE Report to the Nations on Occupational Fraud and Abuse, ... http://www.schneiderdowns.com/our-thoughts-on/fraud-week-resources Tue, 15 Nov 2016 00:00:00 +0000 What a Trump Presidency Means for the Estate Tax When President-elect Donald Trump first rolled out his much-anticipated tax plan as a Presidential candidate earlier this year, his plan to eliminate the federal estate tax (referred to as the “Death Tax” on his campaign website) caught the ... http://www.schneiderdowns.com/our-thoughts-on/trump-presidency-estate-tax Mon, 14 Nov 2016 00:00:00 +0000 Schneider Downs Joins Movement to Shine a Spotlight on Fraud PITTSBURGH, PA– Fraud costs organizations worldwide an estimated 5 percent of their annual revenues, according to a study conducted by the Association of Certified Fraud Examiners (ACFE). The ACFE’s 2016 Report to the Nations on Occupational ... http://www.schneiderdowns.com/fraud-awareness-week-2016 Mon, 14 Nov 2016 00:00:00 +0000 Bonus Depreciation on Facility Upgrades Did you know that Congress recently expanded its definition of qualified property to which bonus depreciation can be applied? Starting in 2016, an improvement to an interior portion of an existing building may qualify for bonus depreciation. Whether a ... http://www.schneiderdowns.com/our-thoughts-on/bonus-depreciation-on-facility-upgrades Fri, 11 Nov 2016 00:00:00 +0000 SOC Readiness Assessment-Practice Makes Perfect Is obtaining a Service Organization Control (SOC) 1, SOC 2 or SOC 2 + (Plus) report on your organization’s to-do list? If the answer to that question is yes, then completing a SOC readiness assessment should be your first step to ensuring a successful ... http://www.schneiderdowns.com/our-thoughts-on/soc-readiness-assessment-practice-makes-perfect Wed, 09 Nov 2016 00:00:00 +0000 Taxation and Information Reporting for Foreign Trusts The U.S. taxation and information reporting imposed on foreign trusts can be quite complex. A trust is the foreign trust if it is not the U.S. trust. A trust is a U.S. trust if: a court within the U.S. is able to exercise primary supervision over the ... http://www.schneiderdowns.com/our-thoughts-on/taxation-information-reporting-foreign-trusts Tue, 08 Nov 2016 00:00:00 +0000 Revenue Recognition, Second in a Series: Back to the Future As a part of Accounting Standards Update 2014-09 (ASU 2014-09): Revenue from Contracts with Customers, Financial Accounting Standards Board (FASB) entities will have to perform analysis on prior periods presented to determine the impact of ASU 2014-09 ... http://www.schneiderdowns.com/our-thoughts-on/revenue-recognition Mon, 07 Nov 2016 00:00:00 +0000 How Can Transportation Firms React to the Soaring Insurance Rates? By: Jim Gilboy and Mike Vizzini The transportation industry is looking for new ways to control costs in the wake of dramatic increases in their excess liability insurance coverage. Since the second quarter of 2015, and throughout 2016, the rates have ... http://www.schneiderdowns.com/our-thoughts-on/transportation-firms-react-insurance-rates Mon, 07 Nov 2016 00:00:00 +0000 Nancy Skeans Speaks with MSN Money Nancy Skeans, Managing Director at Schneider Downs Wealth Management Advisors, LP, talks with MSN Money about how to plan for your dream retirement. For more information, please contact Schneider Downs. ... http://www.schneiderdowns.com/nancy-skeans-msn-money Mon, 07 Nov 2016 00:00:00 +0000 John Bellardini Featured in Pittsburgh Business Times Schneider Downs Meridian's John Bellardini spoke with the Pittsburgh Business Times about his role as Managing Director. Read the full interview here. Subscription may be required. Please contact Schneider Downs for more information ... http://www.schneiderdowns.com/john-bellardini-featured-in-pittsburgh-business-times Thu, 03 Nov 2016 00:00:00 +0000 Open Source Firewalls Geek warning: some tech knowledge required for this article – or at least willingness to look stuff up. This article was repurposed from Matt Dunn’s personal blog, MaDwall Security, for Schneider Downs Our Thoughts On… Matt Dunn is ... http://www.schneiderdowns.com/our-thoughts-on/open-source-firewalls Wed, 02 Nov 2016 00:00:00 +0000 Welcome Due Date Changes for Businesses and Individuals This Tax Season Now that we are past the extended deadlines for calendar year entities, we can look forward to the changes in store for tax year 2016. The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 changed the due dates for partnerships ... http://www.schneiderdowns.com/our-thoughts-on/tax-season-due-date-changes-for-businesses-individuals Tue, 01 Nov 2016 00:00:00 +0000 Significant Changes to the Use of Bonus Depreciation on Nonresidential Real Property Beginning in 2016 Bonus depreciation, which was scheduled to expire after 2014, was extended through 2019 by the PATH Act. Under the PATH Act, 50 % bonus depreciation applies to qualified property placed in service in 2015, 2016 and 2017. The rate is reduced to 40 % for ... http://www.schneiderdowns.com/our-thoughts-on/changes-bonus-depreciation-nonresidential-real-property Fri, 28 Oct 2016 00:00:00 +0000 IRS Highlights Offshore Compliance Programs Achievements and Encourages Taxpayers to Enter the Programs The IRS’s recent news release shows that the agency has passed several big milestones in moving forward with increasing compliance. Back in 2009, the IRS established Offshore Voluntary Disclosure Program (OVDP), a tax amnesty program that allows ... http://www.schneiderdowns.com/our-thoughts-on/offshore-compliance-programs Fri, 28 Oct 2016 00:00:00 +0000 Further Scrutiny of College and University Endowments On September 13, 2016, the House Ways and Means Subcommittee on Oversight held the first of several anticipated hearings to address the manner in which the tax code affects higher education. The hearing, entitled “Back to School: Review of Tax-Exempt ... http://www.schneiderdowns.com/our-thoughts-on/further-scrutiny-college-university-endowments Wed, 26 Oct 2016 00:00:00 +0000 PCAOB Standard Setting Agenda: What Audit Committee Members Should Be Aware Of Quarterly, the PCAOB releases its Standard Setting Agenda, which is used to share topics that are on the forefront of change or consideration. The most recent graduate of this agenda, PCAOB Release No. 2015-008 “Improving the Transparency of Audits: ... http://www.schneiderdowns.com/our-thoughts-on/pcaob-standard-setting-agenda Wed, 26 Oct 2016 00:00:00 +0000 What Do Infrastructure Spending, the IRS and Passports have in Common? While America was busy planning for the holidays, on December 4, 2015, President Obama signed the five year Fixing America’s Surface Transportation Act, otherwise known as The Fast Act bill. Surprisingly, inside this infrastructure bill, a new code ... http://www.schneiderdowns.com/our-thoughts-on/what-infrastructure-spending-irs-and-passports-have-in-common Tue, 25 Oct 2016 00:00:00 +0000 Jason Lumpkin Speaks with the Wall Street Journal about 401(k) Mistakes Jason Lumpkin, Senor Manager of Schneider Downs Wealth Management Advisors, LP, spoke with the Wall Street Journal about what happens if there are mistakes in an individual's 401(k) plan. Read the full interview here. Subscription may be required. ... http://www.schneiderdowns.com/jason-lumpkin-wsj-401k-mistakes Tue, 25 Oct 2016 00:00:00 +0000 Beware of Tax Scams this Halloween! A CP 2000 notice issued by the IRS usually indicates that the IRS received information from a third party, such as an employer, which does not match what was reported on your tax return. An example of this is the W-2 form that the IRS receives has a different ... http://www.schneiderdowns.com/our-thoughts-on/beware-of-tax-scams-this-halloween Mon, 24 Oct 2016 00:00:00 +0000 Postcard from the PICPA's Annual Construction Update I recently attended the Pennsylvania Institute of Certified Public Accountants (PICPA) annual construction update. The update focused on several topics, including an economic update, signs to look out for with problem jobs, trends in human resources, ... http://www.schneiderdowns.com/our-thoughts-on/picpa-annual-construction-update Mon, 24 Oct 2016 00:00:00 +0000 An Apple a Day Doesn't Keep the E.U. Commission Away In today’s global economy, taxes for multinational enterprises can get elaborate, particularly as entities operate in multiple taxing jurisdictions and look for ways to minimize taxation. To crackdown on alleged profit-shifting offenders who seek ... http://www.schneiderdowns.com/our-thoughts-on/apple-eu-commission Fri, 21 Oct 2016 00:00:00 +0000 How Can We Do It Better? Through the Our Thoughts On blog, Schneider Downs is proud to present fresh, topical articles on a variety of subjects throughout the year. In the past year alone, we’ve posted more than 360 articles, written collectively by 180 different professionals ... http://www.schneiderdowns.com/our-thoughts-on/how-can-we-do-it-better Fri, 21 Oct 2016 00:00:00 +0000 Planned Community Developers Score Significant Court of Appeals Win Planned community developers scored a significant win in August when the United States Court of Appeals for the Ninth Circuit upheld a U.S. Tax Court decision permitting a developer to delay income recognition on individual home sales until the entire ... http://www.schneiderdowns.com/our-thoughts-on/planned-community-developers-win Fri, 21 Oct 2016 00:00:00 +0000 A Story for 8,000 Days How would you spend 8,000 days? Joseph F. Coughlin, Ph.D., the founder and director of the MIT AgeLab, has reframed the understanding of our lifespan by reducing it to a common denominator: a day. He conjectures that from birth to college is approximately ... http://www.schneiderdowns.com/our-thoughts-on/a-story-for-8000-days Tue, 18 Oct 2016 00:00:00 +0000 Retirement Plan Litigation Spreads to 403(b) Plans Litigation alleging breach of fiduciary that has beset large 401(k) plans for the last decade has now spread to the not-for-profit world as numerous large higher educational institutions sponsoring 403(b) plans have been sued recently for fiduciary breach. ... http://www.schneiderdowns.com/our-thoughts-on/retirement-403b-plans Mon, 17 Oct 2016 00:00:00 +0000 Do You Know Your Institution's CFI Score? The Composite Financial Index (CFI) is intended to assist institutions in understanding the affordability of their strategies and used to monitor the financial results of the institution’s strategic initiatives. The institution is best served if ... http://www.schneiderdowns.com/our-thoughts-on/do-you-know-your-institutions-cfi-score Thu, 13 Oct 2016 00:00:00 +0000 Don't Let Royalties Become a Royal Pain In recent months, exploration and production companies are receiving notice of subpoena, and/or threats of lawsuits, over the treatment of royalty payments for gas produced in Pennsylvania. The issue centers on cases where royalty holders are wondering ... http://www.schneiderdowns.com/our-thoughts-on/royalties Thu, 13 Oct 2016 00:00:00 +0000 Manufacturing Day 2016 Thousands of manufacturers from across the country participated in Manufacturing Day 2016. On Friday, October 7th, various manufacturers opened their doors to schools, students, parents and potential job seekers to demonstrate what modern manufacturing ... http://www.schneiderdowns.com/our-thoughts-on/manufacturing-day-2016 Wed, 12 Oct 2016 00:00:00 +0000 New Lease Standard and Impact on the Real Estate Industry On February 25, 2016, the Financial Accounting Standards Board (FASB) issued its new lease accounting Standard, FASB Accounting Standard Update 2016-02 – Leases. The new standard introduces a right-of-use model that brings most leases onto a lessee’s ... http://www.schneiderdowns.com/our-thoughts-on/new-lease-standard-real-estate Wed, 12 Oct 2016 00:00:00 +0000 When is a Debt Instrument Transformed into Equity? When the US Treasury Proposes So. In response to the seemingly public trend of U.S. Corporate inversions and more companies looking for ways to defer paying US taxes on foreign-earned income, the U.S. Treasury issued proposed regulations on how debt and equity should be classified for ... http://www.schneiderdowns.com/our-thoughts-on/debt-instrument-transformed-into-equity Fri, 07 Oct 2016 00:00:00 +0000 Reciprocity Agreement with New Jersey Comes to an End Effective January 1, 2017, residents of New Jersey and Pennsylvania who live in one state, but work in the other, will no longer be afforded the convenience of having their wages taxed only in their state of residence, because the governor of New Jersey ... http://www.schneiderdowns.com/our-thoughts-on/reciprocity-agreement-with-nj Fri, 07 Oct 2016 00:00:00 +0000 Greetings from Berlin Recently, I traveled to Berlin to meet with several German high-tech/start-up companies looking to establish or expand their U.S. presence. The city boasts many entrepreneurial businesses. Some German business leaders say there is a new business born ... http://www.schneiderdowns.com/our-thoughts-on/greetings-from-berlin Tue, 04 Oct 2016 00:00:00 +0000 Nancy Skeans Talks Bond Volatility with Financial Advisor IQ Nancy Skeans, Managing Director at Schneider Downs Wealth Management Advisors, LP, talks with Financial Advisor IQ about bond volatility. Read the full article here. For more information, please contact Schneider Downs. ... http://www.schneiderdowns.com/nancy-skeans-bond-volatility-financial-advisor-iq Tue, 04 Oct 2016 00:00:00 +0000 Revenue Recognition, First in a Series: Implementation Guidance Although the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASU 2014-09), more than two years ago, many companies have not yet initiated their implementation plan. The prospect of ... http://www.schneiderdowns.com/our-thoughts-on/revenue-recognition-implementation-guidance Thu, 29 Sep 2016 00:00:00 +0000 Postcard from Warsaw Last week, I attended the EMEA (European, Middle East and Africa) regional meeting of PrimeGlobal in Warsaw, Poland. The conference included approximately 160 attendees from throughout the world and included topics relating to business succession planning, ... http://www.schneiderdowns.com/our-thoughts-on/postcard-from-warsaw Wed, 28 Sep 2016 00:00:00 +0000 IRS 2017 Mortality Tables In 2015, the Society of Actuaries updated the mortality tables to be used in calculating defined pension plans’ benefit obligations. At that time, the IRS did not make a change in the mortality tables to be used for funding purposes. Many plan sponsors ... http://www.schneiderdowns.com/our-thoughts-on/irs-2017-mortality-tables Wed, 28 Sep 2016 00:00:00 +0000 Keep Your Losing Tickets: Pennsylvania Lottery Winnings Are Now Taxed For the first time in Pennsylvania’s history, cash prize winnings from the Pennsylvania Lottery (“the Lottery”) will now be taxed. On July 13, 2016, Pennsylvania Governor Tom Wolf signed Act 84 of 2016, retroactively applying Pennsylvania’s ... http://www.schneiderdowns.com/our-thoughts-on/keep-your-losing-tickets-pennsylvania-lottery-winnings-taxed Tue, 27 Sep 2016 00:00:00 +0000 An In-Depth Look at the FASB's Cash Flow ASU It is no secret that the cash flow statement has long been a source of heartache for both preparers and regulators of public company financial statements. In fact, Audit Analytics cited the cash flow statement as the cause for 16.7% of restatements in ... http://www.schneiderdowns.com/our-thoughts-on/fasb-cash-flow-asu Tue, 27 Sep 2016 00:00:00 +0000 Yahoo Data Breach - What Happened, What To Do Next and How To Protect Yourself Yahoo reported last Thursday at least 500 million user accounts were affected by a massive data breach. The hack happened in 2014, when hackers stole account information, including names, emails, passwords, telephone numbers and answers to some security ... http://www.schneiderdowns.com/our-thoughts-on/yahoo-data-breach Mon, 26 Sep 2016 00:00:00 +0000 Congress Stepping Up to Address Labor Shortage The shortage of skilled laborers in the construction industry over the last handful of years has been well documented and well discussed. However, with the help of Congress, that may soon change. Yes, you read that correctly, Congress may help turn around ... http://www.schneiderdowns.com/our-thoughts-on/congress-labor-shortage Wed, 21 Sep 2016 00:00:00 +0000 What You Should Be Doing to Prepare for the October 15 Form 5500 Filing Deadline As the October 15 Form 5500 filing deadline quickly approaches, there are some important items you should address sooner rather than later: Contact your service provider. If your service provider agreement states that non-discrimination testing will be ... http://www.schneiderdowns.com/our-thoughts-on/prepare-for-october-15-form-5500-filing-deadline Tue, 20 Sep 2016 00:00:00 +0000 PCAOB's Commitment to Quality Audits Current Focus on Six Items Since its formation, the Public Company Accounting and Oversight Board (PCAOB), has sought to establish and maintain high-quality auditing and related professional practice standards for audits of issuers and brokers and dealers in support of the PCAOB’s ... http://www.schneiderdowns.com/our-thoughts-on/pcaobs-commitment-to-quality-audits-current-focus-on-six-items Tue, 20 Sep 2016 00:00:00 +0000 October is Cyber Security Awareness Month Free Daily Cyber Security Tips to Recognize Cyber Security Awareness Month (October) Every working day, businesses and organizations are threatened by hackers and cyber criminals. More than 80 million cyber attacks occur each year...that's more than ... http://www.schneiderdowns.com/our-thoughts-on/october-cyber-security-awareness-month Mon, 19 Sep 2016 00:00:00 +0000 Preparing your cash flow statement? Well, the FASB just changed some things. The Financial Accounting Standards Board (FASB) just released guidance as part of Accounting Standards Update 2016-15—Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues ... http://www.schneiderdowns.com/our-thoughts-on/preparing-your-cash-flow-statement-well-the-fasb-just-changed-some-things Mon, 19 Sep 2016 00:00:00 +0000 Conducting Internal Forensic Investigations Forensic accounting services are commonly known to “generally involve the application of specialized knowledge and investigative skills possessed by CPAs to collect, analyze, and evaluate evidential matter, and to interpret and communicate findings ... http://www.schneiderdowns.com/our-thoughts-on/conducting-internal-forensic-investigations Fri, 16 Sep 2016 00:00:00 +0000 David Brinkman Provides Advice on Vacation Home Purchases David Brinkman, Investment Relationship Manager of Schneider Downs Wealth Management Advisors, spoke with The Ticker Tape about buying a vacation home when nearing retirement. Read the full article here. If you have questions or need advice on purchasing ... http://www.schneiderdowns.com/david-brinkman-provides-advice-on-vacation-home-purchases Thu, 15 Sep 2016 00:00:00 +0000 United Way's 15th Annual WLC Breakfast Mary Richter, Tax Shareholder, spoke with the Pittsburgh Post-Gazette about the United Way of Southwestern Pennsylvania's 15th annual Women's Leadership Council breakfast with keynote speaker Heather Abbott, survivor of the Boston Marathon bombing. ... http://www.schneiderdowns.com/united-ways-15th-annual-wlc-breakfast Mon, 12 Sep 2016 00:00:00 +0000 Secondment with PrimeGlobal's Buzzacott in London Public accounting and international travel – two topics I did not expect to go with each other. However, this past winter, I was able to travel to London for a two-month secondment (which is like an exchange program) with Buzzacott, a PrimeGlobal ... http://www.schneiderdowns.com/our-thoughts-on/secondment-with-primegolbals-buzzacott-in-london Mon, 12 Sep 2016 00:00:00 +0000 Pennsylvania Issues 2017 Tax Amnesty Program Guidelines The Pennsylvania Department of Revenue issued guidelines for the Tax Amnesty Program enacted as part of the FY2016-2017 budget. The Tax Amnesty Program will begin on April 21, 2017 and end on June 19, 2017. Any tax administered by the Department of Revenue ... http://www.schneiderdowns.com/our-thoughts-on/pennsylvania-issues-2017-tax-amnesty-program-guidelines Fri, 09 Sep 2016 00:00:00 +0000 Mary Richter discusses Women's Leadership Council Mary Richter, Tax Shareholder, spoke with the Tribune-Review about the United Way of Southwestern Pennsylvania's Women's Leadership Council and how millenials can get involved in the organization. Read the full article here. Subscription may be ... http://www.schneiderdowns.com/mary-richter-discusses-womens-leadership-council Thu, 08 Sep 2016 00:00:00 +0000 Nancy Skeans Featured in US News & World Report Nancy Skeans, Managing Director at Schneider Downs Wealth Management Advisors, LP, talks with US News & World Report about retirement savings for single individuals. For more information, please contact Schneider Downs. ... http://www.schneiderdowns.com/nancy-skeans-featured-in-us-news-world-report Wed, 07 Sep 2016 00:00:00 +0000 Rethinking Your Financial and Operational Statement Reporting Process Have you recently analyzed the amount of time your organization spends producing financial and operational statements for management and board meetings? Have you ever thought about how that information is used (and just as important, not used) during ... http://www.schneiderdowns.com/our-thoughts-on/rethinking-your-financial-and-operational-statement-reporting-process Wed, 07 Sep 2016 00:00:00 +0000 Aggregation Aggravation Do you aggregate? In layman’s terms, do you download or link your financial information to one place? You may use mint.com, or Intuit’s Quicken, or a number of apps such as Personal Capital or Pocket Expense that allow you to enter your credentials ... http://www.schneiderdowns.com/our-thoughts-on/aggregation-aggravation Wed, 07 Sep 2016 00:00:00 +0000 Schneider Downs Announces 2016 Promotions Schneider Downs is pleased to announce that the following employees have been promoted to senior manager and manager effective July 1, 2016: SENIOR MANAGER Aaron M. Dolan (Administration) began 25-year career in operations and facilities management in ... http://www.schneiderdowns.com/2016-promotions Thu, 01 Sep 2016 00:00:00 +0000 The IRS is Rewriting the Rules on Valuation Discounts On August 2, 2016, the Internal Revenue Service (the “IRS”) unveiled proposed regulations under Section 2704 of the Internal Revenue Code that threaten to restrict or eliminate the use of valuation discounts in connection with transfers of ... http://www.schneiderdowns.com/our-thoughts-on/irs-rewriting-rules-on-valuation-discounts Tue, 30 Aug 2016 00:00:00 +0000 IRA Rollovers On August 25, the IRS announced a new procedure to help people who miss the 60-day time limit for rolling over their retirement plan distributions into another qualified retirement plan or individual retirement account. The new Revenue Procedure is 2016-47. ... http://www.schneiderdowns.com/our-thoughts-on/ira-rollovers Tue, 30 Aug 2016 00:00:00 +0000 SOC 2 Reports Meet Certification Program Requirements for Access to the Death Master File On June 1, 2016, the National Technical Information Service (NTIS) issued the final rule for how entities receiving the Limited Access Death Master File (LADMF) become certified prior to being granted access to the LADMF. The final rule, "Certification ...