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Recently Published
Alerts
- Congressional Inaction Creates Estate Planning Mess
- NAIC Adopts Temporary Changes to SSAP 10
- Surviving the Upturn... Be "The Other"
Articles
- Excess Capacity - Tax Advantage or Disadvantage?
- The Federal Government to the Rescue: Five-Year NOL Carryback
- Review Your Capital Assets for Possible Impairments
Business Surveys
- Survey of Chicago Area Business Leaders, September 2009
- Survey of Advisors to Family-Owned Businesses
- Survey of Chicago Area Business Leaders, February 2009
Construction Edge
- Managing Indirect Costs Calls for a Keen Eye ... and a Plan
- An Escalation Clause Can Help Curtail Materials Cost Woes
- Four Ways Dishonest Employees Can Steal Your Money
Insurance Edge
- Risk-Focused Exams for Reinsurance: What's Going On?
- SSAP 43R-Revised Loan-Backed and Structured Securities
- Insurance SAS 70: A Move Toward Action in Governance
Legal Talent
- Varying Rates for Contract Attorneys: Caveat Emptor!
- Top 10 Reasons to Hire Temporary Help in a Down Economy
- Five Organizational Tips for Staffing a Document Review Project
Manufacturing Edge
- Excess Capacity - Tax Advantage or Disadvantage?
- The Federal Government to the Rescue: Five-Year NOL Carryback
- Review Your Capital Assets for Possible Impairments
Not-for-Profit Edge
- Effective Dashboards for Not-for-Profit Boards
- Nonprofits Need Innovative Thinking to Survive the “New Normal”
- Online Donation Portals Ease Contributions, Receipt Process
Manufacturing Edge
Excess Capacity - Tax Advantage or Disadvantage?
In the December 2009 Manufacturing Edge, Brian Wiedenhoeft wrote the article “Excess Capacity: Accounting, Pricing and Production Issues,” which discussed the accounting implications of allocating overhead when production is below normal. A capacity-based fixed overhead allocation allows, for book purposes,...
read moreThe Federal Government to the Rescue: Five-Year NOL Carryback
From businesses to practitioners, it appears that all are praising the change to Net Operating Loss (NOL) carryback provisions in the Worker, Homeownership, and Business Assistance Act of 2009 (the New Act), signed into law November 6, 2009. The change...
read moreReview Your Capital Assets for Possible Impairments
As we put the recent recession in our rearview mirror and look ahead to the anticipated greener pastures of 2010 and beyond, it may be appropriate to review your company’s capital assets (land, buildings, machinery, and equipment) for potential impairments.U.S....
read moreEnsuring Timely and Accurate Financial Reporting for Your Foreign Subsidiaries
Make sure you have all the components in place for accurate, and timely, financial reporting from your foreign subsidiary.Recently we were asked to help a company set up the financial reporting infrastructure for a foreign subsidiary it had recently acquired....
read moreIssues Surrounding the Treatment of Business Combinations
In December of 2007, the Financial Accounting Standards Board (FASB) issued Statement No. 141(R), Business Combinations. This standard is now referred to as ASC 805 given the recently introduced FASB Codification. These rules have generated a significant level of discussion...
read moreAre We Coming Out of a Recession? Is it Time to Take the M&A Plunge?
The U.S. stock market is soaring, commodity prices are on the rise, and there are signs that consumer confidence is growing. The positive news is countered with growing bank failures, indications that banks are still not lending, persistent unemployment, and...
read moreLIFO and Decreasing Prices—The Perfect Storm?
Many manufacturers and distributors will default to utilizing the first-in, first-out (FIFO) method in valuing inventory. When raw material and product prices are increasing, older inventory items are replaced with new, higher priced inventory as products are sold. This method...
read moreExcess Capacity: Accounting, Pricing and Production Issues
The severe economic conditions experienced by multiple industries during the recent worldwide recession have several accounting, pricing and production implications. In many instances, companies have been forced to dramatically change their cost structure by reducing the size of their workforce,...
read moreInventories - Lower of Cost or Market Considerations
Accounting for the cost of inventory is one of the most complex financial and management accounting challenges that manufacturers face. That said, accounting policies, which are required to be disclosed in financial statements, often sound similar. In most cases, an...
read moreDecrease Taxable Income at Year-End with Needed Upgrades
In February 2009, Congress passed The American Recovery and Reinvestment Act. This stimulus act provides many opportunities for taxpayers to save money, but most importantly, for businesses, the Act extends bonus depreciation from 2008 to 2009. By taking advantage of...
read morePotential Payday for Propane Users
A refundable tax credit for the sale or use of alternative fuels and alternative fuel mixtures is available to provide relief for taxpayers from the fuel tax. The revenue collected from the fuel tax is committed to transportation and road...
read moreTake Advantage of Year-End LIFO Planning Opportunities
Even if you ruled out the LIFO (last-in, first-out) inventory method as a tax strategy in the past, now might be the time to give it another look. Until five years ago, many manufacturers' reasons for ruling out LIFO were...
read moreR&D Credit Offers Manufacturers Money-Saving Opportunities
When many business owners hear about research and development (R&D), they often think of scientists in lab coats creating new chemicals. So it's no surprise that these business owners might believe the income tax credit for research expenditures does not...
read moreSales Tax Exemption Certificates: Get ’Em While They’re Hot
Sales taxes are tricky. Collect and remit tax from everywhere you sell and there's no cost to your business—or at least no direct, out-of-pocket cost. The customer pays the tax.The indirect cost of the time to administer the sales and...
read moreKnow the Tax Implications of Financial Accounting Decisions
Accounting for the cost of inventory is one of the most complex financial and management accounting challenges that manufacturers face. Choosing from a wide range of costing methods, accurately entering inventory transactions into information systems and ensuring that management gets...
read moreEstate Planning Secret: How to Use Lack of Marketability
Owners of closely held companies often work diligently for 25 years or more to build the value of their business. But as these owners near retirement, all of their hard work—and the resulting increase in the value of their business—creates...
read moreWhat Should Midsize U.S. Manufacturers Know About Doing Business in China?
Is your company considering conducting business offshore? Consider the experience of one Blackman Kallick client, a mid-size manufacturer that has been sourcing product in China for more than 20 years. "Our company started doing business overseas primarily because of competition,"...
read moreAre You Properly Allocating Costs to Inventory?
Many people are confused over the extent to which overhead costs can be allocated to inventory. Current accounting standards allow for the allocation of variable production overhead to inventory based on actual use and fixed overhead based on the normal...
read moreIs Your Inventory Subject to Fraud Risk?
Inventory is highly susceptible to fraud in the form of misstated financial reporting and misappropriation of assets. Either type of fraud is detrimental to your company.How does inventory fraud occur?Including nonexistent inventory items in the physical count (e.g., empty boxes)Improperly...
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