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MANUFACTURING & WHOLESALE DISTRIBUTION INDUSTRY NEWS
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| November/December 2017 |
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Filling the Manufacturing Skills Gap: A Guide to Hiring Veterans
As the United States continues its push toward becoming the most competitive manufacturing economy in the world, the skills gap could potentially hurt the bright future of the industry. According to a Deloitte/Manufacturing Institute report, more than three million jobs are expected to be open from 2014 to 2024. However, two million of those jobs will be unable to be filled. One way to close this gap and fill those jobs is to consider hiring veterans.
To understand the benefits of hiring veterans and tips to implementing a hiring program for veterans at your facilities. Click here to review the full article or contact
Brant Kennedy, CPA at 800.880.7800 ext. 1425, [email protected].
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Final Hedging Accounting Standards Update
On August 28, 2017, the Financial Accounting Standards Board (FASB) issued a final Accounting Standards Update (ASU) improving and simplifying the rules around hedge accounting. Public companies will have to comply with the standards in 2019, with private companies complying the following year. The long-awaited ASU has received overwhelming support from companies and investors alike. The new standard refines and expands hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes.
To read the news release from FASB and more information on this ASU, click here or
contact
Scott Olinger, CPA, CPIM, CGMA at 800.880.7800 ext. 8466, [email protected].
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Indiana Governor Announces Next Level Jobs Initiative
In August of 2017, Indiana Governor Eric Holcomb announced his Next Level Jobs initiative, which includes two new grant programs totaling over $20 million in available funding. The announcement stated that the grants are aimed at quickly placing Hoosiers in high-demand, high-wage jobs. The Indiana Manufacturers Association (IMA) relayed this announcement and reminded its members that manufacturers should consider taking advantage of the $2,500 reimbursement per newly trained employee, up to $25,000 per employer. Certain requirements must be met to be eligible for the reimbursements. The IMA has resources available to help its members apply for these grants.
To determine if your company qualifies for the grants, click here or contact
John Rittichier, CPA at 800.880.7800 ext. 8484, [email protected].
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Significant Changes to IRS Audits of Partnerships
Congress recently enacted significant changes to IRS rules regarding audits of partnerships and limited liability companies (LLCs). The changes are expected to dramatically increase the IRS audit rates for partnerships and LLCs and will require partners and LLC members to revise their partnership agreement (operating agreement for LLCs). The new rules generally apply to partnership returns filed after 2018, but careful planning today will help mitigate any unfavorable consequences.
In many cases, immediate adjustments to existing partnership or LLC agreements, or disclosures, may be necessary or useful to accommodate this change in the tax law, even though the new rules technically apply only to audits of tax years after 2017. To understand how these changes will affect operating agreements, click here or contact
John Rittichier, CPA at 800.880.7800 ext. 8484, [email protected].
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ABOUT OUR MANUFACTURING & WHOLESALE DISTRIBUTION INDUSTRY TEAM
From increased competition and continuous quality improvement demands to rising employee benefit costs and declining margins, manufacturers and wholesale distributors are facing greater challenges than ever before. In addition to the services you would expect from an accounting firm, we have a dedicated team ready to assist you with the unique challenges and issues facing your industry.
A number of our staff members belong to The Association for Operations Management (APICS) with some having achieved the CPIM and CIRM certifications. We understand your key issues and possess the drive and determination to help you manage your company on a proactive basis. This commitment positions us at the cutting edge of the industry and enables us to spot trends and deal quickly with the issues your company may be facing. |
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SEE WHAT OUR CLIENTS ARE SAYING...
"We engaged with HSC in 2007 as we began repositioning our market focus. Since then, our business has increased tenfold. We have expanded into 15 different states and now operate from six locations. HSC's counsel on tax, accounting and finance has proven to be timely and insightful playing a vital role in helping us achieve these results. Harding Shymanski will be a valued partner for the long term."
- Bruce & Katrina Stallings, Owners, P&I Supply
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Disclaimer: The information contained in this email is for general guidance on matters of interest only. The publication does not, and is not intended to provide legal, tax or accounting advice.
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Harding, Shymanski & Company, P.S.C.
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