 HARDING, SHYMANSKI & COMPANY Certified Public Accountants and Consultants
Our Goal: Your Success! December 2010/ January 2011 |
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| Manufacturing and Wholesale Distributors | |
Is today's business environment presenting unique opportunities and issues for your manufacturing operation? How are you addressing the push from your customers for continuous quality improvement? Are you having difficulty finding and retaining quality employees? Add to these issues declining profit margins and strained resources due to rapid growth and you have major challenges facing you day in and day out.
At Harding, Shymanski & Company, P.S.C. we have a dedicated team ready to assist you with those unique challenges and issues facing your industry.
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| HSC Annual Conference - December 3, 2010 in Louisville, Kentucky |
"Succession or Sale: Preparing Your Business"
Whether you choose to transfer your business to the next generation or sell it, you need to position it properly.
This conference is presented by Harding, Shymanski & Company, P.S.C. in conjunction with the University of Louisville Family Business Center. Download a Registration Brochure or
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| Unemployment Taxes in Indiana, Michigan and South Carolina Set to Rise | |
Three states - Indiana, Michigan, and South Carolina - were unable to pay back outstanding Federal loans for their unemployment insurance programs by the November 10, 2010 deadline. This means that the Federal Unemployment Tax Act (FUTA) will increase to 1.4% for Michigan employers and 1.1% for Indiana and South Carolina employers. The additional FUTA taxes are due by the due date of the federal Form 940, Employer's Annual Federal Unemployment Tax Return, which must be filed by January 31, 2011.
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| Indiana Businesses with More Than 25 Employees Must Register to File Electronically Before End of December |
Indiana law now requires that all businesses that file more than 25 wage statements per calendar year must now file their WH-3 returns and W-2s electronically with the state. To comply with this law, these businesses will need to be registered to file electronically, and those that file more than 2,000 wage statements per calendar year must be certified to bulk upload those statements.
To better assist businesses in completing this process before the end of the year, the Department of Revenue has established a website to specifically help businesses quickly and easily register and certify to file their WH-3s and W2s in 2011.
Businesses can visit the website at: www.in.gov/dor/4455.htm
The deadline for businesses to register to file electronically, and to be certified for bulk upload of their wage statements is December 31, 2010. WH-3s are due by the end of February 2011.
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Impacting Your Bottom Line: Third Party Logistics Companies |
Most CFOs agree that the ability to manage freight costs effectively is necessary in order to maintain price competitiveness and profit margins. However, the reality is that they are many times distant from supply chain processes or may not know what questions to ask of internal managers.
Often freight costs can be better managed through an improved negotiated position, routing freight with the optimal carrier, and conducting freight bill audits. How can a CFO develop a process to measure supply chain performance and their company's negotiated position to maximize profit?
Many are turning to third party transportation and logistics (3PL) companies. Their services include, but are not limited to the following:
- Freight Bill Audits - The goal is to identify billing errors. Freight billing is becoming more complex, so a specialist in the billing processes and rates can add value.
- Data Capture - Most can assist in capturing data from a freight bill to help in your logistical process.
- Consolidated Freight Payments - Often they can consolidate freight invoices instead of you having to pay carriers each time you use freight services.
- Reporting -They can report shipping trends and freight spending and help to identify where you can make improvements or where you are excelling.
- Bid Negotiations - Many will take the data they capture from your company and create a carrier bid package, leveraging their skills and market awareness to lower your company's rates.
- Rating/ Routing - Many have proprietary rating/ routing programs to determine the lowest cost carrier, transit times, and direct points.
- Claims - Many will file claims for you when you have lost, damaged, or stolen freight.
- Support Services - Additional services may include truckload scheduling, expedites, pickups, tracing, and international services.
How do you determine if 3PL services may be right for you? Generally, if you can be described
by two or more of the factors below, you may be a good candidate.
- A manufacturer or distribution company with sales in excess of $10 million
- Domestic ground freight spend of over $250,000
- Significant product shipped via less-than-truckload (LTL) carriers
- The company has multiple branches, distribution centers, and/ or plants
- The majority of supply chain functions are managed internally
For more information, contact Scott Olinger, CPA, CPIM, at solinger@hsccpa.com. |
| A Policy Step Forward for Manufacturers, But More Needs to be Done | |
President Obama signed the U.S. Manufacturing Enhancement Act of 2010 (H.R. 4380) aimed at easing costs for U.S. manufacturers by reducing tariffs on materials used to make the products they sell.
The legislation is welcome relief as manufacturers continue to navigate the rising cost of raw materials in an increasingly challenging economic environment - 72% of manufacturers predict a spike in raw materials this year, according to McGladrey's 2010 Manufacturing and Wholesale Distribution Study.
Manufacturers of all sizes will use the vital tariff suspensions contained in the legislation to obtain raw materials, proprietary inputs and other products that are not available in our nation. Without the suspensions, the costs of these companies' products would inevitably increase, forcing them to pass their costs on to consumers. This would hinder competitiveness and translate into lost jobs and higher prices for Americans.
The Act will also create more demand for our goods globally. A pick-up in U.S. exports could not come at a better time given the recent signs of a slowdown and concerns about a possible double-dip recession.
To read this complete article please click here
A Policy Step Forward for Manufacturers, But More Needs to be Done |
| President Signs Small Business Jobs Act | |
The new law extends bonus depreciation, extends and doubles Code Sec. 179 expensing, provides for 100% gain exclusion for qualified small business stock, relaxes the S corp built-in gain conversion rules, extends the carryback period for eligible small business credits to five years, removes cell phones from listed property, enhances the deduction for start-up expenses, and allows a self-employment FICA tax deductions for 2010 health insurance costs.
Click here to read the full report Small Jobs Act of 2010 |
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Harding, Shymanski & Company, P.S.C. provides accounting, tax, and consulting services to clients from offices in Evansville, Indiana, and Louisville, Kentucky.
Call us today! (800) 880-7800 in Evansville and (502) 584-4142 in Louisville
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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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