 HARDING, SHYMANSKI & COMPANY Certified Public Accountants and Consultants
Our Goal: Your Success! June/ July 2012
|
|
|
| Quick Links | |
See what our clients are saying...
 Doug Bawel, President & CEO
|
|
|
| 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.
|
Tri-State Manufacturers' Alliance (TSMA) Third Quarterly Event to Address Manufacturers' Concerns
|
Wednesday, September 19, 2012
8:00 a.m. - 10:00 a.m.
Old National Bank Auditorium
Registration begins at 7:30 a.m.
Featuring
Karen Kurek, McGladrey's National
Manufacturing Practice Leader
and
Pat Kiely, President of Indiana Manufacturers Association
Join TSMA members as they explore the latest trends in manufacturing with Karen Kurek and Pat Kiely. Karen will showcase key insights from the latest McGladrey Manufacturing & Distribution Monitor survey, and Pat will discuss how these trends are impacting manufacturing in Indiana.
FREE for TSMA members!
To download the event brochure click here!
|
Health Care Largely Upheld: High Court Validates Taxes
|
On June 28, the Supreme Court decided that the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (together the ACA) are largely constitutional. The ACA contains a broad array of taxes that impact both individuals as well as employers and the court's ruling validates these new tax provisions. Some of the new tax provisions went into effect in either 2011 or 2012, but many become effective in 2013 and thereafter. For a summary of some of the key tax provisions, click here.
Please contact Mike Vogel, CPA, at (800) 880-7800 or
mvogel@hsccpa.com for more information.
|
|
Kentucky Recycling Incentives
| |
Kentucky Recycling Equipment Credit
Income tax credits are allowed for up to 50 percent of the installed costs of equipment used exclusively to recycle or compost postconsumer waste (excluding secondary and demolition wastes) and for machinery used exclusively to manufacture products composed substantially of postconsumer waste materials.
For the year the equipment is purchased, the credit is limited to 10 percent of total credit allowed and 25 percent of the taxpayer's state income tax liability, with the unused portion of the total allowable recycling credits carried forward to succeeding tax years.
Kentucky also provides a Major Recycling Project Tax Credit for investments of more than $10 million in recycling equipment.
Instructions for filing an application for these two credits can be found here.
Please contact John Rittichier, CPA, at (800) 880-7800 or jrittichier@hsccpa.com for more information.
|
|
|
|
Indiana Governor Signs Omnibus Tax Legislation
|
On March 19, 2012, Indiana Governor Mitch Daniels signed a bill with several changes to Indiana tax law, including provisions to extend the current manufacturing sales/ use tax exemptions to those occupationally engaged in recycling. Retroactively effective January 1, 2012, exemptions are now available for the acquisition of recycling materials and other tangible personal property, including machinery and equipment, for direct use in the direct processing of recycling materials.
Also included in the bill is an extension of the time to file a refund claim based on the exemption for electrical energy, natural or artificial gas, water, steam or steam heat. The period to file a refund is now 36 months. This provision of the new law went into effect on July 1, 2012.
Finally, a sales tax exemption, effective July 1, 2012, is available for empty containers and wrapping materials if the acquiring person uses them as nonreturnable packages for 1) selling the contents the person adds; or 2) shipping or delivering tangible personal property that is owned by another person, is processed or serviced for the owner, and will be sold by that owner either in the same form or as part of other tangible personal property produced by that owner in the owner's business of manufacturing, assembling, constructing, refining, or processing.
Please contact John Rittichier, CPA, at (800) 880-7800 or jrittichier@hsccpa.com for more information.
|
Mid-America Science Park Offers No-Cost Online Manufacturing Certification
|
Training Provides Nationally Recognized Credentials with Green Production Module
The Mid America Science Park (MASP) has added new online courses to their green energy training, specifically for area manufacturers. The Manufacturing Skills Standards Council (MSSC) Certified Production Technician (CPT) and Green Production (GP) courses are currently available at no cost through a grant from the U.S. Department of Labor's State Energy Sector Partnership.
Endorsed by the National Association of Manufacturers, the courses are open to entry level production workers through front line supervisors and consist of five online modules of 15 to 18 hours each. For more information, visit www.maspark.org/greenenergy.
|
|
Calculating the Financial Benefits of Lean using Lean Accounting - Part 4 of 4
| |
Click here for Part 1, here for Part 2, and here for Part 3
The final step in this process is a comprehensive plan to present to senior executives with a financial analysis of each alternative and each alternative's impact on the overall financial position of the company. This plan should use established lean accounting principles, practices, and tools in its analysis.
The box score should be the primary analysis tool when evaluating the financial benefits of lean. A box score is a one-page summary of operational and financial results of the company along with the state of its productive, nonproductive, and available capacity. The box score will illustrate how business decisions that have positive impact on operational and capacity improvement will yield future financial improvement.
It is important for this plan to be presented to senior management as soon as possible, after a future state value stream map has been created. The reason this is so important is that it may take some time to implement some of these alternatives and the foundations for new programs, policies, and initiatives need to be in place to be immediately implemented as capacity becomes available.
One of the roles of finance, and its leadership, in any organization is to be an objective, non-partisan advisor to executives as to the financial soundness of business decisions. Many, but not all, lean initiatives begin at the operational level and at some point need executive approval. By leading the effort to show the financial benefits of lean, the finance team will clearly show to executives that the transformation to a lean company will achieve positive financial results.
Please contact Scott Olinger, CPA, CPIM, at (800) 880-7800 or solinger@hsccpa.com for more information.
|
|
|
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
|
| 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.
|
|
|
|
|
