JUNE 2014
A Balanced Perspective 
by John Wright

Go Spurs Go!!!

As I write this article, we are hours away from the San Antonio Spurs beginning the NBA finals against the Miami Heat for the second straight year.  A little about me - first, I am a sports fan and second, a HUGE Spurs fan.  I know many of you, likely most of you, would also say that you are huge Spurs fans, too.  Over the past week, as the finals have grown closer, much has been made of the accomplishment of the Spurs team, the coaching staff, and the organization as a whole.  According to many of the "experts," few teams, if any, could have recovered from such a devastating loss and had the focus, drive, and determination to return to the finals for a shot at redemption.  Obviously, the Spurs are no ordinary team.  And they are no ordinary organization.   

FASB Issues Accounting Standards Update For Revenue Recognition
by Robert Notley, CPA
On May 27, 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customer:  Topic 606.  The new standard is the result of a project with the International Accounting Standards Board ("IASB") to improve the financial reporting of revenue under U.S. GAAP and IFRS.  The new standard provides a comprehensive revenue recognition standard that applies to a wide range of transactions and industries, including those that followed industry specific guidance, such as the construction, software, and real estate industries.
Regulatory Changes Result in Significant Increase in AAP Requirements
by Connie Collins, SPHR, PI
On August 27, 2013, the Office of Federal Contract Compliance Programs (OFCCP) released its long-awaited Final Rules which substantially impact federal contractor compliance obligations under the Vietnam Era Veterans Readjustment Assistance Act (VEVRAA). Section 503 Final Rules impose significant new reporting, records management, administrative, and affirmative action obligations on government contractors.
The Role of a Financial Expert in Litigation
by Terry Whitehead, ASA
A common group of financial experts retained in business litigation engagements are accountants and most notably Certified Public Accountants (CPAs).  The education, experience, and financial expertise of individuals with a professional designation, such as a CPA, generally affords one as a trusted and respected financial advisor providing client services for individuals and companies.  In this role, a CPA is often an advocate for his or her client and may promote an agenda or course of action that is of the utmost benefit to the respective client.  However, as a financial expert in a litigation context, the role of the designated expert (often a CPA) should not be that of an advocate for anything other than his or her expert opinion.

PS&Co. Named One of San Antonio's  
Best and Healthiest Places to Work
 
Padgett Stratemann was named one of the "Best Places to Work" in San Antonio by the San Antonio
 Business Journal. 2014 marks the eighth year PS&Co. has received this honor.  The firm was recognized at an award's luncheon at the Hyatt Hill Country Resort  on June 6, 2014, along with 50 other small, medium, and large businesses in Bexar and seven surrounding counties. 

 

The San Antonio Business Group on Health and the Mayor's Fitness Council have recognized Padgett Stratemann as one of the Healthiest Workplaces in San Antonio. PS&Co. was awarded a gold-level recognition for the second year in a row for the firm's wellness program in five areas: culture, health promotion and education, physical activity, nutrition, smoking and tobacco use, and health benefits and value-based benefit design.
 
PS&Co. Celebrates Clients at Third Annual Blues Bash

Blues Bash 2014
Blues Bash 2014
PS&Co.'s third annual Blues Bash was held on Thursday, May 22, 2014 at the Long Center City Terrace, showcasing breathtaking views of downtown Austin. It was a beautiful evening, with great food and drinks, lively networking, and the riveting sounds of Malford Milligan and his nationally acclaimed band, Storyville. Nearly 250 guests attended and the excitement filled the night with energy.
 
Thank you to everyone who joined us and helped make the 2014 Blues Bash a great success! Hope to see you at next year's event!

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Upcoming Events

Hot Topics for Federal Contractors - New Requirements from OFCCP
Tuesday, June 24, 2014
11:30 a.m. - Registration
Noon - 1:00 p.m. - Seminar
PS&Co. Office
100 N.E. Loop 410, Suite 1100
San Antonio, TX  78216

Skeets & Eats 2014
Tuesday, August 19, 2014
3:30 p.m. to 8:00 p.m.
National Skeet Shooting Association
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Due Date Calendar 
 
July 10
Individuals:
Form 4070 for employees who received $20 or more in tips during June is due to employers.
 
July 31
Employee Benefit Plans:
Form 5500 is due if the plan uses a calendar year.
 
August 11
Individuals:
Form 4070 for employees who received $20 or more in tips during July is due to employers.

August 15
Corporations:
The Texas Franchise Tax Report for EFT filers is due on extended returns originally due on May 15, 2014.

Corporations:
Request for additional extension to file Texas Franchise Tax Report for EFT filers is due.

September 10 
Individuals:
Form 4070 for employees who received $20 or more in tips during August is due to employers.
 
September 15 
Corporations:
Deposit the third quarter of estimated income tax for 2014 (use Form 1120-W).

Corporations:
2013 Calendar Year Form 1120 and 1120S is due if corporation had timely requested an automatic six-month extension on March 15, 2014.

Individuals:
For individuals not paying 2014 income tax through withholding, the third quarter estimated tax payments should be made using Form 1040-ES.
 
Partnerships:
2013 Calendar Year Form 1065 is due if the partnership timely requested an automatic five-month extension on April 15, 2014.

 


       


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