It’s rare for a Supreme Court tax case to make headlines in the mainstream media, but that’s just what happened last year when the court announced its decision in the case of South Dakota v. Wayfair (Wayfair). What most folks “learned” from the coverage was actually full of half-truths and myths, the biggest one being that Internet retailers like Amazon would have to start “charging customers” state sales tax on their purchases. As with most news reports about taxes, reporters did their best to summarize a complex issue, but many taxpayers were left confused about how the change affects them. This confusion is now playing out in the day-to-day operations of businesses across the country, leaving many out of compliance when they otherwise thought they were.

The transportation industry thrived in 2018. While signs point to some correction in 2019, the state of the market is currently strong, bank capital is readily available, and private equity firms are eager to get into the industry. These factors and more make this an appealing time for some owners to consider selling. Others are looking closely at growth opportunities such as investment in new technology and equipment.

The Governmental Accounting Standards Board (GASB) has issued Statement No. 87, Leases, in an effort to provide information that is more relevant and consistent related to the reporting of leases by governments. Effective for reporting periods after Dec. 15, 2019, this statement requires lessees to recognize a lease liability and a right-to-use asset for all leases regardless of classification. It also requires a lessor to recognize a lease receivable and a deferred inflow of resources.

The economic divide in large cities continues to expand. Despite a financial resurgence following the recession that occurred between 2007 and 2009, the system wasn’t fixing itself. Enter the Qualified Opportunity Zone (QOZ) program, a creation of policy think tank Economic Innovation Group (EIG) designed to boost development in economically distressed communities. On March 13 at the Conrad Hotel in Indianapolis, Katz, Sapper & Miller and Ice Miller LLP hosted a seminar that took a closer look at the program, “Seizing the Opportunity: The Vision and Forecast for Opportunity Zones.”

Mike Heaton, partner in Katz, Sapper & Miller’s Healthcare Resources Group, will present at the Neurosurgery Executives’ Resource Value & Education Society’s (NERVES) 2019 Annual Meeting. Taking place April 11-13 in San Diego, CA, the event brings together neurosurgery professionals from across the country and equips them with tools to help navigate the evolving landscape of neurosurgery practice management.

Katz, Sapper & Miller’s Andy Manchir, director in the firm’s ESOP and Valuation Services Groups, will present at the National Center for Employee Ownership (NCEO) 2019 Employee Ownership Conference. Taking place April 9-11 in Pittsburgh, PA, the annual conference is the nation’s premier ESOP event to share knowledge, network with peers, and discuss concerns and opportunities impacting the ESOP community.

When you contemplate the strengths of successful businesses, it is common to focus on a unique product or service offering or a creative marketing strategy that was used to gain market share. You may also think of strong leadership, those with the vision and courage to climb above the rest. However, we often forget to acknowledge the massive importance of organizational structure and design in the ongoing success and viability of a successful business.

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP). Below are select ASUs that were recently issued. This update covers ASU 2018-18, 2018-19, and 2018-20.

David Roush, president of KSM Transport Advisors, will present at the Truckload Carriers Association 81st Annual Convention. Taking place March 10-13 in Las Vegas, NV, this prominent networking and educational event brings together transportation leaders to hear from top professionals about important topics that currently impact the trucking industry.

KSM is honored to be named among the Best Places to Work in Indiana for the 14th consecutive year. The distinction is awarded by the Indiana Chamber of Commerce based on employer reports and comprehensive employee surveys. In addition to being a repeat Hall of Fame recipient, KSM is one of only two companies in the state of Indiana to have been named a Best Place to Work every year since the program’s inception.