Understanding the conclusions reached in a business valuation (BV) report requires a basic knowledge of the economic theory underpinning the generally accepted valuation approaches. Familiarity with the concept of levels of value will also aid in understanding the conclusions reached by a BV professional. By becoming familiar with the professional environment for BV services and combining that knowledge with a basic understanding of BV concepts, attorneys and their clients can critically evaluate the valuation conclusions reached in their reports.

Katz, Sapper & Miller’s John Estridge will speak at the 40th Annual Mid-America Marketing Session, sponsored by Indiana Real Estate Exchangors (IREX). The conference, which hosts national investors, brokers, and real estate industry affiliates, will be held at the Hilton Garden Inn Indianapolis South/Greenwood Oct. 25-26, 2018.

In recognition of their significant impact on our clients, our people, and our communities, we are pleased to announce our eight newest directors. These individuals embody KSM’s values as they provide innovative solutions and superior service to help their clients achieve success.

When the Tax Cuts and Jobs Act (TCJA) was signed into law on Dec. 22, 2017, companies in all industries braced themselves for impending changes. The key take away of the TCJA is lower tax rates for both businesses and individuals. However, the impacts of this new tax law are extensive and have left many taxpayers wondering how they will be affected. For the transportation industry, guidelines are continuing to emerge. In addition to the key provisions that were highlighted in our earlier analysis, Top Three Things to Know About How Tax Reform Impacts Your Trucking Company, the following changes will likely affect most trucking companies.

Katz, Sapper & Miller’s Andy Manchir, director and co-chair of the firm’s ESOP Services Group, will present at the ESOP Association’s 2018 Las Vegas Conference & Trade Show. Taking place Nov. 8-9, the conference is the largest of its kind that is geared towards providing insight and discussion on the many facets of employee ownership. The event will feature more than 60 educational sessions, a trade show highlighting a variety of professional services, and provide many networking opportunities.

When an owner decides to sell his or her company to an Employee Stock Ownership Plan (ESOP) trust, one of the most impactful factors in the transaction is the company’s value. The ESOP trustee establishes the company’s value, which affects the total transaction price. It is vital that the price is as close to the company’s actual value as possible so the seller is compensated appropriately and the participants of the ESOP are not overpaying for the company.

The Supreme Court of the United States made headlines this summer when it announced a decision that would dramatically affect how states impose sales tax collection responsibilities. The court’s ruling in South Dakota v. Wayfair allowed states to require that sellers collect and remit sales tax based on the establishment of an “economic nexus,” doing away with the previous “physical presence” test. The ruling has significantly expanded the states’ authority in the sales tax arena, and businesses in every state will likely be impacted.

The Internal Revenue Service issued Notice 2018-77, updating the special per diem rates under tax code Section 274(d), which is used to substantiate the amount of ordinary and necessary business expenses incurred while traveling away from home.

Andy Manchir, director in Katz, Sapper & Miller’s ESOP Services Group, will present at the 4th Annual Great Lakes Regional ESOP Conference. Taking place on Oct. 18-19 in Sandusky, Ohio, the conference will bring together the Indiana, Michigan, and Ohio/Kentucky chapters to discuss current topics pertinent to the ESOP community.

Nearly 71 percent of all U.S. freight is moved by trucks, making the transportation industry an integral part of the nation’s economy. In fact, changing dynamics in trucking could have a ripple effect to many other industries. To discuss the state of the transportation industry, Katz, Sapper & Miller’s Transportation Services Group along with King & Ballow Law Offices and KSM Transport Advisors, hosted its annual Trucking Owners Business Roundtable in Nashville, TN. Experts offered presentations on benchmarking trends, strategic acquisitions, the current market environment, tax law updates, legislative updates, and other key industry topics. Though the transportation industry still faces some of the same challenges as in recent years, particularly related to driver shortage, the overall outlook for the remainder of the year is positive.