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“2020 Indiana Manufacturing Survey: COVID-19 Special Edition” Now Underway

Posted 12:30 PM by
Katz, Sapper & Miller’s annual survey assessing the state of Indiana’s manufacturing industry is now underway. This year’s study is of particular importance as the manufacturing industry looks for strategies and tactics to survive the COVID-19 pandemic.
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Additional Guidance Released on Social Security Tax Deferral, but Questions Remain

Posted 5:15 PM by
Earlier this month, President Trump signed an executive action directing the Secretary of the Treasury to defer collection of the employee portion of the Social Security tax (6.2%). The executive action stated that the Secretary of the Treasury would issue guidance needed for implementation. On Friday, Aug. 28, the U.S. Treasury Department and Internal Revenue Service (IRS) issued this first piece of guidance via Notice 2020-65.
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On-Demand Transportation Webinar: Accounting and Tax Updates in the COVID-19 Environment

Posted 5:00 PM by
As with all industries, the COVID-19 pandemic has affected the transportation industry in a number of ways. Among the flurry of changes over the past few months, trucking professionals should be aware of the many accounting and tax updates which may impact daily and long-term business operations.
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COVID-19’s Impact on SOC Reports

Posted 12:45 PM by
COVID-19 has disrupted businesses of all sizes and in every industry in ways that were unimaginable even six months ago. From rapid shifts in the customer experience to forced evolution of internal processes and procedures, no operational area has gone unscathed. Service organizations with System and Organization Controls (SOC) examinations should pay particularly close attention to the way these changes affect data security and internal controls. A reduced workforce, newly remote workforce, and revised customer service protocols all increase security risks.
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Video: Doing Great Things Featuring Aditya Maheshwari of Kanak

Posted 6:15 PM by
“Inspiring great people to do great things” is Katz, Sapper & Miller’s mission, and we’re honored to play a small part in helping clients across a wide variety of industries think big, bring their innovative ideas to life, and serve their communities and customers.
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Carriers: The Importance of Tax Planning in Times of Uncertainty

Posted 6:46 PM by
There are few things that can ruin a day as quickly as a call from your accountant with the news that you owe more than expected on an upcoming tax deadline. Thankfully, there is an alternative to tax deadline surprises. With thoughtful tax planning in the third and fourth quarters, transportation companies can take control of their tax liabilities, which is of utmost importance during times of financial or economic uncertainty, and is crucial as we weather the current pandemic.
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On-Demand Webinar: Understanding How Freight Network Engineering Leads to Profitable Trucking Operations

Posted 6:45 PM by
The transportation industry has always operated in a cyclical manner, where prosperous times are followed by times which are not so lucrative. How can truckload carriers beat the market in all cycles to guarantee profitability and survival? That’s where a freight network strategy comes into play.
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President Trump Signs Executive Action Deferring Social Security Tax

Posted 7:15 PM by
On Saturday, Aug. 8, President Trump signed four executive actions meant to provide economic relief in the midst of COVID-19. In one such action, the president directed the Secretary of the Treasury to defer collection of the employee portion of the Social Security tax (6.2%). The deferral will only be available to employees that generally make less than $4,000 during any bi-weekly pay period (approximately $104,000 per year) and applies to wages paid during the period of Sept. 1, 2020, through Dec. 31, 2020.
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FASB Provides Lease Concessions Guidance Due to COVID-19

Posted 12:45 PM by
As companies adjust to their new normal under COVID-19 and most put revenue recognition accounting implementation in their rearview mirror, lease accounting arises once again as a hot topic. Businesses have either already implemented the largest overhaul in lease accounting in decades, Accounting Standards Codification (ASC) Topic 842, or they have taken advantage of effective date delays and continue to operate under ASC Topic 840 until calendar year 2022. Regardless of which side businesses are on, a new challenge has presented itself – how do we account for lease concessions offered by landlords providing COVID-19 relief? As a result, the Financial Accounting Standards Board (FASB) recently issued a Q&A document to guide stakeholders through the application of lease accounting related to concessions.
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FASB Provides Lease Concessions Guidance Due to COVID-19

Posted 12:45 PM by
As companies adjust to their new normal under COVID-19 and most put revenue recognition accounting implementation in their rearview mirror, lease accounting arises once again as a hot topic. Businesses have either already implemented the largest overhaul in lease accounting in decades, Accounting Standards Codification (ASC) Topic 842, or they have taken advantage of effective date delays and continue to operate under ASC Topic 840 until calendar year 2022. Regardless of which side businesses are on, a new challenge has presented itself – how do we account for lease concessions offered by landlords providing COVID-19 relief? As a result, the Financial Accounting Standards Board (FASB) recently issued a Q&A document to guide stakeholders through the application of lease accounting related to concessions.
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