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Highlights from Our Trucking Owners Business Roundtable – Part II

Posted 2:36 PM by
As a follow up to Part I of our Trucking Owners Business Roundtable summary, below are highlights from Troy Hogan’s presentation on the potential for savings by implementing per diem plans. In addition, Mark Flinchum provided an income tax update.
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Highlights from Our Trucking Owners Business Roundtable - Part I

Posted 8:24 PM by
Recently Katz, Sapper & Miller, LLP (KSM), KSM Transport Advisors, LLC, and Scopelitis, Garvin, Light, Hanson & Feary, P.C. hosted our semi-annual Trucking Owners Business Roundtable.
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“Reshoring” Option Gaining Strength

Posted 7:03 PM by
A recent study conducted by the Council of Supply Chain Management Professionals and Michigan State’s Department of Supply Chain Management shows that 40% of manufacturers surveyed perceive a trend of moving production back to the U.S. from off-shore sites such as China and India.
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American Institute of Certified Public Accountants Has Proposed a Financial Reporting Framework for SMEs

Posted 12:00 PM by
On November 1, 2012, the American Institute of Certified Public Accountants (AICPA) released for public comment the exposure draft Proposed Financial Reporting Framework for Small- and Medium-Sized Entities. The proposed Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) is designed for privately owned, for-profit entities that are not required to produce financial statements in accordance with U.S. GAAP.
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FASB Issues Proposed Accounting Standards Update, Comprehensive Income (Topic 220)

Posted 12:00 PM by
The Financial Accounting Standards Board (FASB) issued a proposed accounting standard update on August 16, 2012, related to the presentation of amounts that are reclassified out of accumulated other comprehensive income (AOCI). The full proposed ASU can be found on the FASB site.
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IRS Issues New Rules Under 263(a)

Posted 6:32 PM by
On Jan. 1, 2012 new rules became effective regarding when to deduct or capitalize amounts paid to acquire, produce or improve tangible property. These new rules will affect all taxpayers that acquire, produce or improve tangible property.
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FASB Issues Accounting Standards Update No. 2012-05, Statement of Cash Flows (Topic 230): Not-for-Profit Entities

Posted 12:00 PM by
The FASB issued Accounting Standards Update No. 2012-05, Statement of Cash Flows (Topic 230): Not-for-Profit Entities: Classification of the Sale Proceeds of Donated Financial Assets in the Statement of Cash Flows on October 22, 2012. The update sets forth guidance on the classification of cash receipts from the sale of certain donated financial assets, such as investment securities, in the statement of cash flows.
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Implementing a Per Diem Program to Boost Driver Pay…and Corporate Profits

Posted 5:57 PM by
A transportation company can provide employee drivers who are away from their tax home a per diem allowance for meals and incidental expenses of up to $59 daily without substantiation from the driver of its use. The per diem is usually paid using a cents-per-mile approach, and the driver accepts a lower base pay per mile as a result.
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The Case for "Made in the USA"

Posted 4:48 PM by
Made in China. Made in Mexico. Made in Taiwan. These phrases summarize the direction that American manufacturers have been taking their operations over the past few decades. Cheap labor, subsidies from foreign governments, and fewer regulations are just a few of the reasons so many manufacturing activities have been shipped overseas.
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2011 Annual Cost Per Mile Analysis Released by the ATRI

Posted 3:28 PM by
Back by popular demand, the American Transportation Research Institute (ATRI) released their 2012 update of their Analysis of Operational Costs of Trucking last month. To many in the industry the results might not be too shocking. 
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