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Articles & Updates

  • 06.30.2015 - How will the New Mortality Tables Affect Your Retirement Plan?
    In October 2014, the Society of Actuaries issued new mortality tables, which use updated data related to life expectancies in the United States. A full comprehensive study has not been conducted prior to this study conducted for use in the 2014 mortality tables since year 2000. As expected, the new mortality tables indicate increased life expectancies and this trend is expected to continue.
  • 06.30.2015 - Connecticut Manufacturing Innovation Fund Voucher Program (MVP)
    Earlier this year, the State of Connecticut’s Department of Economic and Community Development (DECD), along with the Connecticut Center for Advanced Technology (CCAT), developed a matching grant program to assist Connecticut manufacturers and allied service providers who undertake innovative projects that improve productivity, efficiency and competitiveness. This program, labeled the Connecticut Manufacturing Innovation Fund Voucher Program, or CT MVP, is being administered on a first-come, first-served basis. Grant awards from the program range from $5,000 to $50,000 and must be matched dollar for dollar by the applicant.
  • 06.29.2015 - Accounting and Auditing Standards Update
    The mission of the Financial Accounting Standards Board (FASB) is to establish and improve standards of financial accounting and reporting that foster financial reporting by non-government entities that provide decision-useful information to investors and other users of financial reports. The Accounting Standards Updates discussed below were issued during 2015 and could affect manufacturers, distributors and retailers.
  • 06.29.2015 - Managing and Controlling Your Parts Department
    When was the last time you walked through your parts department? Did you just cut through there or did you actually walk every aisle and maybe even look at the shelves and bins? I bet you have never actually walked into your parts department, up and down each aisle slowly, looking at each shelf, bin and drawer to see what you actually own and how your cash is tied up. Organization in your parts department is central to having a well-run parts department so your employees working there can find the parts quickly, as every minute they make a technician wait costs you gross profit.
  • 06.29.2015 - Tax Tip – Interest Expense on Loan Secured by Residence
    IRS Ruled in TC Memo 2015-56 that interest expense on loan proceeds secured by the taxpayers' residence was not deductible as investment interest expense when the proceeds of the loan were loaned to the taxpayers' C Corporation.
  • 06.29.2015 - The Consumer Financial Protection Bureau and Responding with a Fair Credit Compliance Program
    Automotive dealers were largely exempted from the Consumer Finance Protection Bureau’s (CFPB) jurisdiction after a long and tumultuous battle on Capitol Hill, but that has not stopped the CFPB from finding ways to regulate dealers. In 2013, the CFPB undertook an effort to focus on regulating auto loans by targeting banks under its jurisdiction. Concerns particularly surrounded “dealer-assisted financing” or “dealer participation”, the process whereby a dealership arranges an auto loan or lease with a bank, credit union or other financial institution.
  • 06.29.2015 - Opportunities Remain to Make the Tangible Property Regulations Work for your 2014 Taxes
    There has been much conversation about the final “repair” regulations since their implementation became mandatory. The final analysis, however, is that many of the rules are the same but “the names have been changed to protect the innocent”. Betterments, Restorations and Adaptations are the new buzzwords. There are some opportunities that should not be overlooked for those businesses and individuals who find themselves currently on extension for 2014.
  • 06.29.2015 - The Vital Role of the Supply Chain in 21st Century Manufacturing
    For the past five years, U.S. manufacturing has been back on the rise. The U.S. Department of Commerce indicates that, since early 2010, manufacturers have added nearly 900,000 jobs, making this the first sustained growth manufacturers have seen since the 1990s. This resurgence is welcome news, both nationwide and here at home in Connecticut.
  • 06.29.2015 - Manufacturing Productivity – Cost Reduction Why the Confusion
    Today, manufacturers face the constant challenge of providing competitive products to an ever-changing and dynamic marketplace. Besides the daily challenge of producing a quality product within the four walls of the factory, there are numerous external factors at work in the global marketplace influencing customer perceptions and product demand patterns.
  • 06.23.2015 - How the IRS Resolves an Identity Theft Case
    This article seeks to explain the various pulleys and levers at play when communicating with the IRS about an identity theft case.
  • 06.12.2015 - Connecticut’s Tax Budget Increases Taxes
    During its regular session ending on June 3, 2015, the Connecticut General Assembly passed a $40 billion biennium budget (House Bill, H7061). The budget is expected to increase revenues by over $2 billion over the next two years (July 1, 2015 through June 30, 2017), largely by raising taxes and canceling previously approved tax exemptions, tax cuts and phase-outs.
  • 06.12.2015 - Enterprise Risk Management―It’s Not Your Parent’s Oldsmobile
    As business and organization managers, we operate in a challenging and complex business environment. Our stakeholders and customers have high expectations of us, and we expect nothing less of ourselves. We are aware that there are consequences if we fail. As we accept this challenge, questions remain. We need scalable processes that will help us manage the challenges, tools that help us be more proactive/less reactive to the complexities. Enterprise risk management (ERM) is such a process. It is scalable and adaptable (one size does not fit all). It is a process that can mature over time to meet the organization’s needs.

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