Knowledge Center

• 03.18.2013 - Succession Planning: A Requirement for Fiscal Fitness
  Time is passing — and there is no stopping it — but as business professionals we can plan for the changes that it brings. Whether your goal is staying competitive and profitable now or creating an exit plan that will make the eventual transition to new owners as seamless as possible, there is no substitute for fiscal fitness. This is true especially for family owned operations.
• 03.12.2013 - Financial Reporting Update
  The Financial Accounting Standards Board (FASB) Not-for-profit Advisory Committee (NAC) is continuing to develop recommendations intended to improve the nonprofit financial reporting model. The NAC is reconsidering whether the current net asset classification scheme – unrestricted, temporarily restricted and permanently restricted, based on donor intent, is the most relevant and meaningful classification scheme.
• 03.06.2013 - IRS Exempt Organization Division Publishes 2013 Workplan
  The Exempt Organization division of the Internal Revenue Service (IRS) recently issued its 2013 Workplan. The purpose of the workplan is to provide an update on various ongoing projects that have been undertaken by the IRS with respect to exempt organizations, as well as new projects that the IRS will begin in 2013. Below is an overview of some of these key projects. As a reminder, all organizations should review their operations, policies and activities in order to minimize risk and ensure compliance with IRS requirements.
• 03.06.2013 - Federal OMB Proposes Significant Changes to Federal Grantee and Audit Requirements
  On February 28, 2012, the federal Office of Management and Budget (OMB) issued an invitation to comment on a concepts document which outlined potential changes in federal grantee requirements and the federal single audit. The purpose of the changes is to streamline grantee and audit requirements while maintaining accountability. That proposal was covered in our spring 2012 newsletter.
• 03.06.2013 - How to Foster an Effective Non-Profit Board of Directors
  In today’s world, non-profit organizations are highly scrutinized and are struggling to survive. There are higher demands for services and diminishing resources. In order to face these challenges, it is more important than ever that the Board of Directors is effective and provides solid leadership. Executive management is in a position to help ensure the board is well prepared to lead the organization.
• 02.25.2013 - Energy Efficiency Could be New Wave for Connecticut Manufacturers
  The Connecticut manufacturing sector is edging toward more efficient forms of energy to provide power, heat and cool buildings and reduce the cost of doing business.
• 02.25.2013 - Exporting: Just for the “Big Guys”? Think Again
  All too often, small businesses are denying themselves a seat at the global export table. The inability of the small business manufacturer to actively pursue overseas markets is quite often not founded on empirical evidence, but the lack of knowledge dealing with the intricacies of exporting.
• 02.25.2013 - CCAT’s Advanced Manufacturing Center Helps Companies Compete
  As our region’s small- to mid-sized manufacturing companies increasingly perform on a worldwide scale, they will be faced with the need to improve their processes and increase production – all without interrupting their workflow. The Connecticut Center for Advanced Technology (CCAT), through its Advanced Manufacturing Center (AMC) in East Hartford, addresses this dilemma. At the AMC, CCAT applies new machining technology techniques and optimization to help companies gain a competitive edge in today’s high-tech global market.
• 02.22.2013 - Whitepaper: Your Finance Function: How Do You Measure Up?
  Your Finance Organization may be simple or complex; its structure dependent on the size and complexity of you overall organization. However, its relationship to the business will change over time. Processes that worked in the past may not really be working effectively right now.
• 02.19.2013 - Beware of the Discount Rate
  The objective of an expert’s opinion of damages in a lost profit engagement is deceptively simple: measure in financial terms, the extent of harm a plaintiff has suffered because of defendant’s alleged wrongdoing. The purpose of awarding damages is to restore an injured party to a position they were in prior to being injured.
• 02.19.2013 - Baker Tilly International Succession Planning Survey
  Through our membership in Baker Tilly International, BlumShapiro is participating in an important global research project on the topic of succession planning. Succession planning is a key issue for many family and privately owned businesses, and, in the next decade an unprecedented number of owners will retire, leading to a massive shift in wealth, ownership and control.
• 02.19.2013 - New IRS Guidance on Healthcare Employer Mandate Looks to 2014 Start Date
  Under the new health care law, starting in 2014, "large" employers with more than 50 full-time employees will be subject to stiff monetary penalties if they do not provide affordable and minimum essential health coverage. With less than eleven months before this "play or pay" provision is fully effective, the IRS continues to release critical details on what constitutes an "applicable large employer," "full-time employee," "affordable coverage," and "minimum health coverage." Most recently, the IRS issued proposed reliance regulations that provide employers with the most comprehensive explanation of their obligations and options to date.

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