In an increasingly global business environment, the IRS and other revenue-starved tax authorities have renewed their focus on transfer pricing. Transfer pricing issues are most common among large, multinational corporations. But they can arise in public companies of all sizes and can even apply to domestic companies that do business in several states. The international tax accountants at Doeren Mayhew offer three keys for... more
Whether you’re stocking your shelves or updating your business plan, understanding what lies ahead is an important part of running a healthy manufacturing business.
Forecasting key business factors, such as sales demand, receivables, payables and working capital, can help manufacturers reduce excess inventory and other overhead, offer competitive prices and keep your business on solid financial footing.
A forecast... more
Doeren Mayhew's Michigan office helped raise and donate more than $65,000 to charitable causes in 2014.
Upholding its core value of giving back, the firm and its employees actively participate in making local communities a better place to work and live for all by supporting a variety of charitable organizations each year since its inception.
In 2014 alone, the staff of Doeren Mayhew donated cash and gifts valuing... more
A review of employee retirement plan audits over the last five years has revealed that Internal Revenue Service (IRS) and Department of Labor (DOL) auditors are increasing their focus on the internal controls employers maintain for their employee benefit plans.
Why the Escalated Enforcement?
In 2014 alone, the DOL restored nearly $600,000 to plans, participants and beneficiaries, $356.2 million of which was attributed t... more
Doeren Mayhew Insurance Group has rounded out its service offerings to include health care insurance. The launch of the new offering is fueled by the addition of experienced employee benefit professionals, Steven Paulsell and Corey Paulsell, to the agency.
With the addition of employee benefit resources, Doeren Mayhew Insurance Group will now be able to offer clients property and casualty, personal, life and disabilit... more
In late December 2014, the Financial Accounting Standards Board (FASB) issued an update to U.S. Generally Accepted Accounting Principles (GAAP) providing an accounting alternative for private companies that acquire intangible assets in a business combination, investments accounted for under the equity method or upon fresh-start accounting. ASU 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangi... more
A construction company’s profitability weighs in large part on how effectively it manages its jobs. You must maximize efficiency, minimize waste and seize every opportunity to build your bottom line.
Unfortunately, in the rush to do all this and get to completion, many things can go wrong. Let’s look at some of the common mistakes in construction project management and how to avoid them.
Every const... more
For 2015 retirement contribution limits many limits have slightly increased; thus, you may have opportunities to increase your retirement savings:
Type of limitation
Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans
Annual benefit for defined benefit plans
Contributions to defined contribution plans
On Dec. 19, President Obama signed legislation to pass more than 50 tax extenders that had expired at the end of 2013. For many individuals and businesses, these deductions and credits can provide substantial tax savings for the 2014 tax year. Below are some of the more significant provisions in the Tax Increase Prevention Act of 2014.
2014 Tax Extender Package for Individuals
State and local sales tax de... more
To take a 2014 charitable donations deduction, the gift must be made by Dec. 31, 2014. According to the Internal Revenue Service (IRS), a donation generally is “made” at the time of its “unconditional delivery.” But what does this mean? Is it the date you, for example, write a check or make an online gift via your credit card? Or is it the date the charity actually receives the funds — or perhaps the date of the... more