Client Need: Our client, a publicly traded retail company, asked us to perfect its system of tracking fixed asset depreciation. They needed one system to track all of the required methods for book, tax, regulatory and state tax purposes.
UHY Advisors' Solution: Using a popular fixed asset software management program, our team was able to track the company's assets in all 102 locations across the U.S. Throughout the process, we utilized a dedicated portal through which the individual controllers at each location accessed their detail depreciation schedules in order to post the depreciation to their individual general ledgers. The corporate headquarters also accessed the schedules on an entity-to-entity basis in order to prepare the consolidated tax returns, financial statements, and deferred tax calculations. We are now in our second year of this client engagement.
Case Study: E&P balancing gas accounts
UHY Advisors' Solution: We acted quickly and assembled a team of six experienced professionals to reconcile their gas balancing records to the detail well production records. The client was under pressure to have the project completed within a six-month period. We delivered three months ahead of schedule and within their target budget.
According to a new Standard & Poor’s report, there are two key indicators that will tell you what kind of shape the manufacturing industry is in.
Based in St. Louis, Missouri, US, Sunnen Products Company (referred to as Sunnen) is a global leader in the design, manufacture and distribution of bore sizing and finishing equipment, engine rebuilding equipment, and tooling and abrasives. Its honing products are used in the sizing and finishing of cylindrical bores for internal combustion engines; in mechanical gears; in hydraulic valve bodies, blocks, and cylinders; and in petroleum extraction tubes, among others.
The company’s prime markets include automotive and transportation, construction, mining, aerospace and energy. Customers range all the way from small, owner-operated machine shops to large, publicly-traded original equipment manufacturers.
Not only are many manufacturers wondering how the tax law changes will fuel the economy, but how will the key provisions impact my business. Well, usually most answer(s) provided by your advisor take on a typical response like “it depends,” and in some regards that is the case here. However, before we get into specific benefits under the new law, let’s step back and look at what this means from a macro level.
According to a new Standard & Poor’s report, there are two key indicators that will tell you what kind of shape the manufacturing industry is in. The first is the Institute for Supply Management’s Purchasing Manager’s Index and the second is the Federal Reserve’s Capacity Utilization Index for motor vehicles and parts.
On April 26, 2017, the White House distributed a memo describing President Trump’s goals for tax reform. The memo lists the following four points under business reform: reduced business tax rate, territorial tax system, one-time tax on repatriation of trillions of dollars held overseas, and elimination of tax breaks for special interests.