LGT's Profit Sense

Generally, individuals are required by law to take an annual withdrawal from their IRA, Simple IRA, SEP IRA, or other retirement plan vehicles such as a 401K plan once they reach age 72 (or 70 1/2 before 2020).  They have until April 1st of the following year after reaching the required RMD age to take their first RMD payment.  Every year thereafter, they must take the RMD by December 31st.

Construction is a competitive industry!  In today’s business world, contractors aren’t just competing for projects; they’re also competing for a dwindling supply of new management talent and other skilled workers. Salary, bonuses, incentives, and other fringe benefits options may get individuals in the door, but the problem remains:  How to retain your talented employees as they move up the ranks?

Beginning with the 2016 tax year, the due date for filing Forms W-2 and W-3 with the Social Security Administration will be January 31, 2017, whether you are filing electronically or using paper forms.

On November 11, 2015 the FASB voted 6 to 1 to move forward with new lease accounting guidance that would require companies to include lease obligations on their balance sheets.

Under current lease accounting standards, most leases are not reported on a lessee’s balance sheet and sometimes the amounts involved can be substantial. There are two types of leases—capital and operating. In a capital lease, the lessee recognizes an asset and liability on the balance sheet while under an operating lease, it does not.