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As many companies work towards completing implementation of ASC Topic 606 (Revenue from Contracts with Customers), differing methods of accounting could be required for financial reporting vs. tax reporting. For annual reporting periods beginning after Dec. 15, 2018 (or beginning after Dec. 15, 2017 for publicly-traded entities), an entity must recognize revenue for promised goods and services to customers for financial reporting purposes in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services under a five-step model.

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Finally, after two years of waiting, Europe’s General Data Protection Regulation takes effect starting today, May 25. Beyond just Europe, the regulation is expected to reshape how global organizations manage, share and protect their users’ personal data. Many organizations across the world have scrambled to be ready. But based on public statements from companies and client feedback, it is clear that many companies are still not in compliance.

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UHY Advisors and UHY LLP (“UHY”) today announced that they have expanded their portfolio in the Northeast with the merger of the professional services firm Del Conte, Hyde, Annello & Schuch, P.C., located in Farmington, Connecticut. The firm started operating under the UHY banner effective May 1, 2018.

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Many middle market companies are unaware of the impending May 25 deadline to comply with the European Union's (EU) General Data Protection Regulation, better known as GDPR. The EU passed GDPR two years ago to provide enhanced privacy and data protections for its citizens, and beginning May 25, 2018, companies that process personal data of EU residents are subject to GDPR - including those based in the US. The ensuing fines for non-compliance with GDPR can be up to 20 million Euros ($24 Million USD), or 4% of the company's worldwide annual revenue.

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Revenue Procedure 2018-27 provides relief for those with family coverage under high deductible health plans (HDHP) in regards to the annual deductible contributions limit for 2018 health savings accounts (HSA) under Internal Revenue Service Code section 223. The maximum coverage was initially issued as $6,900 on May 4, 2017. On March 2, 2018 the limit was reduced to $6,850 after tax reform changed the calculation for 2018 and future years.

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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. A reading above 50 percent for the ISM index indicates that manufacturing is expanding in the US, and below 50 means that it is contracting.

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At the end of 2017, the largest corporate tax cuts in United States history were passed thus reducing the top corporate rate from 35 to 20 percent. This will allow repatriation of billions of dollars from overseas and many corporations to pass along bonuses and pay raises to their employees, boosting wage growth with average hourly earnings rising to 2.9 percent in January from a year earlier. Combining wage growth with an unemployment rate of 4.1 percent created the best outlook heading into 2018 for employees in almost a decade.

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A wave of hackers is anticipated in an industry dependent on sensitive data, intellectual property and trade secrets. Maintaining a high level of cyber security is vital for the manufacturing industry. Generally defined as companies in the automotive, electronics, textile, and pharmaceutical space, these companies struggle to protect their anticipated wave of hackers as well as prevent or mitigate any damage, manufacturing companies must adopt a relevant framework, protect their data, educate employees and implement official cyber policies.

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The Texas Tax Amnesty Program will begin Tuesday, May 1, 2018. The program offers a limited opportunity to certain delinquent taxpayers to bring their tax accounts into compliance with state tax law without incurring penalties and interest on any amounts due to the state. Amnesty applies to tax periods prior to Jan. 1, 2018, and only includes those amounts that have not been previously reported to the Comptroller's office.

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Signed into law by Governor Rick Snyder on March 19, Michigan Public Act 81 of 2018 revises continuing education requirements for licensed CPAs.

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