Developments in Tax and
Business
Shortage of Safety Supervisors
Graduates of occupational
safety and health programs are being snapped up straight out of college by
companies eager to staff their safety departments. However, many graduates
don't consider careers in construction, a situation that is forcing
contractors to become more aggressive in recruiting graduates and in
offering competitive wage and benefit packages.
FIN 48 Delayed One Year
The Financial Accounting Standards Board (FASB) announced that it is
delaying the implementation of FIN 48 by nonpublic entities for one year.
FASB's Statement of Financial Accounting Standards (SFAS) No. 109 sets forth
the financial accounting and reporting standards for the effects of income
taxes resulting from an entity's activities during the current and previous
tax years. FIN 48 directs how SFAS No. 109 applies by setting a threshold
condition that a tax position taken by an entity must satisfy before any
part of the benefit of that position may be recognized in the entity's
financial statements.
Work-In-Process is provided by
Somerset for our clients and other interested persons upon request.
Since technical information is presented in generalized fashion, no
final conclusion on these topics should be made without further review.
For additional information on the issues discussed,
please contact
Ken
Hedlund,
Jay Feller,
Steve George,
Chris
Mayfield or
Rebecca Ogle
of our
Construction & A/E Team.
This document is not intended or written to be used, and cannot be used,
for the purpose of avoiding tax penalties that may be imposed on the
taxpayer.
Somerset CPAs,
P.C.
3925 River Crossing Parkway, Third Floor
Indianapolis, Indiana 46240
317.472.2200 • 800.469.7206 • FAX 317.208.1200
www.somersetcpas.com
