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September 27, 2018/Furniture Insights

September 2018 Furniture Insights

More good news with orders up 5%, according to our recent survey of residential furniture manufacturers and distributors. This increase marks the third straight month that orders were up 5% over the same month a year ago. Year to date, new orders remained 6% ahead of last year.

September 5, 2018/Accounting and Auditing

New Revenue Recognition Standard: Are You Prepared?

Revenue recognition changes as a result of ASC 606 are required to be implemented by December 15, 2018. For many entities, changes in the timing and pattern of revenue recognition may be significant. In most entities, implementation will require careful deliberation and comprehensive insight into the new rules. In many cases, new and/or modified processes will be needed to record revenue in the correct period.

August 31, 2018/Furniture Insights

August 2018 Furniture Insights

New orders in June 2018 were up 5% over June 2017, according to our recent survey of residential furniture manufacturers and distributors. The 5% increase followed a 5% increase reported last month and 15% reported in April.

August 1, 2018/Not-For-Profit

Significant Rule Change for Tax-Exempt Organizations Reporting Donor Information

Affected organizations will no longer be required to report the names and addresses of their reportable contributors on the Schedule B of their Forms 990 or 990-EZ. This change affects all organizations that are tax-exempt under Section 501(c), other than charitable organizations described under Section 501(c)(3). This includes labor unions, trade associations, social welfare groups, issue-advocacy groups, local chambers of commerce, and veteran groups.

July 31, 2018/Furniture Insights

July 2018 Furniture Insights

Another strong month following a 15% increase last month, according to our monthly survey of residential furniture manufacturers and distributors. May 2018 orders are up 5% over May 2017 in the July 2018 Furniture Insights.

July 25, 2018/Not-For-Profit

Summer 2018 Nonprofit Standard

What are the 7 steps to revenue recognition readiness for nonprofits? Did you know that transportation fringe benefits are now classified as unrelated business income? Explore these topics and others in our Summer 2018 issue of the Nonprofit Standard.

July 25, 2018/Tax

Sales Tax: What to Do in Light of the Wayfair Decision?

With the overturning of 26 years of U.S. Supreme Court precedent, states may now compel taxpayers to collect sales tax from consumers who make purchases within the state. Prior to the Wayfair decision last month, a taxpayer needed to have a “physical presence” in a state before it was subject to the state’s sales tax collection requirements.

June 28, 2018/Furniture Insights

June 2018 Furniture Insights

Numbers from the Spring 2018 Market showed a surprising and encouraging 15% increase in new orders from April 2017 to April 2018, with 79% of participants reporting order increases.

June 21, 2018/Tax

Decision Made in Major Sales Tax Ruling

The Supreme Court ruled today, June 21, 2018, in the case of South Dakota v. Wayfair that states may collect sales tax from businesses that do not have a physical presence in their state. This effectively reverses a 40-year-old decision (Quill Corp v. North Dakota) that held that a taxpayer had to have a physical presence in a state in order to be required by a state to collect and remit sales tax. We will provide further updates as more information becomes available.

May 30, 2018/Furniture Insights

May 2018 Furniture Insights

New orders were up 2% in March and 3% overall for the year, according to our latest Furniture Insights.

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