The results of our survey of residential furniture manufacturers and distributors seemed to be in line with many of our recent conversations, which indicate that business seems to have softened in the last few months. New orders were up 2% in January compared to January 2015. Only 32% of our participants reported increased orders in January, down from about 50% last month.
Smith Leonard PLLC announces several team member promotions for 2016. Jennifer Casper, CPA, has been promoted to Tax Director, while Melonie McCurry and Stacey Stafford are now Tax Supervisors. Within the business services group, John Myers is now a Business Services Supervisor. Kelly York is now Director of Resource Development for the firm.
Smith Leonard PLLC, Accountants & Consultants, continues its steady growth in the Triad by announcing a new office in Winston-Salem. This location is the third for the firm in the Triad and is on the second floor of the Linville Team Office Building at 210 W. Fourth Street.
It’s that time of year when businesses should consider year‐end planning strategies. This task is particularly challenging for 2015 due to the long list of popular, temporary business tax breaks that expired at the end of 2014. In the past, Congress has retroactively extended the vast majority of these tax breaks after they expired. However, as we complete this letter, Congress has not passed legislation to extend the expired provisions.
On February 25, 2016, the FASB issued its highly-anticipated leasing standard1 for both lessees and lessors. Under its core principle, a lessee will recognize lease assets and liabilities on the balance sheet for all arrangements with terms longer than 12 months. Lessor accounting remains largely consistent with existing U.S. GAAP. The new standard takes effect in 2019 for public business entities and 2020 for all other entities.