Smith & Howard Assurance Principal, Randy Shrum and Tax Manager, Kate Maxwell published articles that were featured in the May / June 2018 edition of The Georgia Society of CPA’s bi-monthly newsletter, Current Accounts.
Randy Shrum writes on how the Tax Cuts and Jobs Act (TCJA) will affect the financial statement audit.
“The enactment of the Tax Cuts and Jobs Act is one of the most significant and impactful policy developments in many years and brings with it complex, wide-ranging ramification in financial reporting” Shrum writes.
It’s expected that implementing and accounting for the elements of tax reform will be a challenging exercise for both preparers and their auditors. To read Randy’s article, click here and view page 18.
Kate Maxwell took a different angle with her article and discussed how manufacturers can leverage the TCJA to fund Industry 4.0 – the fourth industrial revolution.
Opportunities offered by Industry 4.0 require significant investment of time, personnel and capital. As daunting as this may seem, manufacturers can look at the TCJA for ways to Fund industry 4.0 such as the reduction of the corporate tax rate, the repeal of the corporate AMT, the pass-through tax treatment / Section 199A, the R&D tax credit and the limitations on interest expensing.
To read Kate’s article and learn more on funding Industry 4.0, click here and view page 24.
About Randy Shrum and Kate Maxwell
Randy Shrum, CPA is a principal in Smith & Howard’s Assurance Services Group. Randy has served over 25 years in public accounting with the bulk of his career focused on the nonprofit, manufacturing and construction sectors. His experience includes financial statement audits, implementation of new accounting and financial reporting standards, internal control assessment and improvement, governance and federal grant programs compliance.
Kate Maxwell, CPA is a manager in Smith & Howard’s Tax Services Group and is a member of the manufacturing team. Her expertise encompasses comprehensive tax compliance, planning and consulting services for complex international and multistate corporations, partnerships and individuals. Kate serves many of the firm’s manufacturing clients.