March 2019

Canton IMA

The Newsletter of the IMA Canton Chapter

 March 2019

Jeff Walters, President
Cullen Bahler, Editor

 In This Issue:

 This Month's Technical Sessions
 Strategic Finance
 Webinar Schedule
 Upcoming IMA Technical Sessions


Connect with Us!

 Do you have info to share with our
 chapter? Email it to

 Canton Chapter of IMA March Meeting
 Tuesday, March 19, 2019 | 5:00 pm - 7:30 pm

Kozmo's Grille: 37 1st St SW, Massillon, OH 44647 (directions)

Registration Deadline: Friday, March 15th, 5:00 pm

Please click here to register

 Pre-Dinner Technical Session
 (5:00 pm - 6:00 pm):
 Impact of Ohio's New Medical 
 Marijuana Laws on Employers

 Presented by Ed Murray, Attorney
 Krugliak, Wilkins, Griffiths &
 Dougherty Co., L.P.A.

Murray Ed Murray is a
 Lorain, Ohio native
 and director at
 Krugliak, Wilkins,
 Griffiths &
 Dougherty Co.,
 L.P.A. His practice
 focus is
 employment, corporate, and commercial
 law. Ed’s practice is concentrated in
 workers compensation as he counsels
 employers on every aspect of their
 workers’ compensation programs. Ed is
 certified as a specialist in Ohio Workers’
 Compensation by the Ohio State Bar

 Ed received his B.A. in Political Science
 and Juris Doctor from The Ohio State
 University.  He is a member of the Stark
 County Bar Association, Workers’
 Compensation Committee and the Ohio
 State Bar Association, Workers'
 Compensation Law Specialty Board. He
 is listed in Ohio Super Lawyers and Best
 Lawyers in America, and was named
 “Lawyer of the Year” in Workers’
 Compensation Law - Akron Area by Best
 Lawyers in America in 2012.

 Ed has made a numerous presentations
 on topics such as Ohio Workers'
 Compensation Basics, Controlling
 Workers' Compensation Costs, and
 Workers' Compensation Strategies:
 Avoiding & Defending Lost Time Claims
 and Aggravation of Pre-Existing
 Conditions. He has also been active in a
 number of boards and organizations
 including the Stark County Safety
 Council, Stark County Convention and
 Visitors Bureau and Massillon Museum.


 Post-Dinner Technical Session
 (6:30 pm - 7:30 pm):
 Workplace Trends - 
 Fads Or Here To Stay?

 Presented by Evelyn Hronec, 
 Managing Director CFS Staffing

Hronec Evelyn Hronec is an
 Accounting and
 Financial recruiting
 professional with 
 20 years of experience
 in the recruiting and 
 staffing industry. She
 thoroughly enjoys making and building
 relationships in the Accounting/Financial
 arena with both clients and candidates.
 She is committed to working with clients
 who see the value in partnering with
 recruiting professionals who are well
 trained, ethical and dedicated to
 providing exceptional customer service.
 Evelyn feels that technical skills are only
 part of a successful placement and that
 a good cultural fit is imperative for a
 great match. This entails understanding
 the client and candidate and listening to
 their needs.

 Evelyn's prior experience includes a
 career in internal audit at the Director
 level and a short tenure in public
 accounting before opening the CPA firm
 affiliated CFS office. She received a
 Bachelor's Degree in Finance from Penn
 State University and a Master's Degree
 in Accounting from the University of
 Houston. Her specialties include: Direct
 hire placement of accounting and
 financial personnel at all levels.
 Temporary staffing for interim positions.
 Specializing in audit, tax, financial
 reporting, accounting, public accounting,
 CPA, finance, Controller, CFO, SEC,
 accounting manager, internal audit,
 Mergers and Acquisitions, billing, payroll,
 accounts payable, accounts receivable,
 modeling, MBA Staffing, Executive
 Recruiting, Contract Recruiter and

 Evelyn is a frequent speaker to various
 audiences on hiring, employee relations,
 and career issues. Topics include: Hiring
 for Emotional Intelligence, Managing for
 Generational Differences, Successful
 Hiring Practices, and Mastering Different
 Types of Interviews, among others. In
 addition, she is a Past-President of the
 Ohio Recruiters Association, an Advisory
 Board member for the College of
 Business at Stark State College and a
 member of the Board of Directors for the
 Canton Chapter of the Institute of
 Management Accountants.


 Strategic Finance
 Deducting Automobile Business Costs

 By James W. Rinier, CPA, EA, and Anthony P. Curatola

Car Expenses When deducting the business costs of a vehicle, both the actual cost method and standard
 mileage method come with their own rules, risks, and advantages.

 A taxpaer can deduct all ordinary, necessary, and reasonable expenses associated with the use of his or
 her own vehicle, i.e., car, van, pickup truck, or panel truck (Rev. Proc. 2010-51, Sec. 3.01), in carrying
 on a trade or business. The actual vehicle costs include items such as gas, oil, repairs, tires, insurance, registration fees,
 licenses, and depreciation (IRS Topic No. 510, "Business Use of Car"). These deductible business costs can be computed by
 electing either the actual cost method or the standard mileage method, but certain rules associated with either method can
 lead to unwanted tax consequences.


Car Expenses1Under the actual cost method, a taxpayer can depreciate the total cost of the vehicle under the applicable rules for listed property. Once the vehicle is fully depreciated, the taxpayer can continue deducting all the costs, other than depreciation, associated with the business use of the vehicle. If the vehicle is used less than 100% for business, the taxpayer can deduct only the portion of the expenses associated with the business usage. For example, if the vehicle was used 75% of the time for business and had costs of $12,000 ($4,000 of depreciation and $8,000 in other costs), the deductible business 
 expense would be $9,000 ($12,000 × 75%). And if the vehicle is fully depreciated from prior-year usage, then only $6,000
 ($8,000 × 75%) of deductible business costs can be claimed. The point is that under the actual cost method, the deductible
 depreciation expense is limited to the adjusted basis of the vehicle. It's critical that the taxpayer maintains good
 documentation of the costs and depreciation claimed under this method. The standard mileage method is simpler than the
 actual method to use and maintain in some respects. It requires a taxpayer to maintain the mileage used during the year for
 business and then multiply that mileage by the standard mileage rate prescribed by the U.S. Treasury Department. For 2018,
 the standard mileage rate is $0.545 (54.5 cents) per business mile (Notice 2018-3), of which $0.25 is deemed to be
 depreciation expense. The depreciation component is relevant when the taxpayer needs to calculate the gain or loss from the
 sale of the vehicle. Unlike the actual cost method, a taxpayer can continue using the standard mileage rate even when the
 vehicle is fully depreciated (for example, see p. 24 of the 2017 IRS Publication 463).


Car Expenses2 There are limitations associated with the use of these two methods. First, Rev. Proc. 2010-51, Sec.
 4.05 provides that the standard mileage deduction may not be used if the taxpayer: (1) computes the
 deductible costs of five or more vehicles he or she owns or uses simultaneously in the business (such
 as fleet operations); (2) is leasing the vehicle and doesn't use either the standard mileage rate or a
 fixed and variable rate allowance for the entire lease; (3) claimed depreciation other than straight-line;
 or (4) is a rural mail carrier working for the United States Postal Service who receives qualified

 The depreciation component of the mileage rate per mile is published annually by the IRS. Notice 2018-3, Sec. 4, reports the
 2018-year depreciation component to be $0.25 per mile. Each notice provides the rates for the current and prior four years,
 and IRS Publication 463 provides the same information for an 18-year period.

 This is an abstract. To read the entire article, please click here


 IMA Webinars

 The IMA webinar program enhances your
 career by bringing you the latest thought
 leadership and developments in the
 profession. IMA conducts more than 50
 webinars every year at no cost to our

 Attending any live webinar qualifies for 1
 to 1.5 hours of NASBA CPE credit(s).
 Webinars may be replayed from the
 archives but these viewings do not earn
 credits. Advance registration is strongly
 recommended — The IMA webinars are 
 extremely popular and fill up quickly.

 Leading Change
 Leadership Academy
 March 05, 2019 
 01:00 PM - 02:30 PM

 Data Analytics - Exposing the
 Organization to Finance's Value

 Inside Talk
 March 11, 2019
 01:00 PM - 02:30 PM

 Finance Meetings: How to Power Up 
 with Real-Time Data

 Inside Talk
 March 27, 2019 
 01:00 PM - 02:00 PM

 Register for Any Webinar

 Join Us at IMA Technical Sessions!

 2019 tech sessions will be held at Kozmo's Grille with any exceptions noted below.

 Each meeting consists of two technical sessions, each of which is one hour in 
 length. The first session begins at 
 5:00 pm and the second session begins at 6:30 pm and dinner will take place
 between the sessions.

 The meeting dates are as follows:

  • March 19, 2019
  • April 16, 2019
  • May 21, 2019

 The cost for dinner is $30 for members/guests and $15 for students. Please look for
 invitation emails with registration information prior to each meeting.


  • Social/Networking at 4:45 pm
  • Pre-Dinner Technical Session at 5:00 pm
  • Dinner at 6:00 pm
  • Post-Dinner Technical Session at 6:30 pm

© 2010-2019 Institute of Management Accountants - Canton Ohio Chapter # 155. All rights reserved.

The mission of the Institute of Management Accountants (IMA) is to provide a forum for research, practice development, education,
knowledge sharing, and the advocacy of the highest ethical and best business practices in management accounting and finance.
Please join us as we promote this mission in the greater Canton, Ohio, area.