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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 info@cantonima.org.
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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
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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.
 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
Association.
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.
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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
 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
Consulting.
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.
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Strategic Finance
Deducting Automobile Business Costs
By James W. Rinier, CPA, EA, and Anthony P. Curatola
 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.
CALCULATION METHODS
 Under 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).
LIMITATIONS
 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
reimbursements.
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
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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
members.
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
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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.
Schedule:
- 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
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