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Ohio As A Possible Casualty Of A Trade War Between Canada And The US

A business that plans to hire employees is required to apply for Ohio Tax ID number for tax identification purposes. It is important to note that once IRS issues the business with the 9-digit unique number, it will never expire or be reissued. It is very likely that your business will grow in the future and having an EIN makes you compliant early on.

However, in case a trade war erupts between the United States and Canada, the unique position of Ohio makes it a likely victim of the situation. Canada is an important trade partner of Canada. At least $19billion worth of products that range from auto parts to furniture and soap were exported to Canada last year. The second largest export partner of Ohio is Mexico that received $6.5 million worth of Ohio products last year.

Last May 31, the Trump administration announced that it will implement 25% tariff on steel and 10% tariff on aluminum that comes from Canada. Almost immediately, Canadian Prime Minister Justin Trudeau announced a series of retaliatory measures. To take effect on July 1 are tariffs on steel, aluminum and household products that range from shaving cream to toilet paper and inflatable boats that are imported from the US.

According to a statement from Honda regarding the possible impact of the trade war, they are still in the process of assessing any possible impact to their company. They are also planning to mitigate the situation so that customers, associates, suppliers and dealers will not feel the adverse effects.

Canada and the US are close allies and nobody imagined a trade war to happen between the two countries. However, the Trump administration is concerned about the US steel industry. At first Canada was exempted from tariffs including Mexico and the European Union but tougher policies have to be developed in the global trade system.

Many sole proprietor ships opt to use their social security number instead of the Ohio Tax ID number on official documents. However, the social security number is personal while the EIN is for business purposes. EIN is less sensitive than SSN that can be stolen for fraudulent purposes.

Costco Building Distribution Site In Australia

Multinational retail giant, Costco Wholesale Corporation, is known for selling a lot of things; tyres in Brisbane, dishwashers in Sydney, and the like. They’re also been recently making headlines for their expansive developments, which is continuing in full force.  Recently the company just revealed their plans to build their first Australian distribution site, complete with a 33,588m2 warehouse. This new flagship facility will be located in Western Australia, and is expected to generate about one thousand jobs for Aussies.

The company’s been operating in Australia for quite a while now, with several stores across the country selling all sorts of products, including tyres in Brisbane, among a very long list. The retail chain is constantly expanding, having recently opened its new Marsden Park store in 2017. The 13,575m2 store, located at the Sydney Business Park, complete with food court, fresh grocery production, fuel store, a tyre store, and even an on-site optometrist, among others.

The new warehouse distribution site will come alongside the new $40 million Epping Costco in Melbourne, in cooperation with Pacific Epping Shopping Centre. The distribution facility itself is under development near the site of what will be the Western Sydney Airport, at Kemps Creek, and it’s expected to cost approximately AU$77 million, at least for the next 12 months.

Costco Managing Director Patrick Noone says that Costco chose the location due to its close proximity to several major motorways in the region, and that its sheer size is to accommodate for their Aussie members’ needs as they expand across the country. He says that this location is perfect for that, with the 14-hectare site sitting in the Oakdale South Industrial Estate.

Noone has confirmed that this development will create a lot of jobs for Western Sydney’s booming economy. Current projects expect about 730 construction jobs, followed by 210 operational jobs to be generated.

The New South Wales government has already given the development a warm welcome, saying that Costco is the latest in a line of major employers deciding to set up shack near the future Western Sydney Airport, in which they see the potential of becoming a major economic precinct integrated in the local economy that will deliver opportunities and jobs for the working people of Western Sydney and across all of NSW; in their words, an Aerotropolis.

Costco Building Distribution Site In Australia

Multinational retail giant, Costco Wholesale Corporation, is known for selling a lot of things; tyres in Brisbane, dishwashers in Sydney, and the like. They’re also been recently making headlines for their expansive developments, which is continuing in full force.  Recently the company just revealed their plans to build their first Australian distribution site, complete with a 33,588m2 warehouse. This new flagship facility will be located in Western Australia, and is expected to generate about one thousand jobs for Aussies.

The company’s been operating in Australia for quite a while now, with several stores across the country selling all sorts of products, including tyres in Brisbane, among a very long list. The retail chain is constantly expanding, having recently opened its new Marsden Park store in 2017. The 13,575m2 store, located at the Sydney Business Park, complete with food court, fresh grocery production, fuel store, a tyre store, and even an on-site optometrist, among others.

The new warehouse distribution site will come alongside the new $40 million Epping Costco in Melbourne, in cooperation with Pacific Epping Shopping Centre. The distribution facility itself is under development near the site of what will be the Western Sydney Airport, at Kemps Creek, and it’s expected to cost approximately AU$77 million, at least for the next 12 months.

Costco Managing Director Patrick Noone says that Costco chose the location due to its close proximity to several major motorways in the region, and that its sheer size is to accommodate for their Aussie members’ needs as they expand across the country. He says that this location is perfect for that, with the 14-hectare site sitting in the Oakdale South Industrial Estate.

Noone has confirmed that this development will create a lot of jobs for Western Sydney’s booming economy. Current projects expect about 730 construction jobs, followed by 210 operational jobs to be generated.

The New South Wales government has already given the development a warm welcome, saying that Costco is the latest in a line of major employers deciding to set up shack near the future Western Sydney Airport, in which they see the potential of becoming a major economic precinct integrated in the local economy that will deliver opportunities and jobs for the working people of Western Sydney and across all of NSW; in their words, an Aerotropolis.

Tax Season Comes With Higher Risks

The idea of a suit brings bad taste to everyone’s mouth but it the probability of being in the situation can be higher if you are an accountant that handles taxes compared to other specialties in the field.

According to the managing general underwriter of accountant professional liability insurance, president of Jorgensen & Co. as well as an insurance broker, Rickard Jorgensen, tax claims filed against accountants can be measured by the number of loss in dollars. It makes up about a third of the damages that has been paid. If the tax claims, on the other hand, is measured using frequency then it takes up two-thirds of the entire claims that have been made against accountants.

Furthermore, it can be divided into two parts – the first one-third of the claims is created by individuals while the remaining one-third is caused by returns in partnership or corporation. This only shows that despite that fact that there is a higher number of claims that resulted from tax services, majority of these claims have been settled with only a small amount of money.

In a statement made by the CPA Randy Werner who is a loss prevention executive at Camico, the previous past season showed that there is a continuing trend when it comes to cybersecurity incidents and it remains to be the major reason why there pitfalls in the tax preparation scenario. During the first week of April this year, Camico received eight different complaints from policyholder firms that unfortunately undergone data breaches which are the reason for claims in state and federal returns which are fraudulent in nature.

Jorgensen was in line with the statement Werner made because in the last two years, there is a higher incident of claims that resulted from filing made by criminals in terms of tax returns that are fraud. The evidence is shown by the network or server of the computer being used by a tax preparer unaware of the data breaches and accessing of information regarding client returns for the last few years. Bogus returns are then made out of the information stolen and submitted before the legitimate returns. This is the main reason why it is important for practicing professionals to have accountant professional liability insurance because once the fraudulent returns are paid by the IRS, the only way for them to know of the fraud is when the preparer files their returns later in the year.

New Audit Insurance Rules Aimed At Takeover Deals

Kenya’s audit insurance industry need to concern themselves with acquisitions and mergers regarding the new accounting rules. In this rule, underwriters must disclose where they derive their earnings, cash flows impairment and fraud.

The International Financial Reporting Standard (IFRS) 17 say disclosures under the new guidelines should offer investors new insights about the insurer’s financial health and will simplify the comparison of entities. The ruling will take effect on January 2021.

Globally, there is no common insurance accounting standard, which leads to various handling of investment earnings, premium income, adjusting of risk and future cash flows by underwriters.

Alex Mbai, audit partner of KPMG says, there is a greater comparison that can help in the merger and acquisition activity, promote rivalry for investment capital, and earn the trust of investors. Increased transparency can profit new and in-force business, which should provide users more insights on insurer’s financial health. Audit insurance can help provide the insights.

Few of the emphasis of IFRS 17 is the distinguished presentation of finance and underwriting effects, offering more clearness on an insurance company’s origin for quality of earnings and profits. Additionally, premium volumes are no longer on the top line, with cash received and investment elements no longer origins for income. The new ruling won’t permit day-one profit, where the profit recognized is over the period the insurance contract was offered.

In Kenya alone, there are 51 audit insurance companies with a dozen working for life and non-life, 14 underwriting life insurance, and 25 doing general insurance.

A lobby of actuaries named the Actuarial Society of Kenya (Task), has recommended Nairobi to start adopting IFRS 17 this coming January knowing its complicated nature of the rules given.

Gauri Shah, IFRS team leader at Task says, IFRS 17 will likely be very costly and profound to apply. The new standards may enhance some insurance companies to reckon tactical mergers or other partnership, so cost efficiencies can be improved.

However, Insurance Regulatory Authority has instructed audit insurance companies to apply IFRS early rather than observing its approach.

Godfrey Kiptum, IRA chief executive says, we encourage these firms to acquaint themselves with the IFRS modifications and evaluate its impact for smooth transition.

3 Things To Look For In Courier Companies

Not all things are done electronically. Some services still require manual labour such as those done by courier companies. If you frequently send packages or documents across states or all over the county, it is essential that you choose a courier that will do the service for you regularly. Having reliable courier company eliminates the need for you to go to travel just to deliver the package or gift to your recipient. Doing the delivery by yourself can be time-consuming and expensive. To hire a reliable company, here are some of the things that you should check.

Electronic services and deals

Choose a courier companythat makes serving its customers easier and for the customers to have an easier time while doing business with the company. One of which is to provide online quote tool that will make it easier for the customers to estimate how much they are going to spend for the courier services. Aside from convenient services, look for courier companies that offer discounts and promo deals to allow their customers to save money.

Offers local and international services

If you would second packages and documents across the globe, it is only right to look for a courier company that has wide service coverage or at least, has affiliates in other countries in order to serve you. Before coordinating with the company to do service with them, visit their website to determine the areas or country that they cover. Find out if the courier company offers low cost international services and if it is competitive in comparison to the rates collected by other companies.

Guaranteed fast and secure transactions

Choose one of those courier companies that is trusted in the industry. Read reviews and testimonials to find out if there are complaints against the company such as missing or damage parcels or reports on delayed deliveries. A courier company should be true to their guaranteed time of delivery which is 24 hours or next-day delivery for local parcels while the estimated time of delivery for international shipping is 1-5 days.