CBIZ MHM Executive Education Series Leasing Considerations for
CBIZ & MHM Executive Education Series™ Leasing Considerations for the Construction Industry Heather Winiarski & Tony Hakes August 8, 2019 Questions? Email cbizmhmwebinars@cbiz. com 1
About Us • Together, CBIZ & MHM are a Top Ten accounting provider • Offices in most major markets • Tax, audit and attest and advisory services • Over 2, 900 professionals nationwide A member of Kreston International A global network of independent accounting firms MHM (Mayer Hoffman Mc. Cann P. C. ) is an independent CPA firm that provides audit, review and attest services, and works closely with CBIZ, a business consulting, tax and financial services provider. CBIZ and MHM are members of Kreston International Limited, a global network of independent accounting firms. Questions? Email cbizmhmwebinars@cbiz. com 2
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CPE Credit This webinar is eligible for CPE credit. To receive credit, you will need to answer polling questions throughout the webinar and be joined for the entire webinar time. External participants will receive their CPE certificates via email within 15 business days of the webinar. Questions? Email cbizmhmwebinars@cbiz. com 4
Disclaimer The information in this Executive Education Series course is a brief summary and may not include all the details relevant to your situation. Please contact your service provider to further discuss the impact on your business. Questions? Email cbizmhmwebinars@cbiz. com 5
Presenters Located in our Kansas City office, Heather has experience in public accounting primarily serving the real estate industry. She is a member of MHM’s Professional Standards Group, providing accounting knowledge in the area of lease accounting. In this role, Heather consults with clients and engagement teams, writes accounting publications, develops internal content, and teaches webinars and in-person courses. 816. 945. 5168 • hwiniarski@cbiz. com • @Mc. Wini. CPA HEATHER WINIARSKI, CPA MHM Shareholder Questions? Email cbizmhmwebinars@cbiz. com 6
Presenters Tony is a Lead Managing Director and Shareholder in the CBIZ & MHM Phoenix office and leads the Phoenix Construction Industry Services Group. He has provided consultation to clients on various accounting and reporting issues including revenue recognition, leasing, joint ventures, variable interest entities, interest capitalization, indirect cost allocation and evaluation of change orders and claims. Tony has also attained the designation as a Certified Construction Industry Financial Professional (CCIFP), 2006. TONY HAKES, CPA, CGMA, CCIFP Shareholder & National Construction Industry Services Group Practice Leader, MHM Lead Managing Director, CBIZ MHM, LLC Questions? Email cbizmhmwebinars@cbiz. com 602. 650. 6225 • ahakes@cbiz. com 7
Agenda 01 Overview of the Lease Accounting Changes 02 Inventorying Leases 03 Illustrative Examples 04 Other Implementation Considerations Questions? Email cbizmhmwebinars@cbiz. com 8
OVERVIEW OF THE LEASE ACCOUNTING CHANGES Questions? Email cbizmhmwebinars@cbiz. com 9
Key Changes for Lessees • Most leases will be recorded on the balance sheet • Principles-based standard • Expanded disclosures are required • Lease consideration is allocated between various LEASE PURCHASE Questions? Email cbizmhmwebinars@cbiz. com lease components based on relative standalone prices • Executory costs (taxes and insurance) are considered to be lease payments 10
Two Sets of Dates • Effective Date UPDA T propo E: FASB co ns se non-p d 1 year d idering e ublic busin lay for ess en tities • Public business entities: Fiscal years beginning after December 15, 2018 • All others: Fiscal years beginning after December 15, 2019 • Date of Application • Beginning of the earliest comparative period presented • Beginning of the reporting period in which the entity first adopts the new standard 11 Questions? Email cbizmhmwebinars@cbiz. com 202 1 2020 201 9 11
Lessee Basic Transition (Assumes the practical expedients are elected) ASC 842 ASC 840 Capital Lease Asset Capital Lease Obligation ASC 842 Right-of. Use Asset Lease Liability • Based on remaining rental payments and probable residual value guarantee using discount rate from the application date Right-of -Use Asset • Lease liability adjusted for prepaid or accrued rent, incentives, unamortized IDC, impairment, and disposal obligations ASC 840 Existing Operating Lease Existing Capital Lease Questions? Email cbizmhmwebinars@cbiz. com 12
An Overall Process Does the contract contain a lease? Reassessments & modifications What are the components of the contract? What is the lease classification? What is the accounting treatment? Questions? Email cbizmhmwebinars@cbiz. com 13
Lessee Basics • Under the standard, a contract is or contains a lease if it conveys the right to control the use of identified property, plant or equipment (an identified asset) for a period of time in exchange for consideration • How and for what purpose an asset is used Right to change the type of output produced by the asset Right to change when the output is produced Right to change where the output is produced Right to change whether the output is produced and the quantity of total output Referred to as decision-making rights: A customer can change how and for what purpose the identified asset is used throughout that period of use. • • Questions? Email cbizmhmwebinars@cbiz. com 14
Lessee Basics • Terms and conditions in a contract that are designed to: • Protect the supplier’s interest in the specified asset • Protect the supplier’s personnel • Ensure the supplier’s compliance with laws and regulations Referred to as protective rights: typically define the scope of the right of use, but do not prevent the customer from having the right to direct the use of an asset. Questions? Email cbizmhmwebinars@cbiz. com 15
Lessee Basics • An identified asset • Explicitly or implicitly specified • Portions of assets - must be physically distinct • Substantive substitution rights • Period of time, or lease term • Non-cancelable period, plus • Optional periods for which it is reasonably certain that the lessee will: • Exercise a renewal option, or not exercise a termination option • Periods lessor only has option to renew or terminate Questions? Email cbizmhmwebinars@cbiz. com 16
Lessee Basics • Short-term lease • Lease term is 12 months or less, and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise • Accounting policy election by asset class • Exercise caution when determining the lease term • Related party leases • Exercise even greater caution • Separating multiple components • Activities that are not separable (lease components) • Activities that are separable (non-lease components) Questions? Email cbizmhmwebinars@cbiz. com 17
Lease Classification Transfer of Ownership Purchase Option that is Reasonably Certain to be Exercised PV of Payments + Residual Value Guarantee by the Lessee is Substantially All of Fair Value Underlying Asset is of Specialized Nature Lease Term is for Major Part of Remaining Economic Life Questions? Email cbizmhmwebinars@cbiz. com 18
INVENTORYING LEASES Questions? Email cbizmhmwebinars@cbiz. com 19
Number of Leased Assets All Respondents as of late October 2018 35 Percentage of Companies 30 [VALUE] 25 [VALUE] 20 [VALUE] 15 [VALUE] 10 [VALUE] 5 0 <100 100 -499 500 -999 Questions? Email cbizmhmwebinars@cbiz. com 1, 000 - 4, 999 5, 000 -9, 999 10, 000 or More *Per Pw. C’s 2018 Q 4 accounting change survey 20
Status in Adoption of the New Lease Accounting Standard Public Companies as of late October 2018 4 3 13 80 Have Not Started Assessing the Impact Questions? Email cbizmhmwebinars@cbiz. com Implementation in Progress Implementation Complete *Per Pw. C’s 2018 Q 4 accounting change survey 21
Level of Difficulty in Certain Implementation Issues All Respondents as of late October 2018 Completeness 7700% Embedded Leases 21 7200% Data Abstraction 23 6900% Human Capital/Resources 6600% Process and Controls 6500% Project Management 10% 24 40% Somewhat to Very Difficult Questions? Email cbizmhmwebinars@cbiz. com 8 36 50% Not Difficult 60% 3 19 43 30% 4 27 4300% 0% 4 30 5700% System Selection 5 27 6100% System Implementation 2 14 70% 80% 90% 100% Unsure *Per Pw. C’s 2018 Q 4 accounting change survey 22
Identifying Leased Assets Questions? Email cbizmhmwebinars@cbiz. com 23
Suggestions for Inventorying Leases • Perform walk-throughs • Search for recurring payments • Include other departments • Centralize all contracts Questions? Email cbizmhmwebinars@cbiz. com 24
Tracking the Leases Public Companies As Of Late October 2018 4% 22% New Lease Management System Implementation Modification/Upgrade of Existing System 57% Utilizing Desktop Applications (e. g. spreadsheets) Other 17% Questions? Email cbizmhmwebinars@cbiz. com *Per Pw. C’s 2018 Q 4 accounting change survey 25
ILLUSTRATIVE EXAMPLES Questions? Email cbizmhmwebinars@cbiz. com 26
Illustrative Examples • Real estate lease • Contract Rent Payment/SF – 10, 000 SF, 7 year term • • • Base rent: $15. 00/SF Utilities: $3. 00/SF Janitorial: $2. 00/SF Real estate taxes & insurance: $2. 00/SF Common area maintenance: $3. 00/SF Total contract rent: $25. 00/SF • Discount rate = 5. 00% • Total lease components: $17. 00/SF Questions? Email cbizmhmwebinars@cbiz. com 27
Illustrative Examples • Present value calculations • Effect of separating non-lease components: • Reduction of capitalized cost by $473, 643. 75 Questions? Email cbizmhmwebinars@cbiz. com 28
Illustrative Examples • Initial accounting • Operating vs. finance lease • Example 3, Case A, ASC 842 -20 -55 -22 to 55 -30 • 10 year term • $50, 000 annual rental payment • $15, 000 of initial direct costs • Discount rate: • Rate implicit in the lease = unknown • Incremental borrowing rate = 5. 87% Questions? Email cbizmhmwebinars@cbiz. com 29
Illustrative Examples - Operating Lease inception Unamortized Lease initial liability direct costs ROU Asset $392, 017 $15, 000 $407, 017 Amortization Lease of initial payment direct costs Annual lease expense Total annual lease expense after 1 st pmt 362, 094 13, 500 375, 594 $50, 000 $1, 500 $51, 500 year 1 $51, 500 after 2 nd pmt 330, 413 12, 000 342, 413 50, 000 1, 500 51, 500 year 2 51, 500 after 3 rd pmt 296, 874 10, 500 307, 374 50, 000 1, 500 51, 500 year 3 51, 500 after 4 th pmt 261, 365 9, 000 270, 365 50, 000 1, 500 51, 500 year 4 51, 500 after 5 th pmt 223, 772 7, 500 231, 272 50, 000 1, 500 51, 500 year 5 51, 500 after 6 th pmt 183, 973 6, 000 189, 973 50, 000 1, 500 51, 500 year 6 51, 500 after 7 th pmt 141, 837 4, 500 146, 337 50, 000 1, 500 51, 500 year 7 51, 500 after 8 th pmt 97, 228 3, 000 100, 228 50, 000 1, 500 51, 500 year 8 51, 500 after 9 th pmt 50, 000 1, 500 51, 500 year 9 51, 500 - - - 50, 000 1, 500 51, 500 year 10 51, 500 after 10 th pmt $515, 000 Questions? Email cbizmhmwebinars@cbiz. com $515, 000 30
Illustrative Examples - Finance Lease inception Lease Interest Lease liability cost reduction $392, 017 $0 $0 ROU Annual carrying ROU Asset amortization value $407, 017 Total annual lease expense after 1 st pmt 362, 094 20, 077 29, 923 407, 017 $40, 702 366, 315 year 1 $60, 779 after 2 nd pmt 330, 413 18, 319 31, 681 366, 315 40, 702 325, 613 year 2 59, 021 after 3 rd pmt 296, 874 16, 461 33, 539 325, 613 40, 701 284, 912 year 3 57, 162 after 4 th pmt 261, 365 14, 491 35, 509 284, 912 40, 702 244, 210 year 4 55, 193 after 5 th pmt 223, 772 12, 407 37, 593 244, 210 40, 702 203, 508 year 5 53, 109 after 6 th pmt 183, 973 10, 201 39, 799 203, 508 40, 701 162, 807 year 6 50, 902 after 7 th pmt 141, 837 7, 864 42, 136 162, 807 40, 702 122, 105 year 7 48, 566 after 8 th pmt 97, 228 5, 391 44, 609 122, 105 40, 702 81, 403 year 8 46, 093 after 9 th pmt 50, 000 2, 772 47, 228 81, 403 40, 701 40, 702 year 9 43, 473 - - 50, 000 40, 702 - year 10 40, 702 after 10 th pmt $515, 000 Questions? Email cbizmhmwebinars@cbiz. com 31
Illustrative Examples • Subsequent accounting (same lease terms) • 10 year term, $50, 000 annual rental payment • Option to renew/extend: • One-time option to extend lease term for 5 years • $55, 000 annual rental payment • Exercised at the end of year 6 • $15, 000 of initial direct costs • Incremental borrowing rate: • At inception of the lease = 5. 87% • At the end of year 6 = 7. 83% Questions? Email cbizmhmwebinars@cbiz. com 32
Illustrative Examples - Operating Lease after 6 th pmt Unamortized Lease initial liability direct costs ROU Asset $183, 973 $6, 000 $189, 973 Amortization Lease of initial Annual lease expense direct costs expense $50, 000 $1, 500 $51, 500 Total annual lease expense year 6 $51, 500 Adjustment 171, 216 Remeasured 355, 189 6, 000 361, 189 after 7 th pmt 329, 086 5, 333 334, 419 52, 778 667 53, 445 year 7 53, 445 after 8 th pmt 300, 938 4, 667 305, 605 52, 778 666 53, 444 year 8 53, 444 after 9 th pmt 270, 587 4, 000 274, 587 52, 778 667 53, 445 year 9 53, 445 after 10 th pmt 237, 858 3, 333 241, 191 52, 777 667 53, 444 year 10 53, 444 after 11 th pmt 197, 176 2, 667 199, 843 52, 778 666 53, 444 year 11 53, 444 after 12 th pmt 153, 309 2, 000 155, 309 52, 778 667 53, 445 year 12 53, 445 after 13 th pmt 106, 006 1, 333 107, 339 52, 778 667 53, 445 year 13 53, 445 after 14 th pmt 55, 000 667 55, 667 52, 777 666 53, 443 year 14 53, 443 after 15 th pmt - - - 52, 778 667 53, 445 year 15 53, 445 $775, 000 Questions? Email cbizmhmwebinars@cbiz. com $790, 000 33
Illustrative Examples - Finance Lease after 6 th pmt Lease liability Interest cost reduction $183, 973 $10, 201 $39, 799 ROU Annual Asset amortization $203, 508 $40, 701 ROU carrying value $162, 807 Total annual lease expense year 6 $50, 902 Adjustment 171, 216 Remeasured 355, 189 334, 023 after 7 th pmt 329, 086 23, 897 26, 103 334, 023 37, 114 296, 909 year 7 61, 011 after 8 th pmt 300, 938 21, 852 28, 148 296, 909 37, 113 259, 796 year 8 58, 965 after 9 th pmt 275, 587 24, 649 25, 351 259, 796 37, 114 222, 682 year 9 61, 763 after 10 th pmt 237, 858 12, 271 37, 729 222, 682 37, 113 185, 569 year 10 49, 384 after 11 th pmt 197, 176 14, 318 40, 682 185, 569 37, 114 148, 455 year 11 51, 432 after 12 th pmt 153, 309 11, 133 43, 867 148, 455 37, 113 111, 342 year 12 48, 246 after 13 th pmt 106, 006 7, 697 47, 303 111, 342 37, 114 74, 228 year 13 44, 811 after 14 th pmt 55, 000 3, 994 51, 006 74, 228 37, 114 year 14 41, 108 after 15 th pmt - - 55, 000 37, 114 - year 15 37, 114 $790, 000 Questions? Email cbizmhmwebinars@cbiz. com 34
Illustrative Examples • Enterprise Fleet: 2018 Chevy Silverado 2500 HD Open End Equity w/$1 residual value 6% ($40, 059. 10) 35, 833. 86 Finance Lease Closed End Walkaway -9% ($31, 620. 27) 35, 833. 86 Op. Lease 39, 815. 40 (964. 43) 39, 815. 40 (1, 218. 65) 39, 815. 40 (961. 95) (964. 43) (9, 763. 88) (1, 218. 65) (1. 00) (961. 95) - Open End Equity w/residual value Internal Rate of Return --> 6% Net Present Value --> ($39, 820. 34) 90% of FMV of leased asset --> 35, 833. 86 Lease Classification Finance Lease FMV leased asset 1 2 3 : 36 Residual Questions? Email cbizmhmwebinars@cbiz. com 35
Illustrative Examples - Chevy Silverado Open End Equity Finance w/residual Lease liability lease value Lease liability Interest cost reduction 0 1 2 3 4 inception after 1 st pmt after 2 nd pmt after 3 rd pmt after 4 th pmt 31, 860 31, 050 30, 236 29, 418 28, 596 154 150 146 142 810 814 818 822 Open End Equity Finance w/$1 residual Lease liability lease value Lease liability Interest cost reduction 0 1 2 3 4 inception after 1 st pmt after 2 nd pmt after 3 rd pmt after 4 th pmt Oper. Lease Closed End Walkaway 0 1 2 3 4 inception after 1 st pmt after 2 nd pmt after 3 rd pmt after 4 th pmt 40, 259 39, 235 38, 207 37, 173 36, 134 195 190 185 180 Unamortized initial direct Lease liability costs 31, 778 30, 971 30, 159 29, 343 28, 523 1, 029 1, 034 1, 039 ROU Asset 1, 000 972 944 917 889 Questions? Email cbizmhmwebinars@cbiz. com 32, 778 31, 943 31, 103 30, 259 29, 411 ROU Asset 32, 860 31, 947 31, 034 30, 121 ROU Asset 41, 259 40, 113 38, 967 37, 821 Lease payment 962 962 Annual ROU carrying amortization value 913 913 912 32, 860 31, 947 31, 034 30, 121 29, 209 Total annual lease expense year 1 year 2 year 3 year 4 Annual ROU carrying amortization value 1, 146 41, 259 40, 113 38, 967 37, 821 36, 675 Total annual lease expense year 1 year 2 year 3 year 4 Amortization Annual lease of initial direct costs expense 28 28 990 990 1, 067 1, 063 1, 059 1, 054 1, 341 1, 336 1, 331 1, 326 Total annual lease expense year 1 year 2 year 3 year 4 990 990 36
Illustrative Examples • Pro forma Balance Sheet Illustrations • Small GC • Sample Mechanical • Heavy Contractor Questions? Email cbizmhmwebinars@cbiz. com 37
Illustrative Examples - Small GC 2020 ASSETS Current assets Property and equipment, net Right-of-use asset TOTAL ASSETS LIABILITIES & EQUITY Current liabilities Lease liability, current Total current liabilities Note payable, related party Lease liability, noncurrent Total liabilities $ $ $ Equity TOTAL LIABILITIES & EQUITY $ Current ratio Leverage ratio Working capital $ Capacity -10 x WC $ Capacity - 20 x WC $ ASU Adoption Pro Forma 2020 18, 833, 000 172, 000 19, 005, 000 $ $ 1, 234, 000 $ 18, 833, 000 172, 000 1, 234, 000 20, 239, 000 16, 056, 000 1, 036, 000 17, 092, 000 $ 280, 000 954, 000 1, 234, 000 16, 056, 000 280, 000 16, 336, 000 1, 036, 000 954, 000 18, 326, 000 1, 913, 000 19, 005, 000 $ 1. 17 8. 93 2, 777, 000 27, 770, 000 55, 540, 000 Questions? Email cbizmhmwebinars@cbiz. com 1, 234, 000 $ $ 1, 913, 000 20, 239, 000 1. 15 9. 58 2, 497, 000 24, 970, 000 49, 940, 000 Minimum lease payments 2021 $ 291, 000 2022 191, 000 2023 173, 000 2024 129, 000 2025 120, 000 2026 110, 000 2027 110, 000 2028 110, 000 2029 110, 000 2030 110, 000 $ 1, 454, 000 Discount rate: 3. 75% Balance sheet impact: $ 1, 234, 000 Current portion: $ 280, 000 38
Illustrative Examples - Sample Mechanical 2020 ASSETS Current assets Property and equipment, net Other assets Right-of-use asset TOTAL ASSETS LIABILITIES & EQUITY Current liabilities Lease liability, current Total current liabilities Long-term debt Lease liability, noncurrent Total liabilities $ $ $ Equity TOTAL LIABILITIES & EQUITY $ Current ratio Leverage ratio Working capital $ Capacity -10 x WC $ Capacity - 20 x WC $ ASU Adoption Pro Forma 2020 2, 217, 600 507, 600 26, 400 2, 751, 600 $ $ 1, 237, 000 $ 2, 217, 600 507, 600 26, 400 1, 237, 000 3, 988, 600 1, 464, 000 309, 600 1, 773, 600 208, 000 1, 029, 000 1, 237, 000 1, 464, 000 208, 000 1, 672, 000 309, 600 1, 029, 000 3, 010, 600 978, 000 2, 751, 600 $ 1, 237, 000 $ 978, 000 3, 988, 600 $ $ $ 1. 33 3. 08 545, 600 5, 456, 000 10, 912, 000 1. 51 1. 81 753, 600 7, 536, 000 15, 072, 000 Questions? Email cbizmhmwebinars@cbiz. com $ Minimum lease payments 2021 $ 216, 000 2022 216, 000 2023 216, 000 2024 216, 000 2025 216, 000 2026 72, 000 2027 72, 000 2028 72, 000 2029 72, 000 2030 72, 000 $ 1, 440, 000 Discount rate: 3. 75% Balance sheet impact: $ 1, 237, 000 Current portion: $ 208, 000 39
Illustrative Examples - Heavy Contractor 2020 ASSETS Current assets Property and equipment, net Right of use asset, noncurrent Other noncurrent assets TOTAL ASSETS LIABILITIES & EQUITY Current liabilities Lease liability, current Total current liabilities Long-term liabilities Lease liability, noncurrent Total liabilities $ $ $ Equity TOTAL LIABILITIES & EQUITY $ 9, 981, 000 16, 349, 000 1, 398, 000 27, 728, 000 $ 3, 295, 000 5, 646, 000 8, 941, 000 18, 787, 000 27, 728, 000 $ Current ratio 3. 03 Leverage ratio 0. 48 Working capital $ 6, 686, 000 Capacity -10 x WC $ 66, 860, 000 Capacity - 20 x WC $ 133, 720, 000 Questions? Email cbizmhmwebinars@cbiz. com ASU Adoption Pro Forma 2020 $ 7, 432, 000 $ 9, 981, 000 16, 349, 000 7, 432, 000 1, 398, 000 35, 160, 000 1, 077, 000 6, 355, 000 7, 432, 000 3, 295, 000 1, 077, 000 4, 372, 000 5, 646, 000 6, 355, 000 16, 373, 000 $ 7, 432, 000 $ 18, 787, 000 35, 160, 000 2. 28 0. 87 $ 5, 609, 000 $ 56, 090, 000 $ 112, 180, 000 Minimum lease payments 2021 $ 1, 125, 000 2022 1, 124, 000 2023 1, 126, 000 2024 1, 128, 000 2025 1, 130, 000 2026 1, 125, 000 2027 1, 124, 000 2028 1, 126, 000 2029 1, 128, 000 2030 1, 130, 000 $ 11, 266, 000 Discount rate: 4. 50% Balance sheet impact: $ 7, 432, 000 Current portion: $ 1, 077, 000 40
OTHER IMPLEMENTATION CONSIDERATIONS Questions? Email cbizmhmwebinars@cbiz. com 41
Implementation Issues to Consider • Take an inventory of all leasing arrangements • Prepare pro-forma balance sheet to evaluate impact • Share with external CPA • Share with bonding agent and surety • Share with bankers • Begin process of amending credit arrangements as needed • Develop accounting processes and controls: • Identification and capture of all leasing arrangements • Procedures for determining classification, measurement and recognition of right-of-use assets and lease liabilities • Subsequent accounting and re-evaluation Questions? Email cbizmhmwebinars@cbiz. com 42
? QUESTIONS Questions? Email cbizmhmwebinars@cbiz. com 43
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