ASTM Develops
Property Management Standard
Often, when BSCs deal with a new property manager they have to reestablish their relationship with that account and learn how this new person wishes to work with contractors.

While there always will be a degree of difference between individuals, the American Society for Testing and Materials (ASTM) is trying to streamline property management to a more predictable level. The National Property Management Association (NPMA) then plans to use the standard in its professional certification process.

The standard is expected to set up criteria for performance standards, practices, metrics and methods of effectiveness for management and administrative duties. More specific areas covered will include “all aspects of personal property management from determination of needs and initial acquisition through final disposition, including receipt, identification, marketing, record keeping, custodial and administrative accountability, reporting, consumption, maintenance, movement, storage, inventory control, utilization and disposition,” according to ASTM.

For further information regarding the standard, click on Alphanumeric Listing and search for standard committee E53.

Floor Measurement Class Online
The Building Owners and Managers Association (BOMA) now offers an online seminar to train people in its Standard Method for Measuring Floor Area in Office Buildings.

The standard is the only one of its kind recognized by the American National Standards Institute (ANSI).

The course, which is open to both members and non-members, consists of three, one-hour modules which can be taken separate or all together:“History of the Standard,” “Overview of the Method” and “Application of Measurement Principles.”

Those interested in the course can access further information online.

Workers must inform insurance of divorces
A court recently found a business owner had committed fraud when he failed to inform his insurance agency that he and his wife had divorced. That is because he continued to keep her on his policy, without changing the marital status.

The details of the divorce decree stipulated that the man would cover his wife for 24 months under the federal COBRA law, but he didn’t understand that he had to notify the insurance carrier of the change in marital status in order to comply.

The court clarified that anyone continuing medical coverage for a former spouse must contact the insurance carrier to change that person’s status and to switch for normal coverage to COBRA coverage.

TAXES:
Variety of new regulations benefit businesses
There are a variety of new U.S. Internal Revenue Service considerations and clarifications this year due to a battery of newly passed regulations and recent court rulings involving tax-related issues.

  • Starting Jan. 1, IRS began allowing businesses to make payments every three months if they have less than $2,500 in quarterly employment taxes. This replaces the current standard, which allows quarterly payments only if businesses have less than $1,000 in quarterly employment taxes. Many small businesses above these threshold levels must make payments on a monthly basis.

  • Congress has repealed a controversial installment-sales tax that would make it more difficult and costly for contractors to sell their businesses. The original law, signed into effect in late 1999, forced small business owners to pay all capital gains taxes resulting from a business sale all in one sum, even if the sale’s payments are spread out over installments.

  • A new IRS pilot program, the Industry Issue Resolution program (IIR), is planned to move the agency away from auditing frequently disputed industry issues on a case-by-case basis and toward solutions that apply to significant numbers of business taxpayers. The IIR process is designed to resolve issues that are common to many large business taxpayers. The program is aimed at establishing a consistent IRS position on industry issues.

Contractors are encouraged to submit suggestions of industry-related tax problems for consideration no later than February 28. Instructions on how and where to send suggestions can be found in Notice 2000-65 at www.irs.gov.

Selections will be made by March 31, 2001 and planned completion for the pilot is November 30, 2001.

This information is intended as a summary of legal information and should in no way be construed as legal advice. Contact your attorney before proceeding with any legal action.




POSTED ON: 1/1/2001