The Oscars of asphalt roofing announced
The Asphalt Roofing Manufacturer’s Association (ARMA) announced the top three asphalt roofing projects for 2011 — two homes and one commercial project.
The gold medal the ARMA’s Quality Asphalt Roofing Case-Study (QARC) Awards program went to a residence in Deerfield, Ill., in a project by Precise Roofing. Silver went to a residence in Seagoeville, Texas, a project by Legends Roofing. And the Bronze medal was awarded to the Federal Reserve Bank of Atlanta – Miami Branch, a project by Advanced Roofing.
Judging was done by a panel of roofing industry experts and based on the project’s use of asphalt roofing systems, aesthetics, affordability and reliability.
“ARMA launched this program in 2010 as a way of honoring those hardworking roofing professionals who create innovative and extraordinary asphalt roofing systems for the residential and commercial markets.” said ARMA executive VP Reed Hitchcock. “Too often, asphalt roofing is overlooked or taken for granted but through our awards program we aim to feature these projects in the spotlight.”
The top three winners receive a check from ARMA in the amounts of $2,000, $1,000 and $500 and will have their projects featured on the QARC website.
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IRS: No worries about the 1099K
In a definitive answer to questions about 1099K reporting requirements, which relates to debit and credit card receipts, the IRS has said it will not require retailers and businesses to separately reconcile reimbursement information, such as cash back, sales taxes, state and local deposits, and other non-income related dollars from the gross receipts.
The IRS letter came in response to an inquiry from the Retail Industry Leaders Association (RILA), an Arlington, Va., trade group.
Last October, the IRS delayed implementation of the new requirement until 2012.
According to the IRS letter, “There will be no reconciliation required on the 2012 form, nor do we intend to require reconciliation going forward. Our intention is that the reporting of gross receipts and sales on the 2012 income tax forms will be modeled on the 2010 income tax forms.”
RILA raised concerns about the complexity of complying with the regulations as well as the relevance of the resulting number in a December 2011 letter to the IRS.
“We very pleased that the IRS took the time to listen and work with us to resolve this matter in a satisfactory manner,” said Bill Hughes, senior VP government affairs. “This will relieve retailers of an unnecessary burden while still providing the IRS with the tools it needs to ensure tax compliance.”
Valspar names new controller
Brenda McCormick, Valspar’s assistant controller and senior finance director, was promoted to Controller, according to a Feb. 16 filing with the Securities and Exchange Commission (SEC). McCormick also served as finance director at Valspar.
In previous experience, McCormick held positions as director financial reporting, planning and analysis at Lawson Software and director financial reporting – consumer products at International Multifoods.
The SEC report also summarized Valspar’s annual meeting on Feb. 16, where shareholders elected three directors who were on the slate and approved by a 10-to-1 margin, in an advisory vote, the corporation’s executive compensation.
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