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Is Your Business SEC Compliant?

Business Practices
Is your business compliant?

Logistics experts want to optimize cost-saving opportunities and implement streamlined solutions to meet clients’ needs. And they want to do so without getting dinged by government agencies.

The world is moving faster than ever and it has never been more imperative for transportation and logistics companies to focus on growing their businesses while mitigating risks. Staying compliant, especially when it comes to investments, means staying current with industry regulations and best practices.  

Some high-risk areas include trading, expenses, and marketing. Let’s have a look at a few of the challenges and opportunities when it comes to these areas of compliance, and what they mean for your business.

Sourcing Materials

Your team knows the ins and outs when it comes to producing, marketing, and distribute the goods or services you sell. Hopefully, you also know what goes into making those items and where they come from. Being familiar with components and their origins is crucial because the SEC will test your knowledge in line with a securities rule requiring businesses to scour their supply chains for potential conflict minerals. These include tantalum, tin, gold, tungsten, and other minerals that may have been sold to finance violence in conflicts in other countries. If your company uses any minerals in the legislation and fails to file an accurate report, you could face financial penalties.

Tax Deferrals

Many logistics companies take advantage of tax deferrals in hopes of creating more cash flow for reinvestment. For example, trucking companies often take accelerated depreciation on trucks and trailers.They’re also allowed to write off costs for new vehicles within the first few years of ownership.

Current tax law lets these types of companies deduct these kinds of expenses in different ways. These assets appear on their books, with little or no tax basis, resulting in a deferred tax liability.

In terms of SEC compliance, charting tax deferrals is critical over time. Changes in regulation are often driven by annual decisions and elections, so keeping records helps to future-proof your ongoing complicity. Apart from selling your business, there’s no predicting if and when these deferrals become an enforceable issue. If meeting your needs for cash through cash deferrals is a viable strategy for your business; just make sure you keep track of your write-offs.

Unsubstantiated Advertising

Unless you want a deficiency letter from the SEC, don’t publish marketing materials bragging “We’re the biggest, fastest, most trusted 3PL provider in the world.” Unless you can provide real evidence to that claim, you shouldn’t use it. The same applies to guarantees, testimonies, and endorsements. If you want to promote your worth to clients or customers – make sure you know what you’re saying. Especially for global firms, your best bet may be to work with compliance consultants when it comes to appropriate outreach strategies.

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