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NACM has a wealth of member experts in the fields of business-to-business credit and law. Consider using NACM as a resource in the development of your next business story.

Media Contact: Caroline Zimmerman, Editorial Director, 410-740-5560, carolinez@nacm.org

Expert Offers Unclaimed Property Insights Ahead of NACM Credit Congress

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February 9, 2012: Columbia, MD-Budget shortfalls remain widespread in the wake of the financial crisis. One notable, and oft-overlooked, casualty of the worst recession in a generation is lax administration of escheatment and unclaimed property rules by state authorities. Where once companies could often pay little mind to local laws governing unclaimed property, now, as recent studies have shown, enforcement is ramping up as local governments look high and low for ways to fill in budget gaps.

The nation's credit professionals must keep this in mind, and to help them, Val Jundt, managing director of Keane Consulting and Advisory Services and a frequent presenter at events hosted by the National Association of Credit Management (NACM), recently offered her best recommendations to trade credit professionals beset by these new challenges, where stringent enforcement of unclaimed property liabilities is the norm, rather than the exception. "Though accounts receivable credit balances are clearly within the definition of an unclaimed property liability, it has only been within the past 5-7 years that this category of property has become a primary focus for the auditor," said Jundt. "The responsibility of the credit manager to ensure that the identification, tracking and posting of all customer credit balances is done accurately, and completely, is critical."

Filling the Gap in the Financial Mentor Shortage

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December 16, 2011: Columbia, MD—The results of a recent Mergis Group Women in Finance survey illustrated that both men and women believe the field of accounting and finance is in need of more mentors. According to the survey, less than a third of participants reported ever having a mentor or role model to support their careers. In addition, over two-thirds believe role models are critical to their success.

Economy, Politics Among Credit Professionals’ Top 2012 Concerns

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Columbia, MD: December 14, 2011—Credit professionals still consider the economy to be their biggest concern for the coming year, according to an annual survey conducted by the National Association of Credit Management (NACM). For the third straight year, when asked “Looking forward to 2012, as a credit professional, what are your biggest concerns?” the largest percentage (26.7%) of the nearly 1,000 participants chose “lingering uncertainties about the still-sluggish economic recovery.” The result was expected, as credit professionals continue to face stagnant business conditions along with an increase in bankruptcy filings, preference actions and customer difficulties.

NACM Welcomes Repeal of 3% Withholding Tax

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After five years of opposition, the National Association of Credit Management (NACM) today welcomed President Barack Obama's signature of H.R. 674, a bill that finally repeals the 3% withholding tax on local, state and federal government contracts.

Had the bill not been signed into law, contractors would've been forced to sacrifice 3% of their profit from government projects in order for the Internal Revenue Service (IRS) to ensure these companies' compliance with tax obligations. While NACM believes that all businesses should pay what they owe in taxes, the devastating effects that the 3% withholding requirement would've had on contractor cash flow would've negated any positive developments in tax compliance. Luckily, Congress and the Administration have finally recognized this, and summoned the political will to repeal this harmful tax.

NACM Welcomes Final Approval of 3% Withholding Repeal

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Congratulates House for Unanimously Approving H.R. 674

Columbia, Maryland: November 17, 2011-Following the House's 422-0 approval of H.R.674 last night, the National Association of Credit Management (NACM) welcomed the imminent end of the 3% withholding tax, which it has staunchly opposed since its enactment in 2006. Although the tax was originally passed to address tax compliance, the devastating effect it would've had on contractor cash flow would've easily outweighed any potential gains.

However, with the House's unanimous approval of an amended version of H.R. 674, contractors, subcontractors and any other party involved on government projects can rest easy, knowing that their cash flow is safe from this harmful withholding requirement.

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