Assess Whether or Not Your Technology is Aligned With Your Growth Plans
As we approach the end of 2014 and jump into 2015, CEOs and company management of small manufacturing enterprises must think farther out than the next year. Preparing for and anticipating growth of...
View ArticleTax Provisions Retroactively Extended by the Tax Increase Prevention Act of 2014
The long-awaited decision on tax extensions was announced on Dec. 16, 2014, when Congress passed the Tax Increase Prevention Act of 2014 (TIPA), which the President signed into law on December 19,...
View ArticleManufacturing and Distribution Winter 2014
Assess Whether or Not Your Technology is Aligned With Your Growth Plans As we approach the end of 2014 and jump into 2015, CEOs and company management of small manufacturing enterprises must think...
View ArticleFASB Announces Delay in Revenue Recognition Standard
FASB proposed delaying the effective date of the new revenue recognition standard by one year On April 1, 2015. The new standard will now be effective for annual periods beginnings after December 15,...
View ArticleImplemented an IC-DISC for the Export Sales of a Manufacturer
After being engaged to work with a local manufacturer on their S Corporation tax return, we recognized large portion of their products were being shipped to customers overseas. We recommended and...
View ArticleReviewing Bonus Plans to Ensure Appropriate Yearly Deductions Should be a...
Most taxpayers accrue bonuses at the end of the year and take a tax deduction as long as these bonuses are paid by March 15th of the following year. The IRS has been challenging this belief that...
View ArticleUtilized the New Tangible Property Regulations to Create Additional Tax...
After examining the fixed asset schedule of a manufacturing client, we were able to implement the new tangible property regulations and reduce the company’s taxable income by about $850,000. This saved...
View ArticleBenefits of an IC-DISC
IRS offers large tax incentives for manufacturers who export their product internationally. An Interest-Charge Domestic International Sales Corporation (IC-DISC) is a separate corporation which acts...
View ArticleManufacturing and Distribution Newsletter Winter 2016
2016 Manufacturing and Distribution Industry Outlook New reports from the Institute for Supply Management (ISM) have been released, and provide a look into the future of the manufacturing and...
View ArticleWhen to Review Your UNICAP Calculations
Everyone is working on their year-end accounting. As accounts are being reconciled and inventory is taken, have you reviewed your calculations for UNICAP? We previously provided detail on the UNICAP...
View ArticleValuing Your Manufacturing Business
There are several reasons why a manufacturing business may need to be valued, such as divorce, estate or gift taxation disputes, or a shareholder dispute. One of the most common reasons is the sale or...
View ArticleNew Lease Accounting Standard Released
After 10 long years of deliberation, the Financial Accounting Standards Board (FASB) has issued an accounting standards update (ASU) related to accounting for leases. The most significant changes...
View ArticleManufacturing and Distribution Newsletter July 2016
Accounting Standards Update for Leases In 2006, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) embarked on a project to increase the...
View ArticleSet Up an IC-DISC for Foreign Sales Resulting in Initial $32,000 Tax Savings
We assisted a client with setting up an IC-DISC (C Corporation) because of their substantial sales to foreign customers. The manufacturing company (S Corporation) calculates a commission based on...
View ArticleTurned Research & Development Expenses into $30,000 in Federal Tax Credits
We recommended a manufacturing client consider a research credit study to determine if federal credits could be taken on their tax return. Based on findings of the study, the company spent quite a bit...
View ArticleMore Taxpayers Can Benefit from Now Permanent R&D Tax Credit
The Research & Experimentation Tax Credit (R&D) is now a permanent tax law, making it easier and more efficient for businesses to do year-end tax planning. Until the Protecting Americans from...
View ArticleCourt Case Decides Missouri Sales Tax on Delivery Charges
The state of Missouri released a notice regarding the recent court case decision which dealt with the taxability of delivery charges. The law remains the same – In general, if parties intend delivery...
View ArticleTax Benefits of Closing the Manufacturing Skills Gap
A lack of skilled workers is a top challenge facing the manufacturing industry today. Executives and owners everywhere agree there is a talent shortage, and that shortage is increasing as baby boomers...
View ArticleThe IRS Repair Regulations Storm has Passed, but Big Tax Benefits are Still...
Yes, I know what you are thinking… Are we REALLY still talking about the IRS Repair Regulations? Hasn’t the Repair Regulations ship already sailed? While the big news of the Repair Regulations hit...
View ArticleTax Savings of an IC-DISC
An Interest-Charge Domestic International Sales Corporation (IC-DISC) is a separate corporation which acts as a sales commission agent for businesses exporting goods outside of the United States....
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