7 Midyear Tax-reduction Strategies for Manufacturers
As the midpoint of the year fast approaches, it’s a good time for manufacturers to assess their tax status and plan appropriate strategies for reducing their 2022 tax liability. Although […]
Post Author: Cheryl Lanese CPA CCIFP
S Corporation Vs. LLC: The Way a Manufacturing Company Is Structured Affects Taxes and More
For decades, owners of small to midsize manufacturing companies have opted for the S corporation form of ownership, rather than being subject to the double taxation of C corporations. However, […]
Manufacturers Need to Act Soon to Take Advantage of 100% First-Year Bonus Depreciation
First-year bonus depreciation typically creates a powerful tax incentive for eligible manufacturers to purchase qualified property needed for business reasons. These tax write-offs can benefit a manufacturer’s cash flow, but […]
5 Ways to Upskill Your Workforce
Last year was another tumultuous one in the manufacturing sector. The continued impact of the COVID-19 pandemic, unprecedented disruptions to the supply chain and a competitive business environment were all […]
Manufacturers: Don’t Miss Out on an R&D Tax Credit
The credit for increasing research activities, commonly referred to as the research and development (R&D) credit, is one of the biggest and best tax breaks available to manufacturing companies. Unlike […]
What you can do to prevent fraud in your construction company
Fraud is costly for all victimized companies, but it’s even worse in the construction sector. According to the Association of Certified Fraud Examiners’ Report to the Nations: 2020 Global Study […]
Not my plant! Preventing ransomware attacks on manufacturers
The world’s largest meat production company was recently sidelined by a ransomware attack. The hack forced the company to temporarily shutter plants in the United States, Canada, and Australia, affecting […]
New from the IRS: Form 1099-NEC
The IRS has officially unveiled the new 1099-NEC form. Beginning with tax year 2020, filers must use Form 1099-NEC to report any non-employee compensation. This form replaces form 1099-MISC Box […]
Good records are the key to tax deductions and trouble-free IRS audits
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully […]
