Ways and Means committee released the first draft of the tax legislation Congress is working on. Many of the items are expected extensions of existing tax law, but there are some big ticket changes they are discussing as well. The draft includes items like Section 174 expensing, no tax on tips and tip credit for salons, no tax on overtime, manufacturing specific provisions, state and local tax deductibility changes. Stay tuned for more as the process unfolds.
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As of March 2025, FinCEN removed BOI reporting for U.S. companies, but foreign entities must still report. Future changes may be considered later this year.
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Manufacturing businesses can’t immediately adapt to tariffs due to existing contracts, inventory, and customer commitments. However, they can take proactive steps to minimize disruption and navigate the changes strategically.
We help organizations in a variety of industries navigate complexities with confidence, helping to ensure optimal performance and compliance at every turn.
Working with the team at Boyum Barenscheer means more than just having tax or audit assistance. It’s about stepping into a world where helpful experts encourage you and your company goals at every turn. We’re advisors with a passion for helping our clients succeed.