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Category: Manufacturing

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August 29, 2024
Evaluating Your Manufacturing Company’s Multistate Tax Liability

When operating across state lines, it’s critical for manufacturers to understand their multistate tax liability. To determine state tax liability, state governments consider whether a company has “nexus” in their respective states, meaning that its presence in them is ...

August 19, 2024
How to Choose the Best Inventory Accounting Method for Your Manufacturing Company

Your choice of accounting method for determining the value of your manufacturing company’s inventory can significantly impact your overall tax bill. Here are answers to some key questions regarding the tax and financial implications of the two most common methods: first-in...

June 4, 2024
Optional SECURE 2.0 Provisions for Manufacturing Plan Sponsors

SECURE 2.0 introduced over 90 provisions to modernize retirement plans and many of the optional provisions can be utilized to support the unique needs of a manufacturing and distribution workforce. We’ll review a few of these provisions and include considerations for your ...

June 4, 2024
8 Strategies for Boosting Your Manufacturing Production Capacity

Are your manufacturing company’s sales up over recent years, causing you to reach maximum capacity? One solution is to expand your operational footprint. But doing so requires large cash outlays, and you may feel some uncertainty about the economy and be hesitant to make s...

May 14, 2024
IRS Issues Final Regulations Regarding the Advanced Manufacturing Investment Credit

The Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act — signed into law in 2022 — provides generous tax incentives to increase domestic production of semiconductors, also known as chips. More specifically, the CHIPS Act created a temporary Adv...

April 10, 2024
10 Ways Cloud Computing Can Benefit Manufacturers

As the end of the first quarter of the 21st century nears, cloud computing has become an integral part of the modern-day manufacturing environment, growing in leaps and bounds over the last decade. Indeed, the use of this technology has spurred efficiency in manufacturing pr...

March 27, 2024
Structuring Your Manufacturing Company as an S Corporation or LLC Can Result in Different Outcomes

When it comes to business structure, manufacturing company owners have a few choices. Among them are an S corporation and a limited liability company (LLC). They’re popular with manufacturers because of their combination of liability protection and tax benefits. Both forms...

March 18, 2024
Can your manufacturing company benefit from the Work Opportunity Tax Credit?

The quest for skilled laborers in the manufacturing sector continues. Indeed, more than 600,000 manufacturing-related jobs remained open in December 2023, according to the U.S. Bureau of Labor Statistics. The Manufacturing Institute, an independent industry advocate, recentl...

February 13, 2024
How Manufacturers Can Factor Depreciation Tax Breaks Into Their 2024 Asset Purchase Planning

When manufacturers purchase equipment and other tangible property, various tax breaks are available, including Section 179 expensing and first-year bonus depreciation. For 2024, bonus depreciation has dropped another 20 percentage points in its gradual phaseout under the Tax...

January 5, 2024
Manufacturers: Pay Attention to These 6 Tax-Related Items in 2024

What’s the tax outlook for manufacturers as 2024 begins? While certain provisions of the Tax Cuts and Jobs Act (TCJA) begin to phase out, other tax laws, including the Inflation Reduction Act (IRA) and the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act, ...

August 30, 2023
Planning an Exit Strategy for Your Manufacturing Company

Every business owner should have an exit strategy that helps recoup the maximum amount for his or her investment. If you’re considering selling your manufacturing company to a third party, understanding the tax implications can help you plan for and, in some cases, reduce ...

August 1, 2023
Successfully Navigating the Shift to Reshoring Manufacturing Production can be Tricky

For decades, products that were made in America were synonymous with high quality and were manufactured in great abundance. Comparable products from other countries were often viewed as cheaper knockoffs....