Blog

Category: Manufacturing

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February 26, 2025
Make Smarter, Data-Driven Decisions After Determining Your Products’ Profitability

For manufacturers, knowing which products are profitable is essential for strategic decision-making and long-term success. While total revenue can provide a sense of overall product performance, profitability analysis can deliver a clearer picture of which products contribut...

February 4, 2025
Navigating the Impact of New Tariffs on Manufacturing Businesses

President Trump has announced new tariffs affecting imports from Canada, Mexico, and China, with rates set at 25% on general imports from Canada and Mexico, 10% on Chinese imports, and an additional 10% on Canadian energy resources. Given that these three countries account f...

January 28, 2025
Cybersecurity Challenges in Manufacturing are Growing

Cybersecurity is more critical than ever for manufacturers as they increasingly integrate advanced technologies such as the Industrial Internet of Things (IIoT), robotics and automation into their operations. While these innovations boost efficiency and productivity, they al...

December 16, 2024
New to Boyum

At Boyum Barenscheer, we specialize in providing comprehensive transaction advisory services to help businesses and their partners navigate complex financial landscapes. Our team of experienced professionals is dedicated to delivering tailored solutions that drive value and ...

December 12, 2024
Navigating Retirement Plan Options to Attract and Retain Talent in Minnesota’s Evolving Landscape
December 10, 2024
Year-End Tax Planning Ideas for Manufacturers

It is year-end planning season and we want to provide some tax planning ideas to manufacturers. Some of these ideas could apply right away and some are good to know to consider in the future. Here is a list of tax planning ideas that could apply to manufacturers....

December 6, 2024
AI in Manufacturing Webinar Recording

Missed our engaging webinar on AI in the manufacturing sector? The recording is now available! We were thrilled to host Tory Bjorklund from Victoria Fide Consulting, a digital transformation expert, who shared insights on the common challenges manufacturers face when impleme...

November 25, 2024
AI in the Manufacturing Sector

Join us for an engaging webinar on AI in the manufacturing sector. We are excited to bring in Tory Bjorklund from Victoria Fide Consulting, a digital transformation expert who will address the common challenges manufacturers face when implementing AI solutions. Tory will sha...

November 18, 2024
UNICAP and Inventory: What Every Manufacturer Should Know

For manufacturers, effective inventory management goes beyond balancing stock levels; it also involves leveraging tax rules that can impact the bottom line. Let’s explore key factors affecting inventory accounting for large and small manufacturing businesses....

November 12, 2024
How to Handle the Changes to R&E Tax Treatment

The Tax Cuts and Jobs Act (TCJA) included a significant — but delayed — change to the tax treatment of research and experimentation (R&E) expenses under Internal Revenue Code (IRC) Section 174. To the surprise of many experts, Congress failed to act before the change too...

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...