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Owners’ Compensation: What Is Considered Reasonable?

It’s not uncommon at year-end for manufacturing company owners to review the year’s performance and consider whether they’ve been fairly compensated for their efforts. Indeed, if the business has extra cash on hand, owners may decide to pay themselves a holiday bonus or make a special distribution to help cover their personal tax obligations for earnings from a pass-through business.

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How Does The IRS Section 199A Deduction Affect Manufacturers?

Manufacturing company owners who value personal asset protection from creditors typically operate their businesses as C corporations. However, in recent years, some owners have switched their companies’ form of business ownership to one of the pass-through entities, such as an…

Papers, calculator, and marker sitting flat on a wooden desk

2023 Minnesota Pass-Through Entity Tax Changes

On May 24, 2023, a tax bill was signed that will potentially have significant tax advantages to business owners. Minnesota’s PTE tax allows pass-through entities to pay tax on behalf of the owners. The PTE election allows the pass-through entity…

Spring/Summer Office Hours

The end of tax season is just around the corner! Our staff have been working hard and we really appreciate their dedication. We are excited to provide them some extra time for relaxation while our offices are closed on Fridays…

Manageable growth should be a strategic planning focus

When a company’s leadership engages in strategic planning, growing the business is typically at the top of the agenda. This is as it should be — ambition is part and parcel of being a successful business owner. What’s more, in many industries, failing to grow could leave the company at the mercy of competitors.

New Research and Development Credit Tax Provisions

Inflation Reduction Act expands valuable R&D payroll tax credit

When President Biden signed the Inflation Reduction Act (IRA) into law in August, most of the headlines covered the law’s climate change and health care provisions. But the law also enhances an often overlooked federal tax break for qualifying small…

Clean Vehicle Credit comes with caveats

The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor…

Want to see into the future? Delve deeper into forecasting

For a company to be truly successful, its ownership needs to attempt the impossible: see into the future. Forecasting key metrics — such as sales demand, receivables, payables and working capital — can help you manage overhead, offer competitive prices…

The Inflation Reduction Act includes wide-ranging tax provisions

The U.S. Senate and House of Representatives have passed the Inflation Reduction Act (IRA). President Biden is expected to sign the bill into law shortly. The IRA includes significant provisions related to climate change, health care, and, of course, taxes….

Is it time for your business to fully digitize its accounts receivable?

With electronic payments and in-app purchases becoming so much the norm, many midsize to large companies have grown accustomed to software-driven accounts receivable. But there are some smaller businesses that continue to soldier on with only partially automated payment systems….