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 each situation is unique, here are seven general tax moves…

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 each situation is unique, here are seven general tax moves…
While many economic indicators remain strong, the U.S. economy is still giving business owners plenty to think about. The nation’s gross domestic product unexpectedly contracted in the first quarter of 2022. Rising inflation is on everyone’s mind.
A companywide income statement may be sufficient for lenders or other outsiders to evaluate your manufacturing company’s financial performance. But from management’s perspective, a “segmented” income statement can provide valuable insight into key performance drivers and possible improvement strategies.
A buy-sell agreement is a critical tool for owners of closely held manufacturing companies. It ensures an orderly ownership and management transition when an owner dies, becomes disabled, or otherwise leaves the company. And it creates a market for departing owners’ shares, providing owners and their families with liquidity and ensuring that the business stays in the family or other tight-knit ownership group.
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 claiming them isn’t always the best decision. However, if your manufacturing company wants to take full advantage of the bonus depreciation, this is the year to do so.
Common sense dictates that every company, no matter how small, should carry various forms of business insurance. But that doesn’t mean you should pay unnecessarily high premiums just to retain the coverage you need. Here are five ways to better control your insurance costs without sacrificing the quality of your policies:
The IRS has announced additional relief for pass-through entities required to file Schedules K-2 and K-3 for the 2021 tax year. Certain domestic partnerships and S corporations won’t be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items of international tax relevance” that they need to file their own returns.
Managing and improving cash flow can help manufacturers survive tough times and prosper during better times. Every manufacturer is different, so the right cash flow strategies depend on your situation. Let’s take a look at several strategies that might be right for your manufacturing company.
The continued impact of the COVID-19 pandemic, unprecedented disruptions to the supply chain and a competitive business environment have created a challenging business environment. But manufacturers are facing another major obstacle: the ever-growing skills gap in the workforce. Here’s one possible solution to this.
The COVID-19 pandemic has had a dramatic impact on the way people interact and do business. And it’s likely that a number of the changes made to adapt to a social-distancing environment will become permanent.
Business owners, year end is officially here. It may even be over by the time you read this. (If so, Happy New Year!) In any case, the end of one year and the beginning of another is always an optimal time to look back on the preceding 12 calendar months and ask a deceptively simple question: How’d we do?
We all learned a lesson in supply chain when we couldn’t find toilet paper 18 months ago. You may have seen higher pricing, a run on products that left shelves empty, or you were limited on the number of packages you could buy. You may have decided to purchase a different brand, go to another store, or shop on the internet where you usually wouldn’t have shopped for toilet paper. Who would have thought something as historically abundant and necessary as toilet paper would be out of stock?
Have you ever received your tax return, only to be surprised by the end result? Have you ever said to yourself: “I wish I would have known that before the end of the year!” ? Here’s a guide on how plan ahead so your tax returns don’t catch you by surprise.
Commercial loans, particularly small business loans, have been in the news over the past year or so. The federal government’s Paycheck Protection Program has been helpful to many companies, though fraught with administrative challenges.
Business owners are regularly urged to create and update their succession plans. And rightfully so — in the event of an ownership change, a solid succession plan can help prevent conflicts and preserve the legacy you’ve spent years or decades building.