Connections for Success


Manufacturing and Distribution


Keep it Simple! “Small” Manufacturers May Opt to Use Simplified Reporting Methods
Joel A. Herman

The Tax Cuts and Jobs Act (TCJA) expanded the tax code’s definition of “small business” to include those with average annual gross receipts of $25 million or less (adjusted for inflation) for the three preceding tax years. Both the 2020 and 2021 inflation-adjusted threshold is $26 million. Manufacturers that qualify as small businesses may be […]


Creating a Business Plan in Uncertain Times
Brandon W. Vahl

With the economy in a state of flux because of the COVID-19 pandemic, many manufacturers may need additional financial assistance. A business plan that accurately reflects your business is something every company — manufacturing or not — should have. Now is the time to create or update your business plan to provide company growth expectations […]


Is Remote Selling the New Normal? Tips to Make the Most of Your Sales Program
Joyce Carlson

The COVID-19 pandemic impacted the way people interact and do business. Many of the changes that have been made to adapt to a social-distancing environment within the digital landscape will likely become permanent and evolve over time. Though pre-COVID-19 digital trends were already surfacing as a basis for contemporary selling, many experts agree that the […]


Is it Time to Update Your Company’s Drug Use Policy?
Harry Fox

Given the safety risks involved with many manufacturing jobs, it is a good idea for manufacturers to adopt and consistently enforce a drug and alcohol policy. However, the evolving legal environment — particularly with many states moving toward legalizing marijuana — greatly complicates the process. Alcohol vs. marijuana When marijuana was illegal everywhere, determining how […]


SECURE Act: New Tax Incentives for Employers to Offer Retirement Benefits
Mark A. Thomson

The Setting Every Community Up for Retirement Enhancement (SECURE) Act authorizes a new, cost-effective type of retirement plan: The pooled employer plan (PEP) beginning in 2021. This is a new type of multiple employer plan (MEP). MEPs have been available for many years, but they suffer from some serious drawbacks and inherent complexities that make […]


Keys to Effective Bring-Your-Own Device Policies
Seamus M. Donoghue

Manufacturers may implement bring-your-own-device (BYOD) policies for salespeople who travel, customer service representatives who work from home and managers who use mobile devices to perform business tasks. But allowing access to the company’s systems on an unsecured device presents risks. How can you protect your company’s data without violating employees’ privacy rights? Evaluating the pros […]


Why Manufacturers Cannot Afford to Ignore Cybersecurity
Matthew L. Weiskopf

Many manufacturers have a false sense of calm when it comes to cybersecurity. They incorrectly assume their risk of a cyberattack is low because they do not sell products on the Internet or gather credit card information and other sensitive data from customers. It is true that most big data breaches that make headlines focus […]


Work Opportunity Tax Credit Extended Through 2020
Mark A. Thomson

2020 may be a good year for hiring, since the Further Consolidated Appropriations Act extended the Work Opportunity Tax Credit (WOTC) through 2020. This federal income tax credit is available to businesses that hire members of certain “targeted” groups. Let’s examine how the credit can benefit your business. Reviewing the basics The WOTC encourages businesses […]


Independent Contractor vs. Employee: Understanding Worker Designation
Seamus M. Donoghue

Beware: Worker classification is an IRS hot button Treating a worker as an independent contractor (IC) rather than an employee can provide a business with important advantages. Whether a worker is classified as an IC or an employee depends on several factors targeting the level of control you exert over the worker. Per the IRS, […]


Why the Segmented Income Statement is a Powerful Management Tool
Mark A. Thomson

A company car can be a valuable perk for business owners, salespeople and other key employees who use their vehicles for business purposes. Now may be an ideal time to acquire business vehicles, as the Tax Cuts and Jobs Act of 2017 (TCJA) more than tripled the “luxury auto” threshold, from an original cost of $15,800 to an inflation-adjusted cost of just over $50,000. Depreciation deductions for 2019 are not limited until a vehicle’s cost exceeds $50,400, and accelerated depreciation opportunities are available.

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