07.07.20

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 […]

06.17.20

SECURE Act: New Tax Incentives for Employers to Offer Retirement Benefits

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 […]

05.28.20

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 […]

04.21.20

Why Manufacturers Cannot Afford to Ignore Cybersecurity

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 […]

03.18.20

Work Opportunity Tax Credit Extended Through 2020

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 […]

02.27.20

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, […]

01.08.20

Why the Segmented Income Statement is a Powerful Management Tool

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.

12.13.19

On the Road: Let’s Review the Tax Implications of Providing Company Cars

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.

11.25.19

Making “Made in the USA” Work
Seamus M. Donoghue

“Made in the USA” is a hot marketing trend that can help manufacturers differentiate products in the marketplace. If manufacturers can obtain goods domestically faster and at lower costs than foreign suppliers can offer, it seems like a win. But, when “homegrown” products are more expensive than foreign-sourced products, purchasers may balk at the higher price tag.

10.25.19

Sales Tax After Wayfair: What Manufacturers Need to Know
Brandon W. Vahl

The U.S. Supreme Court’s landmark decision in South Dakota v. Wayfair affects many businesses, including manufacturers,  that buy or sell products across state lines. It upheld South Dakota’s “economic nexus” statute that requires certain out-of-state sellers to register for and collect sales tax in the state, even if they lack a physical presence there.