Manufacturing and Distribution
Deducting Travel and Entertainment Expenses with Confidence
Brandon W. Vahl
When owners, managers and salespeople attend trade shows, call on customers and evaluate suppliers, they may incur travel and entertainment expenses. Here are the rules for deducting these costs, including how they have changed under the Tax Cuts and Jobs Act.
Employee or Independent Contractor? Worker Classification Matters
Seamus M. Donoghue
There’s a fine line between employee and independent contractor. The distinction may take on even greater importance under the new tax law as some employees try to shift ordinary income into business income to be eligible for the new qualified business income deduction. Here’s an overview of this issue and the characteristics that distinguish employees from contractors.
Is it Time to Switch Accounting Methods?
Mark A. Thomson
The Tax Cuts and Jobs Act (TCJA) liberalizes the eligibility requirements for certain accounting methods that are generally easier to use and more flexible. As a result, more small and midsize manufacturers may be eligible for tax reporting shortcuts that may warrant accounting method changes.
How to Put Financial Statements to Work for Your Business
Spring is the time of year that calendar-year-end businesses receive financial statements that conform to U.S. Generally Accepted Accounting Principles (GAAP). This year, take your financial statements beyond compliance and use it to develop a comprehensive business plan.
Production Costs – Are the Prices Too High, Too Low, or Just Right?
Anna M. Coldwell
Manufacturers tend to base product prices on direct production costs. They occasionally adjust prices for inflation or when the costs of raw materials spike. Here’s why this simplified pricing model may compromise market share over the long run and how market leaders factor market-based considerations into their pricing strategies.
Smart Factories and Blockchain: Stay on the Cutting Edge of Technology
Most manufacturers have already applied classic business management concepts, such as just-in-time production and continuous improvement initiatives, in order to enhance cash flow and efficiency. However, these efforts might not be enough to stay competitive in a technology-driven marketplace. Smart factories and blockchain technologies are expected to revolutionize the manufacturing industry in the 21st century. […]
Know the Risks and Rewards of Operating Across State Lines
Estimating state taxes is generally easier when you operate in only one state. However, manufacturers and distributors that cross state lines may be subject to taxes in more than one state. Although this may complicate matters during tax filing season, it could also offer opportunities to lower your company’s state tax liability. The Concept of […]
Worker Classification Matters
Mark A. Thomson
Many employers mistakenly believe that the misclassification of employees as independent contractors does not really matter, so long as contractors satisfy all of their tax obligations. This could not be further from the truth. This article explains the stakes involved when employers classify workers as employees or independent contractors.
Loan or Lease: What Is the Smartest Way to Finance New Asset Purchases?
Manufacturers that need to expand their facilities or update equipment may be weighing the pros and cons of financing versus leasing. This article explains tax, financial and practical considerations to help business owners make informed decisions.
Deciphering and Combating Cyber Risks
Seamus M. Donoghue
Data breaches can cause safety issues, negative publicity, lost productivity, and compromised personal and corporate data. This article explains the cost of data breach and outlines ways to help prevent attacks from inside and outside an organization