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When reviewing their income statements, business owners tend to focus on profits (or losses). But focusing solely on the bottom line can lead to mismanagement and missed opportunities. Instead, you should analyze this financial report from top to bottom for […]

The pretax (accounting) profit that’s reported on your company’s income statement is an important metric. Lenders, investors and other stakeholders rely on pretax profits to evaluate a company’s financial performance. However, business owners also need to keep their eyes on […]

Audit season is just around the corner for calendar-year entities. Understanding the types of source documents your audit team might request can minimize disruptions during audit fieldwork and maximize your audit’s effectiveness. Here are some common sources of “substantive evidence” […]

Profitable businesses often experience cash flow shortages, particularly if they’re experiencing rapid growth. Business owners may wonder why they owe taxes when they regularly struggle to find cash to cover their bills. The answer can be found by understanding the […]

In the wake of the pandemic and the ongoing threat of natural disasters, a business continuity plan is a must for manufacturing companies. Your plan should outline the immediate steps to be taken in the event of a crisis and […]

The IRS has published final regulations for the Section 45X advanced manufacturing production credit. The final regs update several significant areas from the proposed regs released in late 2023. The credit in a nutshell The Sec. 45X credit was created […]

Many manufacturer owners may have a ballpark idea of their company’s value. But a professional valuation is essential if you’re considering selling your manufacturing business. You also may need one if you’re applying for a loan, seeking other financing, drafting […]

As the year draws to a close, it’s generally manufacturers’ last chance to implement strategies to reduce their 2024 tax liability. Several provisions of the Tax Cuts and Jobs Act (TCJA) can still provide substantial tax benefits. And a range […]

The Tax Cuts and Jobs Act (TCJA) included a significant — but delayed — change to the tax treatment of research and experimentation (R&E) expenses under Internal Revenue Code (IRC) Section 174. To the surprise of many experts, Congress failed […]

Do a tax withholding checkup As we get closer to the end of the year, employees only have a few paychecks left for 2024. If you're an employee who received a surprise tax bill – possibly with penalties – for […]

Internal Revenue Code Section 179 potentially allows significant first-year depreciation deductions when your business places qualifying assets into service. You generally want to maximize current year depreciation write-offs for newly acquired business assets. However, the Sec. 179 rules change annually due […]

The Tax Cuts and Jobs Act (TCJA) virtually doubled the standard deduction through 2025. So fewer taxpayers are itemizing deductions these days. Instead, more people are claiming the standard deduction. When making year-end charitable contributions, consider whether you'll claim the standard […]