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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 […]

A federal district court judge has struck down the Biden administration’s new rule regarding the salary threshold for determining whether certain employees are exempt from federal overtime pay requirements. The first phase of the rule took effect for most employers […]

President-Elect Trump will take power early next year along with a unified GOP Congress. However, it’s still unknown how the tax landscape will change in the coming years. The good news is that businesses have several avenues to explore before […]

As the end of the year draws near, savvy taxpayers look for ways to reduce their tax bills. This year, the sense of urgency is higher for many because of some critical factors. Indeed, many of the Tax Cuts and […]

President-Elect Donald Trump will return to the White House in 2025 — a year that already was expected to see significant activity on the federal tax front. A projected unified GOP Congress is poised to help him notch early legislative […]