Manufacturing and Distribution

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Manufacturers: Consider a Reverse Sales & Use Tax Audit

Manufacturers should consider conducting a reverse sales & use audit (the opposite of a government audit that seeks to collect tax underpayments) to ensure they are taking full advantage of sales & use tax exemptions.
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FTC Ban on Noncompete Agreements

A new FTC ruling has made noncompete agreements unenforceable for most employees, with the aim of fostering competition and job mobility. Learn about the ruling and its potential impact on your business in this article.
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Segmented Income Statement for Manufacturers

Most manufacturers issue companywide income statements. But have you considered digging deeper into your numbers with a segmented income statement? It can highlight key performance drivers and possible improvement strategies for your company.
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Misrepresentation of Wellness and Nutrition Expenses

The IRS has issued a warning against companies misrepresenting personal wellness and nutrition expenses as medical expenses. Understand the potential tax implications and how to use your health spending accounts responsibly.
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Maximize Depreciation of Newly Acquired Assets

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can help achieve this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions.
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Exploring Holding Companies

Holding companies offer benefits such as tax efficiency, liability protection, and privacy, but they also present challenges and complexity. This article provides an overview of what holding companies are, how they work, and their pros and cons.
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Minnesota’s New “Right to Repair” Law

This article by Fafinski Mark & Johnson, P.A. details MN's new Digital Fair Repair Act that goes into effect July 1. The law requires manufacturers of any products sold in MN & use electronic elements, to provide parts, information, & tools for diagnosis, maintenance, & repair of the product on “fair and reasonable” terms. 
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WOTC for Manufacturers

The quest for skilled laborers in the manufacturing sector continues. Where can manufacturers turn to fill open positions? One option can also provide substantial tax savings: Hire workers that qualify for the Work Opportunity Tax Credit (WOTC).
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Maximize the QBI Deduction

The qualified business income, QBI deduction, is available to eligible businesses through 2025. After that, it’s scheduled to disappear unless Congress acts to extend it. So make the most of the tax break while it’s still on the books.
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R&D Credit for Small Businesses

Even if your startup business has little or no income tax liability, you may be eligible for a payroll tax credit election for increasing R&D activities. This tax break got better under the Inflation Reduction Act.
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Tax-Saving Opportunities for Manufacturers in 2024

For manufacturers, as certain provisions of the Tax Cuts and Jobs Act (TCJA) begin to phase out, other tax laws, including the Inflation Reduction Act and the Creating Helpful Incentives to Produce Semiconductors Act, have begun to kick in.
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Labor Shortages in Manufacturing

Your employee value proposition (EVP), refers to everything employees appreciate about the company. Survey your workers to learn what they value the most to help retain and attract employees and address labor shortages.
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Cash and Accrual Accounting Methods

Businesses have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes.
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Identity Theft Scams – Protect Yourself

Identity theft occurs when someone wrongfully obtains and uses another person's personal information, such as their name, Social Security number, credit card accounts, or other confidential data, and uses it to commit financial fraud or engage in other criminal activities while impersonating the victim.
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Manufacturing Section 179 Tax Breaks

In 2024, manufacturers purchasing equipment and other tangible property may be able to save taxes by claiming Section 179 expensing and first-year bonus depreciation.
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