Manufacturing and Distribution

Do you know what are the top tax-saving opportunities for manufacturers in 2023? Once your manufacturing company’s 2022 tax return has been filed, you can focus your efforts on reducing its 2023 tax liability.

Now may be the time for your manufacturing company to consider offering employer-provided child care. The Section 45F tax credit can help offset some of the costs.

If you’re seeking opportunities for improving cash flow in your manufacturing company, consider a fixed asset or cost segregation study. Manufacturing is a capital-intensive industry, so it’s critical to ensure that fixed assets are classified properly to recover their costs as quickly as possible.

Barring further legislation, certain manufacturing tax laws are in limbo, as key provisions have expired or have begun to phase out. Here are three that could have a significant impact on your company.

Year-end is the traditional time when manufacturers and other business entities conduct productive employee performance reviews. Unfortunately, reviews are often done as quickly as possible, with little thought given to providing the type of feedback to employees that will ultimately help the company achieve its strategic goals.

The tax implications when selling a manufacturing business can impact your tax bill and therefore, your net proceeds from the sale.

Manufacturers need to conduct a periodic review of their buy-sell agreement and modify its language to reflect changing circumstances.

A company's structure affects taxes and for decades, owners of small to midsize manufacturing companies have opted for the S corporation form of ownership, rather than being subject to the double taxation of C corporations. However, in recent years the limited liability company (LLC) has become another popular alternative.

The 2022 State of Manufacturing results are in! Minnesota manufacturers are now preparing for yet another marketplace headwind.