Manufacturing and Distribution

Categories

S Corp Versus LLC

April 13, 2022

The S Corp versus LLC: Two business entities that offer different benefits depending on the business’s needs. Some small businesses might be better off choosing an S Corp, while others might find the limited liability company (LLC) a better option.

C-Corporation to S-Corporation

April 11, 2022

Should you switch from a C-Corporation to S-Corporation? If you are thinking about switching entity types, there are a number of important issues you need to look at before finalizing your decision of which is best in your particular circumstances.

Business Meal Deduction

April 4, 2022

Believe it or not, the federal government is helping to pick up the tab for certain business meals. To help struggling restaurants during the pandemic, the Consolidated Appropriations Act temporarily doubled the business meal deduction for 2021 and 2022.

Updated Buy-Sell Agreement

March 30, 2022

An updated buy-sell agreement is a critical tool for owners of closely held manufacturing companies. It ensures an orderly ownership and management transition when an owner dies, becomes disabled, or otherwise leaves the company.

Maybe Accelerate and Defer?

March 28, 2022

Typically, businesses want to defer recognition of taxable income into future years and accelerate deductions into the current year. However, sometimes would it be prudent to do the opposite and maybe accelerate and defer? And why would you want to?

Tax-Favored Retirement Plan

March 28, 2022

VIDEO: If your business doesn’t already have a retirement plan, now might be a good time to explore the benefits of a tax-favored retirement plan. Current retirement plan rules allow for significant tax-deductible contributions.

First-Year Bonus Depreciation for Manufacturers

March 16, 2022

Many companies purchase qualified property and then take advantage of the powerful first-year bonus depreciation for manufacturers. These tax write-offs can benefit a manufacturer's cash flow, but claiming them isn't always the best decision.

Manufacturers Need Healthy Cash Flow

March 2, 2022

Manufacturers need healthy cash flow to help survive tough times and prosper during better times. Every manufacturer is different, so the right cash flow strategies depend on your situation. Let’s take a look at several strategies that might be right for your manufacturing company.

Spouse’s Travel Costs

February 22, 2022

Company owners frequently ask what costs are deductible if their spouse accompanies them on a business trip. One must remember that the rules for deducting a spouse’s travel costs are very restrictive unless your spouse is a bona fide employee. This requirement prevents tax deductibility in most cases.

Manufacturing Cyberattack Risks

February 17, 2022

Cyberattack risks for manufacturers are a threat even though manufacturing companies generally don’t sell products on the Internet or collect credit card numbers and other sensitive customer data.

Withdraw Cash from Company

February 16, 2022

The simplest way to withdraw cash from closely-held corporations is to distribute the cash as a dividend. However, this isn't tax-efficient because it is taxable to you to the extent of your corporation's "earnings and profits," It is also not deductible by the corporation. But, there are alternate methods.

Keeping Remote Workers Connected

February 16, 2022

Many employees have appreciated the opportunity to work from home, but not all of them and some remote workers feel disconnected and isolated. If you plan to make remote working a part of your company, you need ways of keeping remote workers connected to their jobs and colleagues.

Remote Selling for Manufacturers

February 11, 2022

Even before COVID-19’s impact on businesses, remote selling for manufacturers was becoming a “new normal.” For several years prior to COVID-19, there was a trend toward digital interactions that were accelerated by the social-distancing environment and now may become permanent.

Sole Proprietor Tax Issues

February 11, 2022

Sole proprietor tax issues are important considerations for new and existing businesses. In this article are eight important issues to consider.

Deductible Expenses & Good Records

January 31, 2022

Two things that business owners need to remember are that deductible expenses & good records can make life easier when filing taxes and help defend the expenses if the IRS conducts an audit.