Manufacturing and Distribution

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Manufacturing Tax Laws in Limbo

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.
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Conduct Productive Employee Reviews in Manufacturing

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.
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Selling a Manufacturing Business

The tax implications when selling a manufacturing business can impact your tax bill and therefore, your net proceeds from the sale.
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Review of Buy-Sell Agreement

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

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.
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Multi-State Taxation

Manufacturers operating in more than one state may be subject to multi-state taxation. But with proper planning, you can potentially lower your company’s state tax liability.
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Going Out of Business Tax Obligations

Many businesses shut down due to the pandemic and the economy. However, going out of business tax obligations need to be met. First, a business must file a final income tax return and other related forms for the year it closes its doors.
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Research Tax Credit

If your small business or start-up is planning to claim the research tax credit, there’s an option to get immediate use of the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits against payroll taxes instead of your income tax.
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Estimated Tax Payment

The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated tax payments. You want your business to pay the minimum estimated tax payment without triggering the penalty for underpayment of estimated tax.
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Adding a New Partner?

Adding a new partner in a partnership has several financial and legal implications that need to be addressed.
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C-Corporation to S-Corporation

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.
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Updated Buy-Sell Agreement

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.
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Tax-Favored Retirement Plan

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.
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Olsen Thielen Celebrates 100 Years

Nearly 100 years ago, Olsen Thielen was founded on the belief that personal attention, trust, and quality service were the key elements to helping our clients succeed, and that commitment remains.  commitment to their clients and their community. 
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