Manufacturing company owners may mistakenly believe that the misclassification of employees as independent contractors doesn’t really matter, so long as contractors satisfy all of their tax obligations. However, this couldn’t be further from the truth. Improper classification…
Back in late 2019, the first significant legislation addressing retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act has resulted in many changes to retirement and estate planning strategies, but…
Prepare for the New 1099-K Threshold Now Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022. More workers may fall into the required range of income to be reported.…
As the midpoint of the year fast approaches, it’s a good time for manufacturers to assess their tax status and plan appropriate strategies for reducing their 2022 tax liability. Although each situation is unique, here are seven…
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA Basics An…
Key Tax Actions to Take Now The April tax filing deadline has passed, but that doesn’t mean you should push your taxes out of your mind until next year. Here are three tax actions that you should…
The IRS has begun mailing notices to businesses, financial institutions, and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a…
A companywide income statement may be sufficient for lenders or other outsiders to evaluate your manufacturing company’s financial performance. But from management’s perspective, a “segmented” income statement can provide valuable insight into key performance drivers and possible…
What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that the property…
Adding a new partner to a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership…
In 2019, the bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act) — the first significant legislation related to retirement savings since 2006 — became law. Now Congress appears ready to build on that law…
S Corporation vs. LLC: Which Is Right for Your Manufacturing Company? 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…
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