Improving Operational Effectiveness

Are You Operating Effectively in All Key Areas? In today’s competitive manufacturing industry,  it is critical that your manufacturing company is operating effectively in all key areas.  In assessing your operation effectiveness, questions you should ask about your business include: Are you efficient in your manufacturing process? Are your purchasing procedures effective in reducing the […]

When Is Bartering Taxable?

The notion of bartering may conjure an image of a crowded, bustling medieval bazaar. Dusty travelers, farmers perchance, haggle with merchants over textiles or metal tools. Live chickens are exchanged for hand-spun cloth and, eventually, everyone goes home happy. Although usually less dusty, these types of transactions continue to occur in today’s high-tech modern world. […]

Study up on the Tax Advantages of a 529 Savings Plan

With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until heading off to college, is a 529 savings plan. Tax-deferred compounding 529 savings plan are generally state-sponsored, and the savings-plan […]

How Spouse-Owned Businesses Can Reduce Self-Employment Taxes

If you own a profitable, unincorporated business with your spouse, you probably find the high self-employment (SE) tax bills burdensome. An unincorporated business in which both spouses are active is typically treated by the IRS as a partnership owned 50/50 by the spouses. (For simplicity, when we refer to “partnerships,” we’ll include in our definition […]

TCJA Draws a Silver Lining Around the Individual AMT

The Tax Cuts and Jobs Act (TCJA) didn’t eliminate the individual alternative minimum tax (AMT). But the law did draw a silver lining around it. Revised rules now lessen the likelihood that many taxpayers will owe substantial taxes under the AMT for 2018 through 2025. Parallel universe Think of the alternative minimum tax as a […]

Is Your Company Ready to Implement the New Revenue Recognition Standards?

The time is near.  The new revenue recognition standard (Topic 606), which vastly changes the revenue recognition model for contractors, is on the horizon for private companies and many have yet to evaluate the impact that that the new rules could have on their company’s financial statements. At its core, Topic 606 breaks down the […]

After the New Tax Law – Depletion Becomes Top Tax Saver for Pit Owners

Like depreciation, depletion is an accounting item that is the allocation of costs associated with utilizing assets to generate revenue. Where the two differ is that unlike depreciation, which allots an expense associated with a physical asset such as equipment, depletion allots an expense associated with the extraction of natural resources. The process of mining […]

Expense Reimbursement Fraud Is Common, but Preventable

One of the most common ways that crooked employees defraud their employers is by cheating on or padding expense reimbursement reports. Fortunately, you can stop this type of fraud with strict controls and by punishing the perpetrators. Plenty of ways to cheat Employees often cheat on their reimbursement reports by inventing expenses. They might, for […]

IRS Issues Proposed Regulations on the Pass-Through Business Income Deduction

The IRS recently released highly anticipated regulations addressing the deduction for up to 20% of qualified business income (QBI) from pass-through entities. The deduction was a major component of the Tax Cuts and Jobs Act, which became law late last year. It has also been referred to as the pass-through deduction, the qualified business income […]

Budgeting Success for the Manufacturing Industry

When a manufacturing company doesn’t have a clear idea of its annual budget, it runs the risk of spending more money than it earns in a year. Even if production has been running smoothly for years, one small change can alter the entire financial picture. Money may be coming in, so all seems fine, but […]

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