Manufacturing Accounting Blog | DiSanto, Priest & Co.

Welcome to our Manufacturing, Distribution & Retail Blog!

We’re committed to bringing you a regular dose of accounting goodness, geared towards your industry. But before you dive in, here is a little of the who, what, where, why and when regarding this blog.

Who we are – at DiSanto Priest we recognize the need for specialization in the accounting industry. Manufacturing, Distribution & Retail is one of seven industries that we have identified as focus areas for our firm. Our other industry focuses include Cannabis, Commercial Fishing, Precious Metals, Professional Services, Real Estate and Construction, and Technology. As with many of our clients, your manufacturing, distribution, and/or retail-driven business may cross over into our other verticals so be sure to sign up for those industry updates as well by viewing their respective pages.
What we’re doing – our goal with this blog is to bring you timely accounting information that is relevant to your business.
Where – whether you’re at your desk or on the road, our online content is downloadable as well as mobile-enabled to allow you access wherever you need it.
Why we’re doing it – we’re in the information age. You need information and you need it now. As your trusted advisor we’re in the best position to provide you with the latest and greatest of the accounting industry. We want to do it in a way that allows you to gain an understanding of a topic and empowers you to take action.
When – we update our blog monthly. Stay tuned!

Tax Policy Changes Related to Research and Development (R&D) Expenses

May 4, 2023

Learn how recent policy changes to Section 174 related to research and development expenses impact your organization's cash flow.

Section 179D Tax Deduction Incentivized Further In 2023

Mar 14, 2023

With the passage of the Inflation Reduction Act in August of 2022, several changes to the tax laws have been ...

A Financial Statement is One of the Most Important Documents Filed in Divorce

Feb 13, 2023

The Probate and Family Courts require the completion of a financial statement; this financial statement is required in all matters ...

The 2022 Inflation Reduction Act Introduces New Clean Vehicle Credit

Jan 26, 2023

The Inflation Reduction Act of 2022 includes changes related to the credits for electric vehicles. If you are in the ...

Residential Clean Energy Credit Extended Through The Next Decade

Jan 18, 2023

As a result of the recently passed Inflation Reduction Act, homeowners will have a greater incentive to invest in renewable ...

IRS Announces Increased Standard Mileage Rates For 2023

Jan 10, 2023

The IRS has recently released the standard mileage rates used to calculate the deductible costs of operating an automobile for ...

RI Businesses May Be Required to File Returns Electronically in 2023

Dec 21, 2022

For tax periods beginning after December 31, 2022, Rhode Island businesses may be required to electronically file returns and remit ...

Congress Expands The Energy Efficient Home Improvement Credit

Nov 29, 2022

As part of the Inflation Reduction Act, Congress recently extended and expanded what was previously known as the Non-Business Energy ...

Retirement Contribution Limits Changing in 2023

Nov 23, 2022

The IRS has recently released the inflation-adjusted contribution limits, phase-out ranges, and income limits for various retirement-related items for the ...

IRS Announces Increases to Annual Gift Tax Regulations

Nov 16, 2022

The Internal Revenue Service has announced the increases in the annual gift tax exclusion and the lifetime estate and gift ...

Massachusetts Tax Refund Coming in November

Nov 9, 2022

Thanks to an obscure Massachusetts law passed back in 1986, Massachusetts taxpayers will be eligible to receive a tax refund ...

Child Tax Rebates Announced in Rhode Island

Oct 31, 2022

Governor Dan McKee recently announced a new relief program aimed at providing some financial relief to Rhode Island families during ...

Cash Basis, Accrual Basis – What Does It Mean and Why Does It Matter?

Sep 28, 2022

The cash basis or accrual basis relates to how income and expenses are accounted for; hence these are referenced as ...

Artificial Intelligence for Cost Optimization in Manufacturing

Aug 9, 2022

Learn how artificial intelligence optimizes cost in manufacturing applications. Streamline operations, drive growth, and avoid inefficiencies.

The Threshold for Creating State Nexus Is Changing – And Not for the Better

Jul 5, 2022

Learn about the changes being made to P.L. 86-272 for remote and online sellers of tangible personal property.

Income, Tax Returns & W-2 Wage Statements

May 27, 2022

Learn about the different types of wage statements and how they affect your income determination and tax returns.

The Tax Implications of Crowdfunding

Apr 20, 2022

Learn the different types of crowdfunding methods, and how they should show up on your organization's tax records.

Importance of Buy-Sell and Shareholder Agreements

Mar 31, 2022

Learn the differences between Buy-Sell and Shareholder agreements, and what each document does for a company.

Remote Auditing During the COVID-19 Pandemic

Feb 14, 2022

Due to COVID restrictions, e-audits are becoming popular, with auditors conducting inventory observations remotely.

Reassessing Profit Margins During the Pandemic

Jan 26, 2022

Understand what truly drives company profit and how pandemic-era evaluations are helping companies capitalize on profitability streams.

Reporting Requirements for Provider Relief Fund Recipients

Oct 18, 2021

To mitigate financial impact, Provider Relief Fund payments were issued for COVID-related expenses to help cover lost revenues.

New Refundable Payroll Tax Credit for Qualified Sick Leave Related to the COVID-19

May 6, 2021

Under the American Rescue Plan Act of 2021, new tax credits are being provided for paid leave to employees who take time off related to COVID-19.

US Treasury Secretary Janet Yellen Proposes Global Minimum Tax for US Multinationals

Apr 7, 2021

Under the Treasury Secretary's new proposal, MNEs would pay at least a 21% tax rate on profits earned in every country with foreign operations.

Tax Implications of Home Improvement Projects During the COVID-19 Pandemic

Mar 10, 2021

Home improvements have drastically increased during the pandemic; learn about the tax implications of these projects, how they're paid for, and more.

COVID-19’s Potential Impact on Accounting and Financial Statements

Dec 21, 2020

As the COVID-19 pandemic continues, contractors will continue to feel its impact to accounting and finances, including GAAP requirements, and more.

Exploring State Tax Implications of the 163(j) Business Interest Expense Limitation

Dec 16, 2020

The Tax Cuts and Jobs Act created legislation limiting the deductibility of business interest expense on various businesses; learn how this limitation varies by state.

Your Guide to Deducting Casualty Losses in Prior Years

Nov 23, 2020

If you sustain a casualty loss due to a federally declared disaster, you may deduct a casualty loss in the year before the casualty actually occurred.

Will You Have To Pay State Taxes On PPP Loan Forgiveness?

Nov 16, 2020

For tax guidance on your Paycheck Protection Program (PPP) loan, learn about what portion of your loan my be taxable as gross income, and how this varies by state.

Navigating Federal Student Loans & Financial Planning During COVID-19

Sep 16, 2020

With the CARES Act deferring federal student loans payments during the pandemic, learn your options and best practices for financial planning.

Tax Reform's Effect on Company Parking

Sep 24, 2020

As an employer with company parking available, learn how the Tax Cuts and Jobs Act, along with Notice 2018-99, advise on tax deductions for on-site parking.

Exploring the CARES Act Qualified Retirement Plan Distribution Option

Aug 12, 2020

For those struggling financially due to COVID-19, the CARES Act waives the 10% early withdrawal penalty for retirement distributions.

B Corporations: Offering Stakeholders Qualitative Dividends

Jul 21, 2020

Learn about the public transparency, environmental responsibility, and legal accountability for acquiring and maintaining B Corporation status as a company.

State Guidance Regarding Employees Working Remotely During COVID-19

Jun 25, 2020

The states of Rhode Island, Massachusetts, and Connecticut have released tax guidance for businesses with employees working remotely during COVID-19.

CARES Act Provider Relief Fund: Eligibility and Requirements for Round Two Funding

May 28, 2020

$20 billion in funding is available to healthcare providers in round two of the CARES Act Provider Relief Fund — learn more about the application process.

How to Prepare for Concentrated Supply Chains Disruptions

May 27, 2020

Experienced delays in supply chain distribution? Use these tips to mitigate supply chain risks when sourcing materials or products in the marketplace.

Leveraging COVID-19 Related Tax Credits for Required Paid Leave

May 13, 2020

Learn how the Families First Coronavirus Response Act (FFCRA) can credit employers providing paid leave to employees due to COVID-19.

CARES Act Grants Healthcare Companies Provider Relief Fund Payments

Apr 30, 2020

The CARES Act created the Provider Relief Fund, which reimburses healthcare providers for lost revenues and increased expenses due to the COVID-19 pandemic.

RIMA’s Pledge for COVID-19 Workforce Precautions

Apr 9, 2020

Join the Rhode Island Manufacturing Association’s Pledge for responsible workforce precautions in response to COVID-19.

Navigating the Pandemic Unemployment Assistance Program

Apr 8, 2020

The Pandemic Unemployment Assistance (PUA) program provides assistance to individuals who aren't traditionally eligible for unemployment benefits.

How to Avoid Falling Victim to Economic Impact Payment Scams

Apr 2, 2020

The CARES Act includes a direct stimulus payment for qualifying parties, but be aware, scammers are taking advantage of the situation as well.

Working Remotely? Beware of Online Scams and Phishing Schemes

Mar 24, 2020

When staff members are working from home, it's a good time to remind everyone to be diligent in checking for potential malware and online scams.

Combating COVID-19

Mar 23, 2020

With all of the uncertainties surrounding COVID-19, chances are you are feeling the impact. Here are some government programs to provide support.

Building Momentum To Grow Sales

Feb 24, 2020

Any successful company motivated to grow its sales volume should first focus on the existing relationships it has worked so hard to build. Leverage and revitalize current areas of business before tapping resources to develop new product lines and expand.

Can Your Business Benefit from the Work Opportunity Tax Credit?

Jan 22, 2020

There has never been a better time for businesses to determine their eligibility for the employment-based Work Opportunity Tax Credit (WOTC).

Mitigating Equipment Obsolescence in a Rising Rate Economy

Oct 2, 2019

The Federal Reserve’s incremental adjustments to interest rates in the past year have manufacturers reconsidering how to address capital investment needs.

Sullivan v. Sleepy’s - Changes for Commissioned Employees

Jul 17, 2019

The recent outcome of the Sullivan v. Sleepy’s LLC et al. civil case, and the Massachusetts Supreme Judicial Court’s (SJC’s) interpretation of the Mass General Laws has clarified how employers are required to pay commissioned retail employees.

Bonus Depreciation and Section 179 Update

Mar 13, 2019

The implementation of the Tax Cuts and Jobs Act in late 2017 has significantly impacted the way companies depreciate their assets.

The Maker Movement — Feeding Today's Manufacturing Industry

Feb 13, 2019

As the Maker Movement has gained ground and attention, mutually beneficial relationships have been forged between traditional manufacturers and entrepreneurial start-ups.

Dealing with the Changing Landscape in the Manufacturing Workforce – Part 2

Dec 11, 2018

In Part 1 of this series, we outlined the transitional and educational challenges that the manufacturing workforce is facing. We identified two specific tactics to address these challenges:

Dealing with the Changing Landscape in the Manufacturing Workforce - Part 1

Dec 3, 2018

Manufacturers are facing transitional and educational challenges in their workforce, now more than ever.

New Tax Incentive for US Corporations Exporting Goods or Services to Foreign Markets

Sep 5, 2018

For tax years beginning after December 31, 2017, the Tax Cuts and Jobs Act (TCJA) provides a new permanent deduction for domestic C-corporations that generate income from serving foreign markets. The deduction would reduce the federal tax rate on such income from 21% to 13.125% (increasing to 16.41% after 2025).

Consider QuickBooks Bank Feeds to Save Time

Aug 7, 2018

Setting up a data interface between your QuickBooks file and your bank can dramatically reduce the time burden created by the manual data entry of transactional activity.

Rhode Island Innovation Voucher Program

Jul 24, 2018

Rhode Island’s Commerce Corporation will begin offering grants to companies performing research and development in partnership with local universities, research centers, or medical centers.

Physical Presence No Longer Required for Sales Tax

Jun 21, 2018

In a 5 - 4 decision, the Supreme Court ruled in favor of state authority to require online retailers to collect sales taxes without regard to physical presence in the state. Although states stand to gain much-needed tax revenues, there may be consequences for online retailers that do business in multiple states.

Taking Control of SOC Report Requests & Distribution

May 30, 2018

One of the ways firms and their business clients are utilizing a clearinghouse is for SOC report distribution – a process that is becoming more challenging to manage as an increased focus on third-party controls has led to a rise in requests for reports.

Authenticated Financial Information

May 23, 2018

There is growing demand today for accurate, authenticated financial information. While technology has positively impacted the speed and accessibility of information, it has also created new ways to alter and compromise information.

FBA: Creating Nexus for State & Local Tax Purposes

May 9, 2018

Many businesses are selling their products through the Amazon FBA program (Fulfillment by Amazon), expanding their businesses' nexus footprint for state and local taxes.

How to Assess Your Company's Financial Health

Apr 9, 2018

We receive regular checkups to monitor, maintain, and improve our health. But did you know that you should do the same for your company?

The Importance of Strategic Planning

Mar 21, 2018

Is your company future ready? We are living in a time of rapid change around the world. Consider a Strategic Planning Engagement to ensure success.

New Year and New Tax Laws Bring Change to Estates and Gifts

Feb 28, 2018

As we continue to welcome in the first quarter of 2018 and the new tax bill, let's take a quick look at what has changed and what remains the same.

Tax Reform Highlights for Manufacturers

Jan 2, 2018

On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (TCJA) into law, enacting the largest changes to corporate and individual taxation in over 30 years. We've highlighted the most important points for manufacturing, distribution and retail organizations.

Great News For Small Businesses That Qualified For Research Credits in 2016

Oct 18, 2017

Wage-paying small businesses with minimal taxable income can now take advantage of their research credits sooner than was allowed under the previous tax rules. The Protecting America from Tax Hikes Act of 2015 allows qualifying small businesses to apply research credits against the social security portion of its federal payroll tax bill.

The New Lease Accounting Rules - January 2020 Is Not That Far Away

Oct 18, 2017

The new FASB lease accounting standard will likely need to be addressed sooner than many private businesses realize. For privately held calendar-year-end companies it takes effect in January 2020.

Anchor Institution Tax Credit

Aug 23, 2017

In boating, an anchor is a mechanism used to hold a ship steady. In television, an anchor is a person who presents and coordinates. In sports, an anchor is the person on the team with the best ability. In Rhode Island, an anchor is a business that orchestrates the creation of new jobs.

Take Advantage of Bonus Depreciation Before Year End

Aug 23, 2017

Bonus depreciation's job is to spur economic growth through investment, or reinvestment, in business property within the United States. Whether you're a manufacturer looking to expand your operations or simply looking to update your equipment, bonus depreciation can help you accelerate tax savings.

Cybersecurity

Aug 23, 2017

Interactions with technology are advancing at an exponential rate, and so are the risks of a cyber-attack. It seems like every other day there is another story in the news of a malicious virus sweeping the global marketplace and negatively impacting local economies.

Gearing up for the New Revenue Recognition Rules

Aug 23, 2017

Though it has been publicized that certain “contract-based” industries - telecommunications, technology, engineering, media, and pharmaceuticals, to name a few – will be impacted by the new revenue recognition rules the effects are in fact more far-reaching and will apply to all companies, public or private.

5 Compelling Reasons to Consider Solar for Your Manufacturing Business

Aug 23, 2017

Technology in the energy industry is evolving at a rapid pace. Solar panels are becoming leaner and more efficient – providing more capacity at a lesser cost, mimicking the path of more traditional computer hardware. Below are 5 reasons why we believe solar is worth considering today to boost your bottom line.

One More Reason to Expand your Tech Business in Rhode Island

Aug 23, 2017

Are you currently operating a business in Rhode Island and looking to expand? Perhaps you have a business outside of RI that you’re looking to relocate. Rhode Island, in an effort to attract and retain new and existing businesses, enacted the New Qualified Jobs Incentive Act in 2015 and has already awarded several job creators significant annual, redeemable tax credits that have allowed them to make expanding or relocating to RI more financially feasible.

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