Manufacturing Accounting White Papers

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

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

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: 

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

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).

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

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.

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.

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.  

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

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

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.

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.

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.

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 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.

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.

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. 

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.

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.

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.

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.