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Commercial Businesses Articles

 

Updates to Secure Act 2.0 Signed December 29, 2022

Updates to Secure Act 2.0 Signed December 29, 2022

Posted by Cheryl A. Jankowski on January 16, 2023

Starting in 2023, the Secure Act offers several changes for businesses including required minimum distribution age. 

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Expiring Tax Laws That Impact Manufacturers

Expiring Tax Laws That Impact Manufacturers

Posted by Kristin Re’ on January 09, 2023

Certain tax provisions that impact manufacturers have expired barring further legislation.  What are they and how do they impact your operations.

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Tax Consequences of Renting to a Family Member

Tax Consequences of Renting to a Family Member

Posted by John Anderson on January 06, 2023

Be aware of the rental tax rules when renting to a family member, special rules apply.

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Minimize the Last In First Out (LIFO) Inventory Recapture Tax

Minimize the Last In First Out (LIFO) Inventory Recapture Tax

Posted by Douglas Muth on January 06, 2023

Depending on your entity status, the LIFO recapture tax can have implications for your bottom line.

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Manufacturers: Five Steps to Recession Proof Your Business

Manufacturers: Five Steps to Recession Proof Your Business

Posted by Jonathan Roller on January 04, 2023

Here we explain five simple business strategies to help your manufacturing plant recession proof now for future profits.

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Five Strategies for Manufacturers to Improve Employee Performance Reviews

Five Strategies for Manufacturers to Improve Employee Performance Reviews

Posted by Jonathan Roller on December 16, 2022

Year-end is typically the time when employee performance evaluations are conducted. Here we discuss types of performance reviews and five strategies to make the reviews meaningful and impact corporate goals.

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Setting up your New Business as a C Corporation

Setting up your New Business as a C Corporation

Posted by Isabella Newman on December 16, 2022

There are many benefits to structuring a new business venture as a C corporation.  See if this entity structure is the most suitable based on tax treatment.

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Three Ways to Prepare for Supply Chain Disturbances

Three Ways to Prepare for Supply Chain Disturbances

Posted by John George on November 28, 2022

Explore these three ways to help prepare for supply chain disturbances and reduce risk in the future.

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Manufacturers: Immediate Action to Maximize 2022 Depreciation

Manufacturers: Immediate Action to Maximize 2022 Depreciation

Posted by Douglas Muth on November 10, 2022

Manufacturers need to act before the end of the year to claim depreciation related tax breaks and Lumsden McCormick can help.

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Eligibility and 2023 Limits for Health Savings Accounts

Eligibility and 2023 Limits for Health Savings Accounts

Posted by John Anderson on November 09, 2022

Health Savings Accounts (HSAs) offer tax benefits for both the employer and individual employee.

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