
Commercial Businesses Articles
Steps to Prevent Sales Tax Overpayments for Manufacturers
Posted by Mark Stack on February 11, 2025
Manufacturers can prevent sales tax overpayments by identifying all applicable exemptions, verifying vendor charges independently, actively pursuing refunds, and maintaining vigilance. These steps help reduce sales tax liabilities, control costs, and ensure compliance with state tax regulations.
Growing Cybersecurity Issues Impacting Manufacturing
Posted by Jonathan Roller on January 28, 2025
Manufacturers are increasingly integrating advanced technologies like IIoT, robotics, and automation, which makes cybersecurity more critical than ever. The convergence of IT and OT systems presents unique cybersecurity issues, and manufacturers must adopt robust cybersecurity frameworks, conduct risk assessments, and prioritize employee training to mitigate risks.
The Impact of WIP on Manufacturing Efficiency
Posted by John George on January 14, 2025
Work-in-Process (WIP) refers to partially completed goods in the manufacturing process, encompassing costs of raw materials, labor, and overhead. Monitoring WIP helps identify production inefficiencies, optimize processes, and manage inventory effectively.
Budget Planning for Manufacturers
Posted by Jonathan Roller on December 17, 2024
Manufacturing companies must create comprehensive and realistic budgets in 2025. Key considerations for creating budgets include avoiding reliance solely on past results, seeking input from all departments, setting attainable goals, managing cash flows, and treating budgeting as an ongoing process.
Final IRS Regulations Issued - Advanced Manufacturing Production Credit
Posted by Kristin Re’ on December 03, 2024
The IRS has issued final regulations for the Section 45X advanced manufacturing production credit, which supports manufacturers producing clean energy equipment in the U.S. between 2022 and 2032. The regulations clarify eligibility, production costs, and the interplay with other credits, while also introducing substantiation requirements for material costs. Despite the clarity provided, compliance remains complex, and the credit’s future is uncertain under the incoming administration.
Prepare Your Manufacturing Company with a Business Continuity Plan
Posted by John George on November 19, 2024
A business continuity plan is essential for manufacturing companies to minimize disruptions and ensure rapid recovery during crises such as natural disasters, supply chain disruptions, or IT failures. Key steps include forming an interdisciplinary team, assessing risks, developing contingency strategies, and regularly testing and updating the plan. Proactive planning can safeguard operations and enhance resilience in the face of unexpected events.
Recording of October 1, 2024, Panel: Minimizing Risks & Maximizing Value: Strategies for a Successful Ownership Transfer
Posted by Cory Van Deusen V on October 07, 2024
We encourage you to listen to the recording of this insightful session, which delves into the complexities of ownership transfer whether you are planning to sell your business, pass it on to the next generation, or transition to a new leadership team, this recording will provide you with critical strategies to ensure a smooth and successful transfer.
Managing Workers’ Compensation and Unemployment Insurance: Key Strategies for Manufacturers
Posted by Douglas Muth on September 24, 2024
Manufacturers can control labor-related costs, such as workers’ compensation and unemployment insurance, by implementing safety programs and strategically managing hiring practices. Accurate employee classification, return-to-work programs, and challenging invalid unemployment claims are key strategies to reduce premiums and tax rates. Taking these steps can lead to better financial stability and increased profitability.
AI Takes the Lead in Manufacturing
Posted by John George on September 10, 2024
AI is transforming manufacturing by improving efficiency, product development, and decision-making. Key applications include predictive maintenance, quality control, and supply chain management. While AI offers significant benefits, it requires careful planning, investment, and a phased implementation approach to ensure success.
Navigating Multistate Tax Obligations: A Guide for Manufacturers
Posted by Mark Stack on August 27, 2024
Manufacturers operating across state lines must understand their multistate tax liabilities, determined by whether their activities establish a nexus in each state. The U.S. Supreme Court's Wayfair decision and updated Multistate Tax Commission (MTC) guidelines have broadened the definition of nexus, making it essential for businesses to evaluate their tax obligations in each jurisdiction through a nexus study.