Manufacturing/Distribution Articles
Adjusting to Manufacturing’s New Normal
Posted by Jonathan Roller on January 07, 2021
The COVID-19 pandemic has highlighted concerns that the United States has become too reliant on foreign suppliers, especially partners in China. As a result, many manufacturers are considering bringing foreign business arrangements back to America.
Closing Your Corporation or Pass-Through Entity? Manage the Tax Implications
Posted by Kerry Roets on January 07, 2021
A record number of privately held businesses closed their doors permanently in 2020, and more closings are expected as the COVID-19 pandemic continues. Shuttering a business can have complicated tax implications for the business and its owners.
Appropriations Law Adds Some Business Tax Breaks and Extends Others
Posted by Kristin Re’ on January 06, 2021
President Trump signed the Consolidated Appropriations Act (CAA) into law on December 27, 2020. The legislation adds a few new tax breaks for businesses. For example, it allows taxpayers to deduct 100% of the cost of business-related food and beverage expenses incurred at restaurants in 2021 and 2022. The new law also extends a bevy of other business breaks that were set to expire at the end of 2020.
A Dozen New Year’s Resolutions for Small Business Owners
Posted by Timothy Bubar on January 06, 2021
Many people, especially small business owners who were adversely affected by the COVID-19 pandemic, are looking forward to a fresh start in 2021. Before diving headfirst into the new year, business owners should take time to learn from last year's achievements and mistakes, as well as set goals and monitor trends for the future.
Energy-Related Tax Breaks Are Extended in the New Law
Posted by Mark Stack on January 06, 2021
The economic stimulus and government spending law, which was signed on December 27, 2020, extends several energy-related tax breaks. Before the Consolidated Appropriations Act (CAA) was signed, these federal income tax breaks (often called “extenders”) were set to expire on December 31, 2020. Here are some of the deductions and credits extended in the CAA.
COVID-19-Related Relief Is Signed Into Law
Posted by Megan Morris on December 31, 2020
On December 27, President Trump signed a new law to provide COVID-19 pandemic relief. The massive 5,500-plus-page relief package contains direct payments to eligible individuals, a 100% business meal tax deduction for the next two years, additional funding for Paycheck Protection Program loans, and much more.
Just in Time for the Holidays: COVID-19-Related Relief
Posted by Megan Morris on December 23, 2020
Congress just passed a new bill to provide COVID-19 pandemic relief. The massive 5,500-plus-page relief package contains direct payments to eligible individuals, a 100% business meal tax deduction for the next two years, additional funding for Paycheck Protection Program loans, and much more. This article provides a brief rundown of some highlights of the Consolidated Appropriations Act of 2021
New Stimulus Package Passed December 21, 2020
Posted by Megan Morris on December 23, 2020
The U.S. House of Representatives and U.S. Senate passed the Consolidated Appropriations Act, 2021 (bill), a massive tax, funding, and spending bill that contains a nearly $900 billion coronavirus aid package. The emergency coronavirus relief package aims to bolster the economy, provide relief to small businesses and the unemployed, deliver checks to individuals, and provide funding for COVID-19 testing and the administration of vaccines.
Is EEOC Enforcement Reform Coming?
Posted by Thomas Burns on December 14, 2020
The Equal Opportunity Employment Commission is capping off a busy year of discrimination cases. With the Biden Administration making plans to take the reins in the White House, what can employers expect going forward?
Should You Buy or Lease Equipment?
Posted by Jonathan Roller on December 14, 2020
Manufacturers that adopted an effective pivot strategy or are recovering from a COVID-19-related slowdown may need to acquire additional equipment or machinery. Here's some important information to help you decide whether it makes more sense to buy or lease these assets — and why it could be a tax-smart move for some manufacturers to act before year end.