Tax Time – What Every Manufacturer Needs to Know

WATCH THE WEBINAR HERE.

Watch this webinar recording where we discuss these tax breaks and more:

• Deductions for R&E expenditures: The TCJA changes the tax treatment of R&E expenditures from immediate deduction to amortization over five or 15 years, depending on where the research is conducted.
• Research credit: Manufacturers can claim the research credit under IRC Sec. 41, which can help improve cash flow and increase runway.
• NYS tax credits & incentives manufacturers:  The NYS tax credits and incentives you should be aware of including the Investment Tax Credit, the Employment Incentive Credit, and the Excelsior Jobs Program.
• Other Tax Planning Opportunities: Accounting method changes, depreciation, and the Inflation Reduction Act, plus more

 

Additional Resources:

• 2023 Year-End Tax Planning Guide: Business Incentives & Tax Credits
   
• Maximizing Tax Benefits: Utilizing the Work Opportunity Tax Credits in Manufacturing
   
• Maximizing Tax Advantages: Research Credit and Payroll Taxes
   
• Strategies for Tax-Efficient Cash Withdrawals from Your Corporation
   
• Create an Asset Purchase Strategy with Depreciated Tax Breaks
   
• Exploring the Optimal Accounting Method for Business Taxation

 

Presenter: Kristin Re’, CPA, Lumsden McCormick CPA

Held in cooperation with the Buffalo Niagara Manufacturing Association.