Notice 2016-22 was recently issued by the IRS to provide transition relief for employers to claim Work Opportunity Tax Credits (WOTC). The deadline to submit WOTC certification forms has been extended to June 29, 2016. Continue reading “IRS Grants Transition Relief for WOTC Claims Submission”
Industry Category: Manufacturing & Wholesale Distribution
Posted on March 23, 2016
Where Opportunity Knox Video Premieres at Army Transition Assistance Conference
The Where Opportunity Knox program is part of the Army’s Transition Assistance Program at Fort Knox. It serves soldiers across the globe in transition to a civilian career after their service. Continue reading “Where Opportunity Knox Video Premieres at Army Transition Assistance Conference” →
FASB Delays New Revenue Standard
The FASB has agreed to a one-year delay of the effective date for the new revenue reporting standard. Based on feedback from stakeholders and in light of forthcoming amendments to the new revenue standard, the FASB agreed to push back the implementation dates to allow adequate time for effective implementation. While the IASB is considering a similar one-year deferral of the new revenue standard, it has not released a final decision. Continue reading “FASB Delays New Revenue Standard” →
Indiana’s Significant Tax Law Changes
Indiana recently enacted several pieces of legislation that will have major effects on the state’s tax laws. Signed by Governor Mike Pence in early May, these bills affect areas such as the tax amnesty program, income tax, sales tax, and property tax.
2015 McGladrey Manufacturing & Distribution Monitor Report
With over 1600 participants from 15 different countries, McGladrey’s 2015 Manufacturing & Distribution Monitor Report presents the perspectives and expectations of manufacturing and distribution executives based around the world. Of the companies represented, 65% are based in the United States. This year, the Monitor is a series of reports on topics of concern for manufacturers and distributors, including: the executive summary, global growth, investing for growth and innovation, and information technology and data security.
Continue reading “2015 McGladrey Manufacturing & Distribution Monitor Report” →
Several States to See Increasing Unemployment Taxes
Federal unemployment taxes could be on the rise for employers in several states. The 5.4% regular credit against FUTA tax is reduced for firms in states that don’t repay loans from the federal jobless fund by November 10. Employers in Indiana and South Carolina face a 1.8% cut in their FUTA credit, which means up to $126 in extra tax per employee. Firms in Kentucky, Ohio, California, Connecticut, New York, and North Carolina are in line for a 1.5% credit reduction, or up to $105 more in tax per employee.
For more information contact Aaron Wilzbacher, CPA at 800.880.7800 ext. 1322 or awilzbacher@hsccpa.com.
Manufacturing in Foreign Trade Zones – Explore the Savings
Is your business paying significant duty and excise tax on foreign imports? If you import raw materials to manufacture and sell the product in the United States or re-export the finished product, you might be able to benefit from a foreign trade zone. Continue reading “Manufacturing in Foreign Trade Zones – Explore the Savings” →
Manufacturing and Wholesale Distribution Survey finds companies cautious but ready for growth
McGladrey, one of the nation’s leading assurance, tax and consulting firms, has released the results from its 2010 Manufacturing and Wholesale Distribution (MWD) National Survey. More than 1,060 manufacturing and wholesale distribution executives completed the survey, answering questions on topics such as current business conditions, growth strategies, operations, technology costs and risk management. Continue reading “Manufacturing and Wholesale Distribution Survey finds companies cautious but ready for growth” →
How Lean is Your Sales Tax Compliance?
Lean is certainly a buzzword within today’s manufacturing industry. In fact, a recent internet search on “lean manufacturing” resulted in over 1.85 million hits. Lean manufacturing can be defined as a production practice that considers the expenditure of resources for any goal other than the creation of value for the end customer to be wasteful, and thus a target for elimination. It is easy to see how lean concepts can be applied to the production floor, but have you considered how “lean” your sales tax compliance is? Continue reading “How Lean is Your Sales Tax Compliance?” →
Maximize Cash Flow: Minimize Taxes: Twelve Commonly Overlooked Tax Strategies
Posted on April 1, 2009 by Scott Olinger, CPA, CGMA
(Published in the April 2009 issue of Continuous Improvement Institute’s “Lean Business”)
As a decision maker in today’s difficult business environment, you have to take advantage of every available opportunity to create a competitive advantage. And sometimes those opportunities can be found in unexpected places – including your tax returns.