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Category: Manufacturing

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May 14, 2024
IRS Issues Final Regulations Regarding the Advanced Manufacturing Investment Credit

The Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act — signed into law in 2022 — provides generous tax incentives to increase domestic production of semiconductors, also known as chips. More specifically, the CHIPS Act created a temporary Adv...

April 10, 2024
10 Ways Cloud Computing Can Benefit Manufacturers

As the end of the first quarter of the 21st century nears, cloud computing has become an integral part of the modern-day manufacturing environment, growing in leaps and bounds over the last decade. Indeed, the use of this technology has spurred efficiency in manufacturing pr...

March 27, 2024
Structuring Your Manufacturing Company as an S Corporation or LLC Can Result in Different Outcomes

When it comes to business structure, manufacturing company owners have a few choices. Among them are an S corporation and a limited liability company (LLC). They’re popular with manufacturers because of their combination of liability protection and tax benefits. Both forms...

March 18, 2024
Can your manufacturing company benefit from the Work Opportunity Tax Credit?

The quest for skilled laborers in the manufacturing sector continues. Indeed, more than 600,000 manufacturing-related jobs remained open in December 2023, according to the U.S. Bureau of Labor Statistics. The Manufacturing Institute, an independent industry advocate, recentl...

February 13, 2024
How Manufacturers Can Factor Depreciation Tax Breaks Into Their 2024 Asset Purchase Planning

When manufacturers purchase equipment and other tangible property, various tax breaks are available, including Section 179 expensing and first-year bonus depreciation. For 2024, bonus depreciation has dropped another 20 percentage points in its gradual phaseout under the Tax...

January 5, 2024
Manufacturers: Pay Attention to These 6 Tax-Related Items in 2024

What’s the tax outlook for manufacturers as 2024 begins? While certain provisions of the Tax Cuts and Jobs Act (TCJA) begin to phase out, other tax laws, including the Inflation Reduction Act (IRA) and the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act, ...

August 30, 2023
Planning an Exit Strategy for Your Manufacturing Company

Every business owner should have an exit strategy that helps recoup the maximum amount for his or her investment. If you’re considering selling your manufacturing company to a third party, understanding the tax implications can help you plan for and, in some cases, reduce ...

August 1, 2023
Successfully Navigating the Shift to Reshoring Manufacturing Production can be Tricky

For decades, products that were made in America were synonymous with high quality and were manufactured in great abundance. Comparable products from other countries were often viewed as cheaper knockoffs....

May 12, 2023
Is Your Manufacturing Company Eligible for Clean Energy Tax Credits?

The Inflation Reduction Act (IRA), enacted in late 2022, provides valuable tax credits that support clean energy manufacturing. Significantly, the law created the Advanced Manufacturing Production Tax Credit (45X MPTC), which is an incentive for producing clean energy compon...

March 26, 2020
Essential Manufacturing in Business under Minnesota’s Stay At Home Order for COVID-19

Manufacturing is essential to Minnesota and the country and many manufacturing businesses will be exempt from Minnesota new law that goes into effect March 27, 2020....

March 26, 2020
6 Things To Do Now That COVID-19 Has Disrupted Your Manufacturing Business

The coronavirus has disrupted the manufacturing business. Here are six things that you can do. Number one - remind your team how important they are to you and your manufacturing team. Number two - spend time nurturing your client relationships....

November 20, 2019
Bridging The Gap Between Budgeting And Risk Management

At many companies, a wide gap exists between the budgeting process and risk management. Failing to consider major threats could leave you vulnerable to high-impact hits to your budget if one or more of these dangers materialize. Here are some common types of risks to researc...