Small-sized manufacturers may enjoy several tax advantages that allow them to reduce their tax bills, defer taxes, and simplify the reporting process. Federal tax rules used to generally define a “small business” as one with average annual…
If your manufacturing company is like many others in the industry, you’re having difficulty finding top-notch new hires to expand your workforce as well as to replace employees who are retiring or quitting. At the same time,…
Manufacturing company owners may mistakenly believe that the misclassification of employees as independent contractors doesn’t really matter, so long as contractors satisfy all of their tax obligations. However, this couldn’t be further from the truth. Improper classification…
A companywide income statement may be sufficient for lenders or other outsiders to evaluate your manufacturing company’s financial performance. But from management’s perspective, a “segmented” income statement can provide valuable insight into key performance drivers and possible…
S Corporation vs. LLC: Which Is Right for Your Manufacturing Company? For decades, owners of small to midsize manufacturing companies have opted for the S corporation form of ownership, rather than being subject to the double taxation…
A buy-sell agreement is a critical tool for owners of closely held manufacturing companies. It ensures an orderly ownership and management transition when an owner dies, becomes disabled, or otherwise leaves the company. And it creates a…
First-year bonus depreciation typically creates a powerful tax incentive for eligible manufacturers to purchase qualified property needed for business reasons. These tax write-offs can benefit a manufacturer’s cash flow, but claiming them isn’t always the best decision.…
Though the nation has experienced more than its share of bad economic news in the past year and a half, one bright spot has emerged. Merger and acquisition activity among small and medium-sized manufacturers has heated up…
The impact that COVID-19 has had on Ohio manufacturing is significant but more pronounced in some manufacturing segments than others. Now that the state and the nation are emerging from the COVID-19 crisis the pace of the…
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