Tag: Manufacturing

Efficient inventory management can substantially improve your firm's performance by helping to maintain high customer service levels and reduce variable costs. But reinforcing inventory management isn't a one-time project. It's a constant concern for manufacturers. Read More

Work in process (WIP) is a common term in manufacturing, often tossed around loosely. WIP is sometimes used interchangeably with "work in progress." However, WIP has a specific meaning in an accounting context. While work Read More

The IRS has published final regulations for the Section 45X advanced manufacturing production credit. The final regs update several significant areas from the proposed regs released in late 2023.   The Credit in a Nutshell Read More

Internal Revenue Code Section 179 potentially allows significant first-year depreciation deductions when your business places qualifying assets into service. You generally want to maximize current year depreciation write-offs for newly acquired business assets. However, the Read More

The Tax Cuts and Jobs Act (TCJA) included a significant — but delayed — change to the tax treatment of research and experimentation (R&E) expenses under Internal Revenue Code (IRC) Section 174. To the surprise Read More

Fraud is a significant problem for all businesses, but the manufacturing industry is particularly vulnerable. According to the Association of Certified Fraud Examiners (ACFE), manufacturing is among the industries with the highest number of reported Read More

As the year draws to a close, it's generally manufacturers' last chance to implement strategies to reduce their 2024 tax liability. Several provisions of the Tax Cuts and Jobs Act (TCJA) can still provide substantial Read More

Your choice of accounting method for determining the value of your manufacturing company's inventory can significantly impact your overall tax bill. Here are answers to some key questions regarding the tax and financial implications of Read More