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Effective Post-Year-End Tax Planning Strategies for Contractors

The close of a tax year marks the end of a financial chapter for contractors, but it doesn't mean the opportunity for effective tax planning is over. For contractors in the United States, post-year-end tax planning plays a pivotal role in managing liabilities, ensuring compliance, and identifying opportunities to maximize tax savings. By taking proactive steps and reviewing key tax considerations,... Read More

Manufacturers: Cut costs by avoiding sales tax overpayments

Controlling costs is always at the forefront of manufacturers' minds, but the current environment makes it particularly critical. With new tariffs going into effect and more being proposed by President Trump, imported goods that are vital to some manufacturers may soon be more expensive. One way to help offset escalating costs is to avoid overpaying state sales taxes. This is an especially ripe time for... Read More

Implications of the New Customs and Tariff Landscape for Global Companies

Preparing for Choppy Waters The recent threat of new or increased tariffs between major world economies has created a volatile situation for companies with multinational operations. Most recently, the United States and China have each introduced new levies targeting imports from one another, and new 25% tariffs on US imports from Mexico and Canada are due to be implemented in early March. For now, these... Read More

President Trump’s tax plan: What proposals are being discussed in Washington?

President Trump and the Republican Congress plan to act swiftly to make broad changes to the United States — including its federal tax system. Congress is already working on legislation that would extend and expand provisions of the sweeping Tax Cuts and Jobs Act (TCJA), as well as incorporate some of Trump's tax-related campaign promises. To that end, GOP lawmakers in the U.S. House of... Read More

Cybersecurity challenges in manufacturing are growing

Cybersecurity is more critical than ever for manufacturers as they increasingly integrate advanced technologies such as the Industrial Internet of Things (IIoT), robotics and automation into their operations. While these innovations boost efficiency and productivity, they also expand potential areas for a cyberattack. But there are things you can do to protect your manufacturing company. Identify... Read More

2025 Tax Dates To Remember

Keeping up with tax dates and deadlines can be a challenge. Below you will find a summary of key dates in 2025 when various tax-related forms, payments and other actions are due. January 31 Businesses: Provide Form 1098, Form 1099-MISC (except for those with a February 18 deadline), Form 1099-NEC and Form W-2G to recipients. Employers: Provide 2024 Form W-2 to employees. Employers:... Read More

Digital Transformation for Construction Companies

It may sound like something out of a blockbuster science fiction movie: digital transformation. Yet, it's a very real trend in many industries, including construction. The term refers to a business's conscious effort to integrate digital technology into every area of its operations. That means more than just rolling out new types of software as they become available. To achieve digital transformation, the... Read More

Understanding Debt-Financed Distributions: Allocating and Deducting Interest Expense in Real Estate Partnerships

Pass-through entities, especially partnerships, frequently invest in real estate as a strategic financial move. These entities utilize real estate investments to leverage tax advantages, generate income, and diversify their portfolios. By holding property, they can benefit from appreciation, rental income, and potential tax deductions, making real estate a valuable asset in their investment strategies.... Read More

Work-in-process: What it means for your manufacturing company’s finances and performance

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 in progress focuses on milestones, WIP aligns more with production efficiency and inventory management. It's generally better to reserve the term "work in progress" for longer-term or... Read More