Manufacturing and Distribution

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Guaranteeing a Loan

If you are guaranteeing a loan to your corporation and it goes into default, there may be tax consequences. You don’t want to be caught unaware.
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Exit Strategy Planning for Manufacturers

It’s smart for manufacturing business owners to have a well-planned exit strategy. Do you know what your plan should cover?
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2023 Q4 Tax Deadlines

The 2023 Q4 tax deadlines are coming up fast. And, it’s also time to start thinking about year-end tax strategies.
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Minnesota Metro Sales Tax Increase

On October 1, 2023, a metro sales tax increase will affect seven metro counties in Minnesota. The counties of Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington will need to collect a new 1% local sales tax that will be used to fund transportation and housing projects.
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Emergency Savings Accounts

In 2024, new provisions of the Secure Act 2.0 may allow businesses to help non-highly compensated employees in financial emergencies to take a withdrawal from their 401(k), 403(b) or 457(b) plan using emergency savings accounts that are linked to the plan.
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General Business Credit for Manufacturing

If your manufacturing company is looking to reduce its tax bill, it’s important to familiarize yourself with the General Business Credit (GBC) which is a collection of credits scattered throughout the tax code.
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Reshoring Production

Has your manufacturing company considered reshoring production to the United States? There are plusses and minuses to weigh before making a final decision.
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Personally Paid Corporate Expenses

When spending money personally on behalf of your closely held corporation, you want to ensure the expenses are tax deductible by either you or the business.
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Trust Fund Recovery Penalty

When employment taxes aren't paid to the government, the Trust Fund Recovery Penalty is personally imposed on certain business owners and managers. Here are the rules, along with two cases where individuals were held liable and hit with the harsh penalty.
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Family and Medical Leave Act

Do you know if your employees are covered by the Family and Medical Leave Act (FMLA)? In this article, get the details on employee thresholds and leave provisions.
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Minnesota Bans Non-Compete Provisions

As of July 1, 2023, Minnesota will prohibit employers from requiring employees to sign non-compete agreements restricting their employment options upon termination.
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First-Year Depreciation

If your business has a choice to deduct real estate expenses or depreciate them over several years, the decision may seem simple. But there are a number of factors to consider.
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Meal and Vehicle Expenses

Business meal and vehicle expenses are a magnet for IRS review. If you claim deductions for them, it’s important to comply with the strict tax law substantiation requirements. Keep these DOs and DON’Ts in mind.
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Big Data Analytics

Manufacturers: The promise of big data analytics is improving product quality, increasing productivity, reducing waste, and minimizing variability with only minor adjustments to your manufacturing process.
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Independent Contractors

These days, many businesses are filling vacant positions and saving money by using independent contractors. Here are the basic rules to help keep you out of trouble with the IRS.
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