October 2022
Featured Article From Our Experts
Planning for Major Research or Experimental Expenditures Changes Effective in 2022
Research or experimental expenditures, more commonly referred to as “research and development” (or R&D) expenses can be significant for manufacturers. This makes the federal tax credit for such activities so valuable to many in this industry. However, effective for 2022, businesses will no longer be able to deduct R&D expenditures in the year incurred. In this article, I will explain the change to this tax provision and how it will affect your manufacturing business.

Weighing the Pluses and Minuses of ESOPs
Corporate finance, employee benefits and succession planning likely are key issues the owner of a manufacturing company must contend with. But there’s a multifaceted strategy that can handle all three issues. It’s the employee stock ownership plan (ESOP). An ESOP is a qualified retirement plan that’s similar to a profit-sharing plan, except it enables employees to own part of the company that employs them. This article explains leveraged vs. unleveraged ESOPs and their potential benefits and drawbacks. 

On The Road Again: It’s Time for Manufacturers to Review Business Travel Expense Deduction Rules
Do you have business trips booked to visit your manufacturing company’s key customers or suppliers? Travel expenses—those costs that you have when you are away from home on business—can provide you with significant business expense deductions. However, they are subject to numerous rules that you must follow carefully or run the risk of an unpleasant surprise when you are audited. This article reviews what you should know about travel expense deduction rules.

Five Tips for Reducing Workers’ Compensation Costs
For most manufacturing businesses, workers’ compensation insurance is a significant expense, and the costs can quickly become overwhelming for companies — especially if it turns out to be a rough year with many claims. In this article, we will present ways for you to rein in these costs.

Register for our 45th Annual Tax & Financial Planning Conference on November 10, 2022!

Join us for our Annual Tax & Financial Planning Conference. This conference is designed to bring you up to date on recent tax, accounting and financial updates and provide key year-end strategies to help you lighten your tax burden and better achieve your financial objectives. The conference will be held in person, and CPE credit will be offered.

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About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. The hallmark of our firm is our technical expertise, depth of experience and our approach to delivering quality service to our clients. We understand the unique needs of manufacturers, and our team of manufacturing specialists are well-versed and experienced in manufacturing concerns, and able to address your needs. We are involved in many organizations that serve manufacturers including the Manufacturers Association of Central New York (MACNY) and the Central New York Technology Development Organization (CNY TDO). We are also Upstate New York’s first-ever affiliate of GGI Global Alliance (GGI), the prestigious international organization of professional firms.

To learn more about Dannible & McKee, visit us at: www.dmcpas.com