Manufacturing Industry Newsletter

June 2023

Kaitlyn L. Mariano, CPA

Featured Article From Our Experts

Harmful Tax Changes You May Have Overlooked

It is essential to plan for all aspects of your manufacturing business. One way to do so is to stay on top of taxation changes that may impact your net after-tax income. Often overlooked are limitations imposed by the Tax Cuts and Jobs Act, which can have a very costly impact on your tax bill. In this article, I will review these limitations and what the result could be.

Is Your Manufacturing Company Eligible for Clean Energy Tax Credits?

The Inflation Reduction Act (IRA), enacted in 2022, provides two valuable clean energy tax credits for eligible manufacturers. In this article, we look at the Advanced Manufacturing Production Tax Credit (45X MPTC) and the Advanced Energy Project Investment Tax Credit (48C ITC) program to help you determine if your company qualifies.

Manufacturers: Achieving and Maintaining a Strong Cash Flow Requires Diligence

One of the biggest cash flow challenges a manufacturer may face is uncertainty about collecting accounts receivable. One way to gain stability in this area is through accounts receivable factoring. However, every manufacturer is different, so developing the right cash flow strategies depends on your situation. This article will explore several areas where you may find ways to strengthen your cash flow.

Consider Investing in AR to Enhance Manufacturing Processes

Could your manufacturing facility benefit from augmented reality technology? In a recent National Association of Manufacturers survey, nearly 45% of respondents indicated they plan to increase their capital investments this year. One area manufacturers might consider making a capital investment in is augmented reality (AR) technology. This article outlines a few of the many ways AR can revolutionize manufacturing.

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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.

OFFICE LOCATIONS:

DM Financial Plaza, 221 South Warren Street, Syracuse, NY 13202

213 North Street #1, Auburn, NY 13021

220 Harborside Drive, Suite 201, Schenectady, NY 12305

220 Stage Road, Vestal, NY 13850

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