D&M Manufacturing Industry Newsletter

December 2023

Featured Article From Our Experts

Year-End Physical Inventory

As the end of the year approaches, many manufacturers are gearing up for their year-end physical inventory. While this can be a daunting task, it is essential to detect shrinkage and identify any weaknesses in your inventory management. In this article, I provide some helpful tips to make this process easier and ensure a successful year-end physical inventory.

Managing Workers’ Compensation and Unemployment Insurance Costs

As a manufacturer, you know that labor costs can be a major expense, especially when it comes to workers' compensation and unemployment insurance. However, there are steps you can take to help manage these costs. This article highlights proactive measures you can take to help manage these costs, improve your bottom line and ensure the long-term financial health of your manufacturing business.

It's Time To Review Your Manufacturing Company's R&E Expenditures

In light of recent changes to the tax treatment of research and experimental (R&E) expenditures, many manufacturers may experience an impact on their tax bills. To alleviate this potential impact, it is recommended that manufacturers conduct a study of their R&E expenditures and consider implementing strategies to reduce their tax liabilty. In this article, we discuss three strategies that could help you reduce your company’s overall tax burden.

A Company Car Is a Valuable Perk but Don’t Forget About Taxes

One of the most appreciated fringe benefits for owners and employees is the use of a company car. This perk results in tax deductions for the employer and tax breaks for the owners and employees using the cars. However, before you hand over the keys, make sure you understand the federal tax rules. This article outlines the rules and the necessary documentation to ensure compliance.

Our Annual Nonprofit Conference is designed to provide valuable insights into the financial and operational challenges the nonprofit industry faces and how to overcome them. You will gain knowledge and skills to help you manage your organization or serve on a board more effectively. The conference will be held virtually, 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.

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