D&M Manufacturing Industry Newsletter

October 2023

Benjamin A. Sumner, CPA

Featured Article From Our Experts

The Importance of Cybersecurity in Manufacturing

Despite the common misconception that manufacturers are not at risk of cyberattacks, the reality is that they are becoming a prime target for cybercriminals. The consequences of a cyberattack in the manufacturing industry can be devastating, resulting in lost revenue, damaged reputation, and even legal repercussions. Manufacturers need to implement comprehensive cybersecurity measures to protect their business. In this article, I will discuss proactive steps manufacturers can take to safeguard their systems and data from potential threats.

Manufacturers: If You Qualify, Be Sure You're Taking Maximum Advantage of the Section 199A Deduction

If your manufacturing company is organized as a sole proprietorship, partnership, limited liability company or S corporation, now is a good time to review the Section 199A deduction to ensure you take maximum advantage of it. This article explains why it is important to do so.

Is It a Good Time To Acquire a Business?

This year has seen continued financial concerns about inflation, rising interest rates and skilled labor shortages. As a result, some manufacturing owners may be looking for an exit strategy, while some investors see opportunity. For those who are able, now could be an excellent time to acquire a distressed business with an eye to turning a profit. In this article, we will provide some guidance on this strategy to help avoid potential pitfalls.

Conflict-Of-Interest Policies Prevent Misunderstandings and Fraud

An employee’s conflict of interest might be innocent if the worker doesn’t understand it as a violation. However, some workers may be motivated to put their own financial interests ahead of your company’s. For this reason, businesses of every size need a conflict-of-interest policy that outlines ethical expectations and the consequences of violating them. This article offers suggestions for clarifying these issues and highlights the importance of having a conflict-of-interest policy.

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. You will also receive valuable year-end strategies to help you lighten your tax burden and better achieve your

financial objectives. Our keynote speakers are Joseph Nehme, Micron Technology, and Guy Hart Jr., Hart Lyman Companies. 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.

OFFICE LOCATIONS:

DM Financial Plaza, 221 South Warren Street, Suite 500,Syracuse, NY 13202

213 North Street #1, Auburn, NY 13021

200 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.