Manufacturing Industry Newsletter

April 2023

Benjamin A. Sumner

CPA

Audit Partner

Featured Article From Our Experts

Changes to IRS Form 5500 May Impact Your Employee Benefit Plan's Audit Requirement

Recently released changes made by the U.S. Department of Labor (DOL), Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) to the 2023 IRS Form 5500 and its instructions will impact the audit requirement for many small plan sponsors. In this article, I will explain what the changes are and how this may impact your employee benefit plan's audit requirement.

Do You Know How the SECURE 2.0 Act Will Affect Your Manufacturing Company?

The SECURE 2.0 Act, enacted at the end of 2022, expands on the retirement plan improvements made by the original SECURE Act of 2019. The SECURE 2.0 Act imposes both required and optional provisions that will affect manufacturers with 401(k) plans, and it can also help those that haven’t yet set one up. Here’s how.

How To Manage WIP Inventory

Work-in-process (WIP) inventory is an important entry on a manufacturer’s balance sheet. Monitoring WIP is critical not only to ensure that your financial statements are accurate but also because it serves as a useful metric for tracking your company’s performance. In this article, we will review the important benefits of estimating and monitoring WIP.

KPIs: What Are They, and Which Ones Count?

Key performance indicators (KPIs) are the keys to operating a successful business, especially during times of uncertainty. KPI reports provide timely, accurate feedback to guide operating decisions, anticipate problems and take advantage of emerging opportunities. What KPIs are the keys to your company’s success? Read on to help unlock the answer.

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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.