Seven Strategies to Reduce Tax Liabilities for Manufacturers

Mid-year is a good time for manufacturers to assess their tax status, from Section 179 deductions to staffing and business travel. These seven strategies can reduce your tax liability.

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Classification of Manufacturing Workers as Contractors or Employees

It is a best practice, as an manufacturing operator to conduct regular assessments to determine the classification of workers as independent contractors or employees. You must consider both the federal (IRS) and state laws when making the determination.

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Marry Your Estate and Succession Plans

Take the necessary estate and succession planning steps now to ensure that your business and heirs are protected as you transfer the business and protect you wealth.

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4 Tips for Working With A Resource-Constrained Internal Revenue Service

IRS resources are limited and the signs are evident, for example, there are long wait times for calls to be answered, tax return processing delays and increased instances of penalties being assessed against compliant taxpayers.

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More Reporting Requirements for 1099-K Payment Card and Third-Party Network Transactions

Employers need to take of an increase in the numbers 1099-K IRS forms that will need to be reported based on the expanded and required range of income that is required by the form.

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Signs of Corproate Financial Stress small

Signs of Corporate Financial Stress

Financial statements are important tools that on the tell the story of your business. You still should consider potential read flags including employee turnover, working capital, and market trends.

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Lumsden McCormick is a Great Place to Work

Lumsden McCormick is proud to be Certified™ by Great Place to Work® after participating for the first time in 2022.

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