Returning Value Blog

As the Trump administration and the House Republicans put the finishing touches on their tax package, one component remains front and center—the border adjustment, a proposal to change the ways goods and service are taxed depending on where they are manufactured and where they are consumed. Let’s take a closer look at what is being proposed and what effect it might have on U.S. companies.

Now that the dust of a contentious presidential election cycle is settling, tax reform may be more likely in 2017 than in past years.

Reap tax rewards for travel and entertainment

What are your plans for the summer? If you have a business trip scheduled for a place you would like to visit personally, you might decide to combine a little pleasure with your business. Similarly, you may invite some of your best clients to your home for a Memorial Day or Fourth of July barbecue or treat them to a night out on the town.

If your business utilizes foreign employees (aka, aliens), it is critical that you correctly comply with IRS regulations concerning payments to foreign workers. Understanding and complying with these regulations is crucial. Still, businesses of nearly every size and scope seem to struggle with correctly reporting these kinds of wages.

Machen McChesney offers several industry-specific knowledge and expertise.  One of these industries is the Manufacturing, Distribution & Automotive sector.  Machen McChesney has the skill set to provide guidance to help your business reduce labor and production cost, help optimize inventory management systems and controls, and the ability to ensure you are paying the correct sales and use tax rates.  

Section 179 provides generous tax break

There is a unique tax break for business entities of all shapes and sizes contained in Section 179 of the Internal Revenue Code. Under this section, a business can elect to “expense,” or currently deduct, the cost of qualified property placed in service during the year, up to a maximum level. It is near-instant tax gratification.

Welcome to 2017. As we move through January and get ever-closer to April 15, we are fast-approaching the 2016 year-end tax season. We understand just how stressful this time can be—and particularly so for individuals who are working to grow startup companies

Does your manufacturing company plan to purchase equipment or machinery early in 2017? If so, it is worth considering the timing of when you purchase that equipment for the best tax savings. It all has to do with something called the de minimis safe harbor election.