Sharpening Your Knowledge of R&D Tax Credits Could Help Your Business
This article discusses the resource that is the research and development tax credit program. Through this program, various businesses can receive credit from the federal government in order to continue innovating and research efforts. Specifically, to this link, the machining industry should be looking at this program in detail. In order to qualify, the IRS […]
Technology Transforming Businesses Including Manufacturing
This article discusses how although technological advancements were put on pause during the coronavirus pandemic, the industry has seen a boom since then. Specifically, trends such as 5G technology, autonomous driving, and edge computing are not only going to impact the way businesses operate, but are also going to impact our daily lives. Technological advancements […]
Getting a Cost Segregation Study Before Time Runs Out
This article discusses a unique tool that many CPAs do not utilize or even know about. The cost segregation study is a way to recognize the fact that a building depreciates over time due to everyday wear and tear. Specifically, “a property’s elements are divided into two categories: real property, which includes permanent and immobile […]
Electric Vehicle Start-up Begins Production on Electric Semitruck
This article explains that the electric heavy-truck start-up, Nikola, has begun production for its battery-powered version of its electric Tre semi-truck. Production for the electric semi-truck is located at Nikola’s factory in Coolidge, Arizona. The electric version of the Tre is “intended for shorter routes, with an estimated range of about 350 miles.” Nikola plans […]
Recent IRS Updates to the Application of R&D Credits
This article discusses the most recent publication from the IRS regarding requirements when applying for research and development tax credits. For example, the required information includes names of individuals who performed each research activity, all the information each individual sought to discover by business component, and all the business components that form the factual basis […]
Should You Claim the Research & Development Tax Credit?
This article discusses how the research and development tax credit is an incentive from the federal government that is meant to incentivize innovation, design, and manufacturing. A tax credit is more significant than a tax deduction because it “reduces the amount of taxes owed, whereas a deduction reduces the amount of taxable income.” In addition, […]
Determining the Value of Your Manufacturing Business
This article explains the three types of business valuation methods and why it is important to know your business’s worth. The three approaches to value a business include market-based valuation, asset-based valuation, and income-based valuation. The market-based valuation method compares multiple businesses within the same industry. The asset-based valuation method involves adding assets and subtracting […]
Continuous Improvement in Manufacturing
This article explains the qualities of manufacturers and other businesses that allow them to prosper. Continuous improvement can be seen through giving authority to the people closest to the work. It can also be seen by being aligned with a united vision, strategy, goals, and objectives. An organization that provides standard work: such as operators, […]