D&M Manufacturing Industry Newsletter

December 2024

Mickel Pompeii

CPA, CDA

T ax Partner

Featured Article From Our Experts

The IRS Issues Final Regs for the Advanced Manufacturing Production Credit

The IRS has released final regulations for the Section 45X advanced manufacturing production credit, providing important updates for manufacturers of clean energy components. In this article, I will explore the most notable changes and offer guidance to help manufacturers navigate the complexities of the credit, ensuring you can maximize the benefits amid evolving legislative and regulatory landscapes.

How To Handle the Changes to R&E Tax Treatment

The Tax Cuts and Jobs Act changed how manufacturers handle research and experimentation (R&E) expenses, requiring amortization instead of immediate deductions. This shift has increased tax burdens and liquidity challenges. This article explores the updated rules, their impacts on manufacturers and practical strategies to mitigate financial strain, including leveraging R&D credits and accelerated depreciation.

Create a Business Continuity Plan Before the Next Crisis Affects Your Manufacturing Company

Is your manufacturing company prepared to weather a crisis? With a robust business continuity plan, you can effectively navigate challenges like natural disasters or supply chain disruptions. In this article, we highlight why proactive preparation is essential and outline four best practices for developing a plan that ensures resilience, minimizes disruptions and helps your company adapt quickly to unforeseen challenges.

Critical Questions to Ask About Internal Controls

Fraud can have a devastating impact on manufacturers, with median losses reaching $267,000—nearly double the average across all industries. This article examines key questions to evaluate the strength of your internal controls, covering access restrictions, account reviews, management oversight and audits to help safeguard your business against fraudulent activity and minimize potential loss.

Register for Our Annual Nonprofit Conference on January 9, 2025!

Don't miss our Annual Nonprofit Conference. This virtual conference will deliver valuable insights into the financial and operational challenges facing the nonprofit industry today, equipping you with the tools to manage your organization or serve on a board more effectively. Attendees will also have the opportunity to earn CPE credits.

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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 is 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, Suite 101, Auburn, NY 13021

200 Harborside Drive, Suite 201, Schenectady, NY 12305

220 Stage Road, Vestal, NY 13850

3001 N. Rocky Point Drive, Suite 214, Tampa, FL 33607

To learn more about Dannible & McKee, visit us at: www.dmcpas.com.