D&M Manufacturing Industry Newsletter

September 2024

Brian J. Potter

CPA, CDA

Tax Partner

Featured Article From Our Experts

Senate Shuts Down Research or Experimental Expenditures Tax Fix in Major Blow to Manufacturers

The Tax Relief for American Families and Workers Act of 2024 was initially hailed as a ray of light for American families and businesses alike. However, the Senate's recent rejection of the bill marks a significant setback. In this article, I will review the financial consequences for the manufacturing sector, which stood to benefit greatly from the proposed tax relief measures.

How To Choose the Best Inventory Accounting Method for Your Manufacturing Company

How you value your manufacturing company's inventory can significantly impact your tax bill and financial statements. This article explains how two key methods—first-in, first-out (FIFO), and last-in, first-out (LIFO)—influence your company's tax liability and bottom line.

Evaluating Your Manufacturing Company’s Multistate Tax Liability

Manufacturers: Are you aware of where your business is liable for state and local taxes? This article explains how a nexus study can pinpoint your company’s tax exposure and evaluate the impact of state and local taxes on your bottom line.

Shoring up Protections Against Expense Reimbursement Fraud

Some employees may view exaggerating or falsifying expenses as minor infractions, but this mindset can have serious consequences. To safeguard your organization from expense report abuse, it’s crucial to strengthen your reimbursement policy. In this article, you will learn how to protect your business.

Register for Our Annual Tax & Financial Planning Conference on November 6, 2024!

Join us for our Annual Tax & Financial Planning Conference. This conference is designed to keep you informed on the latest tax, accounting and financial developments while offering essential year-end strategies to reduce your tax liability and help you achieve your financial objectives. This year's keynote speaker is Elizabeth Parmley, P.E., I-81 Viaduct Project Director. CPE credit will be offered.

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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.