D&M Manufacturing Industry Newsletter

August 2024

CPA/ABV, CFF, CDA

Audit Partner

Featured Article From Our Experts

Keys to Ownership Transition and

Business Succession Planning

Business succession planning is crucial for manufacturing companies, particularly during times of economic uncertainty. It entails creating a detailed plan that is regularly evaluated and updated to safeguard the business's future. This article outlines the importance of having a comprehensive transition plan and provides five essential steps manufacturers can take to establish and maintain a robust ownership succession plan.

Further Investing in Automated Equipment May Be the Right Move for Manufacturers

Skilled workers are in high demand and are becoming increasingly difficult to find. To meet production demands, especially in remote areas where trained workers are scarce, manufacturers are turning to automated equipment like robots. But is your company prepared to invest in automation? In this article, you will learn the benefits and drawbacks of automated equipment.

Want to Launch a Manufacturing Company Factor in the Tax Treatment of Start-up Costs

Starting a manufacturing company presents significant opportunities for entrepreneurs amidst rising demand for innovative, technology-driven solutions. However, the financial burden of start-up costs can pose challenges before revenue generation begins. So, it’s important to consider start-up costs and their deductibility for income tax purposes. This article explores the implications of tax treatment for these start-up expenses.

Recordkeeping Rules for Your Manufacturing Company

Manufacturing companies face numerous challenges when it comes to recordkeeping. From adhering to accounting regulations and filing claims to monitoring expenses for tax benefits and managing employee records, the task can be daunting. This brief article provides tips for maintaining proper and accurate recordkeeping.

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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.

Victor W. Vaccaro, Jr.,

CPA/ABV, CFF, CDA