September 2021
Featured Article From Our Experts
A Closer Look at New York State's Pass-Through Entity Tax
New York State enacted a workaround for the $10,000 State and Local Tax (SALT) deduction limitation in its budget bill signed into law in the spring of 2021, and guidance and clarifications on the Pass-Through Entity Tax (PTET) has subsequently been released. The guidance contains many technical issues and explanations, most importantly confirming that the state will provide a mechanism for pass-through entities to make a 2021 PTET payment on, or before, December 31, 2021, so that its owners can claim a 2021 Federal tax deduction for the PTET. In this article, I will discuss some of the major provisions that manufacturers should know.
Are Manufacturers Ready for Industry 4.0?
The world is being changed in many new ways. The COVID-19 pandemic is just one part of this disruption. Another less dramatic but equally important change that is also taking place in the midst of it all: the Fourth Industrial Revolution. Most people are familiar with this development under the term Industry 4.0. In this article, we will review the concept of Industry 4.0 and how it’s changing manufacturing.
Small Manufacturers May Opt to Use Simplified Reporting Methods 
The Tax Cuts and Jobs Act (TCJA) expanded the tax code’s definition of “small business” to include those with average annual gross receipts of $25 million or less (adjusted for inflation) for the three preceding tax years. Manufacturers that qualify as small businesses may be eligible for simpler reporting methods that could also defer Federal income taxes. This article takes a closer look at the relevant tax rules.
Operating in Multiple States May Have State Tax Implications
Manufacturers and distributors operating in more than one state may be subject to taxation in multiple states. But with proper planning, you can potentially lower your company’s state tax liability. This article explores the common criteria for nexus and the approach called “market-based sourcing” that many states are using to tax out-of-state service companies.
Register for our Annual Manufacturing Conference on October 21, 2021!
Join us for our Annual Manufacturing Conference. This industry-focused conference will feature presentations on the latest industry trends and economic outlook, concepts and techniques for effective budgeting and planning, best practices for attracting and retaining employees and tax issues impacting the manufacturing industry. The conference will be held virtually, and CPE credit will be offered.
 
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 are 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 Technology Development Organization (TDO). We are also Upstate New York’s first-ever affiliate of GGI, the prestigious international organization of professional firms.

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