Manufacturing & Distribution

2023 YEAR-END GUIDE – CORPORATE AND M&A

Corporations face a variety of unique tax rules and challenges – from the new alternative minimum tax and excise tax on stock repurchases to special limitations on deductions and losses, as well as complex tax rules when buying or selling a business. To minimize taxes payable, corporations should strive to identify and plan for tax Read More…

IRS ANNOUNCES RELIEF FOR INDIVIDUALS AND BUSINESSES IMPACTED BY THE TERRORIST ATTACKS IN ISRAEL

On Friday, October 13, 2023, the IRS announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel.  IRS Notice 2023-71 provides relief to certain taxpayers who, due to the terrorist attacks, may be unable to meet a tax-filing or tax-payment obligation.   These taxpayers now have until October 7, Read More…

BUSINESSES, HAVE YOU APPLIED FOR YOUR 2020 & 2021 EMPLOYEE RETENTION TAX CREDIT? IF NOT, THERE’S STILL TIME!

Don’t leave money on the table! If you qualify for the ERTC you may be eligible to receive up to $26,000 per employee! An eligible employer is an employer that actively carries on a trade or business during calendar year 2020 or 2021, and meets one of the following two tests: Government Order Test: An Read More…

NEW JERSEY ENACTS COMPREHENSIVE CBT OVERHAUL

On July 3, 2023, New Jersey Gov. Phil Murphy signed budget bill A.B. 5323, altering several aspects of the state’s corporation business tax (CBT) regime. Among many other changes, the bill imposes an economic nexus threshold for CBT purposes, switches the state’s combined reporting sales factor sourcing method from “Joyce” to “Finnigan,” treats global intangible Read More…

BKC RANKS IPA TOP 500 ACCOUNTING FIRMS IN U.S.

BKC, CPAs, PC has been ranked one of the Top 500 Public Accounting Firms in the Nation! INSIDE Public Accounting (IPA) is a leader in practice management resources for the public accounting profession. IPA has assisted firms across North America to grow and thrive since 1987.  The one-of-a-kind IPA 500, recognizes the top U.S. based Read More…

THREE TAX CREDIT OPPORTUNITIES FOR MANUFACTURERS UNDER THE INFLATION REDUCTION ACT

In 2022, Congress passed the Inflation Reduction Act (IRA), a broad piece of legislation featuring provisions to advance clean energy production and domestic manufacturing capacity. Changes to tax credits and incentives under this new law offer manufacturers significant opportunities to fund new renewable energy projects and investment in domestic manufacturing of equipment such as electric Read More…

STATE & LOCAL INCOME TAX ISSUES TO CONSIDER BEFORE MAKING YOUR NEXT TAX PAYMENT

State and local taxes represent a key and often material part of a business’s total tax liability. Many states are reporting budget surpluses, reducing tax rates and offering new credits and incentives, but states are also looking to expand taxation of the digital and internet economy. With the calendar year 2022 tax reporting and filing season Read More…

6 MISTAKES MANUFACTURERS MAKE DURING POST-MERGER INTEGRATION

Manufacturers leave value on the table by failing to properly integrate acquisitions. Although 2021 was a record year for M&A, many of those deals have not reached their full potential. According to the 2022 BDO Manufacturing CFO Outlook Survey, 31% of manufacturers say recent deals have failed to achieve expected synergies. Manufacturers who have completed acquisitions in Read More…

WHAT SEMICONDUCTOR ORGANIZATIONS NEED TO KNOW ABOUT THE CHIPS FOR AMERICA ACT

And how you can prepare to capture the opportunities it presents. The CHIPS for America Act is poised to provide significant opportunities for semiconductor organizations. Additional guidance from the Departments of Commerce and Defense is needed around the application process for the program, but there are steps semiconductor organizations can take now to prepare. Below Read More…

HOW TO GET STUFF DONE

Businesses face disruption on multiple fronts, and they are struggling to get things done. Company leaders must contend with and the challenges of managing a remote workforce, as well as supply chain disruptions, demand shifts, resource constraints and more, all while devising critical plans for the road ahead. Combined with uncertainty about how long the Read More…