by Teri M. Samples, CPA and Michael J. Devereux II, CPA, Mueller Prost After nearly a decade of issuing a long series of proposed and temporary regulations, the IRS finally has issued final regulations providing guidance to help taxpayers determine how to treat repair and maintenance expenditures related to tangible property from a tax perspective. Such property includes … [Read more...] about New Repair Regs Impact Property and Equipment Owners
Financials
Could You be Uninsured, Underinsured – or Both?
by Mitchell Gorham, Federated Mutual Insurance Company You just had a nice visit with your insurance agent, and you signed on the dotted line to renew your business insurance for another year. You can relax knowing your policy is in place, ready to cover you should you have a claim. Now, skip ahead a few months... Claim #1 You get a large order, and the customer supplies … [Read more...] about Could You be Uninsured, Underinsured – or Both?
Review Direct Labor Cost Controls
by Hank McHale, Hank McHale & Associates In today's economy, manufacturing companies must continuously work toward keeping their manufacturing costs low or risk losing their competitive edge. US manufacturing costs have been rising over the last five years; labor costs have risen 10 percent (Deloitte, 2013 Global Manufacturing Competitive Index). Direct labor can be a … [Read more...] about Review Direct Labor Cost Controls
Benefits and Burdens of the Domestic Production Activities Deduction
by Michael J. Devereux II, CPA, Mueller Prost PC Enacted in 2004, the Domestic Production Activities Deduction (DPAD)1 is generally nine percent (9%) of a taxpayer's qualified production activities income (QPAI or qualifying income) for the tax year.2 The DPAD is designed to be the economic equivalent of a three percent (3%) reduction in tax rate on qualifying activities. This … [Read more...] about Benefits and Burdens of the Domestic Production Activities Deduction
Cliff Notes and Other Tax Changes
by Michael J. Devereux II and Adam J. Herman, CPA/ABV/CFF, CVA, ASA, CFE, Mueller Prost PC On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (2012 Act), thereby retroactively averting the so-called "fiscal cliff." Absent any action by Congress, tax rates would have increased for all Americans and many of the tax provisions plastics … [Read more...] about Cliff Notes and Other Tax Changes