MKS&H Articles

How is your company affected by transfer pricing rules?

[fa icon="calendar'] Jan 26, 2017 3:30:00 PM / by Shawn Burman posted in Transfer Pricing, Manufacturing

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Of course, as a company owner, you prefer your company’s tax liability to be as small as possible. Transfer pricing is a gray area of business tax law that is becoming increasingly more challenging for taxpayers who are multinational enterprises (MNE).  Proper transfer pricing practice through strategic tax planning can reduce your overall tax liability while ensuring compliance with government regulations.

To help you remain on the right side of transfer pricing, and to help you avoid an IRS audit as a result of poor transfer pricing planning, we’ve compiled some basic information and direction. In addition, the MKS&H accounting experts are available to answer your specific transfer pricing questions and help you remain compliant.

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Recent Key Changes to Manufacturer Warranties

[fa icon="calendar'] Dec 14, 2016 1:53:07 PM / by Barbara Walker posted in Manufacturing

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Change – Some people say that’s what our country wants, and the accounting standard setters have delivered!

The change is related to accounting for warranties. The good news is that the differences between accounting for warranties under current generally accepted accounting principles and the new revenue standard are minimal. Warranty accounting itself remains unchanged, but warranties will need to be accounted for as separate performance obligations under the new standard, if they provide the customer with additional services. (A performance obligation is defined as a promise to transfer a good or service.)

 

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How Managing Profit Margins can Decrease your Company's Risk Levels

[fa icon="calendar'] Oct 25, 2016 1:23:31 PM / by Megan Baker posted in Manufacturing and Distribution, Manufacturing

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As a company owner, you probably spend a lot of time managing the various risks within your company. You do it by looking at price levels, reviewing fixed costs, and understanding current market changes. But, by focusing on the methods you’ve always followed, you might not get a true picture of your current level of risk and how you need to adjust it to stay competitive.

Have you ever considered managing risk by managing your margins?

The world of manufacturing accounting is full of volatility. Margin management is one way to manage that uncertainty, by looking at costs and revenues together, instead of seeing them in independent silos.

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Attracting Millennials to Meet the Needs of Maryland’s Manufacturing Sector

[fa icon="calendar'] Sep 21, 2016 11:26:30 AM / by Kathy Davis posted in Manufacturing and Distribution, Manufacturing

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Manufacturing Day was established six years ago, in part to help manufacturers showcase their organizations as economic drivers of the future to a new generation of workers – millennials!

 

This year, Manufacturing Day will be celebrated across the country on or around October 7th. It was initially founded by four organizations – Fabricators and Manufacturers Association International, National Association of Manufacturers, Manufacturing Extension Partnership and Manufacturing Institute –and has grown to 1,047 events across the country.

 

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Is Next-Shoring your best move for Manufacturing Location?

[fa icon="calendar'] Sep 7, 2016 4:07:06 PM / by Stephanie Soares posted in Manufacturing

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Is Next-Shoring Your Next Move?

The one constant in life is change, and the manufacturing industry is changing like never before. One of the most important decisions a manufacturer has to make is where to produce their product. Cost is usually the driving factor when determining which location is best for a company. However, with the ongoing changes in the industry, there are other factors to consider when deciding the best place to manufacture, including:

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Programs, Exemptions and Credits to boost Maryland Manufacturing

[fa icon="calendar'] Jul 27, 2016 3:19:13 PM / by Lee McIntyre posted in Manufacturing

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Maryland has a strategic location in the mid-Atlantic, in one of the nation's busiest corridors. Approximately one-third of the US population lives within a day's drive, and the state offers many advantages for businesses. It has a deep port, rail lines, major highways, and a highly educated workforce. Maryland ranks first in the nation for having the highest percentage of professional and technical workers.

However, Maryland generates less than 10 percent of its GDP in its manufacturing sector, and employs less than 10 percent of its workers in manufacturing. Manufacturing provides an engine of economic growth, good quality jobs, and opportunity for investment, and state and local governments have developed a myriad of ways to encourage new and expanded manufacturing operations in the state.

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How to Navigate the Intricacies of Manufacturing Sourcing

[fa icon="calendar'] Jun 29, 2016 12:39:39 PM / by Shawn Burman posted in Manufacturing

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MKS&H's expertise in the manufacturing and distribution field allows us to help clients overcome some of their largest hurdles. The top question stemming from a highly competitive global marketplace in the manufacturing industry is, "What strategies can I employ to help me cut costs in the production cycle?" The majority of the time this leads to a conversation around Lean Manufacturing and Six Sigma philosophies, but we also look deeper into our client's supply chain strategies.

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Can you take advantage of the R&D Tax Credit to Offset Payroll Taxes?

[fa icon="calendar'] Jun 1, 2016 4:08:18 PM / by Jennifer Milas posted in Manufacturing

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With the new provision enacted in the PATH Act of 2015 (which addressed tax extender provisions that had expired in the past year), the Research & Development (R&D) tax became more of an option for small businesses in the process of developing a new product or service.

This expansion of Internal Revenue Code Section 41, also known as the R&D Tax Credit, became permanent and enables qualified small businesses (see the definition below) to offset their payroll tax obligations when there isn’t sufficient taxable income to utilize their R&D credit against income tax.

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How the Accounting skill gap impacts Manufacturers

[fa icon="calendar'] May 4, 2016 1:23:55 PM / by admin posted in Manufacturing

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The manufacturing landscape is ever-evolving.

And so is the role of accountants.

Unfortunately, colleges and educational institutions are not keeping pace, and although the majority of degreed accountants work in private businesses, they are often woefully underprepared.

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Inventory... are you keeping it at efficient levels?

[fa icon="calendar'] Mar 30, 2016 12:12:28 PM / by admin posted in Operations, Inventory, business, Manufacturing

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Improving plant performance is an effort that includes both growing revenues and cutting costs.

Almost half of manufacturing executives are focused on demand forecasting and inventory management, which are two sides of the same coin, according to a study by Gatepoint and IBM, “Five key factors in optimizing complex manufacturing businesses.

The challenge at all stages of the manufacturing process – from raw materials to finished goods – is having enough inventory on hand to complete orders.

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