Year-End Tax Planning for Manufacturing Companies
The past year was an eventful one from a tax-planning perspective. The Tax Cuts and Jobs Act (TCJA) was signed into law at the end of 2017, initiating the biggest overhaul to the U.S. tax code in almost three decades. This legislation has had a major impact on year-end tax planning for manufacturing companies.
Two of the changes that are going to have significant impacts on manufacturers are the enhanced bonus depreciation & 179 expensing rules and the Supreme Court decision in the Wayfair case. Due to the very capital intensive nature of the manufacturing industry, the enhanced depreciation and 179 expensing rules are a welcome benefit for many in the industry. However, the Wayfair decision has many in the industry struggling to figure out the additional sales tax reporting requirements for states as they update their laws in reaction to the Supreme Court’s ruling.
These topics and many more are discussed in our Year-End Tax Planning Guide. As always, if you have questions about any of this please contact your Aldrich Manufacturing team.
Included Topics
- Section 199A - Qualified Business Income Deduction
- Potential Benefits of Converting from S Corp to C Corp Status
- Deductions for Business Meals and Entertainment
- Retirement Plan Changes
- Sales Tax Impact of Wayfair Decision
- Partnership Audit Rules
- Qualified Opportunity Zone Investment Tax Benefits
- Depreciation Changes
- Changes to Itemized Deductions
- Limits for Charitable Contributions
- Estate Planning
Year-End Tax Planning for Manufacturing Companies
We have identified a few areas to pay especially close attention to in the coming weeks when starting year-end tax planning for 2018 and beyond.
Sara Northcutt joined the firm in 2005 and has more than a decade of experience working on a wide range of clients, including financial lending, private equity, real estate, and other closely held businesses. Sara specializes in multi-state tax compliance. Sara received her Bachelor of Arts degree from Vanguard University of Southern California and did her... Read more Sara Northcutt, CPA
Sara's EXPERTISE
- Closely-held businesses
- Certified Public Accountant
- Strategic tax planning and compliance
Sam Buck has over five years of experience providing strategic tax planning and compliance services to his clients in the manufacturing, food processing, craft beverage industries and private closely-held businesses. Sam serves on the advisory board of the Craft Beverage Industry Group (C-BIG), a local nonprofit that focuses on supporting businesses in the craft beverage... Read more Sam Buck, CPA
Sam's EXPERTISE
- Certified Public Accountant
- Strategic tax planning and compliance
- Manufacturing
- Food processing
- Private closely-held businesses
- Craft beverages
