MFG Blog from HBK CPA

The Creating Helpful Incentives to Produce Semiconductors Act of 2022 (CHIPS Act), passed by Congress and signed into law by President Biden in August 2022, incentivizes manufacturers of semiconductors and semiconductor manufacturing equipment in the U.S. via the Advanced Manufacturing Credit. On March 23, the IRS released proposed regulations regarding the implementation of the credit. Continue reading Proposed Regulations on Semiconductor Incentives Released The post Proposed Regulations on Semiconductor Incentives Released appeared first on HBK CPAs & Consultants .

In September 2022, President Biden signed an Executive Order on Advancing Biotechnology and Biomanufacturing Innovation for a Sustainable, Safe, and Secure American Bioeconomy, which intended to support American innovation and supply chain needs. On March 22, 2023, the President announced new priorities that, along with this Executive Order, continue to support the Administration’s goals. Highlights Continue reading New Priorities Announced for Biotechnology and Biomanufacturing The post New Priorities Announced for Biotechnology and Biomanufacturing appeared first on HBK CPAs & Consultants .

On March 27, 2023, the IRS released proposed rules on the Superfund excise tax, which was reinstated as part of the Infrastructure Investment and Jobs Act. The tax, effective as of July 1, 2022, had expired on December 31, 1995. It was designed to contribute to a Superfund created by Congress in 1980 to finance Continue reading IRS Proposes Rules for Reinstated Superfund Excise Tax The post IRS Proposes Rules for Reinstated Superfund Excise Tax appeared first on HBK CPAs & Consultants .

Highlights from the April 26, 2023, HBK Manufacturing Solutions webinar featuring Brian Sommers, Principal, Chief Investment Officer of HBKS Wealth Advisors; and hosted by James Dascenzo, CPA, Principal, National Director of HBK Manufacturing Solutions, and Amy Reynallt, MBA, CMA, HBK Senior Manager, Regional Director of HBK Manufacturing Solutions. Banking Crisis Background In March 2023, the Continue reading Webinar: The Banking Crisis: An Overview for Manufacturers The post Webinar: The Banking Crisis: An Overview for Manufacturers appeared first on HBK CPAs & Consultants .

Historically, the IRS has supported domestic research and development (RD) activities by allowing manufacturers and other businesses to expense certain costs immediately while also taking advantage of the RD tax credit. The Tax Cuts and Jobs Act (TCJA), enacted in 2017, ended taxpayers’ abilities to expense RD costs as incurred beginning in 2022. Now, businesses Continue reading Businesses Must Be Alert to Tax Code Changes on RD Expenses and Credits The post Businesses Must Be Alert to Tax Code Changes on RD Expenses and Credits appeared first on HBK CPAs & Consultants .

Highlights from the March 15, 2023, HBK Manufacturing Solutions webinar hosted by James Dascenzo, CPA, Principal, National Director of HBK Manufacturing Solutions; and Amy Reynallt, MBA, CMA, HBK Senior Manager. Watch the webinar here. Recommendations for manufacturers What was discussed in Part 1 in February: Is manufacturing in a recession? The March ISM report indicates Continue reading Webinar: Part Two-2023 Outlook for Manufacturers The post Webinar: Part Two-2023 Outlook for Manufacturers appeared first on HBK CPAs & Consultants .

On February 24, Governor Mike DeWine and the Ohio Bureau of Workers’ Compensation (BWC) announced an 8% reduction in workers’ compensation premiums for the next fiscal year. The decrease is consistent with the reduction in loss cuts and administrative costs the BWC has experienced. The 8% reduction is expected to be an average cost change, Continue reading Ohio Manufacturers to Expect Workers’ Compensation Rate Cut The post Ohio Manufacturers to Expect Workers’ Compensation Rate Cut appeared first on HBK CPAs & Consultants .

Manufacturing is critical to the Ohio economy. The state, which boasts the third largest manufacturing GDP in the nation behind only California and Texas, counts nearly 700,000 manufacturing jobs and a manufacturing payroll of $44 billion, the highest total wages for any Ohio industry sector. Despite the prominence of manufacturing, many manufacturers remain shorthanded and Continue reading Next Ohio TechCred Round begins March 1 The post Next Ohio TechCred Round begins March 1 appeared first on HBK CPAs & Consultants .

On Tuesday, February 7, President Biden gave the annual State of the Union address, providing a reflection on the past year and an overview of potential policy changes. The President discussed key domestic challenges including the nation’s progress against the COVID-19 pandemic, the economy, healthcare and research, and taxes on large corporations. Unlike in 2022, Continue reading What the State of the Union Address Means for Manufacturers The post What the State of the Union Address Means for Manufacturers appeared first on HBK CPAs & Consultants .

Highlights from the February 16, 2023 HBK Manufacturing Solutions webinar hosted by James Dascenzo, CPA, Principal, National Director of HBK Manufacturing Solutions; and Amy Reynallt, MBA, CMA, HBK Senior Manager. Watch On Demand. Overview Industrial production fell in six of the last eight months of 2022 with the worst or most significant declines in November Continue reading Webinar: 2023 Outlook for Manufacturers The post Webinar: 2023 Outlook for Manufacturers appeared first on HBK CPAs & Consultants .