MFG Blog from CLA

April has been a busy month for U.S. lawmakers, as they continue their focus on China with increased tariffs.

The Inflation Reduction Act has benefits for manufacturing for certain complex sectors. Find out which ones.

Check out our latest update on research expense capitalization under Internal Revenue Code section 174. Topics include the legislative state of play, confusion over the technical application of section 174, and whether companies should extend their 2022 tax returns. https://www.claconnect.com/en/resources/articles/2023/section-174-capitalization-uncertainty-answers-to-top-faqs

If you've never been through an audit before, check out these best practices to avoid surprises and help the process flow smoothly.

Employees have a range of new benefits with the passing of the Securing a Strong Retirement Act (SECURE 2.0) in late 2022. Discover the impact this retention tool may have on your business.

Unfortunately, the requirement to capitalize research and experimental (RE) expenses was not deferred in a 2022 year-end tax bill as many expected. With congress unlikely to act in time, action is needed now to avoid underpayment penalties.

Companies that prioritize culture, automation and supportive systems can have an easier time getting, and keeping, the right people in the right roles to increase productivity and keep manufacturing moving.

As an owner, you may have reached a decision to sell your business, with the objective of optimizing the value of the asset representing 90+% of your net worth.

There is still time before year end to capitalize on some tried and true tax planning strategies. These planning ideas will also be great in a week, month or year.

On December 12, the IRS issued Revenue Procedure 2023-8 setting forth guidance for taxpayers making accounting method changes under the new §174 capitalization rules that went into effect on January 1, 2022. The guidance comes at a time when taxpayers and practitioners are still hopeful that the capitalization requirement will be deferred or eliminated by Congress and []