US Subsidiaries: Beware of Surprise Tax
Posted by Nina Wang on March 22, 2022
Nina Wang
If you're a foreign investor, it's important to understand the status of U.S. stock to predict your company's tax responsibilities when making deals and avoid any surprises on your tax bills. Here's a quick overview of tax withholding requirements and exceptions to be aware of that may impact your transactions in the U.S.
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Empower Your Business through Automation
Posted by Bryan Powrozek and Elly Mioduszewski on March 17, 2022
Bryan Powrozek
Tracking key performance indicators is an effective way for businesses to reinforce practices that work and filter out those that don’t. It is more important than ever to give a business every chance to succeed, especially as the economic effects of the pandemic linger. Using KPIs, dashboards, forecasting, and analytics can help businesses gain a competitive edge in the market.
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The Sound of Automation: Women in Manufacturing
Posted by Clayton & McKervey on March 16, 2022
Clayton & McKervey
This episode is our first crossover podcast featuring Meaghan Ziemba who is the host of her own podcast, Mavens of Manufacturing. Meaghan and Bryan’s discussion highlights the stories of women in manufacturing. They touch on topics ranging from gender gap in the field to tips for companies on how to attract female talent and work within their communities to inspire young women to pursue higher education and careers in STEM fields.
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It’s Time to Plan Your Business Exit Strategy
Posted by Tim Hilligoss and Ben Smith on March 15, 2022
Tim Hilligoss
Selling your business ownership stake at the right time – and for the right price – can be a challenge. To make matters even more uncertain, today’s buyers are more sophisticated than ever – especially with rising private equity influence. The earlier you start crafting an exit strategy, the better.
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Buy-Sell Agreements Pave the Way for Your Future
Posted by Margaret Amsden on March 3, 2022
Margaret Amsden
Having a properly structured buy-sell agreement in place is a best practice for long-term business success. Also known as a buyout agreement, the right buy-sell plan provides vital financial protection for shareholders or partners and their families. It also helps to ensure the continuity of the business for employees and customers.
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SALT Relief for Partners and S Corps
Posted by Miroslav Georgiev on February 23, 2022
Miroslav Georgiev
With small businesses supporting nearly 47% of U.S. employees, states have been advocating for pass-through entities, operating partnerships and S corporations that have been harshly impacted by the Tax Cuts and Job Act ‘s state and local taxes deduction limit. Recent legislative activity is finally providing relief for many of these businesses.
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The Sound of Automation: Business Valuation Basics
Posted by Clayton & McKervey on February 23, 2022
Clayton & McKervey
In this episode of The Sound of Automation podcast, we talk about the basics of business valuations with Jane Tereba of Capital Valuation Group. Learn about the two critical elements of every business valuation and how to proactively manage the value of your business.
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IRS Provides Relief on K-2 and K-3 Reporting
Posted by Margaret Amsden on February 17, 2022
Margaret Amsden
In an attempt to provide more transparency with regard to reporting of foreign activity and/or information to foreign owners, the IRS came out with two new forms: Schedule K-2 (an addendum to the Schedule K) and Schedule K-3 (an addendum to the Schedule K-1). Learn about the latest K-2 and K-3 reporting requirements issued by the IRS.
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Avoiding Common Transaction Mistakes
Posted by Ben Smith and Jim Biehl on February 15, 2022
Ben Smith
Most M&A deals go through a number of steps involving a team of accountants, lawyers, and potential buyers analyzing the business through careful assessment of everything from financial records to contracts to intellectual property. Even if your manufacturing business isn't for sale yet, it's critical to understand the M&A process and plan now to avoid common transaction mistakes.
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Funding US Subsidiaries: Equity vs. Debt
Posted by Nina Wang on February 7, 2022
Nina Wang
Many start-up companies in the U.S. owned by foreign entities have trouble getting external funding in the early stages of growth. It is typical for these foreign-owned businesses to receive funding support from a parent company that will use a combination of equity and debt. It is important to understand the differences between equity vs. debt since the classification will have a direct tax impact on the tax returns of the U.S. company.
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A&E Firms: Inflation and the Great Resignation
Posted by Kevin Johns on February 4, 2022
Kevin Johns
The dual pressures of emerging inflation and the “Great Resignation” have prompted A&E industry leaders to rethink their approach to attracting and retaining the top employees they need to stay competitive.
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6 Signs Your ERP isn’t Working Hard Enough
Posted by Elly Mioduszewski and Bryan Powrozek on February 3, 2022
Elly Mioduszewski
Enterprise Resource Planning is an essential software tool for monitoring all kinds of businesses. No matter how advanced an ERP software product might be, the ROI depends on how well it’s implemented, how carefully your team applies its features to the needs of your business, and how many of your core processes are integrated with it.
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Expanded ERC Eligibility for Startups
Posted by Rob Cheyne on February 1, 2022
Rob Cheyne
For many businesses hit hardest by the pandemic, the ERC was a lifeline for continued operations. Unfortunately, that door slammed shut for most companies looking to take advantage of the credit in Q4 2021. Now only some businesses that previously did not qualify can earn up to $100,000 in the form of a tax refund from the IRS. Is your business one of the lucky ones?
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A&E Outlook: Gain a Competitive Edge in 2022
Posted by Kevin Johns on January 24, 2022
Kevin Johns
A&E firms have faced a flurry of changes in the past few years. From tax laws to workforce trends to coronavirus impacts, leaders must manage increasing amounts of uncertainty. To gain some clarity, we spoke to Jamie Claire Kiser – a managing principal at Zweig Group – about trends affecting the A&E industry.
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The Sound of Automation: 2022 Tax Outlook
Posted by Clayton & McKervey on January 19, 2022
Clayton & McKervey
Listen to this episode of The Sound of Automation podcast to learn about the current tax landscape and status of the Build Back Better Act. Discover how the anticipated tax changes and lack of legislative movement could impact your business.
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Do You Know What You’re Worth?
Posted by Margaret Amsden on January 14, 2022
Margaret Amsden
Knowing your net worth can help you evaluate your financial health and plan for the future. From defining net worth to understanding what assets and liabilities are, here are some basic considerations to help you get started.
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The Future of Work: 2022 Trends
Posted by Bryan Powrozek on January 10, 2022
Bryan Powrozek
Is your organization positioned to thrive as the future of work takes shape in the months and years ahead? While some businesses will move ahead with “return to office” plans for 2022, others are taking a serious look at remote and hybrid structures as the “new normal” for their talent base.
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Important 2022 Cybersecurity Reminders
Posted by Tevon Campbell on January 4, 2022
Tevon Campbell
With all the statistical data on the increase in cybercrime, and the cost to businesses that fall victim to these attacks, cybersecurity is always top of mind. While it’s important to implement technology to protect your company’s data, here are some steps your employees can take to help with cybersecurity.
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Navigating the M&A Revolution in A&E Firms
Posted by Ben Smith and Kevin Johns on January 3, 2022
Ben Smith
By consolidating operations with allied companies or expanding their consumer base through strategic mergers, many businesses were able to survive the pandemic. As businesses attempt to return to “normal” it’s important for sellers to prove the staying power of their company and be prepared for higher scrutiny into their valuations.
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Cyberattacks: Your Small Business’s Worst Nightmare
Posted by Elly Mioduszewski on December 27, 2021
Elly Mioduszewski
Estimates say that cyber breaches can go undetected for about 200 days on average. A lot of damage can be done in the time that companies don’t even realize they have been compromised. If you're wondering if your business should invest in cybersecurity, the answer is a resounding yes and here are just three of the many reasons why.
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Michigan SALT Cap Workaround Details Released
Posted by Sue Tuson on December 22, 2021
Sue Tuson
Michigan’s Governor has signed a SALT Cap Workaround to avoid the $10,000 limit on individual deductions for state and local taxes at the federal level. The rules are effective for tax years beginning on and after January 1, 2021. Learn about the key details and business considerations.
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Insights from Washington: Build Back Better Act Stalled
Posted by Sarah Russell on December 21, 2021
Sarah Russell
Tax practitioners across the U.S. can enjoy the holiday season and maybe have that extra glass of eggnog this year knowing we will not have a massive legislation to digest before the new year begins! Last weekend Congress conceded that there are not enough votes to pass the massive Build Back Better Act (BBBA).
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2021 Child Tax Credit Changes
Posted by Miroslav Georgiev on December 20, 2021
Miroslav Georgiev
For many Americans, Christmas came early this year in the form of monthly payments from the Federal Government. These payments were vital for many households struggling with the lingering effects of the pandemic, and, for the majority of American households, will not need to be repaid. However, there are several circumstances where people could find themselves having to repay all or a portion of these payments.
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IRS Guidance: Retroactive ERC Termination
Posted by Sarah Russell on December 16, 2021
Sarah Russell
The IRS provided much-awaited guidance regarding penalty waivers for taxpayers who qualified for employee retention credits (ERC) and did not remit payroll taxes before the credit was retroactively terminated after September 30.
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12 Build Back Better Changes to Watch
Posted by Sarah Russell on December 16, 2021
Sarah Russell
As the Build Back Better (BBB) legislation makes its way through congressional talks, there are changes in the works that could impact your upcoming tax obligations. The first thing to know is that the Build Back Better act is evolving daily. Despite the uncertainties, it’s likely that some tax increases will be included in the final bill.
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The Sound of Automation: Data-Driven Cultures
Posted by Clayton & McKervey on December 15, 2021
Clayton & McKervey
Listen to this episode of The Sound of Automation podcast to learn how data can help drive efficiencies and growth across your organization.
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Year-End Update Video
Posted by Clayton & McKervey on December 10, 2021
Clayton & McKervey
Watch this live video discussion on key end of year impacts to you and your business. We'll cover everything from tax planning considerations and the employee retention credit to the latest on the Infrastructure Investment and Jobs Act and the Build Back Better Act.
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Inflation’s Impact on Market Transactions
Posted by Ben Smith on December 9, 2021
Ben Smith
As Covid variants continue to challenge the economy, apprehension and marketplace anxiety continues. This includes a rise in inflation as reported by the Bureau of Labor Statistics 6.2% increase over the year ending October 2021. These price increases either get passed on to consumers, which inevitably turns some away from a product, or passed on to investors.
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Gifting to the Family: Don’t Wait too Long!
Posted by Margaret Amsden on December 2, 2021
Margaret Amsden
This has been an eventful, record-breaking year for mergers and acquisitions, up 158% from the same time last year. Stock values continue to rise while interest rates remain at record lows, creating a prime environment to make deals and close transactions. Consider this guidance to help take advantage of the current tax code and valuation discounts before they disappear.
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Digital Transformation: A Catalyst for Growth
Posted by Elly Mioduszewski on November 23, 2021
Elly Mioduszewski
Today’s middle market companies have the ability for expansive growth. Those experiencing growth are more productive, efficient and secure than the past. They communicate better, react to customer needs faster and enjoy greater bottom-line savings than their competition. How do they do it? By implementing digital transformation strategies into their everyday operations. And it’s a practice you can add to your own facility.
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Global Income Tax Treaty Basics
Posted by Eric Lin on November 19, 2021
Eric Lin
Doing business globally requires knowledge of the benefits and requirements of income tax treaties between the countries on both sides of a cross-border transaction. Here is some advice to help you realize the maximum benefit from an applicable treaty and meet all related filings.
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Firm Announces New Leadership Discovery Service
Posted by Clayton & McKervey on November 19, 2021
Clayton & McKervey
Clayton & McKervey, a certified public accounting and business advisory firm helping growth-driven companies compete in the global marketplace, has announced a new Leadership Discovery service designed to help businesses attract and maintain a winning team.
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Gifting to Reduce Tax Liability
Posted by Margaret Amsden on November 18, 2021
Margaret Amsden
With the end of the year quickly approaching, the time for year-end tax planning is now, especially with the impending changes outlined in the Build Back Better Act (BBBA) set to be implemented at the start of 2022. One of the major changes affects high-net-worth individuals looking to make gifts to reduce a potential future estate tax liability.
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Insights from Washington: Infrastructure Bill Signed
Posted by Sarah Russell on November 16, 2021
Sarah Russell
As expected, President Biden signed the Infrastructure Investment and Jobs Act Monday, November 15. Now that the work on this bill is complete, Congress can get back to President Biden’s second signature piece of legislation, the Build Back Better Act (BBBA).
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New Regulations for Crypto Brokers
Posted by Katie Blake and Elly Mioduszewski on November 16, 2021
Katie Blake
Will the infrastructure bill affect personal tax reporting requirements? It could. The information reporting provisions included in the infrastructure bill contain language regarding regulations and tax requirements for cryptocurrency brokers, which is causing a stir among investors and crypto advocates.
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Insights from Washington: Finally! Draft Legislation
Posted by Sarah Russell on November 12, 2021
Sarah Russell
The House finally passed the Infrastructure Investment and Jobs Act. In this week's installment of Insights from Washington, we look at a few key tax items in the infrastructure bill regarding the ERC and cryptocurrency.
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How to Bring Profits Home Without Any Hassle
Posted by Nina Wang on November 10, 2021
Nina Wang
China’s strict foreign exchange control has been a common concern among many foreign investors. Understanding the common ways to repatriate profits from China and the pros and cons of each method will help foreign investors bring profits back to their home countries and avoid unpleasant surprises.
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ESG: Importance, Impacts, & Implications
Posted by Dave Van Damme and Elly Mioduszewski on November 8, 2021
Dave Van Damme
You might be noticing more discussions about Environmental, Social, and Governance (ESG) initiatives and wondering if they impact you. Learn how ESG reporting can provide stakeholders with transparency regarding the risks and opportunities your company faces related to environmental, social and governance issues.
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Year-End Planning Insights
Posted by Clayton & McKervey on November 3, 2021
Clayton & McKervey
In this episode of The Sound of Automation, we sit down with Shareholder Tim Finerty to discuss important year-end planning insights for business owners. Discover how to navigate the changing marketplace, capitalize on opportunities, and set your business up for success next year.
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A&E Recruiting & Retention Secrets
Posted by Kevin Johns on November 3, 2021
Kevin Johns
Employee attraction and retention is a vital competitive factor for architecture and engineering (A&E) firms. Beyond the obvious price and technical considerations, success on any project really comes down to the skill and judgment of the people who are going to execute it.
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