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MANUFACTURING & WHOLESALE DISTRIBUTION INDUSTRY NEWS
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| | November/December 2016 |
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Manufacturers to Next President and Congress: Be Bold on Infrastructure; Build to Win
In October of 2016, the National Association of Manufacturers (NAM) unanimously adopted a new initiative called "Building to Win." The purpose of the new initiative is to work with the President-elect and other lawmakers by addressing priorities in the revitalization of the nation's infrastructure.
For facts and statistics along with an overview of the "Building to Win" initiative click here or contact Brant Kennedy, CPA at 800.880.7800 ext. 1425 or bkennedy@hsccpa.com.
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How to Prepare Your Business for Succession
Succession planning is an essential practice for any business. There are certain areas of the business that every owner must address before thinking about selling or transitioning a business. By following specific steps, a business can be ready for its next chapter.
To learn more about the "5 ways to get your business ready for succession" from RSM US, click here or contact Scott Olinger, CPA, CGMA, CPIM at 800.880.7800 ext. 8466 or solinger@hsccpa.com.
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Wolters Kluwer recently published their 2016 Year-End Tax Planning Report, which includes a variety of useful tips and strategies to consider before the end of 2016. Areas of interest include the various effects of the PATH Act, the increasing penalties for noncompliance for the mandatory healthcare coverage under the Affordable Care Act, and IRS revised rules regarding the implementation of the Tangible Asset Regulations.
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Dispelling Myths about the Research and Development Credit
In late September, Tom Windram of RSM US authored an article describing some of the many myths surrounding the Research and Development (R&D) tax credit. Many companies falsely believe that they are ineligible to claim the credit, which can provide a substantial tax benefit. As Windram notes in his article, the R&D credit was made permanent by the PATH Act of 2015 which also provided for key modifications that allow more companies to benefit. Companies that have previously passed on investigating potential R&D credit benefits should review Windram's article by clicking here or contact John Rittichier, CPA at 800.880.7800 ext. 8484 or jrittichier@hsccpa.com.
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2017 Social Security Wage Base
The Social Security Administration announced an increase to the social security wage base for 2017. The wage base for 2017 will be $127,200, an increase of $8,700 from 2016. As before, no limits exist on the amount of wages subject to the Medicare tax of 1.45%, and wages paid in excess of $200,000 will continue to be subject to an additional 0.9% Medicare tax. Although the social security tax rate remains at 6.2%, the rise in the wage base means that the maximum social security tax paid by both employees and employers rises from $7,347 to $7,886.40 each.
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ABOUT OUR MANUFACTURING & WHOLESALE DISTRIBUTION INDUSTRY TEAM
From increased competition and continuous quality improvement demands to rising employee benefit costs and declining margins, manufacturers and wholesale distributors are facing greater challenges than ever before. In addition to the services you would expect from an accounting firm, we have a dedicated team ready to assist you with the unique challenges and issues facing your industry.
A number of our staff members belong to The Association for Operations Management (APICS) with some having achieved the CPIM and CIRM certifications. We understand your key issues and possess the drive and determination to help you manage your company on a proactive basis. This commitment positions us at the cutting edge of the industry and enables us to spot trends and deal quickly with the issues your company may be facing. |
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SEE WHAT ARE CLIENTS ARE SAYING...
"From assistance with strategic planning to representing us during a tax audit, their insight has both saved us money and helped make our business even more successful. We have found Harding, Shymanski & Company to be extremely proactive and there to give us advice, even in advance. They are more than just an accounting firm... they are our trusted advisor. ."
- Diane Fischer, President, L&D Mail Masters
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Disclaimer: The information contained in this email is for general guidance on matters of interest only. The publication does not, and is not intended to provide legal, tax or accounting advice.
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Harding, Shymanski & Company, P.S.C.
800.880.7800 | info@hsccpa.cm | www.hsccpa.com
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