Manufacturing & Distribution | Michigan International Tax Accountant -

We are committed to bringing you the latest news and impacts related to the Coronavirus and business operations—COVID-19 Resources. In addition, we can help navigate the challenges ahead.

5 Emerging Technologies for Manufacturing

Posted by Jim Biehl on March 30, 2021

Jim Biehl

Learn about the fast-growing technologies impacting manufacturers today. Each could be a benefit to how your business produces a product, connects with new customers, secures its data or communicates internally and externally.

Money on the Table: Use ERC & PPP Programs to Your Advantage

Posted by Clayton & McKervey on March 29, 2021

Watch this recorded live video event we hosted with the Michigan Manufacturing Association (MMA) to learn how to use government programs to your advantage in 2021 and beyond.

Inventory Optimization Creates Expanded Working Capital

Posted by Jim Biehl on December 14, 2020

Many businesses were caught off guard by the COVID-19 pandemic. Stay-at-home orders and mandatory business closures created significant operational challenges.

Financial Tips for Managing the COVID-19 Fallout

Posted by Jim Biehl on November 19, 2020

COVID-19 has had a significant impact on Michigan manufacturing, forcing many to shift strategies to cope under crisis. Here are some financial tips for managing the ongoing COVID-19 fallout.

MMA October: COVID-19 Financial Tips

Posted by Jim Biehl on October 19, 2020

COVID-19 has had a significant impact on Michigan manufacturing, forcing many to shift strategies to cope under crisis. Shareholder Jim Biehl shares financial tips for managing the ongoing COVID-19 fallout in the October issue of the Michigan Manufacturers Association (MiMfg) magazine.

What Comes After COVID-19?

Posted by Tim Finerty and Bryan Powrozek on October 7, 2020

The COVID-19 pandemic has impacted businesses around the world by disrupting supply chains, impacting cash flow and accelerating the pace of digital transformation. Here are some strategies to put businesses in the best future position as they navigate the impacts of COVID-19.

Navigating Global Trade During a Worldwide Pandemic

Posted by Jim Biehl on September 28, 2020

When COVID-19 emerged, global trade was brought to a standstill. Today, the global economy has slowly begun to recover, but in order to maintain trade functions that supply goods to the world, companies must adapt to the “new normal.”

Automation is the Solution for Maximizing ROI

Posted by Tim Finerty on September 23, 2020

As more and more companies face the pressure to create a higher performing product as efficiently as possible, a number of them are now adopting Industry 4.0 technology to adapt their workflows to the 21st century. And as a result of embracing this evolution, these businesses are reaping the benefits.

Control Design Article: COVID-19 Impacts

Posted by Tim Finerty and Bryan Powrozek on August 19, 2020

Industrial Automation Shareholder Tim Finerty and Manager Bryan Powrozek share some recommendations to put businesses in the best future position as they navigate the impacts of COVID-19.

New Nexus Standards for Remote Sellers

Posted by Sue Tuson on July 23, 2020

Most equipment manufacturers in manufacturing-friendly states like Michigan take it for granted that equipment used in manufacturing is exempt from sales tax in other states. Much to their unhappy surprise, it is not the case in all states!

Turns on Inventory – Systems and Processes to Monitor Inventory Levels

Posted by Dave Van Damme and Jim Biehl on June 22, 2020

You’re in the wholesale or distribution space and have a huge asset, called inventory, which needs to be converted to cash, but you aren’t great at tracking or counting it and you are not really sure which items are sitting. So what do you do?

Debt Restructuring: How Does it Impact Your Taxes?

Posted by Margaret Amsden on June 22, 2020

Throughout the ordinary course of business, you could very well find yourself in a position of insolvency leading to the restructuring of your debt. Dealing with cash flow issues or insolvency can be very stressful and time-sensitive for business owners and taxpayers alike. Learn how debt restructuring impacts your taxes and what to do if you find yourself in this situation.

Economic Aftershocks of COVID-19—and Five Financial Strategies

Posted by Tim Finerty and Bryan Powrozek on June 9, 2020

Beyond basic operational concerns, many process industry users and system integrators are facing related business and financial issues due to COVID-19 and its direct and indirect effects.

New Survey Findings Reveal the Impact of COVID-19 on Manufacturers

Posted by Jim Biehl on June 2, 2020

COVID-19 has profoundly impacted business. The combination of stay-at-home orders, forced business closures and fear of virus transmission meant some businesses had to cease operations entirely while others were tasked with challenging modifications to comply with state and local regulations.

Mexico Manufacturing During the COVID-19 Crisis

Posted by Carlos Calderon on April 13, 2020

Like most of the countries in the world, Mexico has been and will be significantly impacted by the Coronavirus outbreak. With the shutdown of non-essential activities, the peso has devaluated, the index of risk has risen and unemployment rates have soared.

Financial Analysis Video: Days Cash On Hand

Posted by Dave Van Damme on April 6, 2020

In light of COVID-19, business owners, CFOs and operations managers are spending a lot of time thinking about cash flow. Now, more than ever, cash is king and understanding how to plan over the next few months and beyond is vital. Watch the video to learn more.

CARES Act Special Rules for Use of Retirement Funds

Posted by Julie Killian on March 30, 2020

The CARES Act includes a number of provisions to allow access to retirement funds in employer-sponsored retirement plans.

To “C” or not to “C”? That is the Question

Posted by Jim Biehl on March 17, 2020

Whether it is nobler in the mind to suffer the higher effective tax rates as a flow-through entity, while maintaining optimum future planning flexibility, or elect to convert your flow-through entity to be taxed as a C corporation, and by doing so realize the immediate and delicious 21% “permanent” C corporation tax rate?

Financial Analysis – Utilization

Posted by Dave Van Damme on March 3, 2020

Senior Manager Dave Van Damme shares insights on a handful of key performance metrics to help business owners track financial performance.

Demystifying the Financial Statement

Posted by Jim Biehl on February 12, 2020

Owners spend years amassing the knowledge and experience necessary to become masters at their craft. Passion for the work and the satisfaction of helping clients is what drives them – not necessarily administrative tasks like financial accounting and reporting.

Financial Analysis – Revenue By Employee

Posted by Dave Van Damme on January 23, 2020

Senior Manager Dave Van Damme shares insights on a handful of key metrics to help business owners track financial performance. Here, he discusses revenue per employee so that business owners can better understand the relationship between revenues and costs.

US Senate Approves the USMCA

Posted by Carlos Calderon on January 20, 2020

The United States, Mexico, Canada trade deal (aka. NAFTA 2.0), has finally been approved by the US Senate after 29 months of extensive negotiations. Republicans and Democrats came together to show support with 89 votes in favor of the new agreement.

5 Considerations for Finding the Right CPA

Posted by Denise Asker on January 3, 2020

Whether you are handling business or personal finances, having a Certified Public Accountant (CPA) as your advocate is priceless. The right CPA can help you and your business move toward financial success and uncover areas of financial improvement.

Be on the Lookout for R&D Tax Credit Changes

Posted by Bryan Powrozek on December 29, 2019

As the end of another calendar year approaches many companies are beginning to shift their focus to year-end planning. As the dust continues to settle on the changes implemented under the Tax Cuts and Jobs Act (TCJA) most taxpayers have familiarized themselves with the new tax landscape.

Tips for a Smooth Audit

Posted by Julie Killian on December 19, 2019

Whether preparing for a first-year audit or looking to simplify the existing audit process, there are proactive steps a company can take to have a smooth and relatively painless corporate financial statement audit.

Industry 4.0 is Driving Transformation in Finance and Accounting

Posted by Clayton & McKervey on December 4, 2019

“The term Industry 4.0 conjures up images of high-tech factories filled with connected robots performing work previously done by people, but the technologies enabling this transformation are not just confined to the plant floor,”

Considering Expanding to Mexico? Learn the Impacts of Taxes and Personnel Expenses

Posted by Carlos Calderon on November 26, 2019

It is true that Mexico has a highly qualified and competitive labor market, and a young population; however, it is mandatory -- and extremely important -- to factor in the personnel-related requirements below when expanding or operating in Mexico.

Industry 4.0: It’s Not Just for Manufacturers!

Posted by Bryan Powrozek on November 21, 2019

The term Industry 4.0 conjures up images of the high tech factories filled with connected robots performing work previously performed by people. However, the technologies …

Doing Business in the US: Challenges and Experiences of European Companies

Posted by Teresa Gordon on October 31, 2019

European companies open branches in the United States for a host of reasons. For starters, the US gives these businesses a completely new base of customers; a chance to step out from the almost saturated European market and stand out from the crowd.

Getting Ready for Year-End Planning

Posted by Margaret Amsden on October 28, 2019

Every year brings a list of information filing requirements necessary to make sure that payees have the information needed to file their taxes. To assist with year-end business reporting, Clayton & McKervey has identified some items for you to consider.

I Bought the Building, So Now What?

Posted by Jim Biehl on August 15, 2019

Many business owners “do the math” and determine that it makes financial sense to buy the building(s) in which they operate the business, instead of continuing to rent. Generally the analysis they perform to make this decision is focused on real estate prices, current rental and interest rates, and the desire to build equity in the investment.

Thinking of Expanding your Business Overseas?

Posted by Sue Tuson on July 18, 2019

Thinking of expanding your business overseas? The first question is usually, “What’s the best way to start? Should I set up an office immediately or use an independent contractor familiar with the country?”

5 Considerations for Choosing an International CPA

Posted by Teresa Gordon on July 2, 2019

International businesses expanding into the US, whether a manufacturer, distribution company or professional service firm, face similar challenges. Operational issues such as supply chain, vendor management and process or production optimization require close attention, as do human resources, sales and marketing.

Using the R&E Tax Credit to Improve Profitability

Posted by Tim Finerty and Bryan Powrozek on June 26, 2019

Most system integrators have heard that the R&E tax credit can have an immediate impact on a company’s cash position as it frees up money...

Where is the NAFTA Now?

Posted by Carlos Calderon on June 17, 2019

After Mexico, Canada and the USA officially signed the United States-Mexico-Canada Agreement (USMCA) in November 2018, many of us may have expected immediate action. Clearly, that was not the case! It is expected that this new agreement will bring more investment opportunities to promote the creation of jobs, effectively positioning North America as the most competitive region worldwide.

Do You have to Adopt the FASB Revenue and Lease Standards?

Posted by Julie Killian on June 11, 2019

Do you provide monthly or quarterly financial statements to your bank or other stakeholders? Are those financial statements required to be prepared using US GAAP standards?

Common GAAP Violations for Manufacturers

Posted by Kevin Johns on May 16, 2019

Across the manufacturing sector, there is a great amount of diverse strategies, footprints, and segment approaches as they deal with artificial intelligence augmented reality and the ever-increasing spread of robotics. From an accounting standpoint, the one thing that often unites these companies together is GAAP (Generally Accepted Accounting Principles) which provides...

Now is the Time to Prepare for Next Year’s Taxes

Posted by Clayton & McKervey on May 8, 2019

This year marked the first of many under the new tax regime set in motion by the Tax Cuts and Jobs Act. Now that you have one year of experience under your belt, you can pivot your strategies to optimize your tax positions under the new legislation. Let’s walk through four easy steps you can take to ensure that next year’s tax season goes smoothly.

50% Meals and More: Digesting the Latest TCJA Update

Posted by Margaret Amsden on January 2, 2019

Those planning to discuss business at the next tailgate, or talk shop over eighteen holes with the intention of writing off the expense on this year’s tax return, need to think again. In the IRS’s latest notice on the Tax Cuts and Jobs Act (TCJA), changes to Internal Revenue Code (IRC) Section 274 regarding meals & entertainment, entertainment expenses are strictly off the menu.

Before Celebrating the New Pass-Through Deduction, Know if it Will Benefit Your Business, CPA Advises

Posted by Clayton & McKervey on September 21, 2018

Clayton & McKervey has noticed business owners’ enthusiastic response to the newly enacted Internal Revenue Code (IRC) §199A or the “pass-through deduction,” as part of the Tax Cut and Jobs Act (TCJA) that became law in December 2017.

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