The manufacturing industry produces goods for use or sale with more than 18 sub-industries, such as petroleum and coal products, computer and electronics products, and fabricated metals. Employing over 14 million taxpayers, manufacturing accounts for more than 11% of the U.S. gross domestic product.
The variety of businesses included within this industry results in a assortment of tax issues. Manufacturing has also been the focus of much political debate, including recent tax reform debate as manufacturing companies face the dilemma of producing domestically or internationally.
Top Takeaways 1: Excise Taxes Apply to Production of Articles These taxes apply to anyone who produces a taxable article from new or raw material, from scrap or junk material, by processing or changingRead More »
The President and the Department of Treasury seeks to reduce the corporate tax rate and remove loopholes and subsidies in the President’s Framework for Business Tax Reform. The current U.S corporate tax rate ofRead More »
Top Takeaways 1: Research and Development Expenses May Be Deducted Currently Although these are generally considered capital expenses, they can be deducted as current business expenses. R&D expenses are any reasonable costs you incurRead More »
Top Takeaways 1: The Domestic Manufacturing Deduction Allows a Deduction up to 9% of Net Income The 9% deduction a company can take equals a percentage of the net income from eligible activities. However,Read More »