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Yeo & Yeo’s Manufacturing Services Team provides a full range of business consulting and accounting services to assist manufacturing professionals in managing all aspects of their business. With over 80 years of experience working with manufacturers, we understand the variety of challenges facing the industry and have the knowledge to help you approach these issues proactively.
Manufacturing Tax Deduction
The creation of a new tax deduction not only for manufacturing, but also for other production activities, is expected to save substantial tax dollars for many taxpayers for production performed in the United States. Beginning with the 2005 tax year, your company may be in line for a new deduction available for a wide variety of manufacturing operations. Click here for a summary of the Manufacturing Deduction. (Acrobat Reader Document)
Sweeping Changes in Audit Standards
Significant changes are occurring in the audit profession as a result of new auditing standards that will take effect with December 31, 2007 audits. The new standards require auditors to perform more extensive procedures than they have in the past, focusing on matters such as:
• An organization’s control environment
• Key controls over significant classes of transactions
• Upper management oversight of the financial reporting process
While auditors will have a larger chance of finding internal control problems that meet the lowered reporting threshold, the primary objective of the new standards is to strengthen and maintain the integrity of the independent audit. The new, higher standards ultimately will benefit the organizations that auditors serve and the users of their financial statements. Click here for further information about the new standards.
Financial Calculators
Yeo & Yeo’s website offers easy-to-use, online calculators. Financial calculators help you calculate future IRA values, car payments, lease payments, renting a home vs. buying, how much to save for college and more. Click here for access to our financial calculators.
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