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Competition, technology and changing regulations continue to make it difficult for manufacturers to maintain margins and remain competitive in the marketplace. Yeo & Yeo’s Manufacturing and Tax team members work together to keep you informed of new tax acts, changing regulations, money-saving tax deductions, and other financial issues that can affect the profitability of your manufacturing company. We are committed to helping you succeed in this increasingly complex environment.
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)
Job Creation and Worker Assistance Act of 2002
The Job Creation and Worker Assistance Act of 2002 provides $120 billion in tax relief over the next four years in several critical areas, and the relief is retroactive to 2001. Yeo & Yeo’s Manufacturing team assists clients with the following issues as they relate to the tax act:
- Bonus Depreciation
- New Business Vehicles
- Extended Net Operating Loss Carrybacks
- Extensions of Credits/Deductions SBT Nexus Standards
- Extra Territorial Income Exclusion Repealed
- Section 263A Regulation
- R & D Tax Credits
- Depreciation of Component Parts
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