Manufacturers are more vulnerable to fraud than companies in other industries. The median fraud loss in the manufacturing sector was $240,000, according to the 2018 Report to the Nations published by the Association of Certified Fraud Examiners (ACFE).
Starting with tax years beginning in 2018, the Tax Cuts and Jobs Act (TCJA) will lower the ceiling for business interest deductions for manufacturers with more than $25 million in average annual gross receipts.
The Tax Cuts and Jobs Act (TCJA) — which passed late in 2017 — is long and complicated. Its effects will vary from business to business, depending on each one’s structure and the nature of its operations.
When owners, managers and salespeople attend trade shows, call on customers and evaluate suppliers, they may incur travel and entertainment expenses. Here are the rules for deducting these costs, including how they’ve changed under the Tax Cuts and Jobs Act (TCJA).
There’s a fine line between employee and independent contractor. The distinction may take on even greater importance under the new tax law as some employees try to shift ordinary income into business income to be eligible for the new qualified business income (QBI) deduction.
Under the Tax Cuts and Jobs Act (TCJA), starting with tax years beginning in 2018, manufacturers with more than $25 million in average annual gross receipts will generally be able to deduct less interest expense than they could have deducted under prior law.