Manufacturing | RKL LLP
Posted on: September 28th, 2017

RKL Forum Helps M&D Leaders Drive Performance

For the third year in a row, leaders from the manufacturing and distribution sectors tapped into RKL’s diverse expertise and business acumen at the firm’s exclusive industry-focused educational event. Centered around the theme “Drive Your Performance,” RKL’s 2017 Manufacturing & Distribution Growth & Profitability Forum, held on September 26 at Spooky Nook Sports in Manheim, equipped the record-setting crowd of more than 130 owners and executives with valuable insights and practical ideas to tackle the fast-paced challenges confronting the industry.

Keynote speaker Mary Ann Mauldwin, Chief Operations Officer of Roush Yates Engines, kicked off the event in high gear, sharing how she relies on innovation, education and efficiency to keep this leading-edge engine development company at the forefront of the racing industry. Mauldwin offered real world examples of the challenges and opportunities facing companies in high-growth mode like Roush Yates and discussed the strategies and tactics that help her pave the way for continued success.

RKL experts then helmed a series of breakout sessions centered around essential topics like change management, process improvement, human capital, international tax considerations, business transformation, revenue acceleration and information security.

This year’s event featured a new component to deepen attendees’ understanding of the day’s ideas and insights. Entitled Pit Crew Conversations, these roundtable discussions allowed presenters to turn the theories presented in the breakout sessions into practical applications attendees could take back to their companies.

Real-world perspectives from an industry leader, specialized expertise and takeaways from the RKL team and valuable networking time with peers and service providers all added up to a successful and engaging day of business-accelerating ideas for the region’s M&D leaders.

Learn more about RKL’s focus on the manufacturing and distribution industry.

Attendees and RKL team members network before the day’s agenda gets underway.

 

A scene from the continental networking breakfast before the keynote address. 

 

RKL’s M&D Industry Group leader Bob Pozesky kicks off the agenda with welcome remarks.

 

Roush Yates Engines COO and keynote speaker Mary Ann Mauldwin discusses the opportunities and challenges facing companies in high-growth mode.

 

Tax Manager Josie Parr addresses key international tax considerations for manufacturers.

 

Business Consulting Services Leader Bethany Novis teamed up with Kathryn Ross of Kross Strategies to offer attendees strategies for revenue enhancement.

 

RKL eSolutions’ Walt Goodfield and Bob Miller and Randy Coneby of RKL Risk Management speak during a panel on data security.

 

HR Consulting Practice Leader Danielle Hoffer discusses change management from the human capital perspective.

 

Business Consulting Manager Bob Pozesky addresses the operations, process improvement and growth aspects of change management.

 

Business Consulting Partner Paula Barrett leads a panel discussion centered around growth acceleration through business transformation.

Posted on: October 25th, 2016

R&D Tax Credit: Here to Stay and Now Available to More Companies

Find out how your company can benefit from R&D tax creditMany popular tax credits and deductions for businesses have an unstable history, with periodic expirations and last-minute extensions that make tax planning unpredictable from year to year. A prime example of this phenomenon is the Research and Development (R&D) tax credit. This credit is calculated based on a company’s qualified research expenditures.

For more than three decades, the R&D credit was temporary, being renewed (often retroactively) or extended for another year according to the whims of Congress. All of that changed, however, last December when the Protecting Americans from Tax Hikes Act of 2015 became law and permanently established the R&D credit as a tax planning option for eligible businesses. Additionally, Congress removed limitations that previously excluded small or midsized companies from using the R&D credit.

This means that whether your company develops cleaning products or manufactures welding cable, there is now an expanded opportunity for all businesses to take advantage of this tax credit for new product development, product improvements and process improvements.

R&D credit: permanent and expanded

Statistics show that more than $7.5 billion worth of R&D tax credits are claimed each year, but billions are left on the table thanks to previous eligibility limits or misconceptions about the credit’s applicability. Think your company is too small or too new to take advantage of the R&D credit? Think again. Thanks to the PATH Act, more businesses than ever are now able to take advantage of this tax credit.

Previously, use of the R&D credit was limited if a company or its shareholders were subject to the alternative minimum tax (AMT). In such cases, the credit would be limited or would have to be carried forward. The PATH Act addressed this issue by removing the AMT limitation for small businesses. Small businesses (defined by the PATH Act as having an average of less than $50 million in gross receipts over the prior three years) are now permitted to use the R&D credit to offset AMT liabilities.

Additionally, the R&D tax credit is now immediately impactful for start-up companies, defined by the PATH Act as companies with less than $5 million in gross receipts and no more than five years of gross receipts. These qualified entities can now apply the credit against the Federal Insurance Contributions Act (FICA) portion of their payroll taxes up to $250,000.

How can the R&D credit benefit my company?

For businesses who were previously ineligible or could not reliably plan to use the R&D credit, now is the time to revisit this option. Any company working to stay competitive in today’s fast-changing economy is likely developing ways to innovate and improve its products, so let RKL help you determine whether any of those costs can be used dollar for dollar against your tax liability.

For more information on the R&D tax credit or to conduct a study to find out if it’s right for your business, contact Clint M. Rider, CPA, Partner in RKL’s Small Business Services Group at 717.394.5666.

Debra A. Taylor, CPA, Manager in RKL’s Tax Services GroupContributed by Debra A. Taylor, CPA, Manager in RKL’s Tax Services Group. Deb has more than 29 years in tax services specializing in individuals, estates, trusts and small businesses.

 

 

Working Capital blog disclaimer

Posted on: September 30th, 2016

RKL Helps M&D Leaders Adapt to New Industrial Revolution

Business owners and financial executives from the manufacturing and distribution industry gathered at the DoubleTree in Reading on Thursday, September 22, 2016, for RKL’s second annual M&D Growth and Profitability Forum. The theme of the day-long educational event was “The NEW Industrial Revolution,” and attendees were presented with information, insights and strategies to thrive in the shifting landscape facing their industry.

RKL’s event was bookended with keynotes from two experts focused on the future of M&D: Anirban Basu, Chairman & Chief Executive Officer, Sage Policy Group, Inc., who provided an economic update tailored to the industry, and John McElligott, president of The Fortress Initative and CEO of York Exponential, who discussed how businesses can embrace disruptive and emerging technologies.

Throughout the day, RKL experts helmed breakout sessions on essential topics like operational and process improvement; workforce development and talent recruiting; lesser-known tax credits and incentives; cloud computing solutions; and risk and cyber security.

The unmatched expertise of RKL presenters, the innovative themes discussed during the keynotes and the valuable networking time with industry peers made this second installment of RKL’s premier regional event for M&D leaders a resounding success. Learn more about all the ways RKL is focused on the challenges and opportunities facing the manufacturing and distribution industry.

RKL's 2016 M&D Growth and Profitability Forum

Event participants enjoyed a networking breakfast to start the day.

RKL's 2016 M&D Growth and Profitability Forum

RKL Partner and Manufacturing & Distribution Industry Group Leader Steve Fisher kicks off the day with opening remarks.

RKL's 2016 M&D Growth and Profitability Forum

Economist Anirban Basu from Sage Policy Group, Inc. delivers an M&D-focused economic update, peppered with James Bond references.

 

RKL's 2016 M&D Growth and Profitability Forum

Attendees learn from RKL’s Business Consulting Services Group Manager Bob Pozesky how to accelerate growth using lean management principles.

 

RKL's 2016 M&D Growth and Profitability Forum

RKL Business Consulting Services Group Partner Bethany Novis, in conjunction with George Werner, Partner with Barley Snyder, offers attendees an overview of risk, laws and policies related to information security.

 

RKL's 2016 M&D Growth and Profitability Forum

RKL State and Local Tax Practice Leader Jason Skrinak helps attendees understand state and local tax credits they may be leaving on the table.

 

RKL's 2016 M&D Growth and Profitability Forum

Walt Goodfield, VP of Sales and Marketing for RKL eSolutions, discusses how cloud solutions provide faster time to value.

Posted on: September 24th, 2015

RKL Event Provides M&D Leaders with Strategies for Growth and Profitability

Bringing together a cross-section of owners and executives from manufacturing and distribution companies in Central PA, RKL earlier this week hosted its first M&D Forum at Spooky Nook Sports in Manheim. The half-day educational event was designed to provide M&D leaders with strategies to strengthen financial performance, increase agility and outpace the competition.

Held at one of the area’s most unique event venues primarily used for athletic training and teambuilding, RKL’s M&D Forum parlayed that theme into its agenda, offering insights and expertise to help attendees develop a game plan for growth and profitability.

The event kicked off with a keynote address from one of the nation’s leading experts on cyber security. Retired Air Force Major General Brett T. Williams, former director of operations for the U.S. Cyber Command, discussed this headline-grabbing topic and addressed the challenges businesses face in keeping their data and information technology assets secure. He stressed that the companies who most successfully battle cyber attacks are the ones who incorporate cyber security planning into their overall business strategy with high-level buy-in from leaders, as opposed to isolating the project with few dedicated resources.

After Major General Williams’ timely keynote, RKL experts hosted a series of breakout sessions that dealt with emerging trends in several fast-changing fields affecting M&D companies, such as tax strategy, transition planning, technology, human resources and more. The sessions were provided to help business leaders recognize the rewards and risks of adopting new strategies or implementing changes in these fields in their own organizations.

At the conclusion of the breakout sessions, attendees networked with their peers, RKL leadership and members of the firm’s M&D Industry Group at a luncheon on the mezzanine level of Spooky Nook Sports. With practice fields and athletic facilities surrounding the lunch location, the event drew to a close with enthusiasm in the air and winning strategies on the minds of business leaders.

Hosting M&D business owners and executives for this educational event is just the latest way RKL remains focused on the manufacturing and distribution industry. Learn more about how the firm supports businesses in this sector and click here to view the presentations from the event.

Networking breakfast

Attendees network during the continental breakfast before the event gets underway.

 

Event Welcome Remarks

RKL’s M&D Industry Group Leader Steve Fisher opens the program with welcome remarks.

 

Major General Brett T. Williams

Major General Williams presents the keynote address on cyber security.

 

Frank Tobias Tax Breakout session

RKL Tax Services Group Principal Frank Tobias discusses trends in state taxation during the breakout session, “Winning Tax Strategies in a Recovering Economy.”

 

Danielle Hoffer presents.

RKL Human Resources Director Danielle Hoffer updates attendees on the latest employment law changes in her breakout session, “The Impact of Regulatory Changes on Your Human Capital.”

 

Paula Barrett session on business planning

Paula Barrett, partner in RKL’s Business Consulting Group, highlights key factors to keep in mind when considering a business transaction.

 

Posted on: December 16th, 2013

Cost Segregation Study Benefits for PA Manufacturers

cost segregation for manufacturers in PAPerhaps no other industry stands to benefit more from cost segregation studies than the manufacturing industry. With the accelerated depreciation that cost segregation allows, you can increase tax deductions and pay less tax during the early stages of a property’s life, resulting in increased cash flow. Even if you built or purchased your facility several years ago, the benefits of a cost segregation study are not lost.

How can manufacturers take full advantage of the benefits a cost segregation study can provide? Click Here for Full Case Study

Posted on: December 16th, 2013

Tax Savings for U.S. Exporters

ic-disc tax savings for US exportersExport a product overseas or a product that’s eventually sold internationally? Closely-held companies that export – including the many family- or privately owned manufacturers that comprise a large portion of Central and Eastern PA’s business community – have a unique tax-savings opportunity in creating an Interest Charge – Domestic International Sales Corporation or IC-DISC.

Learn more about the potential tax savings and qualifications required for this tax export incentive. Click Here for Full Case Study

Posted on: December 16th, 2013

LIFO IPIC Tax Savings for PA Manufacturers

Central and Eastern Pennsylvania’s distinct economic climate, conservative financial environment and geographic proximity to LIFOmajor markets have fostered a healthy and thriving manufacturing sector. These characteristics are also important factors for why area manufacturers could reap major tax savings by leveraging nationwide inventory inflation rates via the Inventory Price Index Computation (IPIC) LIFO methodology.

In this case study, you’ll learn why manufacturers in Central and Eastern PA may want to consider using the IPIC LIFO methodology; its benefits and considerations; and some practical examples of tangible tax-savings. Click Here for Full Case Study

css.php