National Association of Manufacturers - NAM’s Post

With quite a few tax updates and changes occurring in 2023 that affect the manufacturing and distribution (M&D) industry, it’s a challenge to make sure you stay up-to-date.

If your business operates across state lines, it is important to understand state income tax obligations. Following the U.S. Supreme Court’s 2018 decision in South Dakota v. Wayfair, Inc., manufacturers have focused on sales tax liability. However, the recent explosion of remote work, together with revised guidance from the Multistate Tax Commission (MTC), may raise income tax issues. #manufacturing #distribution #tax #incometax

For small manufacturers that are organized as pass-throughs, a critical tax deduction is set to expire at the end of 2025. Manufacturers are sounding the alarm as part of the NAM’s #ManufacturingWins tax campaign. Learn more: https://bit.ly/3SFUoMH

Don’t leave manufacturing tax exemptions on the table. Learn how a reverse sales and use tax audit can uncover potential tax savings. https://hubs.la/Q02v2K0r0

For my public company audit colleagues, in case this had escaped your attention. #stock #stockbuyback #sec #tax #sharerepurchase #irs #cfo Public companies have been waiting nearly two years for regulations to implement the 1% excise tax on repurchased shares, which passed as part of the Inflation Reduction Act. The new rules give them the deadline for paying the new tax, although they’ll have to wait a bit longer for the agency’s final rules on how to calculate the tax and who has to pay it. The first deadline for the new tax, which covers buybacks made in tax years ending anytime in 2023 up through June 30 of this year, is Oct. 31. So if you need a last-minute Halloween costume and need to file last-minute Forms 720 and 7208, you might have to choose just one. (We’d recommend filing the taxes.) Going forward, the taxes must be filed in “the first full calendar quarter after the end of the corporation’s taxable year,” according to the new rules. https://lnkd.in/euKWKpXC

Don’t leave tax exemptions on the table. Learn how a reverse sales and use tax audit can uncover potential refund opportunities for manufacturers: https://lnkd.in/gZcMKGmq #Manufacturing #Tax

The NAM is firing on all cylinders to accomplish manufacturers’ top tax priorities: restoring immediate R&D expensing, pro-growth interest deductibility and full expensing. Time is running out, as Congress must act by early 2024 to allow manufacturers to benefit from these provisions for the 2022 and 2023 tax years. Here’s what the NAM is doing to reach the finish line and why it matters so much to the industry and to the economy as a whole.

“Use tax” and “sales tax” are often lumped together as “sales and use tax,” but they’re not exactly the same. If you’re engaged in business or live in a state with a sales and use #tax, you should understand the differences. Here’s what you need to know. https://ow.ly/IWHt50SI1CP

Manufacturers are putting a stake in the ground and warning policymakers to stand up against any tax increases on the people who make things in America. The transformative impact of 2017 tax reform cannot be overstated. Tax reform was rocket fuel, igniting a resurgence in the manufacturing sector. It put into place competitive policies that fueled record job creation, wage growth, capital investment and innovation. However, if Congress does not act, next year’s expiration of these powerful force multipliers will undo much of the progress made by our industry and America. #ManufacturingWins

“Use tax” and “sales tax” are often lumped together as “sales and use tax,” but they’re not exactly the same. If you’re engaged in business or live in a state with #salestax and use #tax, it's important to understand the difference. Here’s what you need to know. https://ow.ly/xmzs50QtmAj