4Thought Blog

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Manufacturers: 8 Steps to Prevent Employee Theft and Fraud

Posted by Concannon Miller on Thu, Jul 13, 2017

Internal fraud drains more than $3.7 trillion dollars annually from global businesses, according to the Association of Certified Fraud Examiners (ACFE). For manufacturers and production companies, the median internal fraud loss is $194,000.

Although companies can experience pilferage from customers, vendors and other sources, employees account for the highest losses, when taking into account offenses such as fraudulent insurance claims, unauthorized time off and theft of proprietary information. Crimes can be as simple as stealing company supplies or as complex as sophisticated financial statement fraud.

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Topics: Fraud, Manufacturing

How Small Businesses Can Now Qualify for the R&D Tax Credit

Posted by Concannon Miller on Tue, Jun 27, 2017

Does your small business engage in qualified research activities? If so, you may be eligible for a research tax credit that can now be used to offset your federal payroll tax bill.

This relatively new privilege allows research credits to benefit small businesses that may not generate enough taxable income to use the credits to offset their federal income tax bills. The IRS recently issued guidance that explains how to take advantage of this election. Here are the details.

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Topics: Manufacturing, Small business

A Lucrative Tax Break for Manufacturers: The Domestic Production Activities Deduction

Posted by Concannon Miller on Thu, Jun 1, 2017

For qualified businesses, the Domestic Production Activities Deduction (DPAD) is one of the most lucrative tax breaks manufacturers can claim today — having doubled in value in 2007. It increased even more in 2010.

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Topics: Manufacturing

Pennsylvania Loan Program Introduces Significant Enhancements for Manufacturers

Posted by Lehigh Valley Economic Development Corp. on Thu, May 4, 2017

Significant program enhancements have been made to the Pennsylvania Industrial Development Authority program, which offers low-interest loans and lines of credit to eligible businesses that commit to creating and retaining full-time jobs.

The changes include an increase in the lending limit for machinery and equipment loans funded by PIDA’s Machinery Equipment Loan Fund (MELF) program. Lending was previously capped at $400,000, but that cap has now been increased to $1.5 million.

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Topics: Manufacturing

Lehigh Valley Manufacturers: Where to Find Import-Export Assistance

Posted by Andrea Brady on Tue, Apr 25, 2017

There’s no doubt businesses now operate in a global marketplace – for both the good and the bad.

On the upside, the global economy presents more opportunities for new markets and business growth. And that’s not the only way to increase profits through exporting – businesses that export also may qualify for several lucrative tax benefits.

But – as business is cyclical – we recognize there also are some downsides at times in a global economy. The good news is there’s also assistance available for Lehigh Valley manufacturers negatively affected by the global marketplace.

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Topics: Manufacturing

Operational Improvement Assistance for Lehigh Valley Manufacturers Seeking Growth

Posted by Andrea Brady on Tue, Apr 4, 2017

Faster. Cheaper. Better.

Every manufacturer continually seeks improved efficiencies. It’s not just the time it saves, but the materials and labor costs, as well.

Your company probably holds monthly if not weekly meetings featuring brainstorming sessions on how to improve efficiencies.

But in the Lehigh Valley, you don’t have to brainstorm alone. There are several organizations that specialize in helping manufacturers improve efficiencies, and at reasonable consulting costs. Ben Franklin Technology Partners offers some grants to pay for their consulting while services from the Small Business Development Center are entirely free.

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Topics: Manufacturing

How Lehigh Valley Manufacturers Can Save on Construction and Equipment Purchases

Posted by Andrea Brady on Tue, Mar 7, 2017

While purchasing new equipment – or on a grander scale, a new facility – is generally a positive indicator for a manufacturer, it’s also a costly endeavor.

It requires significant cash reserves, either to buy the equipment in the case of more minor purchases or to secure bank loans for larger purchases.

But those don’t have to be your only two options. For Lehigh Valley manufacturers, there is a wide variety of low-interest loans and tax-exempt financing for construction, renovation and equipment purchases.

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Topics: Manufacturing

Adding to Your Workforce? Check Out These Grants, Tax Credits Available for Job Creation

Posted by Andrea Brady on Thu, Feb 9, 2017

Job creation in itself provides many upsides for manufacturers. It’s usually undertaken when business is booming. It increases productivity and provides more local employment.

But there’s another big upside for job creation available to Lehigh Valley manufacturers – money. The federal, state and local governments all offer funding expressly for job creation in the form of grants and tax credits.

And there are also grants and other funding available to Lehigh Valley manufacturers to train those new employees.

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Topics: Manufacturing

How Manufacturers Can Qualify for the R&D Tax Credit – It’s Easier Than You Think

Posted by Tony Deutsch on Thu, Jan 5, 2017

When you think of research and development, you probably think of men in white lab coats, or sophisticated laboratories where cutting-edge technology is born.

However, the federal government offers a more flexible definition of research and development. The government definition is a process of experimentation to develop new or improved products or processes that are technological in nature.

This means that activities regarded as mundane or routine by many manufacturers may qualify for the federal Research and Development – or R&D – Tax Credit.

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Topics: Manufacturing

Top 10 Tax Tips for Beer Brewers

Posted by Andrew Desiderio and Denise Hozza on Thu, Dec 8, 2016

The craft beer industry is booming. And while consumer demand for craft beer is high, that demand alone probably won’t be enough to make or keep your business successful.

You need to take all the opportunities available to you to save on expenses. And luckily for brewers, there are many tax opportunities you can qualify for.

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Topics: Manufacturing

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