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Concannon Miller

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5 Tips to Improve Inventory Management for Manufacturers

Posted by Concannon Miller on Tue, Nov 26, 2019

Efficient inventory management can substantially improve your firm's performance by helping to maintain high customer service levels and reduce variable costs. But reinforcing inventory management isn't a one-time project. It's a constant concern for manufacturers.

Identifying Potential Weakspots

Naturally, different sorts of problems arise in different markets, whether its pharmaceuticals, packaged goods or some other industry. But there are common indicators. Here are several examples.

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Topics: Manufacturing

2019 Year-End Strategies to Reduce AGI

Posted by Concannon Miller on Thu, Nov 14, 2019

Reducing your current-year adjusted gross income is usually a tax-smart idea. Here are 10 ways to reduce your AGI (and modified AGI) over the short and long run.

Closeup on AGI

AGI equals all taxable income items minus selected deductions for such items as deductible IRA and retirement plan contributions and alimony payments required by pre-2019 divorce agreements.

Lowering your AGI reduces your taxable income for the year and your exposure to unfavorable AGI-based provisions. For example, lowering AGI can increase the amount of Social Security benefits that you can receive federal-income-tax-free and increase your allowable higher education tax credits.

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Topics: Individual tax planning

2019 Year-End Tax Savings Strategies for Businesses

Posted by Concannon Miller on Thu, Oct 31, 2019

It's hard to believe 2019 is almost over! It's been a busy year in many sectors, often forcing small business owners to put tax planning on the back burner while they've tended to daily business operations.

But procrastinate no longer. Consider the following moves to lower your 2019 business tax bill before ringing in the New Year.

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Topics: Business tax planning

Tax-Favored Fringe Benefits for Employees: What Businesses can Offer

Posted by Concannon Miller on Tue, Oct 29, 2019

Job applicants look at more than just wages when evaluating potential employers. They consider the whole compensation package, including fringe benefits and perks.

These add-ons enable employers to cast a wider net in the job market, helping them attract and retain top-quality workers.

Unfortunately, tax breaks for some fringe benefits were eliminated or suspended by the Tax Cuts and Jobs Act. However, some other fringe benefits are still deductible by employers and tax-free to employees.

Here are 14 popular benefits that remain on the books after the TCJA.

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Expand Your Product Line to Boost Manufacturing Profits

Posted by Concannon Miller on Thu, Oct 24, 2019

Even if your manufacturing company has been successful at selling its current line of goods, it's probably not smart to keep producing the same products indefinitely. Now, in fact, is an excellent time to expand your product offerings.

With global competition ramping up, the manufacturing market is only becoming more crowded and less certain. By anticipating customer needs, you can fortify your position and help ensure continued profitability.

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Topics: Manufacturing

Considering Credit to Finance Business Growth in the Construction Industry

Posted by Concannon Miller on Thu, Oct 17, 2019

If you find your construction company gaining a large influx of projects, the biggest problem will be the boost in the amount of capital you will need in comparison with your cash flow.

A jump in new jobs can strain your firm's resources, challenging the firm's capacity to hire field crews, its technology infrastructure and its cash flow. The upside, of course, is that a large backlog of incoming projects means more income and a lead time that lets your management team meet increasing cash flow demands. The more backlog of construction-in-progress the more big payrolls, more benefits going out, larger materials bill. And of course, everyone wants to be paid in cash.

This demand for cash can make it hard to ramp up to meet growth opportunities, but you can effectively manage it by using existing credit efficiently and taking out new strategic lines of credit.

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Topics: Construction & Real Estate Development

IRS Sweetens Bonus Depreciation Savings for Businesses

Posted by Concannon Miller on Thu, Oct 10, 2019

First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act set forth more-generous, but temporary, rules for 2018 through 2026.

Recent IRS guidance gives you additional flexibility to fine-tune the bonus depreciation break to suit your specific business and personal tax circumstances. Here's what you need to know.

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Topics: Business tax planning, 2017 Federal Tax Reform

The New Overtime Rules Employers Must Know

Posted by Concannon Miller on Tue, Oct 1, 2019

The U.S. Department of Labor has issued the long-anticipated final version of its overtime eligibility rules. The changes will take effect on January 1, 2020.

As a result, the DOL estimates that 1.3 million workers will be newly eligible for overtime pay. Are any of them on your payroll? Read on to find out.

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Topics: Business consulting

4 Value Drivers for Boosting Business Sale Price

Posted by Concannon Miller on Thu, Sep 26, 2019

In today's environment, it's important for business owners to focus on the value of their company and what drives it. The objective of this article is to look at value drivers for operating businesses, as opposed to businesses that are asset-based, such as real estate or securities holding companies.

Under the market and income approaches, operating businesses are valued based on how much cash flow they're expected to generate in the future. In other words, cash flow drives value.

If you want to increase value, you need to increase sustainable cash flow.  Notice, we said the sustainable cash flow. While it might look good to have a short-term increase, an educated buyer will see through any non-sustainable increases and adjust those in determining the purchase price.

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Topics: Succession planning, Business Valuation

Uncertain Tax Position Disclosures: Is Your Nonprofit in Compliance?

Posted by Concannon Miller on Tue, Sep 24, 2019

As a nonprofit, tax-exempt organization, you might think the subject of “uncertain tax positions” doesn’t apply to you.

Think again. Some of the basics of your operations, including your tax-exempt status, could create uncertain tax positions that trigger critical reporting obligations.

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Topics: Nonprofit Organizations

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