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Blog Category: Manufacturing

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2021 Standard Mileage Rates Updated for Business, Medical, Charity Travel

The Internal Revenue Service has released the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable and medical purposes.   The
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Will Your Recordkeeping Help You Survive an Audit?

Whether you are a new or a well-established business, maintaining good business records is essential to supporting your business income and tax deductions. Good recordkeeping means you also claim the
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Selling into Oregon? Beware of the CAT!

In May 2019, Oregon created a new .57% gross receipts tax that went into effect on January 1, 2020.  This adoption of a new “Commercial Activity Tax” (“CAT”) is imposed
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Business Interest Deduction Limitation – Changes coming after 12/31/2021

Companies with large amounts of tax depreciation could be impacted greatly. Background and Basics of the Business Interest Deduction Limitation As part of the new tax law (Tax Cuts and
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How your company can utilize R&D credits as you break through the Fourth Industrial Revolution (4IR)

What is the Fourth Industrial Revolution (4IR)? The Fourth Industrial Revolution goes beyond computing automation – think Artificial Intelligence, Robotics, the Internet of Things, Big Data analysis, and 3D printing. 
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Capturing Institutional Knowledge

Institutional knowledge. What your staff knows is one of the most valuable intangible assets of every organization. It’s often taken for granted and losing it is costly, frustrating, and inefficient.

Meals & Entertainment Post Tax Reform

Is your accounting department prepared for the recent changes to meals and entertainment deductions?  Have they been trained to code invoices and track expense reports according to the new rules? 

Top 10 Things to Think About in Transferring the Family Business

You’ve all heard the saying “failing to plan is planning to fail.” As a business owner, one of the most important and beneficial actions you can take is establishing a

Meet Wegner CPA’s Manufacturing and Supply Chain Leadership Team

At Wegner CPAs, our goal is to offer relationship-driven service and go the extra mile for our clients.  We give you the capabilities of a large firm with the personalized

Revenue Recognition – A Five Step Approach

In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). Since then, there have also been several amendments to the ASU that