MFG Blog from HBK CPA

Highlights from the March 15, 2023, HBK Manufacturing Solutions webinar hosted by James Dascenzo, CPA, Principal, National Director of HBK Manufacturing Solutions; and Amy Reynallt, MBA, CMA, HBK Senior Manager. Watch the webinar here. Recommendations for manufacturers What was discussed in Part 1 in February: Is manufacturing in a recession? The March ISM report indicates Continue reading Webinar: Part Two-2023 Outlook for Manufacturers The post Webinar: Part Two-2023 Outlook for Manufacturers appeared first on HBK CPAs & Consultants .

On February 24, Governor Mike DeWine and the Ohio Bureau of Workers’ Compensation (BWC) announced an 8% reduction in workers’ compensation premiums for the next fiscal year. The decrease is consistent with the reduction in loss cuts and administrative costs the BWC has experienced. The 8% reduction is expected to be an average cost change, Continue reading Ohio Manufacturers to Expect Workers’ Compensation Rate Cut The post Ohio Manufacturers to Expect Workers’ Compensation Rate Cut appeared first on HBK CPAs & Consultants .

Manufacturing is critical to the Ohio economy. The state, which boasts the third largest manufacturing GDP in the nation behind only California and Texas, counts nearly 700,000 manufacturing jobs and a manufacturing payroll of $44 billion, the highest total wages for any Ohio industry sector. Despite the prominence of manufacturing, many manufacturers remain shorthanded and Continue reading Next Ohio TechCred Round begins March 1 The post Next Ohio TechCred Round begins March 1 appeared first on HBK CPAs & Consultants .

On Tuesday, February 7, President Biden gave the annual State of the Union address, providing a reflection on the past year and an overview of potential policy changes. The President discussed key domestic challenges including the nation’s progress against the COVID-19 pandemic, the economy, healthcare and research, and taxes on large corporations. Unlike in 2022, Continue reading What the State of the Union Address Means for Manufacturers The post What the State of the Union Address Means for Manufacturers appeared first on HBK CPAs & Consultants .

Highlights from the February 16, 2023 HBK Manufacturing Solutions webinar hosted by James Dascenzo, CPA, Principal, National Director of HBK Manufacturing Solutions; and Amy Reynallt, MBA, CMA, HBK Senior Manager. Watch On Demand. Overview Industrial production fell in six of the last eight months of 2022 with the worst or most significant declines in November Continue reading Webinar: 2023 Outlook for Manufacturers The post Webinar: 2023 Outlook for Manufacturers appeared first on HBK CPAs & Consultants .

U.S. Generally Accepted Accounting Principles (GAAP) and the Internal Revenue Code allow businesses to choose one of four methods of accounting for inventory, including Last in First out (LIFO). LIFO has been in use since the 1930s but is often dismissed or overlooked. In periods of inventory growth, or periods of economic inflation, as seen Continue reading LIFO Accounting for Inventory Can Deliver Immediate and Long-Term Tax Savings The post LIFO Accounting for Inventory Can Deliver Immediate and Long-Term Tax Savings appeared first on HBK CPAs & Consultants .

Despite much debate among economists regarding if or when a recession may occur, the U.S. manufacturing sector may already be in a recession. Manufacturers have been affected by slower demand, higher borrowing costs, continued labor struggles, and continued supply chain disruptions that have contributed to declines in output. In fact, over the past eight months, Continue reading Is the Manufacturing Industry in a Recession? The post Is the Manufacturing Industry in a Recession? appeared first on HBK CPAs & Consultants .

Highlights of the January 18 HBK Manufacturing Solutions webinar hosted by Nicholas Demetrios, CPA, MBA, Principal, HBK Tax Advisory Group Watch On Demand. RD credits for Manufacturers was first instituted in 1984, It was not an easily obtainable credit; you had to jump through hoops. But it has been liberalized over the years to encourage Continue reading Webinar: RD Credits for Manufacturers The post Webinar: RD Credits for Manufacturers appeared first on HBK CPAs & Consultants .

Ohio’s next TechCred application opportunity will open on January 3, 2023 and close January 31, 2023 at 3:00 PM. TechCred, introduced in 2019, allows eligible Ohio employers to obtain reimbursement for costs associated with employee training and upskilling, particularly for manufacturing or technological skills. Training and upskilling programs include credentials, certificates and certifications that are Continue reading Ohio Starts New Year with New TechCred Opportunity for Manufacturers The post Ohio Starts New Year with New TechCred Opportunity for Manufacturers appeared first on HBK CPAs & Consultants .

Manufacturers are no strangers to the staffing shortages in today’s economy. Though the industry added 349,000 workers in 2021, the most since 1994, baby boomers are retiring, leaving many positions requiring experienced employees open. The need to attract new workers and train existing employees for career progression is more pressing than ever. As pressing as Continue reading Labor Shortages? Technology Could Be The Solution. The post Labor Shortages? Technology Could Be The Solution. appeared first on HBK CPAs & Consultants .