Cherry Bekaert Managing Director Moderates NC TECH Talk Panel
Earlier this month at NC TECH TALK LIVE in Cary, North Carolina, Jonathan Kraftchick, CPA, moderated the “Ethics in Artificial Intelligence” panel discussion. Kraftchick, Managing Director of Training and Development for Cherry Bekaert’s Assurance & Accounting Services, shared his thoughts on the challenges and questions artificial intelligence raises in the technology sector. A recap of the panel discussion is available on the NC TECH website.
Planning for the New Business Interest Expense Deduction Limitation
As part of the Tax Cuts and Jobs Act (“TCJA”) signed into law on December 22, 2017, some important changes have been made with respect to the deductibility of business interest expense for tax years beginning after December 31, 2017. Under prior law, business interest expense was generally deductible in the year in which the interest was paid or accrued, except that corporations were subject to certain limitations under IRC Section 163(j) (“the earnings stripping rules”). TCJA created a new limitation, which replaces the “earnings stripping rules” and applies to all businesses, regardless of form, on the deductibility of net. Read More.
6 Problems Mobile Technology Can Solve for Manufacturing: Part 2
Customer demands and industry disruptors are making your job harder – but mobile technology could be the antidote for your organization’s needs. In part one of “6 Problems Mobile Technology Can Solve for Manufacturing,” we focused on mobile technology solutions that can help you with quality control and compliance, make it easier to fill custom orders more accurately and quote and close more deals. All those things are great – but that’s just the beginning. What about what mobile technology can do for your supply chain, for tracking leads in your sales cycle and even for your customer service? Part two explores the next level of what mobile tech can do. Read More.
6 Problems Mobile Technology Can Solve for Manufacturing: Part 1
Amazon is making your job in manufacturing harder. So are Lyft and Uber. And even Netflix. How? They are changing human behavior with their instant, or nearly instant, delivery models. Everyone expects to get what they want instantaneously. That raises the bar pretty high for everyone else. Answering clients’ demands for immediate gratification is just one of manufacturing’s challenges. Clients also want better quality, high levels of customization, personalized service – all at the absolute best cost. On the other side, your stakeholders want higher productivity and efficiency plus fatter profit margins, all while maintaining quality and answering to compliance. Read More.
Tropical Storm Harvey Causes Chemical Plant Shutdowns
The destruction caused by Tropical Storm Harvey over the past week has led to specialty chemical plant closures along the Texas Gulf Coast. According to analyst Tamar Essner, approximately 40 percent of the U.S. petrochemicals market is currently offline. This percentage is significant due to Southern Texas being the heart of the nation’s specialty chemicals and petrochemicals industry. More importantly, the country’s manufacturing sector relies on the region for raw materials to produce everyday items like water bottles. It is unknown when the plants will come back online, but the shutdowns are certain to disrupt supply chains across the U.S.. Read More.
Georgia Concrete Companies Receive New Tax Breaks
Two months ago, the Georgia legislature approved several bills offering tax breaks and incentives to concrete businesses around the state. In particular, House Bill 247 adds concrete mixing businesses to Georgia’s sales tax exemption for manufacturers. While this is good news for the state’s concrete companies, claiming these sales tax exemptions might be complicated. Eligible businesses could miss out on many of the available tax breaks by failing to submit the proper paperwork. If paperwork is submitted, the forms could be inaccurate, causing lost opportunities for additional tax savings and increased audit exposure. If you have a concrete business in. Read More.