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Add Year-End Planning to Your Holiday Checklist

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With 2016 coming to a close, there a few things you can do that could improve your company’s financial statement and tax position going into the New Year. A few key considerations include making sure inventory is properly counted and valued. There are certain tax advantages to disposing of obsolete inventory that must be capitalized on before year-end. In addition, companies with average gross receipts over $10 million over the prior 3 years can be subject to Section 236A tax rules which require certain overhead costs to be capitalized for inventory purposes. By planning ahead you can reduce the impact or defer recognition for another year.  It is also a good time to review debt agreements to ensure financial covenants are met in order to address any potential problems early on. These are just a few year-end planning tips, for the full checklist read the full article, Year-End Planning Considerations for Distributors and Manufacturers: A Checklist of Best Practices, in our Fall BP Report.


     

New Name, Same People and Service You’ve Known for Years.

Berntson Porter is excited to announce that we are now part of CBIZ & MHM (Mayer Hoffman McCann P.C.). Together, CBIZ & MHM are one of the nation’s Top Ten accounting providers, and Berntson Porter is honored to be joining them. We are pleased to be able to offer the same people and the same service you’ve known for years under a new name: CBIZ Berntson Porter. Please click here for more information.