Name: Christopher Axene, CPA
Posts by Christopher Axene, CPA:
- New product development marketing
- Lean manufacturing implementations
- Quality certifications (ISO, TS)
- Enterprise resource planning (system selection, training)
- Capital expenditures (e.g. equipment or software)
- On-going business expenses (e.g. FTE salaries)
- On-going business processes
America is the land of the free, and a place where we’re all supposed to have boundless opportunities. So if you’re the business owner of a small manufacturer, and you’re feeling financially and competitively pinched because of foreign imports, know that there is relief.
Trade Adjustment Assistance
The U.S. Department of Commerce’s Economic Development Administration developed and funds a program to help manufacturing companies become more competitive against foreign imports. The program, “Trade Adjustment Assistance for Firms,” provides up to $75,000 in matching funds to qualifying manufacturers to invest in projects identified during the plan development phase. Qualifying projects must be time-limited and performed by third parties who provide knowledge-based help covering the areas of marketing, industrial and systems engineering or financial and general management consulting.
Examples of “qualifying projects” include:
“Non-qualifying” projects include:
Big Benefit Of Trade Adjustment Assistance for Firms Program
An added benefit of the program is a customized diagnostic survey and comprehensive action plan created for the business by the program’s personnel. There is no fee to apply to the program. Once eligibility for the program is confirmed, the plan development phase typically takes one to three months with the implementation phase able to run for up to five years. Any funds not expended after five years are lost.
Funding for this program was recently renewed so now is the time to invest 30 minutes of your time to speak with a program representative to see if you qualify.
Ohio Small Manufacturer Help
If you’re an Ohio Small Manufacturer that’s having trouble keeping up with foreign imports and competition, and needs assistance with strengthening your business’s bottom line, contact Rea & Associates. Our Ohio manufacturing service team can help you evaluate your business’s current financial state and determine what steps you need to take to get back in the game.
Author: Christopher E. Axene, CPA (Dublin office)
Looking for more Ohio manufacturing-related articles? Check these blog posts out:
If you’re about to acquire, produce or improve real or tangible personal property, and then turn around and use the property in a trade of business for income, stop right there. Under the Internal Revenue Code, you’re required to capitalize certain amounts of money you invested into the property. Read the rest of this entry “
We’ve read for weeks that a government shutdown was possible, but at 12 a.m. this morning, it happened. It has been 17 years since the last government shutdown, and you, along with the rest of the American people, are probably wondering how the shutdown will impact their lives. Fortunately, last week the Internal Revenue Service published “FY 2014 Shutdown Contingency Plan (During Lapsed Appropriations) Non-Filing Season,” a set of guidelines that explains what will go on at the IRS during a shutdown. Read the rest of this entry “
This article discusses the changes to individual tax payers that are in a legal same-sex marriage.
Earlier this year the Supreme Court declared that section 3 of the Defense of Marriage Act (DOMA) was unconstitutional. Section 3 of DOMA required that same-sex spouses are to be treated as unmarried for purpose of federal law. It is now recognized that same-sex couples that were legally married in states that recognize same-sex marriages, will be treated as married for federal tax purposes, even if the state they are currently residing in does not allow same-sex marriages. The same is true for couples married legally in a foreign jurisdiction. This now allows for same-sex married couples to file with the status of “married filing jointly” (MFJ) or “married filing separately” (MFS). Read the rest of this entry “
ACT FAST: Limited Time Offer for RMDs
Thanks to a hot-off-the-presses provision in the new tax law, taxpayers over 70 ½ have a very limited window to address 2012 required minimum distributions (RMDs) from their retirement accounts.
Here’s what happened: an incentive for donating your RMDs directly to charity tax-free expired in 2011, so at the end of 2012 many of you weren’t sure what to do. Some of you may have taken your RMD as usual and used that money toward regular living expenses, but other retirees who typically donate their RMD to charity may have taken a different approach. Read the rest of this entry “