Members Only  

New IRS accounting method changes

October 1, 2017

The tax returns of many businesses in the specialty fabrics industry have been—and will most likely continue to be—extra thick. Thanks to newly issued “repair regulations,” tax return filings for last year included more work on “Form 3115, Application for Change in Accounting Method” than usual. Fortunately, the IRS recently made it easier for small …

Tax law changes

February 1, 2017

How the Trump Administration may affect businesses. Any change in Washington, D.C., brings the possibility—and the likelihood—of tax law changes. The election of Donald Trump as the 45th president of the United States is no exception. In his campaign, President Trump highlighted several goals of tax reform that included reducing the official corporate tax rate …

Members Only  

When to count income

January 1, 2017

Get ready for new guidelines on ‘revenue recognition.’ Sometimes accounting rules and the tax law are logical and equitable; sometimes they aren’t. One question always seems to surface: When is a business’s revenue considered “income”? The time to claim income and deductions is dictated by rules or laws, not by a business owner’s opinion. Accounting …

Recent tax changes

March 1, 2016

Tax savings from another late law. Once again, lawmakers waited until late in the year to pass another “extenders” bill. The new “Protecting Americans from Tax Hikes (PATH) Act of 2015” retroactively extends quite a few tax-saving provisions, many of them quite narrow in scope such as those for film and theater producers, NASCAR® racetrack …

Payroll perils

January 1, 2016

The Internal Revenue Service may be relentless about collecting income taxes, but mistakes in withholding and paying payroll taxes to the IRS can mean real trouble for a business. The Internal Revenue Service (IRS) can be tough on collecting income taxes, but mistakes in withholding and paying over-withheld payroll taxes can be even more painful, …

Members Only  

Managing cyber security

October 1, 2015

Don’t fall asleep at the computer. The recent headlines about Internet hacking and high-profile security breaches have focused on large retailers such as Target, Neiman Marcus and Home Depot, and big banks like JPMorgan Chase & Co. Unfortunately, fraud and financial data losses are not limited to retailers or even to one industry. Small businesses …

Business and pleasure

July 1, 2015

Attending trade shows is a valuable part of business strategy—with tax benefits. Self-employed specialty fabrics professionals—the owners, managers and employees of an industrial textiles and products business, even shareholder-employees—have long been allowed to claim an income tax deduction for the expenses of attending trade shows, conventions and meetings. Thanks to federal tax laws, the government …

Your taxes at work

March 1, 2015

The Tax Increase Prevention Act of 2014. The passage of the Tax Increase Prevention Act of 2014 late last year retroactively extended 54 tax breaks—but only for the 2014 tax year. The so-called “tax extenders” law opens the door for specialty fabric professionals to claim many of these popular (but temporary) tax incentives when 2014 …

Members Only  

Succession planning

February 1, 2015

From a financial standpoint, selling or transferring your business requires setting and communicating a clear set of goals and procedures to avoid risk and possible conflict. Sooner or later, everyone thinks about retirement. For those who own a closely-held or family textile products business, retirement is more than just a matter of deciding not to …

Lease or buy?

January 1, 2015

New rules may make a difference in your decision. Whether to buy or lease new equipment is a tough question for many specialty fabric professionals to answer, even as credit becomes more readily available. There is no one correct answer to fit every situation or business, but compared to the simplicity of buying, leasing is …