3rd Quarter, 2010
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3rd Quarter, 2010 |
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IRC Section 199 Related to IRS Exams
By Doug Pfefferkorn, CPA, Senior Tax Manager, Houston“IRS Exam” is a phrase that strikes fear into many a law abiding taxpayer. This fear is intensified on a topic like the IRC Section 199 manufacturing deduction, where it is difficult for taxpayers and IRS agents alike to discern the rules and proper application to a given set of facts. The reasons for this are simple enough: relatively new code section, very broad application, and very little case law. Read more >>> Uncertain Tax Position Disclosures
By Lori Mettille, CPA, Senior Tax Manager, Dallas and Brent Alexander, Tax Supervisor, DallasOn April 19, 2010, the Internal Revenue Service (“the Service”) issued Announcement 2010-30 (the “Announcement”), which clarified many of the proposed details regarding its initiative to require corporate taxpayers to report uncertain tax positions (“UTPs”) on their returns. Included in the Announcement were the draft tax return schedule (“Schedule UTP”) and the related instructions. Read more >>> Manufacturers/Distributors Benefits of Going to the CLOUD
By Carolyn Duffy, CPA, Director of Business Advisory Services, DenverIf you are like many manufacturers and distributors, you are likely to have a number of software products currently in use, including financial packages, inventory or warehouse management, customer relationship management (CRM), sales force automation (SFA), business intelligence, and e-commerce. This variety of disconnected applications can leave you manually entering and re-entering data across multiple products. In addition, it often results in lost productivity, high error rates, and lack of access to the current information needed to make timely decisions. Read more >>> |
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Welcome to our newest edition of Manufacturing and Distribution Industry Insight! We’re happy to be back, and enjoying the summer. In this issue we discuss the difficulty of the IRC Section 199 manufacturing deduction. Next, we explore Announcement 2010-30, which clarified aspects of the new requirement that corporate taxpayers report uncertain tax positions on their returns. Finally, we examine the benefits of going to CLOUD computing as a means to streamline your software usage. If you have any further questions or concerns regarding these issues, please don’t hesitate to contact us.