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• Duties now cost 1.24% of $8.3 trillion in G8 imports • ‘Trump tariffs’ on steel, aluminium could see duties rise even further

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According to a new Standard & Poor’s report, there are two key indicators that will tell you what kind of shape the manufacturing industry is in. The first is the Institute for Supply Management’s Purchasing Manager’s Index and the second is the Federal Reserve’s Capacity Utilization Index for motor vehicles and parts. A reading above 50 percent for the ISM index indicates that manufacturing is expanding in the US, and below 50 means that it is contracting. History shows that each time since 1983 that the index fell below 43 percent “speculative grade” automotive companies began to panic. Similarly any time the Fed’s utilization rate dropped below 72 percent during that period, it caused stress to automotive companies.

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As an independent member of Urbach Hacker Young International Limited ("UHYI" or "UHY"), we are able to call upon the resources of professional service firms throughout the world. Established in 1986 and based in London, UHY is a world leader in audit, accounting, tax and business advisory services. The network brings together the global expertise of UHY's independent members, all highly regarded, professional and reputable firms in their own local markets.

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As director of financial reporting and quality control, Betina Dufault will act as a technical resource for the firm's significant audit practice, consulting with our professionals as they adopt new audit procedures and review new accounting principles. Dufault comes to us with 25 plus years of work experience, including overseeing the remediation program for the country's largest accounting firms for the last seven years and Big Four accounting experience.

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The Protecting Americans from Tax Hikes (PATH) Act of 2015 made the research and development tax credit permanent, and presented a new savings opportunity to businesses with $50 million or less in gross receipts by allowing these entities to offset the R&D credit against the alternative minimum tax. The changes even allow certain small businesses under $5 million in gross receipts to offset the R&D tax credit against payroll taxes.

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Employees traveling to multiple states for work during the year may soon see some relief when filing taxes. Senate Democrats and Republicans have come to an agreement on a bill that would ease the filing process for these employees. The bill would simplify and standardize state income tax collection for traveling employees working out of state temporarily. The bill would also provide relief for employers who must comply with withholding and reporting requirements.

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A large majority of manufacturers in the United States are considered small, whether a lower middle-market firm or a true small business. In 2015, there were 251,774 firms in the manufacturing sector, with roughly 74% of the firms having 20 or less employees and 98.5% of the firms having less than 500 employees.

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On June 21, 2018, in a five to four majority decision deciding the case of South Dakota v. Wayfair, the US Supreme Court overturned 50 years of precedent. Businesses now face a new landscape for sales and use tax with the decision significantly expanding the authority states have to impose transaction taxes upon out of state companies of all types.

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Due to the major changes from the Tax Cuts and Jobs Act, the Internal Revenue Service (IRS) is recommending that all taxpayers perform a “paycheck checkup” on their current withholdings. The IRS provides a withholding calculator application on their website to determine proper withholding amounts.

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UHY's Steve Wolf participated on a Baltimore Business Journal Table of Experts panel regarding the importance of succession planning and preserving generational wealth. The expert panel also included Matthew Cohen, Business Banking Team Leader from M&T Bank and Maurice Office, Principal and Co-Founder of Offit Kurman. 

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