Manufacturing

Not my plant! Preventing ransomware attacks on manufacturers

The world’s largest meat production company was recently sidelined by a ransomware attack. The hack forced the company to temporarily shutter plants in the United States, Canada, and Australia, affecting the U.S. meat supply and even hurting commodity prices. If it seems like cybercriminals often target manufacturing (including food processing) and distribution companies, that’s because […]

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Tax Planning Opportunity for Small Manufacturers

The TCJA provides small manufacturers exemptions from the use of full absorption method of inventory costing (§471) and uniform capitalization (§263A).  A small manufacturer is any manufacturer with average annual gross receipts for the three prior tax years under $25 million. Inventory Costing Under TCJA Qualifying taxpayers can elect out of §263A by following the […]

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New Lease Accounting Standard – Impact on Manufacturers

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-15, Leases (Topic 842) in 2016.  This purpose of this ASU is to increase transparency and comparability among entities by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The following organizations need to adopt […]

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How Manufacturers Can Prevent Cyberattacks

Malicious hackers target all types of businesses. But manufacturers that rely on automation, robotics and connected networks are especially vulnerable to cyberattacks. Here’s what you can do to protect your manufacturing business. Know your risks It’s only natural that manufacturers fear data breaches — and unfortunately hackers often can use that fear to cripple organizations […]

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