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Moore on Manufacturing: Top 6 Year-End Tax Planning Strategies
Originally published on December 1, 2020
Updated on June 16th, 2022
Podcast
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Summary
The year’s end is always a good time for manufacturers to set tax planning strategies. But as we know, 2020 isn’t just any year. In addition to the usual opportunities, COVID-19 (and the resulting aid packages) adds a whole new wrinkle to the process. Now more than ever, manufacturers can minimize tax exposure and take advantage of cash generating tax strategies.
During our premiere episode of Moore on Manufacturing, James Moore & Co. partner Mike Sibley and director Carrie Boynton, will dive into the various tax planning strategies you must consider before year end.
00:10 – Welcome and Introductions
01:34 – Paycheck Protection Program’s Impact on Taxes
05:51 – Benefits of the CARES Act
08:14 – Net Operating Losses Carrybacks
12:26 – Opportunities with Switching from Accrual to Cash Basis Accounting
14:27 – Prepaid Expenses
16:10 – Research and Development Tax Credits
20:07 – Wrap-Up
