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R&D Tax Credits for the Manufacturing Industry

Written on . Posted in Engineering, State & Local Tax Services, Tax, Tax Alerts.

The manufacturing industry alone claims annual R&D tax credits in excess of $7.4 billion. Innovation is driving the manufacturing industry, and the objective of R&D tax credits is to encourage exactly the type of efforts that are at the core of Industry 4.0. You don’t have to be developing new products or engineering brand new manufacturing processes to qualify for the R&D tax credit. If your company is attempting to develop or improve manufacturing processes or products,...

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An Interview with Taylor Parker, P.E., Branch Manager at Bohler

Written on . Posted in Engineering, General Business, Wiss Gets Personal.

International Women in Engineering Day is dedicated to celebrating the achievements of female engineers. At Wiss, we’re privileged to work with clients like Bohler who support and recognize the importance of women’s contributions in this industry. Taylor Parker, P.E., Branch Manager at Bohler’s Miami office, shares what inspired her to pursue a career in Engineering and what it takes to succeed and stand out in a traditionally male-dominated profession. What sparked...

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Factors to Consider When Valuing Your Engineering Firm

Written on . Posted in Engineering.

By Amos Gibello You’re the owner of an engineering firm which you’re thinking of selling. Or maybe you’re trying to establish its worth in consideration of securing loans, partnerships, outside investors or a merger. Or you’d like to get a better handle on your net worth for estate purposes. Whatever the reason, here are some of the leading factors to consider while estimating your firm’s value. Revenue Growth — How have you done over recent years? Trending upward or down?...

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Impact of the New Tax Law on Engineering Firms

Written on . Posted in Engineering.

The “Tax Cuts and Jobs Act” signed by President Trump on December 22, 2017, contains numerous provisions that impact business that specialize in providing professional services in the field of engineering.  Below is a summary of some of the key provisions: Corporate and Non-corporate:  Limits on the Deduction of Business Interest – IRC Sec. 163(j) Generally, for tax years beginning after Dec. 31, 2017, every business, regardless of its form, will be subject to a...

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Maintaining FAR Compliance of Overhead Rates for Engineering Firms

Written on . Posted in Engineering.

By Amos Gibello For accounting departments of engineering firms that regularly seek government contracts, there are unique accounting practices that must be followed. One challenge is found in submitting overhead rates that are in compliance with Federal Acquisition Regulations (FAR). For firms unfamiliar with the process, this is unexplored territory; even the vast majority of CPAs are unaware of this area of accounting that’s not particularly complex but is highly specialized. Engineering...

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