LSL CPAs and Business Advisors has extensive experience as Manufacturing Accountants. We have offices in Brea, Santa Ana and Sacramento. Call (714) 672-0022 if you need help with your manufacturing business.
We help you keep costs in line and reduce taxes so that you can focus on running your manufacturing business.
In late 2018, the United States government announced the new Excise Tax for products purchased from China. Many distributors and manufacturers raced out and purchased extra merchandise to avoid the Excise Tax for as long as possible. By purchasing excess inventory, they thought they would be saving money because they Read more…
In the manufacturing industry, the investment in inventory is significant. In many instances inventory in the manufacturing industry is financed by borrowings from a financial institution. Protecting inventory is a major factor in profitability and management is responsible for developing and maintaining adequate internal controls so that inventory items are Read more…
Physical inventory counts at year-end are a necessary component of business if your company maintains inventory. However, if they are done incorrectly they can end up not only being difficult to perform but also misstating the company’s assets. As part of our audits, we perform observations of our clients’ inventory Read more…
Don’t forget that California currently has a partial sales tax exemption for manufacturers. The effective time period for this exemption is between July 1, 2014 and June 30, 2022. The exemption is at the rate of 4.1875% from July 1, 2014 to December 31, 2016. During the remainder of the Read more…
Manufacturers Bank Symposium Q2 May 20, 2016 8:30 AM – 11:30 AM PDT Event Description: https://vimeo.com/163280141/654ed0e065 Los Coyotes Country Club 8888 Los Coyotes Dr Buena Park, CA 90621 Google Map Event Description: Outstanding Symposium for Business owners working in the commercial and industrial industries as well as food franchisees. Please view Read more…
On November 24, 2015, the IRS released IR-2015-133. This ruling increases the threshold for deduction of capital items purchased. Under the prior tangible property regulations, a business without an audited financial statement was required to capitalize and depreciate assets purchased exceeding $500. Larger businesses who have audited financial statements were Read more…
The wholesale distribution arena is a difficult environment for a company to operate in. Gross margins tend to be small. This mandates that a company in this business space needs to be well run. The management team should focus on a number of key factors in order to be successful. Read more…
In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (ASU 2015-11). ASU 2015-11 is part of FASB’s simplification initiative that is intended to improve U.S. GAAP by reducing costs and complexity while maintaining or enhancing the usefulness Read more…
One of my manufacturing clients located in Santa Ana called with a “simple” question. “I am looking to make a significant investment in equipment this year and want to know how much can I get in tax write offs”? Seems like a simple question! However, there are many different areas Read more…
Establishing an efficient and effective inventory cycle count process provides a Company with many benefits. Companies will be able to identify inventory process problems quickly, and corrections to the inventory process can be done immediately to avoid operational problems. Additionally, performing cycle counts can help reduce or eliminate the need Read more…