Manufacturing

Manufacturing and Distribution


Expertise

MichaelSilver serves the unique needs of privately-held small and medium-sized manufacturing and distribution businesses. One key area is addressing the particular financial and tax requirements of a broad range of manufacturing and distribution entities in innovative ways. We are trusted to maintain the highest quality standards in our compliance work, but strive to exceed our clients’ expectations by focusing on bottom line results, strategic planning, and asset protection. Our full range of services includes:

Tax Consulting and Compliance

Manufacturing and distribution entities face many tax challenges and opportunities.

Why MichaelSilver? Because we provide proactive rather than reactive advice and guidance: keeping you informed regarding the latest tax legislative changes, which enhances our ability to plan for the effects of those changes. We will help you minimize your company's tax burden, and maximize available tax cedits and special deductions.

In addition to completing all of the necessary tax returns and managing other compliance requirements, our real value lies in our tax planning and consulting services, including:

  • Annual and long-term income tax planning, for business entities, their stakeholders and families
  • Complex income tax issues, such as inventory capitalization calculations
  • Leveraging various federal, state and local tax credits and incentives, such as Research and Development credits
  • Providing highly-effective depreciation strategies, such as cost segregation studies on major capital improvements, building acquisitions and new construction, and optimizing available depreciation choices
  • Multi-state issues, such as determination of nexus, business registrations outside of Illinois, and planning associated with opening new facilities in other regions or states
  • Complex sales tax issues faced by manufacturers and distributors
  • Sales tax compliance assessments
  • Tax projections and cash flow analysis
  • Corporate consolidation and restructuring strategies, dividend payouts, and earnings and profits issues
  • Analyses of potential tax benefits from implementation of LIFO inventory
  • Foreign affiliations, including vendors, customers, owners and subsidiaries
  • Intercompany transfer pricing issues
  • Representation at federal and state income and sales tax audits, voluntary disclosures and amnesty programs
  • Estate, Gift, and Trust Services for individual owners and/or family businesses

Accounting and Assurance

Our team of accounting and assurance professionals provides the interim and year-end compliance and financial statement services specific to manufacturing and distribution entities. We work with your in-house staff to provide guidance and advice on how to prepare for a financial statement engagement.

We also have experience addressing the expectations of traditional lenders, mezzanine finance entities, and other capital lenders, in the effort to provide them with the high quality financial statements they require and expect. We utilize our extensive knowledge, experience, and technology to streamline the process of financial reporting, efficiently and effectively. Our services include:

  • Audits, Reviews, and Compilations
  • Non-financial statement engagements, including agreed-upon procedures
  • Financial statement requirements for 401(k) plan or other employee benefit plans
  • Assistance with the preparation of LIFO calculations and related information necessary for producing proper GAAP financial statements
  • Understanding asset impairment, as it relates to GAAP financial statements
  • Assisting with monthly closing procedures
  • Expense analyses and containment

Other Value-Added Services Tailored for Manufacturers and Distributors

We can deliver other value-added services specifically tailored to manufacturers and distributors, including:

  • Inventory control issues and costing assessments
  • Internal controls evaluation and analysis
  • Salary, commission, bonus consulting and incentive compensation planning
  • Payroll issues, employee benefits and retirement plans
  • Union negotiation assistance
  • Business acquisition and sales
  • Succession planning
  • Valuation Services
  • Real estate analysis for related business property
  • Profit analyses for potential major equipment purchases, including breakeven analysis
  • Buy or lease comparisons for equipment needs
  • Analyses of outsourcing options for manufacturing or other functions  
    • Budgeting, forecasts and projections
    • Cash flow management
    • Performance management and benchmarking
    • Accounting systems analysis and betterment planning
    • Assistance with bank financing

Questions?

To learn more, please contact MichaelSilver's Manufacturing and Distribution Industry leader, Mark D. DeVience, CPA, Partner, at 847-982-0333 or contact us.

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