Article by Gary Wallace Published by Virginia Business Magazine

By Gary G. Wallace, CPA, Managing Partner

Article by Gary Wallace Published by Virginia Business Magazine

Tax Incentives for Manufacturing Businesses

Gary’s article discusses incentives that businesses should capitalize on to lower their tax burden.

“The U.S. corporate tax rate is one of the highest among developed nations. According to National Association of Manufacturers President and CEO Jay Timmons, “Comprehensive tax reform for manufacturers of all sizes is essential to unleashing the economic power of manufacturing and making the United States the best place in the world to manufacture. Our outdated and uncompetitive tax system is holding us back from competing with nations that have adopted pro-growth systems.”

The tax-rate imbalance reveals that manufacturing businesses need to take advantage of applicable tax breaks when they are available to maintain profitability and stay competitive. While accelerated depreciation is frequently noted as a tax benefit, a few other incentives are available to manufacturers.”

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About the Author

Gary G. Wallace

Gary G. Wallace, CPA, Managing Partner

Gary provides tax and business advisory services to business and individual clients. He has advised clients in various aspects of restructurings, including tax aspects of debt workouts and foreclosures, forgiveness of indebtedness, bankruptcy restructurings and liquidations, establishing liquidating trusts and partner-partnership transactions. Gary also has significant knowledge and experience in individual taxation, business taxation, and advising clients on all aspects of tax matters. He is the Managing Partner of the Firm.

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The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.


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