Article by Gary Wallace Published by Virginia Business Magazine

Article by Gary Wallace Published by Virginia Business Magazine

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Author: Gary G. Wallace, CPA

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 Our outdated and uncompetitive tax system is holding us back from competing with nations that have adopted pro-growth systems.”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.”

Access the article.

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.

About the Author

Gary provides tax services to public and private entities and their owners in a variety of industry segments, including manufacturing, retail, real estate, and financial services. Gary has significant knowledge and experience in individual taxation, business taxation, including C and S corporations and partnerships. He advises clients on all aspects of tax matters, including tax accounting methods, multi-state tax matters, mergers and acquisitions, income tax accounting and representation with tax authorities. He is the Managing Partner of the Firm.

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