A Deep Dive into How 174 Affects Manufacturers with Westminster Tools
Learn what other manufacturers such as yourself may be encountering for this tax year and beyond.
April 26th, 2023
10:00AM – 11:00AM CST / 11:00AM – 12:00PM EST
After registering, you will receive a confirmation email containing information about joining the webinar.
Section 174 puts U.S Manufacturers at a significant disadvantage compared to their global competitors, as China provides a 200% deduction for R&D expenses for manufacturers, whereas the U.S only allows for a 10% deduction in the current year.
Manufacturing has long been the backbone of this country, and in recent years, there has been a push to bring manufacturing back to America. While these efforts were showing success and manufacturing is returning to the U.S, a tax law passed in 2017 that only went into effect in 2022 may mean businesses may not be able to afford to manufacture in the U.S anymore.
Join us in a live discussion with Colby Coombs from Westminster Tools as he shares the direct effects that the newly enacted 174 tax law has had on his business.
Key Issues Affecting Manufacturers With
Future investments in better products for customers, safer, efficient and more sustainable processes.
Expansion of product lines into new industries.
Allocation of limited resources due to an increase in tax liability this year.
Limitations on hiring strategies because of significant increase in taxes for this year
Senior Strategic Director | Source Advisors
Michael Warady, CFP is a Regional Director at Source Advisors who has helped clients secure over $360 million in increased cash flow through incentive strategies such as the Research & Development Tax Credit, Inventory Tax Planning Strategies (LIFO), Cost Segregation and other negotiated and statutory incentive programs. Over the past 15 years, Michael’s clients have appreciated his consultative approach which has allowed them to realize significant increases in cash flow through various incentive opportunities. Michael is a Certified Financial Planner and holds Bachelor’s Degree in Economics from the University of Iowa.
Chief Financial Officer | Westminster Tools
Colby Coombs is an experienced Chief Financial Officer in the plastics industry, with a proven track record of success in tax strategy, management, business development, public speaking, and managerial accounting.
Join us as he will discuss what steps he’s taken to help offset his huge tax bill and his proactive approach to affecting change within Congress.