This is part of our spotlight series featuring our incredible sponsors! Read on for an interview with Eric Balentine of Moss Adams.
What is your favorite part about your job at Moss Adams?
The most rewarding part about public accounting is helping our clients find creative solutions to their complex problems. We are in an ever changing world, and our clients experience various types of challenges that keeps us on our toes. We’re committed to forging long-term business relationship with our clients..
What are some of the biggest challenges you see manufacturers facing in 2017?
Across industry, we are seeing clients face challenges with the unfolding of the new Administration’s Tax Laws proposed changes. As the White House changes hands, new tax and economic policies will follow. If passed by Congress, the Trump administration’s proposed changes could have a significant impact on individual and corporate taxpayers as well as economic growth.
There are also a number of tax credits and incentives that have increased eligibility for businesses of all sizes and across industries, providing an excellent opportunity for these businesses to save tax dollars. There are three main trends dominating tax credits and incentives:
- More businesses are saving money with the expanded R&D tax credit. More companies than ever are eligible to claim the R&D credit. With the federal R&D tax credit now permanent, companies of all sizes and industries can quantify the value of the R&D tax credit in their long-range budgeting and forecasts. Many companies that have underutilized the R&D credit can benefit.
- Taxpayers are acting before phaseout periods to utilize tax savings for tangible assets. Like the R&D tax credit, tax incentives for tangible assets continue to increase in scope. Businesses that have recently made significant property improvements can utilize valuable tax incentives to reduce their tax liability. Businesses planning to expand a property may want to act soon.
- Employers are benefiting from expanding tax incentive eligibility for new hires. Federal credit incentives have boosted hiring eligibility while programs are expanding at the state level as well.
How can Moss Adams help manufacturers meet those challenges?
Our firm provides an array of tax, assurance and consulting services to support companies in the manufacturing industry. We have dedicated professionals who are industry-specialized that can meet the needs and challenges of manufacturers. Our Manufacturing Practice advises more than 2,000 public and privately held manufacturers, distributors, and consumer products companies across the country. They turn to our accounting and consulting professionals because of our deep resources, our industry knowledge, and the personal, partner-level service we provide.
What types of services or capabilities can you offer Oregon manufacturers?
Moss Adams offers specific services to manufacturing and consumer products clients that are important to owners in the industry and are focused on growing the value of your company. These services include:
- Lean manufacturing, Six Sigma
- Nexus issues and resale documentation
- Inventory tax planning
- Exporting and international tax consulting
- Reclassification of assets for tax calculations
- Research tax credit studies
- Cost segregation
- Financial and succession planning
- Financial due diligence assistance with mergers and acquisitions