MFG Blog from HBK CPA

With projected labor shortages of 2.1 million by 2030 and the use of AI (Artificial Intelligence), Industrial Robotics is expected to increase by nearly 14 percent by the end of 2023. But the replacement of manual labor with advanced technologies creates its own demand for workers, including programmers, engineers, and mechanics, as well as traditional Continue reading The AI Era: Who Will Fill the Labor Gaps? The post The AI Era: Who Will Fill the Labor Gaps? appeared first on HBK CPAs & Consultants .

In accounting terms, internal controls are the process of having a reliable and efficient process to report accurate financial information. However, internal controls are more than that for many businesses, specifically manufacturers. They are an integral part of their day-to-day accounting and operational processes to become more efficient in all aspects of their business. Implementing Continue reading Internal Controls in Manufacturing The post Internal Controls in Manufacturing appeared first on HBK CPAs & Consultants .

The goals of the Inflation Reduction Act (IRA) of 2022, signed into law in August 2022, are many, including cutting costs for American families and senior citizens, fighting climate change, supporting clean energy advances and increasing domestic manufacturing jobs related to clean energy, and reducing healthcare costs. For a majority of the 20th century, manufacturing Continue reading The Inflation Reduction Act: Bringing Manufacturing Jobs Back to the U.S. The post The Inflation Reduction Act: Bringing Manufacturing Jobs Back to the U.S. appeared first on HBK CPAs & Consultants .

The labor market is still one of the main areas of concern among Ohio manufacturers, as it has been difficult to hire and retain qualified employees. It could be beneficial to upskill current employees to keep up with advances in technology and fill positions of need. Ohio TechCred allows employers to help their workforce learn Continue reading Ohio TechCred Accepting Applications in July The post Ohio TechCred Accepting Applications in July appeared first on HBK CPAs & Consultants .

Manufacturers have battled many challenges over the past few years. Like for many industries, struggles to recruit and retain employees have been significant. Recent information from the Manufacturing Institute, a workforce development and education affiliate of the National Association of Manufacturers, highlights some of the struggles that manufacturers have faced. Workforce Availability One statistic measured Continue reading Workforce Challenges for Manufacturers Continue The post Workforce Challenges for Manufacturers Continue appeared first on HBK CPAs & Consultants .

Manufacturers have faced several challenges in the last few years (COVID-19, supply chain shortages, labor shortages, inflation) and have had to evolve to stay current and remain competitive in the market. While they have overcome these challenges, there are still several pain points the industry is faced with and must deal with going forward. Automation Continue reading Continued Industry Pain Points The post Continued Industry Pain Points appeared first on HBK CPAs & Consultants .

The manufacturing sector has continued to send mixed signals thus far in 2023. The May Manufacturing PSI®, as reported by the Institute for Supply Management registered 46.9, down 0.2 percentage points from the previous month. This is the sixth consecutive month of contraction after 30 months of expansion, dating to the early days of the Continue reading Manufacturing Contraction Causes Need to Evaluate Business Strategy The post Manufacturing Contraction Causes Need to Evaluate Business Strategy appeared first on HBK CPAs & Consultants .

The Creating Helpful Incentives to Produce Semiconductors Act of 2022 (CHIPS Act), passed by Congress and signed into law by President Biden in August 2022, incentivizes manufacturers of semiconductors and semiconductor manufacturing equipment in the U.S. via the Advanced Manufacturing Credit. On March 23, the IRS released proposed regulations regarding the implementation of the credit. Continue reading Proposed Regulations on Semiconductor Incentives Released The post Proposed Regulations on Semiconductor Incentives Released appeared first on HBK CPAs & Consultants .

In September 2022, President Biden signed an Executive Order on Advancing Biotechnology and Biomanufacturing Innovation for a Sustainable, Safe, and Secure American Bioeconomy, which intended to support American innovation and supply chain needs. On March 22, 2023, the President announced new priorities that, along with this Executive Order, continue to support the Administration’s goals. Highlights Continue reading New Priorities Announced for Biotechnology and Biomanufacturing The post New Priorities Announced for Biotechnology and Biomanufacturing appeared first on HBK CPAs & Consultants .

On March 27, 2023, the IRS released proposed rules on the Superfund excise tax, which was reinstated as part of the Infrastructure Investment and Jobs Act. The tax, effective as of July 1, 2022, had expired on December 31, 1995. It was designed to contribute to a Superfund created by Congress in 1980 to finance Continue reading IRS Proposes Rules for Reinstated Superfund Excise Tax The post IRS Proposes Rules for Reinstated Superfund Excise Tax appeared first on HBK CPAs & Consultants .