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Potter E respective in Manufacturing 3 New Year's Resolutions for Manufacturing & Distribution Businesses By Mike Metz Should auld tax rulings be forgot, and new ones take their place, They'll give a cup of good advice, to help our clients keep pace. In the spirit of the New Year, here are three tax resolutions to help manufacturing and distribution (M&D) businesses enhance their performance and maximize tax savings. Resolution #1: Comply With New Affordable Care Act Reporting Requirements and Avoid Penalties. Potter’s model VSR-4 POTTER 4" WATER FLOW SWITCH. Its the potter 4" water flow switch . Under the Employer Shared Responsibility payment and reporting rules, businesses that fail to offer their employees coverage meeting the affordability and minimum value standards must make shared responsibility payments and may be obligated to disclose this liability on their financial statements. In order to collect the data necessary to enforce compliance, new tax information reporting is required for businesses with 50 or more full-time or full-time-equivalent employees, with reporting duties starting in early 2016 for the 2015 calendar year. . Don't procrastinate when it comes to ACA reporting! Now is the time for businesses to determine which of the information reporting forms (Forms 1094-B, 1095-B, 1094-C and/or 1095-C) are required and get a jump start on gathering the necessary data in order to ensure accurate filing of the forms with the IRS by the February 28, 2016, deadline (or March 31, if filing electronically). The new health insurance reporting requires businesses to provide a summary statement to their employees, in addition to sending a copy to the IRS. This reporting, similar in some ways to a W-2 or 1099, details the specific coverage periods and the amount of health insurance premiums paid on an employee's behalf. Employees then use this information to support their individual responsibility payment claims on their personal tax returns. Resolution #2: Review Accounting Methods for Tax Savings Opportunities and Simplification Accounting methods affect when various items of income and expense are recognized for tax purposes.

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