Skip to main content

Maximizing Cash Flow

1_AdobeStock_87798670

Two tax experts have offered advice for marine businesses on ways to save on taxes so they can maximize their cash.

Michael C. Laur and Ronald G. Wainwright, both of Cherry Bekaert’s Specialty Tax Group, Credits & Accounting Methods, gave some hints to business owners that they might have overlooked.

R&D tax credit, cost segregation studies and transaction advisory services are three areas they identified for business owners to explore.

“Now that most states offer a measurable path forward for non-essential businesses to reopen, many owners are wondering if the revenue hits that the shutdown caused may be too much to overcome,” the two wrote in an article they co-authored for Soundings Trade Only.

“Reopening does not guarantee a long-term recovery to pre-pandemic levels,” they cautioned. “With this in mind, owners and managers are looking for ways to access cash and limit outlays, to stay viable while their companies search for traction. For all players in the marine industry, immediate cash tax savings are available through three avenues: research and development tax credits, cost segregation studies, and transaction advisory services.”

They then detailed the specifics of each vehicle for tax savings.

Read the full article here

Related

FARSOUNDER

FarSounder Announces Leadership Changes

Matthew Zimmerman will take over as CEO for Cheryl Zimmerman as she transitions to a new role as market development strategist.

1_MARKETUPDATE

U.S. Stocks on Verge of Bear Market

Investors, analysts and small-business owners are growing more pessimistic about economic conditions.

1_SAFEBOATINGWEEK

Resources Available for Safe Boating Week

The Safe Boating Campaign and marine associations have issued videos and other materials to promote this week’s observance.

1_MIASF

MIASF Holds Annual Meeting

The South Florida trade organization announced new and reelected members, handed out awards, and arranged presentations by business leaders.

1_GASPRICE

Gas Reaches Record $4.59 Per Gallon Average

With Memorial Day weekend approaching, the summer driving and boating seasons will contribute to continued demand for gasoline.

1_MILLERMARINE

Power Lodge Acquires Miller Marine

The deal gives marine and powersports dealer Power Lodge four locations in Minnesota and one in Florida.

1_DOWDIVE

Boating Shares Suffer in Market Selloff

Major U.S. stock indices weakened yesterday, and recreational marine shares fared even worse on a percentage basis.