Manufacturing

Manufacturing is a keystone to our practice, whether it involves turbine blades or surgical staplers. It is easy to think that our region is “post industrial,” that the heyday of manufacturing is behind us. Or, that manufacturing is only done elsewhere—the south, Mexico, China. Our vibrant and growing manufacturing practice demonstrates otherwise. Manufacturing is one of our core industries. It is true that certain segments of the manufacturing industry—low tech, commodity type businesses for the most part—left the region decades ago. Nevertheless, our client list is full of modern success stories. Aerospace, telecommunications, medical devices, sophisticated processes (laser cutting and welding, heat treating), and automated systems are the mainstay of our practice in this area. Our clients are not smelting copper or rolling steel plate; they are high tech niche players and world renowned boutiques. We are out on their shop floors and in the development labs. We see how our clients compete in a worldwide economy. We are part of that process.

Federman, Lally & Remis are expert in the issues facing manufacturers: inventory, cost accounting, and process management. In the manufacturing service area, tax and accounting work closely together. Capitalization vs. expense issues, inventory methodologies, the research and development tax credit, the domestic production tax deduction, are examples of areas in which tax and accounting must coordinate. Our audit and tax personnel work together to deliver an integrated approach.