Networking for Manufacturers: GovCon

This event was targeted at companies interested in building their network and will specifically target the government contracting market. Attendees learned about the importance of building that network and be given an opportunity to introduce their business and experience in the government market and share best practices. Hosted by CIRAS to provide manufacturers an opportunity to gather and network while learning about tools in their community they can use to grow.

Kevin Santry, of Santry360 shared with attendees an outline of changes made by the passing of the 2017 tax bill and offered an analysis of how these changes will impact small businesses. The discussion focused on changes in business deductions and how to financially plan for the year with these changes in mind.

Important Information to know moving forward through 2018.

HOW TAX REFORM WILL IMPACT MANUFACTURING:

With most of the provisions set to go into effect in 2018, it is important that the manufacturing industry review the changes that occurred with the tax reform to understand the impact to their companies. Below are a few summarized top considerations and implications:

Reductions of the Corporate Tax Rate

Reduces the top corporate tax rate from 35% to a flat 21% This is a huge win for manufacturers. The effective actual tax rate for manufacturers has historically averaged 22%

Immediate Expensing of Certain Capital Expenditures

Companies will be able o fully expense capital expenditures, including acquisitions of used property, in 2018.

This is to encourage more capital spending, potentially driving up sales for hardware manufactures of products eligible for expensing.  Applies until 2022 for purchases made after Sep 28 2017. The percentage of allowable expensing will be phased out at a rate of 20% per year:

  • From 2023 (80%) to 2026 (20%)

Pass-Through Tax Treatment / Section 199A

Pass-through entities may qualify for a 20% deduction on qualified business income under the new tax bill. This deduction is subject to certain W-2 wage limitations. Qualified business income is basically all domestic business income other than investment income, investment interest income, short term capital gains, long term capital gains, etc…


Interested in Learning More?

Successful Conversations: Quad Cities Big Table

Discovering Solutions Together

The event was arranged by Q2030 with the goal to have 500 conversations about a variety of topics. More than 5,000 people representing different backgrounds, neighborhoods and interest groups will participate in conversations to discuss and imagine the future of our region. These conversations will inspire new ways we can work together to make our communities and region stronger and more connected. This act of people coming together to discuss the issues that matter most to them has never been more important.  Progress will only result when residents and organizations collaborate to make contributions that add up to a greater solution.  Quad Cities Big Table will connect individuals and communities of diverse perspectives and backgrounds to do just that.

Workforce Development

Hosted by Santry 360, the Big Table encompassed 10 members of society from different parts of the community. The background of these individuals vary from members of a CPA/Consulting Firm, to High School Teacher, An HR representative, to a member of Iowa Works. 

Going into this conversation, we had done research by talking with local manufactures, attending Hub Huddles hosted by the Quad Cities Chamber of Commerce, and hosting tax seminars. With all of the information collected, and what we believed the pressing issues were, we were shocked that not only is there a skill gap but the lack of motivation to keep the jobs being offered.

The HR representative from Kraft-Heinz shared with us their are a large opening finding workers. Which was not the surprising part. The part that baffled the whole group that even though the average salary for an unskilled laborer is $72,000 a year. This includes overtime but not benefits. The issue is having staff to show up consistently for their jobs.

The argument against these types of jobs is that you cannot support a family, it is a dirty job, you are not compensated fairly. When you look at it from a businesses stand point, how con you expect these companies to take a chance on a person that might not show up after their first paycheck. The fact that a large mass will walk away from a job that has these benefits showed that a job is not chosen just because it pays you. Because of this we must look further into what their motivation is. 

In this meeting we discussed possible solutions. In order to arrive at these solutions, we must look at a few different variables:

  • Age Group
  • Parental Influence
  • Community Influence
  • Educational Involvement

These aspects are important because children are influenced at different points in their lives from several different aspects of life. 

Staffing

Right now there is a prevalent issue, working with students to motivate and showcase the different options available for them in the future is a solution for just that, the future. Right now we have issues with the current workforce. How do we motivate people that have have been living one way, for possibly generations? We are striving to develop the concepts discussed during this event.


Be Part of a Solution

QC St. Patrick’s Day Race

The 36th Annual CASI St. Patrick’s Day Race Presented by Wells Fargo is Saturday, March 17, 2018. Walker, runner, beginner or pro – there’s a race for everyone from our Tot Trot to our 1 Mile Family Fun Run to our 5K. Funds raised benefit CASI’s mission of supporting seniors in the Quad Cities.

The Santry360 team presented medals to all of the young children in the Tot Trot as well as the 1-Mile Run/Walk.

The participants ranged from under a year old to teenagers. Even those with four legs and fur. Even with the cold and rain/sleet they put in their all to support the CASI.

The 1-mile event was hosted by Northwest Bank. While the 5K was hosted by Wells Fargo. KISS 101.3 DJ’d the event providing music and entertainment to those cheering on the runners.

The event supported the seniors in the Quad Cities and the team of Santry360 is more than willing to donate their time to support a great cause and helping their community.


Click Here for More Information About CASI

Tax Cuts and Job Act Seminar Success


Click Here for More Information about Hub Huddles

On March 9th 2018, the Hub Huddle hosted a presentation on Tax Cuts and Jobs Act given by our very own Kevin Santry. During the hour presentation a few of the following topics on the agenda were discussed: Qualified Business Income, Planning (Small Business), C-Corp Tax Rates, Business credits, Loss Limitation, Net Operation Loss, Business Interest, Cost Recovery and Depreciation, Accounting Methods, Like Kind Exchange, Compensation, Foreign Income, and Q&A. If you are interested in any information on these topics feel free to email us at  hello@santry360.com or call our office (563) 293-8390.

The Hub Huddle is focused on an opportunity for manufacturing leaders to share, on a peer-to-peer basis, best practices for growth and strategies to overcoming challenges. Ending their sessions with a need/ lead segment were the manufactures have the option to share a need they could have. The purpose is to cultivate conversation among each other to help with problems they might be facing. Either by offering services or advice. They could also share a lead where they have been recently successful and can offer advice on how others could follow their lead.

After the presentation the Hub Huddle becomes a networking opportunity for those that have participated. Were you can share stories, offer advice, discuss business, and get to know each each other.

GovCon Networking for Manufacturers April 26th 2018

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Register Here!

This event is targeted at companies interested in building their network and will specifically target the government contracting market.
Attendees will learn about the importance of building that network and be given an opportunity to introduce their business and experience in the government market and share best practices.
This event will also feature guest speaker, Kevin Santry, of Santry360. He will share with attendees an outline of changes made by the passing of the 2017 tax bill and offer an analysis of how these changes will impact small businesses. Discussion will focus on changes in business deductions and how to financially plan for the year with these changes in mind. Kevin Santry is a CPA and consultant with over 35 years of experience in business, strategic and succession planning. Please contact Melissa Burant at mmburant@iastate.edu or Kathryn Palagi at kpalagi@santry360.com for more information.

Tax Cuts and Jobs Act Hub Huddle


Tax Cuts and Jobs Act

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Hub Huddles are an opportunity for manufacturing leaders to share, on a peer-to-peer basis, best practices for growth and strategies to overcoming challenges.

Tax Cuts and Jobs Act: What You Should Know
Presented by Kevin Santry, Santry 360

What you will learn:
How to plan financially in light of the new tax bill
Tax law provisions impacting small businesses
Business deduction limits

Who should attend?
Small businesses, especially manufacturing

About the speaker
Kevin Santry has over 35 years’ experience in strategic, succession, tax and accounting for closely held businesses, helping stakeholders achieve their short- to long-term goals and exiting their business with a sense of accomplishment. Santry is considered a turnaround and crisis manager who assists businesses facing obstacles to get back on a path of productivity and profitability as well as a start-up consultant and creator of business plans that can breathe life into an individual, exciting ideas.

​Time will be provided for Q & A and networking with other attendees. This event is free to attend. Please register at quadcitieschamber.com or by calling 563.823.2676.

This program is presented by the Quad Cities Chamber’s Quad Cities Manufacturing Innovation Hub and the Defense Industry Adjustment Program.