In the food manufacturing and distribution industry, cash flow challenges are all too familiar. Delayed payments from distributors, unexpected equipment breakdowns and seasonal demand shifts can create perfect storms that leave businesses struggling to meet all their obligations — including tax bills. When you owe back taxes but can’t afford to pay them, you may qualify for a special tax status known as currently not collectible (CNC). In a nutshell, if the… Read More
Magone & Company | Food Manufacturing & Distribution Accounting