The IRS is leveraging its Inflation Reduction Act (IRA) funding to target its compliance efforts on high-income and high-wealth individuals, complex partnerships, and large corporations. As part of these initiatives, the IRS recently announced that it is establishing a special group to focus on large or complex passthrough entities. The new passthrough group will include employees joining the IRS under its recently announced plan to hire more than 3,700 new employees to help with its expanded enforcement efforts. The IRS...

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It’s possible to turn a factory into a smart factory much faster and cheaper than most executives think. When many people imagine a smart factory, they envision something complicated and expensive — the kind of massive “manufacturing execution system,” or MES, that can take more than a year and millions of dollars to implement. If you’re Elon Musk, you can pour money into advanced automation and robotics — and keep pouring. But you don’t need to be Elon Musk. Many...

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With no end in sight for labor shortages thanks to pandemic-fueled worker exits, re-shoring, changing workforce demographics, and more—board-level pressure for efficiencies will drive strategic planning well into the next decade. The race is on to embrace new technologies in manufacturing—and all eyes are on AI. On the 19th of September, 100+ senior executives gathered in Milwaukee to discuss “Investments in AI and Digital Technologies to Address Labor Challenges.”  Three CXO executives of manufacturing companies headquartered in Milwaukee offered insight into...

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At the start of 2023, many industry participants were expecting more stable market conditions in the year ahead, in anticipation of an easing of the pressures applied by soaring inflation. However, continued interest rate rises by central banks to mitigate inflation has ensured a continuation of an uncertain – and in many cases, extremely challenging – outlook for businesses. This has also significantly muted M&A (and therefore LBO lending) activity for a longer period, driven by overall macroeconomic uncertainty and...

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Starting Oct. 1, 2023, the U.S. Department of Homeland Security says it will implement expedited processing of some Employment Authorization Document (EAD) applications and begin issuing some EADs with longer validity times in an effort to help qualified immigrants gain access to work authorization more quickly. U.S. Citizenship and Immigration Services (USCIS) will prioritize EAD applications filed by parolees who have scheduled an appointment through the CBP One mobile app in an effort to reduce the processing time for these...

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On September 21, 2023, the UK Government announced the establishment of the “UK-US data bridge” (the Bridge), also known as the UK Extension to the EU-U.S. Data Privacy Framework (the DPF). The announcement promises to simplify compliance issues surrounding the transfer of personal data from the UK to the U.S. Key Facts With effect from October 12, 2023, businesses in the UK will be able to rely on the Bridge to transfer personal data to U.S. organizations that have self-certified...

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Economic pressures are forcing consumers to make difficult decisions and budget carefully. As fall arrives, retailers preparing for the holidays should expect an underwhelming season. We are projecting only a 3 to 6% increase in sales over last year, down from 2022’s 6.6% growth. On September 15, we released our annual AlixPartners Holiday Outlook Survey of more than 1,000 American consumers. According to the survey, 26% of consumers plan to spend less this holiday season than last year—a figure that rises to...

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