The third industrial revolution is here, and some say it is taking over the global economy. What exactly does this mean for manufacturers? To truly understand the impact of the third industrial revolution, it is important to consider the significant contributions of the prior industrial revolutions. The first Industrial Revolution focused on replacing human labor with automated processes. These concepts then progressed into the second industrial revolution, which perfected the automated assembly line process to produce mass quantities of identical products. Now, new Internet-based technologies are shifting the focus of manufacturers in a third direction that is creating new product mixes and services.

The media is awash with stories of identity theft this tax season, and the stories are all the same: Someone calls stating that they are with the IRS, and they need personal information from you in order to process your tax payment. Or you receive an e-mail that appears to be from the IRS, requesting information to process your tax return. Find out how to protect yourself against these and other identity theft scams, and what to do if you have already been a victim.

Jim White, a member of Katz, Sapper & Miller’s Restaurant Services Group, will serve as moderator for a panel discussion at the Ohio Restaurant Association's "2015 North America Pizza & Ice Cream Show" in Columbus, Ohio.

Recently, the Association of General Contractors/Construction Financial Management Association’s (AGC/CFMA) 19th annual conference took place in Las Vegas, Nev. The conference began with several group sessions that focused on three of the central themes of the week: fraud, internal controls and ethics.

The Indiana Department of Revenue recently announced changes to its policy regarding the sales tax exemption for companies engaged in public transportation. The policy change was announced via an updated Information Bulletin #12, effective December 2014. Information Bulletin #12 serves as an important policy document for transportation companies ranging from traditional motor carriers to captive companies that transport primarily for their parent companies.

Property taxes are getting a lot of attention in this year’s Indiana legislative session. KSM’s State and Local Tax Practice is tracking a handful of bills under consideration that could affect manufacturers specifically, including SB 436, which is a proposed reduction of the so-called 30% floor for personal property tax reporting.

John Benjamin, president of operations at Scotty’s Brewhouse in Indiana, joins us to discuss best practices for controlling food cost and generating profit.

Sales and use tax audits can be painful, especially for small and mid-sized businesses. For the unprepared, these audits shed light on areas of noncompliance and, more often than not, end with an assessment. Here are five proactive tips to ease the pain before you receive the dreaded audit notification:

As 2014 draws to a close, there are many year-end tax-planning strategies that both businesses and individuals should consider. Read the top-10 list of such considerations, including updates on this week's "tax extenders" legislation, the recent changes included in the Foreign Account Tax Compliance Act, new repair regulations, and others.

Earlier this year, President Obama announced his support to help grow one of the nation’s already fast-growing industries.The manufacturing industry in the United States has filled over 700,000 jobs since early 2010. To capitalize on this growth, the Advanced Manufacturing Partnership (AMP) Steering Committee, which is made up of CEOs, labor leaders, and university presidents, was created as a part of the president’s Council of Advisors in Science and Technology.