Rapid growth and profitability are strong signs for the aerospace and defense industry. But unique challenges, many with tax implications, accompany this upswing.

Careful consideration of tax issues can help companies continue to meet growth and profit objectives. For instance, companies revamping business processes and rationalizing supply chains should pay special attention to tax transparency and compliance with Financial Accounting Standard 109 and the Financial Accounting Standards Board's Interpretation No. 48.

High-growth companies require tax systems, technologies and processes that evolve as they do and can handle the tax implications of mergers, acquisitions and divestitures. Likewise, if product innovation is reinforcing a core business focus, research and development incentives can offer savings — if you know the rules and have the technical know-how to maneuver within them.

How can you manage these issues along with the ongoing challenges of government and long-term contracting? Rely on the team with deep industry experience, specialized tax knowledge and broad consulting resources: Deloitte Tax LLP.

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