Written by: Todd Ellis, CPA, MST, CGMA As a business owner, the Profit & Loss (P&L) report is one of your most vital tools. This financial statement gives a window into your business, revealing how your money is generated and…
The Joys of Home Ownership: Balancing Financial Support and Tax Consequences with Real Estate Wealth Transfer Strategies
For high-net-worth individuals, the art of wealth transfer extends beyond merely providing financial assistance to future generations; it is about strategically positioning the next generation for personal success. Unfortunately, it also requires navigating a complex landscape of income, gift, and…
The Tax Advantages of Inheriting a Home Over Gifting
Written by: David Bryant, CPA A common question, and one where many taxpayers often make mistakes, is whether it is better to receive a home as a gift or as an inheritance. Generally, from a tax perspective, it is more…
Empowering Your Business Through Strategic Financial Planning
Written By: Todd Ellis, CPA, MST, CGMA Navigating the complexities of business ownership requires a keen understanding of financial planning. A comprehensive financial plan is more than just a set of documents; it’s a roadmap that guides your business through…
Treasury Announces Long-Awaited Final Rules on Electric Vehicle Tax Credits
On May 3, 2024, the U.S. Treasury Department unveiled the final IRS regulations for the electric vehicle (EV) tax credit of up to $7,500 for new and previously owned EVs. These new requirements are intended to enhance aspects of the…
IRS Issues Draft Form for Reporting Digital Asset Proceeds from Broker Transactions
Written By: Eric Gashin, CPA, MBA On April 19, 2024, the IRS published draft Form 1099-DA for reporting digital asset proceeds from broker transactions. The draft form is to be furnished by brokers of digital assets beginning in 2025. The…
Navigating State Tax Credits and Incentives for Business Expansion
Written by: Jonathan C. Hitter, CPA, MST, CGMA Navigating through various financial strategies is essential for any business owner aiming to enhance profitability and ensure sustainable growth. These financial benefits, offered by state governments, are designed to spur economic development…
Employee Retention Credit: Prompt Response Necessary as IRS Sharply Increases Compliance Action Through Taxpayer Audits
Written By: Jonathan C. Hitter, CPA, MST, CGMA To combat a wave of frivolous employee retention credit (ERC) claims, the IRS has sharply increased compliance action through audits and criminal investigations, with more activity planned in the future. In this…
Private Fund ‘Adviser-Led Secondary Transactions’ and Related Tax Considerations
The Securities and Exchange Commission (SEC) last year adopted regulations governing potential conflicts of interest inherent in “adviser-led secondaries transactions” initiated by private fund investment advisers. In addition to these new SEC regulatory requirements, there are important tax considerations for…
Strategies for Managing Capital Gains in Business
Written by: Jonathan O. Yorks, CPA Navigating the realm of capital gains and optimizing tax outcomes require strategic thinking and informed decision-making. Understanding and employing effective capital gains tax strategies is crucial for businesses contemplating asset sales or long-term investments.…