This past year certainly kept business and individual taxpayers on their toes. Beneficial ownership information (BOI) reporting topics overwhelmingly took precedence for our blog readers. Grant audits — a specialized financial audit many organizations find themselves facing after receiving...
Read MorePosted by Mike Dellavalle and John DomingoThe digital asset space continues to captivate us with every nuance and (rev)evolutionary moment. For 2025, we believe there will be even more excitement and energy to both monitor and experience. Below are the five trends topping our radar:Approval and...
Read MoreIn June of 2024 the Supreme Court unanimously decided in Connelly v. United States that a corporation’s contractual obligation to redeem shares is not necessarily a liability that reduces a corporation’s value for purposes of the federal estate tax. Further, the Court stated that the...
Read MoreAn underlying theme in year-end tax planning for high-net-worth individuals last year was planning around the impending sunset of the 2017 Tax Cuts and Jobs Act (TCJA). That theme continues this year, albeit with even more uncertainty. The election of former President Donald Trump along with a...
Read MoreAs a business owner, you’ve likely dedicated a significant portion of your life nurturing and growing your business into a success. And now, regardless of the reason — and there are plenty — it’s time to sell. What are your next steps? What are the best practices to...
Read MoreEarlier this summer the IRS issued final regulations on information reporting requirements for digital assets, including determining amount realized and basis allocations. At the same time, the regulatory body also provided safe harbor relief for taxpayers to substantiate their basis allocations...
Read MoreIt was my pleasure to serve as editor of this year’s AICPA Tax Adviser August Tax Clinic, a special section our firm has been honored to oversee and contribute to for decades under my colleague Tony Bakale.With the passing of this torch, I was excited to be entrusted with delivering...
Read MorePosted by Laura Sefcik and Gary DunnWhat are your priorities when it comes to passing on your wealth and property from one generation to the next? One key consideration for most individuals is the desire to avoid probate. Probate is the legal process of administering and accounting for assets of...
Read MorePosted by Matt Rager and Kristin Spengler Whether or not there is an immediate need to file for bankruptcy, it is important to understand the possibilities when it comes to protecting your assets and understanding your options. You can protect your assets prior to filing, or, if at a point...
Read MorePosted by Deb Elfers, Jacqueline Kandray and Phi Bui Wills and trusts are common estate planning tools individuals use to manage their assets and distribute their wealth after passing. The use of both of these vehicles can ensure your assets and possessions end up where you want them. While a...
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