Quick Tips for Your 2024 Year-End Business Review
As we head toward the close of the year, the business tax landscape is beginning to come into focus. We won’t know what tax law changes might be in effect until well into the new year. Regardless of the political climate, however, we recommend common sense tax planning considerations you should undertake now as part…
Six Steps for Preparing to Sell Your Business
If you’re planning to sell your business, it’s a good idea to “dress” your business for success to help attract the most potential suitors. Here are six steps to M&A success.
Planning For an Inheritance
If you’re in line to receive an inheritance, your feelings may range from exhilaration for the windfall to grief for the loved one who has passed. A large infusion of cash or assets can be overwhelming. Generally, when planning for an inheritance, there’s no need to act quickly. Take some time to reflect on the…
Working a Family Business into Your Estate Plan
If you own a family business, it’s probably one of your most significant personal assets. It’s important to take the proper estate planning steps to ensure that the business lives on after you’re gone — if you don’t, you may be placing your family at risk. Ownership vs. Management Succession One reason transferring a family…
Treating a Stock Purchase as an Asset Acquisition
When it comes to acquiring a business, stock and asset purchases have their advantages and disadvantages but there might be a way to combine the best of both worlds. This article explains how a Section 338 election might suit the interests of the buyer and the target company.
Clean Energy Tax Credits for Nonprofit Organizations
The Inflation Reduction Act of 2022 (“IRA”) includes a host of tax incentives intended to accelerate investments in clean energy solutions. Nonprofit organizations that participate in clean energy projects or investments may benefit from these incentives. Proposed regulations under the IRA allow tax-exempt organizations to benefit from certain clean energy credits, by electing direct payment…
How Catch-Up Contributions Can Bolster Retirement Savings
If you’re age 50 or older, you can make extra “catch-up” contributions to certain types of retirement accounts. Many people fail to capitalize on this opportunity because they haven’t looked at the significant impact these extra contributions can have on their retirement-age wealth. If you’re worried that you won’t have enough money saved to be…
Brush Up on Campaign Contributions Rules
With campaign season gearing up, many individuals and businesses will be reaching into their wallets or otherwise making campaign contributions to candidates, political committees and parties. Before doing so, it’s critical to understand the rules for making contributions for federal and state elections. Violations could lead to steep financial penalties, as well as reputational damage….
Installment Sales Can Be a Win-Win for Buyers and Sellers
For federal income tax purposes, an installment sale is when at least one payment of proceeds from an eligible sale is deferred until after the end of the tax year in which the sale occurs. This setup can be beneficial for a buyer that doesn’t have enough available cash to immediately pay the full purchase…