Posted on: June 6, 2024
Under the Corporate Transparency Act (CTA), which took effect January 1, 2024, many business entities, including small limited liability companies (LLCs) and partnerships, are required to file reports with the Treasury Department’s Financial Crime Enforcement Network (FinCEN). In these filings, applicable businesses must disclose important information about their entity. However, recent CTA litigation updates have […]
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Posted on: June 3, 2024
The U.S. Department of the Treasury has released its General Explanations of the Administration's Fiscal Year 2025 Revenue Proposals. Commonly referred to as the Greenbook, this document lays out tax proposals that would support President Biden's policy priorities if he is reelected to a second term. This year's Greenbook primarily focuses on increasing taxes on […]
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Posted on: May 30, 2024
A company shareholder agreement is a contract between the shareholders of a corporation that outlines each shareholder's rights and responsibilities and their obligations to one another and the corporation. Shareholder agreements, also known as stockholder agreements, are optional but often used by closely held corporations with a limited number of shareholders and concentrated ownership. In […]
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Posted on: May 27, 2024
The Tax Cuts and Jobs Act (TCJA) of 2017 made several significant changes to the tax code that affect small businesses and business owners. It introduced the qualified business interest deduction, added a bonus depreciation deduction for qualifying property, and imposed a new limitation on business interest expense deductions under Internal Revenue Code (IRC) section […]
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Posted on: May 23, 2024
By now, you have likely heard about the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and the SECURE 2.0 Act of 2022 (part of the Consolidated Appropriations Act, 2023). But, have you heard about the relevance of 529 plans to Roth IRA's? These pieces of legislation were created to encourage […]
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Posted on: May 20, 2024
Wills and living trusts are two of the most fundamental estate planning documents. While both accomplish the same primary objective in an estate plan of directing the distributions of your money and property to your desired beneficiaries after you pass away, a revocable living trust, often referred to simply as a living trust or an […]
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Posted on: May 16, 2024
More young adults live at home with their parents today than ever since the 1940s. While there are many different opinions about this trend and the cause of its recent prevalence, the primary motivation for young adults staying at home with their parents is usually related to finances. Most adult children still at home plan […]
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Posted on: May 13, 2024
The Internal Revenue Code assesses a tax (gift or estate) on transferring money or property from one person to another during life or at death, with some exceptions. One example is the Self-Canceling Installment Note, which we will discuss in this post. If you own accounts or properties worth a lot of money and expect […]
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Posted on: May 9, 2024
You have spent years building your business, but eventually, you must sell the company and exit. While many business owners choose to keep the company in the family, that is not always realistic. Family members may not have the interest or skills needed to run the business. In such cases, selling the business to an […]
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