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Maximizing Estate Planning Opportunities in an Election Year
When voters head to the polls in November to cast their votes, many may not realize that this year is the ideal time to take advantage of the current estate tax exemption through lifetime gifts and estate planning strategies. The federal estate and gift tax exemption currently stands at an all-time high of $13.61 million…
Read MoreFamily Foundations: What Are They and When to Consider Creating One
If you’re part of a super high net-worth family, you’ve probably thought about ways to give back to society while managing your family’s wealth. One such avenue is establishing a Family Foundation. They aren’t just about giving; they provide a structured way to manage family assets, plan taxes, and create a lasting legacy. What is…
Read MoreNavigating the Tax Implications of Remote Work: An Essential Guide for Business Owners
As we increasingly embrace the post-pandemic era, the world of work has undergone a significant shift. Many companies have opted for remote work models, hiring employees across various states and countries. While beneficial in many respects, this transition carries complex tax implications for businesses. Understanding and adapting to these implications has become vital to business…
Read MoreJanice Vanover, Margaret Hacus, and Teresa Ippolito Have Been Promoted to Principal
We are thrilled to announce the career advancements of Janice Vanover, MST, Margaret Hacus, CPA, MST, and Teresa Ippolito, MST. As of January 1, 2024, these three professionals have been promoted to Principal. Their hard work and unique strengths have made them invaluable assets to our team. Please join us in congratulating these three individuals…
Read MoreUnderstanding the Tax Relief for American Families and Workers Act of 2024
The House of Representatives has passed The Tax Relief for American Families and Workers Act of 2024. It symbolizes a legislative victory for taxpayers, especially small business owners and professionals. The provisions deserve a detailed look due to the retroactive provisions and potential to affect the upcoming tax season. The bill now moves to the…
Read MoreUnderstanding Your New Financial Responsibilities as a Partner in a Law Firm
Congratulations, You Made Partner! Now what? You’ve put in the hard work and have become a partner at your law firm! This is a significant milestone in any attorney’s career. As you settle into your new role, you may be surprised by the many differences between being a partner and an employee of a law firm.…
Read MoreThe Crucial Role of Financial Reporting for Business Owners
Financial reporting is one of the most important aspects of managing a successful business. By regularly tracking and analyzing financial data, business owners can make informed decisions that will ensure their success. Some of the benefits of timely and accurate financial reporting are: Understanding current financial position Securing and maintaining financing: Banks and investors typically…
Read MoreNavigating the Corporate Transparency Act: What Business and Family Office Owners Need to Know
The imminent enforcement of the Corporate Transparency Act (CTA) is a critical turning point that demands immediate attention from business and family office owners to avoid severe penalties. Both business and family office owners must understand that it’s their responsibility to ensure they follow and meet all reporting requirements for their entities. This article will…
Read MoreYear-End Tax Planning Strategies for 2023
As the end of the year approaches, our clients’ thoughts inevitably turn to taxes. You can take advantage of some tax planning strategies in this last month of 2023 to reduce your tax liability. Although there were not many changes from 2022 to 2023, here is an overview of some strategies you may want to…
Read MoreEmployee Retention Credit (ERC) Claims: Important Update for Business Owners
As of Sept. 14, 2023, the Internal Revenue Service (IRS) announced an immediate halt to the processing of new claims for the Employee Retention Credit (ERC) program. This decision is effective until at least the end of the current year. It comes in response to a significant influx of questionable ERC claims. Why the IRS…
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