A recent Supreme Court ruling in Connelly v. IRS has established that corporate-owned life insurance (COLI) proceeds should be included in the value of a company when determining the fair market value of a deceased shareholder’s interest. This decision could significantly affect the tax obligations of estates and succession planning for private businesses. Learn how closely held companies can prepare and what alternatives may mitigate these impacts. Read the full article for an in-depth analysis.

Returning to the office in 2024 looks different from pre-pandemic times. This article explores key trends, including hybrid work models, streamlined office spaces, and the importance of safety measures and open communication. Learn how businesses are balancing productivity, employee well-being and discovering practical tips for a smooth workplace return. Dive into the full article for more on executing an effective RTO plan.

Workers' compensation fraud affects employers and insurers nationwide, costing billions annually. This article explains the common fraud schemes perpetrated by both employees and employers and offers practical steps for prevention. Learn how to develop policies, verify claims, and protect your business from fraud. Read the full article for more details.

Hiring a nanny or other domestic worker involves navigating complex tax regulations often misunderstood by employers. This article discusses the nanny tax rules, including the requirements for paying Social Security, Medicare, and federal unemployment taxes. It also explains how to distinguish between employees and independent contractors, which can significantly impact your tax responsibilities. With potential penalties for non-compliance, it’s essential to stay informed and maintain proper documentation. Read the full article for detailed insights and expert advice on handling nanny taxes.

Leasing offers businesses a flexible alternative to purchasing equipment and facilities, but the type of lease you choose can significantly impact your financial health. This article discusses the risks associated with long-term leases and highlights the advantages of short-term agreements. By crunching the numbers and understanding your usage needs, you can avoid financial pitfalls and make informed leasing decisions. Consult your CPA to navigate the complexities of leasing and its tax implications. Read the full article for detailed insights.

The Inflation Reduction Act has improved the Section 179D deduction for energy-efficient commercial buildings, now offering a maximum deduction of $5.36 per square foot for qualifying improvements. This article outlines how the IRA has simplified qualification criteria, expanded eligibility to include REITs, and introduced bonus deductions for specific projects. Understanding these changes can lead to substantial tax savings and help your business invest in energy efficiency. Read the full article for comprehensive insights and guidance on claiming these valuable deductions.

As the 2024 election approaches, tax proposals have become a major talking point. This article breaks down the key tax policies proposed by the presidential candidates, including unrealized capital gains taxes, corporate tax rates, tariffs, and housing incentives. Discover what each candidate pledged and how their plans could impact businesses and individuals. Read the full article for an in-depth comparison of their tax proposals.

In uncertain economic times, enhancing your financial security is essential. This article outlines eight actionable steps to strengthen your financial position, including prioritizing goals, adjusting your investment strategy, managing debt, saving for retirement, and protecting against scams. By following these steps, you can better prepare for the future and safeguard your financial well-being. Read the full article for comprehensive guidance.

Real estate can be a lucrative investment, but the legal structure you choose can greatly impact your tax obligations. This article explores why single-member limited liability companies (SMLLCs) are often a better choice than corporations for holding investment real estate. It discusses the tax benefits of SMLLCs, including simplified income reporting and enhanced liability protection, and their advantages for like-kind exchanges. Learn how to navigate these considerations to make informed decisions for your investment portfolio. Read the full article for comprehensive insights.

The U.S. District Court for the Northern District of Texas has lifted the impending nationwide ban on noncompete agreements, allowing companies to enforce existing agreements and enter new ones. This article explores the implications of the ruling, the history of noncompete agreements, and the FTC's original intent behind the proposed ban. With businesses now able to operate as they did prior to the FTC's rule, it's crucial for employers and employees alike to understand the legal landscape and potential impacts on future agreements. Read the full article for an in-depth analysis of this significant legal development.

As the expiration dates for several provisions of the Tax Cuts and Jobs Act (TCJA) approach, small business owners face critical decisions regarding their tax strategies. This article delves into five key provisions that may soon come to an end, including changes to individual tax rates, the QBI deduction, and employee deductions for unreimbursed expenses. Understanding these potential changes is crucial for effective tax planning. Read the full article for detailed insights and guidance on how to prepare for these upcoming expirations.