Irrevocable trusts offer powerful estate planning benefits, but life changes and shifting tax laws can make them feel like a trap. Trust decanting, the process of transferring assets from an old trust into a new one, may offer the flexibility your estate plan needs to keep working for you.
Working with independent contractors offers flexibility, but it comes with tax reporting obligations that are easy to overlook. From filing Form 1099-NEC to applying backup withholding correctly, the rules are strict and the deadlines are firm. Here is a quick refresher on what your business needs to know to stay compliant.
Companies that have experienced M&A activity or internal reorganizations within the past three years may be eligible for refunds on overpaid payroll taxes.
Aprio Insights on the Opportunity Zones Are Given New Life – A Tax Advisor’s Thoughts. Read the article.
When the economy feels uncertain, families worry about job security and rising costs, but financial downturns don’t require panic – they call for clarity and preparation. By focusing on building liquidity, reviewing spending priorities, ensuring proper insurance coverage, and avoiding fear-based decisions, you can create stability during volatile times.
High-earning families often give generously throughout the year, but poor documentation and incomplete tracking leave thousands in tax deductions unclaimed. From non-cash donations to appreciated securities, each type of gift has specific IRS requirements that must be met to maximize benefits and avoid audit risk. By building a simple tracking system and understanding the rules, you can ensure your generosity works as efficiently as possible.
The rules for deducting business meals and entertainment expenses have been a moving target, and recent changes under the One Big Beautiful Bill Act add new wrinkles for 2026. Here’s what business owners need to know about what qualifies, what’s been eliminated, and how to protect your deductions.
The IRS has increased the standard mileage rate for business driving to 72.5 cents per mile for 2026, up from 70 cents in 2025. Whether you use the standard rate or the actual expense method, understanding the rules and recordkeeping requirements is essential to maximizing your deduction and avoiding IRS scrutiny.
The One Big Beautiful Bill Act introduced a new federal income tax deduction for auto loan interest on qualifying new vehicles, available for tax years 2025 through 2028. Before you claim it, there are eligibility rules, income limits, and IRS requirements you need to understand. Here is what taxpayers should know.
S-corporations are one of the most frequently discussed (but often misunderstood) tax structures for small business owners. While they can offer real savings on self-employment taxes, the benefits aren’t automatic – they depend on your income level, involvement in the business, and whether you’re ready to manage the added compliance responsibilities. Here’s what you need to know about how S-corps work, who they’re right for, and what’s required to maintain one.