Putting together an estate plan is one of the most significant actions you can take for yourself and your loved ones. It’s also one of the most challenging, as it requires confronting uncomfortable realities such as the inevitability of death and the legacy you wish to leave. The consequences of neglecting this critical task are starkly illustrated by the lengthy court battles over the estates of celebrities like Prince, Aretha Franklin, and Sonny Bono, who all passed away without wills.

Your business should generally maximize current-year depreciation write-offs for newly acquired assets. Two federal tax breaks can help achieve this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions. These two deductions can potentially allow businesses to write off some or all of their qualifying asset expenses in Year 1. However, they’re moving targets due to annual inflation adjustments and tax law changes that phase out bonus depreciation. With that in mind, here’s how to coordinate these write-offs for optimal tax-saving results.

Estate taxes are a complex and frequently misunderstood part of financial planning that can significantly impact the inheritance process. The federal estate tax gets a lot of press but there are some states that also have their own estate/inheritance tax that are separate and additional taxes to federal estate tax. A recent legislative change in Massachusetts notably doubled the estate-tax exemption threshold from $1 million to $2 million, accentuating the dynamic nature of estate taxation and emphasizing the critical need for staying abreast of these laws that can significantly differ across states.

Nonprofits operate in a complex market full of near-constant challenges and changes. Technology advances, an uncertain economy, changing donor actions, and an increasing demand for nonprofit services are just a few examples of the trials nonprofit organizations have faced in recent years. As we’ve covered before, one of the best ways to minimize the potential negative impacts of these fluctuations is by maintaining effective and up-to-date policies and procedures for your nonprofit.

Occupational fraud is a crime generally committed by employees against their employers. Ironically, employees also are most likely to notice or suspect occupational fraud schemes conducted by their coworkers or managers. Whether they report through an anonymous tipline or directly to management or HR, rank-and-file workers often are the first to raise the alarm.

Selling a company can be a complex and emotional experience, complicated by a number of factors such as unfavorable economic conditions, reluctance to let go of a business the owner has built or unrealistic expectations regarding the likely selling price.

A U.S. District Court judge in Alabama has ruled the Corporate Transparency Act (CTA) unconstitutional. The CTA was enacted as part of the Anti-Money Laundering Act of 2020 and underpins the nascent beneficial ownership reporting regime.

President Biden has released his proposed budget for the 2025 fiscal year, including numerous tax provisions affecting both businesses and individual taxpayers. While most of these provisions have little chance of coming to fruition while the U.S. House of Representatives remains controlled by the Republican Party, they might gain new life depending on the outcome of the November elections. Here’s an overview of the major tax proposals included in the budget.

As we navigate another tax season together, we want to ensure your experience with TaxCaddy and our workflow is as smooth and efficient as possible. We've received helpful feedback and noticed a few common areas of confusion regarding document submission and account access. To address this, we've compiled some tips to guide you through the process.