Make Family Business Asset Protection a Priority
If you’re like most family business owners, you want to protect your business and ensure that it stays in the family, but you’re not doing enough to safeguard its future. About 78% of respondents to PwC’s 2023 Family Business Survey say that their business is their family’s most important asset, and 72% want to ensure […]
Money Moves Before the New Year
We know you don’t want to deal with taxes this time of year, but hear us out: Unique tax-saving opportunities are only available before the year’s end. Think of it as the holiday gift that keeps on giving. There’s rarely a year in which a few tweaks to your deductions, expenses, contributions, or withholdings aren’t […]
Business Dinner Seminar With Our Experts
The event included a panel discussion on the process of buying and selling a business, led by industry experts Michael L Shipman VP, Frost Insurance, and Steve Bankler. Business owners Richard Kattmann, Owner, Eldridge Electric (buyer), and Amir Kamel, President, Princess Professional (seller) shared with attendees their individual challenges and triumphs throughout their buying and […]
How the Richest Entrepreneurs Spread the Wealth
No one has more to lose than the world’s wealthiest individuals. Their specific asset protection tools may not directly correlate to someone with more “average” wealth. However, the general strategies can provide estate and succession planning inspiration for us all. Forbes recently highlighted a few of these noteworthy case studies, starting with Nike founder Phil […]
Is C-Corp to S-Corp a Smart Move?
Reaching C-Corporation status can feel like the realization of a dream, and it can be the best structure for many businesses. However, sometimes it makes more sense to elect an S-Corporation filing status. Just don’t do it hastily: There are important considerations to be made. The C-Corp business structure is unique in that it turns […]
Dangers of TikTok Tax Advice
Are you a TikTok fan? Love someone who is? Many on the social media platform swear it’s a great way to pick up practical lifehacks, including valuable little nuggets of tax advice. But is it all it’s cracked up to be? According to a study by Personal Capital, more than half of TikTok users turn […]
IRS Caught Covering Up a $38 Million Blunder
The IRS was recently caught backdating a signature on a valuation penalty document—and then trying to talk their way out of trouble—in a giant conservation easement case. Legal experts wonder whether the IRS has backdated penalty documents in other similar cases, “hinting at a troubling picture of potentially systemic issues within the IRS.” This recent […]
Education Tax Credits: What You Need to Know
It’s back-to-school season, so what better time to talk education tax credits? Taxpayers claiming the credits are often flagged by the IRS, usually due to a simple-to-fix form mismatch. There are two education tax credits that students—and parents of students—can claim: The American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). The IRS […]
Claiming an Adult Child on Your Tax Return
We’re often asked how long a young adult can be claimed as a dependent on their parent’s tax return. Navigating taxes on their own is a rite of passage that most would prefer to put off as long as possible, after all. Most young adults can do just that and remain as dependents on their […]
Employer Tax Breaks for Student Loan Assistance
COVID-era repayment and interest moratoriums on student loans are ending. If you’re an employer, you no doubt have employees who are affected (you may be personally affected as well). Here are some insights on how employers can help while receiving tax breaks in the process. Acknowledge the Situation Repayment requirements start in October, but interest […]