Business
As 2025 approaches, corporate tax executives are closely monitoring key legislative developments that could significantly impact businesses across industries. Discussions at the recent 2024 Philadelphia Tax Summit highlighted three priorities on everyone’s radar: bonus depreciation, corporate tax rates, and manufacturing incentives under the 2022 tax-and-climate law. Bonus Depreciation: A Critical Tool for Business Investment The…
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Mergers and acquisitions (M&A) are transformative events for any business, often creating exciting opportunities for growth, expansion, and increased market share. However, the success of these transitions hinges on careful planning, structuring, and understanding the financial and tax implications of the deal. At Tonneson + Co, we specialize in providing the strategic guidance and tax…
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The IRS has ramped up efforts to crack down on the personal use of corporate jets, targeting companies that may be taking improper tax deductions. As part of a broader initiative aimed at ensuring wealthy individuals and complex partnerships pay their fair share, the agency is now auditing corporate jet usage more aggressively. This scrutiny…
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International tax planning is essential for businesses operating in multiple jurisdictions. Navigating cross-border tax rules requires strategic planning to minimize tax liabilities while ensuring compliance with varying regulations. As companies expand globally, they face complex challenges such as transfer pricing, foreign tax credits, and managing indirect taxes like VAT. Failing to address these issues effectively…
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The IRS is planning to release updated regulations for the tax treatment of research and development (R&D) costs this winter, providing much-needed clarity for companies navigating these complex rules. What’s Coming: Proposed Section 174 Regulations Scott Vance, associate chief counsel for income tax and accounting in the IRS Office of Chief Counsel, recently announced that…
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The IRS recently finalized long-awaited changes to the estate tax basis consistency rules, offering much-needed relief to estate planners and beneficiaries alike. These rules, initially introduced in 2015, ensure that the value of inherited property for estate tax purposes aligns with the value recorded when the property is received by beneficiaries. While the rules may…
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Governor Maura Healey’s recent Fiscal Year 2025 (FY25) budget has introduced a new tax amnesty program in Massachusetts, designed to offer taxpayers a chance to settle unpaid taxes and avoid penalties. With the Department of Revenue (DOR) releasing detailed guidance, the program is set to run from November 1 to December 30, 2024. This 60-day…
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Staying competitive in the tech industry requires more than innovation and cutting-edge products. It also demands having an effective tax strategy. For tech companies, the tax landscape is complex and continually changing, with new regulations, credits, and deductions emerging each year. This is where tax optimization becomes crucial. Tax optimization is not just about minimizing…
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Effective tax planning is crucial for maintaining profitability in the highly competitive construction industry. As a construction business owner, you face unique challenges, such as fluctuating cash flow, complex contract structures, and ever-changing regulations. Without a robust tax strategy, these challenges can erode your profits and limit your ability to grow. Understanding and implementing strategic…
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The Treasury Department and IRS recently released proposed regulations to clarify the application of the new Corporate Alternative Minimum Tax (CAMT). This development is significant for large corporations, especially as many will face CAMT for the first time on October 15, 2023, the extended corporate tax-filing deadline. What is CAMT? CAMT is designed to ensure…
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