Business Tax
As the end of the year approaches, it’s time to ensure your financial and tax affairs are in top shape. Implementing effective year-end tax planning strategies now can lead to significant tax savings, smoother processes, and a stress-free start to the new year. Whether you’re an individual looking to maximize deductions or a business preparing…
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As the year ends, partnerships have a prime opportunity to enhance their tax efficiency and financial stability through strategic year-end planning. By optimizing deductions, managing distributions, and aligning finances with long-term goals, partnerships can set the stage for success in the new year. Optimize Partnership Distributions Partnership distributions are a critical component of tax planning.…
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The IRS recently released proposed regulations under tax code Section 959, offering long-awaited guidance on previously taxed earnings and profits (PTEP). These proposed rules address core aspects of the PTEP framework, resolving longstanding questions and implementing changes introduced by the 2017 Tax Cuts and Jobs Act (TCJA). What Is PTEP, and Why Does It Matter? …
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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 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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