Business Tax
Every five years, U.S. businesses and individuals with significant foreign investments face an important reporting obligation: the BE-10 Benchmark Survey. Conducted by the Bureau of Economic Analysis (BEA), this comprehensive survey provides vital insights into U.S. direct investment abroad. As we approach the 2025 filing deadline, here’s what you need to know: Who Needs to…
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Tax balance sheets are more than just financial records; they are strategic tools that ensure compliance and uncover opportunities for tax optimization. Identifying differences between financial statements and tax balance sheets can present opportunities and identify exposure. This is done by examining all assets, liabilities, and equity accounts. Cash vs. Accrual Accounting: The Key to…
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Employee retention is a major concern for businesses looking to attract and retain top talent. Competitive benefits packages play a crucial role in this process, as employees seek financial security and comprehensive healthcare options. One powerful way to enhance financial security and healthcare coverage is through a Health Savings Account (HSA). These tax-advantaged accounts, designed…
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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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