Business
When you’re a CEO, the weight of responsibility can feel immeasurable. The decisions you make ripple across your organization, impacting employees, clients, and stakeholders alike. But while the role comes with great authority, it also comes with a sense of isolation. CEOs are tasked with navigating critical decisions, driving organizational success, and shouldering the complexities…
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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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By 2030, every baby boomer will be age 65 or older (U.S. Census Bureau), highlighting the urgency for businesses to prepare for leadership transitions. Succession planning is a critical process for ensuring the longevity of your business. Whether you’re preparing for retirement, planning for a future sale, or looking to transition leadership internally, succession planning…
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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 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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