Business
Tax planning is crucial to financial management, particularly for professional services providers who often face complex tax situations. Whether you run a law firm, a marketing agency, or a consultancy, strategic tax planning can help minimize liabilities. Effective tax planning goes beyond just filing your returns on time—it involves carefully structuring your financial activities throughout…
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Business succession planning is a critical yet often overlooked aspect of running a successful company. Many business owners are so focused on day-to-day operations and immediate growth strategies. With such a focus, they neglect to plan for the future leadership of their company. However, without a clear succession plan, businesses risk facing significant disruptions. They’re…
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Recent developments from the IRS shed light on the agency’s efforts to manage pandemic-related tax credits. In addition to addressing employee retention tax credit claims, the IRS is also working on building a new e-filing pilot program. Here’s a summary of the latest actions concerning these initiatives. Significant Recovery in Employee Retention Tax Credit Claims …
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As trusted advisors in the realm of finance and estate planning, we at Tonneson + Co are closely monitoring an upcoming decision by the US Supreme Court that could significantly impact estate planning strategies involving closely held businesses. The case of Connelly v. United States revolves around the complex issue of how life insurance proceeds…
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A rule intended to prevent worker exploitation is likely to have far-reaching—and possibly unintended—consequences. On January 9, 2024, The Department of Labor (DOL) published its final rule on how to determine whether a worker is an employee or an independent contractor under the Fair Labor Standards Act (FLSA). Although it’s meant to protect worker rights,…
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Non-compete agreements, once a standard feature in many employment contracts, are now facing heightened scrutiny. Designed to safeguard businesses, they also have implications for workers, consumers, and the market overall. At both state and federal levels, there is a growing movement to ban—or at least limit—them. What is a non-compete agreement? A non-compete agreement is…
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On October 10, 2022, the IRS issued a new revenue procedure allowing S corporations and their shareholders to resolve certain issues without having to request a private letter ruling (PLR). What is a Private Letter Ruling (PLR)? A private letter ruling (PLR) is issued by the IRS to a taxpayer in response to a written…
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Higher federal short-term interest rates have caused the IRS to increase its interest rate for over and under-payments of tax obligations. Learn more about the updated interest rates for Q4 of 2022.
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Tired of hearing about inflation? Brace yourself: despite federal attempts to tamp it down, odds are we’ll be dealing with it a little while longer. According to the Bureau of Labor Statistics, inflation for 2022 hit 8.3% in August, its highest rate in 40 years. Supply chain issues, a strong labor market, rising energy prices,…
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On Tuesday, August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 into law. This sweeping legislation includes provisions aimed at combatting climate change, reducing healthcare costs, and raising tax revenue, among other initiatives. Its goals include reducing the deficit by around $300 billion, lowering carbon emissions by about 40% by 2030, and,…
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