Business
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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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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