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Who’s in Your Corner? Navigating Trusted Relationships as a CEO

January 10, 2025

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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IRS Releases Proposed Rules on Previously Taxed Earnings and Profits (PTEP): What Businesses Need to Know

December 4, 2024

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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Navigating Leadership Transitions: Expert Succession Planning for Long-Term Stability

November 26, 2024

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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Corporate Transparency Act: Key Considerations for CPAs and Clients on Beneficial Ownership Reporting

September 4, 2024

At Tonneson, we are currently looking into the best ways to help our clients comply with the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). Many of our clients have reached out for our assistance; however, our ability to assist has been limited by concerns that the BOI reporting compliance is…

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State Tax Amnesties: Short-Term Gains, Long-Term Concerns

August 29, 2024

Massachusetts is set to introduce a tax amnesty program in 2025, expected to generate a one-time $100 million revenue boost. Governor Maura Healey recently signed a budget bill authorizing a 60-day amnesty period, allowing taxpayers to pay overdue taxes without penalties. This initiative aims to bring thousands of delinquent taxpayers into compliance and significantly increase…

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Preparing for Potential Tax Changes: What Partnerships and S Corporations Should Know

August 19, 2024

As we approach the end of 2024 and prepare for 2025, many partnerships and S corporations are closely watching the potential expiration of key tax provisions that have significantly impacted their tax bills since 2017. The primary concern? The possible end of the 20% deduction for pass-through businesses, a benefit that has provided substantial tax…

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Best Practices When Preparing Your Estate Planning Documents

August 5, 2024

Estate planning is a crucial part of managing your finances. It ensures that your assets are distributed according to your wishes after your passing. Proper preparation of estate planning documents secures your legacy and minimizes potential tax issues for your heirs.  Estate planning is valuable for all, everyone can benefit from having these documents in…

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A woman with glasses standing at the head of a table during a business meeting smiling at the group.

A Quick and Easy Guide to Business Succession Planning

June 6, 2024

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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IRS Recovers $400 Million in Employee Retention Tax Credit Claims

May 29, 2024

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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IRS Proposes Changes to Interest Capitalization Rules for Property Improvements

May 28, 2024

The IRS has proposed new regulations that could significantly impact how interest capitalization is handled for property improvements. These changes are designed to simplify the existing rules and align them with recent court decisions. Here’s what you need to know: Key Changes in the Proposed Regulations Removal of the Associated Property Rule: The proposed regulations…

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