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6 Tax Planning Strategies Professional Services Firms Should Consider

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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Strengthen Your Company’s Tax Strategies as IRS Audits Intensify

As IRS audits become tougher, now is the time for businesses to reevaluate their tax strategies, especially when it comes to transfer pricing. In recent years, the IRS has significantly ramped up its efforts to ensure compliance, particularly targeting multinational companies with complex intercompany transactions. These transactions, known as transfer pricing, are under closer scrutiny,…

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5 Tax Considerations and Incentives Manufacturing Companies Should Leverage

Tax planning is a critical aspect of financial management for manufacturing companies. The sector’s capital-intensive nature and the complexity of its supply chains make it prime for incentives and considerations. The manufacturing industry is also one of the most heavily regulated. Numerous federal, state, and local tax incentives exist to stimulate growth, innovation, and job…

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

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

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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IRS Issues New Guidelines on Foreign Currency Gain and Loss Exemptions: What It Means for You

The IRS has recently re-proposed important rules that impact how controlled foreign corporations (CFCs) report foreign currency gains and losses. If your business operates internationally, these changes could significantly affect your U.S. tax obligations. What’s New? On Monday, the IRS introduced new regulations under RIN 1545-BM80, REG-111629-23. These rules outline the specific situations in which…

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

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

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 Quick and Easy Guide to Business Succession Planning

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

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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