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Hurricane Helene Relief

The IRS has announced relief for many taxpayers in the wake of Hurricane Helene. The relief will extend filing and payment deadlines for those who live in impacted areas until May 1, 2025. Designated areas include all of Alabama, Georgia, North Carolina, and South Carolina. It also includes 41 counties in Florida, eight counties in Tennessee, and six counties and one city in Virginia. You can read the full IRS... Read More

Upcoming Changes to Depreciation in 2024

The rapidly expanding tech industry is seeing many new startup companies. These new businesses are often making large asset purchases to get up and running. This year in 2024, businesses will benefit from an increase to the maximum immediate expensing option under Section 179 from $1,160,000 to $1,220,000. Items deductible under Section... Read More

U.S. Tariffs and The Impact on the Manufacturing Industry

During 2018 and 2019 the Trump administration put in place tariffs on approximately $380 billion of foreign products creating one of the largest tax increases of roughly $80 billion on Americans. The Biden administration has upheld these tariffs with minimal changes and has recently increased some as of May 14, 2024. This article will help to summarize the original tariffs put in place in 2018, discuss any... Read More

Everyone Needs a Basic Estate Plan

Regardless of your financial situation, everyone should have a basic estate plan in place. Why? Because there are two things that are unavoidable - death and taxes! Estate planning encompasses a range of legal and financial considerations, including wills, trusts, taxes, as well as property management and disposition. By engaging in thoughtful estate planning, individuals can safeguard their assets while... Read More

The Moore Court Case: A Plain Explanation of the Supreme Court Ruling Against Taxpayers in IRC Section 965 Case

This past Thursday June 20, 2024, the Supreme Court of the United States issued a 7-2 opinion in Moore v. United States, 602 U.S. __ (2024), ruling in favor of the Internal Revenue Service (IRS) in an 83-page document with an interesting set of opinions. This ruling upholds the right of Congress to tax U.S. shareholders on the undistributed operating income of their... Read More

Real Estate Tax Incentives

The Inflation Reduction Act of 2022 (IRA) has created new energy incentives for the real estate industry aiming to reduce carbon emissions by 40%. Incentives are available for the commercial and residential sectors and effectively lower the costs of energy-saving property improvements while also decreasing utility bills. The IRA expands and extends several incentives and tax credits making them easier to... Read More

Navigating the Sunset: Estate and Gift Tax Exemption and Strategic Gifting

The way we approach estate planning is changing because of the sunset of the lifetime exclusion for the estate and gift tax exemption. Understanding this sunset and implementing strategic gifting techniques can be pivotal for individuals seeking to maximize wealth transfer while minimizing tax implications. In this article, we will explore the implications of the potential sunset and various gifting... Read More

New Guidelines for Independent Contractor vs. Employee

The U.S. Department of Labor ("DOL") has a new six-factor test for determining whether workers are "independent contractors" or employees. Each factor has equal value in making the determination if the worker is "economically dependent" upon the employer (and thus an employee) or an independent contractor. These new guidelines become effective March 11, 2024. The six (6) factors are: 1. The... Read More

Tax Incentives for Manufacturers to Go Green

There are many credits available to manufacturers that can help minimize the tax bite. One such area that manufacturers should explore are credits that stem from "going green." These credits can be of great value, both from a standpoint of benefitting the environment and from a cost savings standpoint. Let's take a look at some of the credits that are available and how a manufacturer can meet the... Read More