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Understanding Spousal Lifetime Access Trusts (SLATs)

In a previous article we discussed the sunset of the lifetime exclusion. As a recap, unless a change in the current law takes place, after 2025 the lifetime exclusion for the estate and gift tax exemption will revert...

Is Your Manufacturing Company's Budget Realistic?

You've likely already begun your company's 2025 budget planning. A comprehensive, realistic budget allows you to identify potential cash shortages, production capacity constraints and other threats. However, be aware...

Exit Strategy: ESOPs for Construction Companies

Contractors often struggle to find suitable buyers for their companies when they're ready to retire or otherwise move on. That may be why many construction businesses implement employee stock ownership plans (ESOPs)....

The IRS issues final regs for the advanced manufacturing production credit

The IRS has published final regulations for the Section 45X advanced manufacturing production credit. The final regs update several significant areas from the proposed regs released in late 2023. The credit in a...

Prepare for the Tax Fiscal Cliff: What Construction Contractors Need to Know

As the 2025 tax fiscal cliff approaches, construction companies face critical changes that could significantly impact their bottom line. Depending on any changes made by the new administration, the expiration of key...

Nationwide Preliminary Injunction Against Enforcement of the Corporate Transparency Act

As a result of a Texas federal court decision handed down on December 3, 2024, a preliminary injunction is now in place against enforcing the Corporate Transparency Act. While this is not likely to be a final stop in...

Year-End Tax Planning for Businesses

With the looming Fiscal Cliff of 2025 and uncertainty as to whether or not provisions of the TCJA will be extended, businesses should maximize year-end tax savings strategies. There are many ways a business can...

Year-End Tax Planning for Individuals

MINIMIZING INDIVIDUAL TAXESIncome taxes The key to any year-end planning strategy is to minimize taxes. This is generally done by either reducing the amount of income received or increasing the amount of deductions....

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...

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