Part 1: Tax Planning for the OBBB: How the New Tax Act Can Benefit Business Owners
After months of waiting, clarity is finally coming. The tax and spending package unofficially known as the “One Big Beautiful Bill” Act (OBBB) has been
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Sidestepping the SALT Cap with the Pass-Through Entity Tax
The Tax Cuts and Jobs Acts (TCJA) of 2018 stirred up mixed responses by introducing a $10,000 cap on state and local tax (SALT) deductions
Three Workarounds for the Cap on SALT Deductions
When the Tax Cuts and Jobs Act of 2018 introduced a new $10,000 cap on state and local tax (SALT) deductions, taxpayers living in areas
Tax Deferral Strategies for Real Estate: The Four Types of 1031 Exchanges
Taxpayers often make the mistake of focusing on the potential payout from an investment without considering how much of that will disappear to taxes. A
Tax Deferral Strategies for Real Estate: Using the 1031 Exchange in Partnerships
In a previous blog, we discussed the benefits of the 1031 exchange. This IRS rule allows property owners to defer capital gains taxes when they
Tax Deferral Strategies for Real Estate: Basics of the 1031 Exchange
A common conversation with clients is how to minimize taxes on their investments. When it comes to business or investment properties, taxpayers may be hesitant
Tax Savings for Accountants with Gambling Clients
By Loretta Kilday, Spokesperson for Debt Consolidation Care American gaming has boomed since sports betting and online gambling were legalized. Complex tax laws for filing
Redefining Tax Strategy Beyond Retirement Savings: Unveiling the Full Potential of Tax Planning
By Dominique Molina, CPA MST CTS You’re in the business of tax planning, and you pride yourself on being the go-to expert for navigating the
Ethical Issues in Tax Planning: Conflicts of Interest
What does it look like to operate ethically in the world of tax planning? Fortunately, the Office of Professional Responsibility (OPR) provides guidance on key
Ethical Issues in Tax Planning: Unauthorized Practice of Law and Competence
Behaving ethically should be a personal goal for every tax professional—but it is also required by law. To help guide you, the Office of Professional
Amplifying Your Value to Small Business Tax Clients: Answering FAQs about the New Beneficial Ownership Information Requirement
As 2024 kicks off, so do new legal requirements for small businesses. The Corporate Transparency Act took effect on January 1st, which means that many