Irrevocable Trusts – Intent versus Interpretation
In a recent landmark legal ruling, a Nevada probate commissioner denied Rupert Murdoch’s attempt to amend his family’s irrevocable trust, drawing significant attention from estate planning lawyers nationwide. The implications of this case are wide-reaching, not only due to Murdoch’s high-profile media empire but also because it offers valuable insights into the tax and legal […]
Maximize Investment & Growth with the Connecticut Angel Investor Tax Credit and CFO Services
In the bustling world of investment opportunities, there’s a hidden gem: the Connecticut Angel Investor Tax Credit. This often-overlooked tax incentive offers significant benefits to both investors and startups, akin to the thrill of Shark Tank. Whether you’re a startup seeking seed capital or an investor looking for a lucrative opportunity, this could be your […]
Tax Implications of Cryptocurrency: How Accounting Firms Assist Clients in the United States
As cryptocurrencies like Bitcoin and Ethereum become more mainstream, understanding the tax implications surrounding these digital assets is critical for both individuals and businesses. The Internal Revenue Service (IRS) treats cryptocurrencies as property, meaning any sale or exchange is subject to capital gains tax (CGT). Given the complexity of cryptocurrency taxation, accounting firms play a […]
Navigating Succession Planning: Key Tax Issues for Family-Owned Businesses
Succession planning is an essential process for business owners, particularly those in family-owned businesses, as they look to transfer ownership or exit their companies. With many business owners approaching retirement age and the “great wealth transfer” expected to see $3.5 trillion passed down from Baby Boomers to their heirs by 2050, the need for professional […]
Planning an Event? Don’t Overlook Sponsorship Opportunities
When it comes to nonprofit events, success can be measured in many ways. However, for most nonprofit leaders, financial success—specifically how much money was raised—is the ultimate goal. To achieve financial success, securing sponsorships from companies and individuals to help offset event costs is essential. Make sponsorships a central focus of your event planning strategy. […]
Super-Catch-Up Contributions Under SECURE 2.0: Key Changes for 2025 and What Employers Need to Know
Starting in 2025, the SECURE 2.0 Act introduces a new opportunity for eligible participants aged 60 to 63 to make *super-catch-up contributions* to their retirement plans. These contributions can be up to the greater of $10,000 or 150% of the regular catch-up contribution limit, allowing workers to save more for retirement as they approach their […]
Preparing for 2025: How Outsourced CFO Services Can Help Your Business Thrive Amid Change
As we enter 2025, CFOs face a rapidly evolving business environment with high stakes. Rising interest rates, ongoing political uncertainties, and global economic shifts present new challenges. With these factors, many organizations are reassessing their investment strategies. A recent survey showed that 84% of CFOs are delaying investment decisions due to unpredictability in the market. […]
Student Loan Reimbursement Program: Financial Relief for Connecticut Residents
Mark Your Calendar: Applications Open January 1, 2025 Starting January 1, 2025, Connecticut residents with student loan debt can apply for financial relief through the new Student Loan Reimbursement Program (SLRP), administered by the Office of Higher Education. This $6 million program, approved by the General Assembly in 2024, offers eligible applicants up to $5,000 […]
Nationwide injunction halts BOI filing requirements—here’s what it means for your business.
December 16, 2024 – Accavallo & Company LLC Businesses across the United States received a major update regarding the Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA). A federal district court has issued a nationwide injunction halting the enforcement of these requirements, citing constitutional concerns. What Does This Mean for Businesses? […]
Safeguarding Your Small Business: Essential Steps to Mitigate Cybersecurity Risks
In today’s digital landscape, small businesses face a myriad of cybersecurity threats that can wreak havoc on their operations, finances, and reputation. From ransomware attacks to phishing scams, the risks are ever-present and evolving. Therefore, it’s imperative for small business owners to prioritize cybersecurity measures to safeguard their valuable assets and sensitive data. Let’s delve […]
