Why You Shouldn’t Self-Prepare Probate Forms: The Importance of Professional Estate and Tax Guidance
When someone passes away, the estate they leave behind must be administered through a legal process known as probate. While probate may seem straightforward, it involves a range of complex legal and tax-related issues that can significantly impact the value of the estate and the beneficiaries. One common mistake that many people make is attempting […]
Navigating Down Rounds: Challenges, Alternatives, and Best Practices
In the last two years, many startups have faced difficulties, especially when they needed more funding despite not being profitable or struggling with uncertain future prospects. In fact, the number of startups shutting down increased significantly from 467 in 2022 to 770 in 2023. Several challenges have caused this trend, including fewer seed investments and […]
Key Tax Changes for 2025: What You Need to Know
The IRS has released the inflation-adjusted tax brackets, deductions, and contribution limits for 2025. These changes will impact tax planning for the upcoming year—but remember, they do not affect your 2024 tax return. Standard Deduction Increases for 2025 Taxpayers will see a bump in the standard deduction, reducing taxable income: Married Filing Jointly: $30,000 Single […]
What Does Your Accountant Do During Tax Season?
Tax season is a stressful time for both individuals and businesses, but the work behind the scenes is even more demanding. Your accountant is working long hours, often up to 12 hours a day, to ensure that your returns are filed correctly and on time. But what exactly is happening during these long hours? The […]
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 […]
