An employee stock option plan (ESOP) is an often-overlooked exit strategy for business owners. An ESOP is a qualified retirement plan that gives employees ownership in the company through stock. They are flexible, allowing owners to slowly sell their shares over time...
From 2017 to 2022, there were several wide sweeping changes to the Tax Code. From the tax cuts created by the 2017 Tax Act to the legislation passed in 2020 and 2021 in response to the Covid pandemic. These tax law changes have effected most US taxpayers. However,...
The Tax Reduction and Jobs Creation Act of 2017 (The 2017 Act) reduced the number of taxpayers who might be subject to Estate Tax upon their death. The Estate Tax exempts estates under a specific exemption amount. For 2024, the exemption amount is $13.6 million or for...
Today’s topic for Tax Tip Friday is Backdoor Roth IRAs. While Roth IRAs are very popular, many high income taxpayers are unable to contribute due to Modified Adjusted Gross Income (MAGI) limits. The backdoor Roth IRA is a strategy that allows high income taxpayers,...
If you're 70 ½ or older and have a traditional IRA account, you might want to explore the option of making a Qualified Charitable Distribution (QCD). With the ongoing increase in standard deductions, many taxpayers find themselves unable to itemize deductions,...
In Week Five of our CTA Series, we’re exploring the intricacies of inactive entities exempt from BOI reporting. According to FinCen, specific criteria must be met for an entity to qualify as inactive. Let’s dive into these criteria and unravel the essentials. 1. The...
As we are entering the 2024 tax season, the following are some changes that may impact the filing of Federal, DE, PA or NJ returns this year and beyond. Pennsylvania For tax years beginning on or after January 1, 2023 for PA Personal Income tax purposes: Pennsylvania...
RE: Soroban Capital Partners LP, Soroban Capital Partners GP LLC v. Commissioner of Internal Revenue This is a summary memo regarding the United States Tax Court Decision that was filed November 28, 2023. The case dealt with the issue of self-employment income...
In Week Four of our CTA Series, we delve into the criteria for identifying reporting companies, encompassing both domestic and foreign entities. FinCen outlines the definitions of domestic and foreign reporting companies as follows: A domestic reporting company is a...