Succession planning is critical for manufacturing business owners who want to protect their company’s future. By defining goals, choosing the right ownership transfer strategy, and preparing successors through training and mentorship, you can ensure a smooth leadership transition and preserve your legacy.
Read MoreThe One Big Beautiful Bill Act introduces a 100% first-year depreciation deduction for nonresidential real estate classified as Qualified Production Property (QPP), offering significant tax savings for manufacturers. To qualify, properties must meet strict usage and timing requirements, and businesses should be aware of limitations such as nonqualified areas, leased buildings, and potential recapture rules.
Read MoreAs 2025 draws to a close, employers should review whether they have properly included the value of common fringe benefits in their employees’ and (if applicable) 2% S corporation shareholders’ taxable wages.
Read MoreA QTIP trust is an estate planning tool designed to provide financial security for a surviving spouse while preserving assets for designated beneficiaries, such as children from a prior marriage. It offers flexibility and potential estate tax benefits by deferring taxes until the second spouse’s death.
Read MoreBusiness gift deductions are generally capped at $25 per recipient per year, but exceptions exist for gifts to companies, couples, and incidental costs like packaging or shipping. Employee gifts follow different rules: cash or gift cards count as taxable wages, while small noncash items may qualify as tax-free fringe benefits.
Read MoreMaking sure loved ones can easily access estate planning documents is essential to avoid stress and legal complications. Store originals, especially your will, in a secure, accessible location and share details with trusted family members or advisors.
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