As 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.
Read MoreOBBB has made the Qualified Opportunity Zone (QOZ) program permanent and introduced enhanced tax incentives for manufacturers building in rural QOZs, including the creation of Qualified Rural Opportunity Funds (QROFs) that offer a 30% basis step-up after five years. These changes make rural QOZs especially attractive for manufacturers seeking funding and long-term tax savings, with additional advantages such as a lower improvement threshold and extended capital gains exclusions.
Read MoreAccrual-basis businesses can reduce their 2025 tax liability by recognizing expenses incurred this year, even if payment occurs in 2026 including wages, taxes, and utilities. Reviewing prepaid expenses, writing off uncollectible receivables, and properly timing income and deductions are key strategies for year-end tax planning.
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