Choosing the right business entity is essential for tax efficiency and operational success. This guide compares five common structures, sole proprietorship, S corporation, partnership, LLC, and C corporation; highlighting how each is taxed and what compliance requirements they entail.
Read MoreA living trust, also known as a revocable trust, is a legal tool that allows individuals to manage and distribute their assets during their lifetime and after death, often avoiding probate and ensuring privacy. While it requires more setup than a will, it offers flexibility, control, and continuity, especially in cases of incapacity.
Read MoreNonprofits facing financial pressure may find relief by revisiting their board-designated assets—unrestricted funds set aside for specific purposes. With proper policies and documentation, boards can reallocate these funds to address urgent needs, improve cash flow, or support strategic initiatives.
Read MoreThe One, Big Beautiful Bill (OBBB) Act significantly updates IRS reporting rules by raising the threshold for issuing Forms 1099-NEC and 1099-MISC from $600 to $2,000 starting in 2026, with future adjustments for inflation. This change will reduce paperwork and compliance burdens for businesses, especially small ones, while still requiring accurate income reporting and recordkeeping.
Read MoreRecent changes to federal estate tax laws, including the permanent increase of the exemption to $15 million under the OBBB Act, mean fewer families will face estate tax liability. As a result, estate planning strategies are shifting toward minimizing income taxes for heirs, especially by considering whether to gift or retain appreciating assets.
Read MoreNonprofits facing financial shortfalls may be able to use income from their endowments to stabilize operations, provided the funds are unrestricted and spending aligns with legal guidelines like UPMIFA. A prudent spending policy, typically 4% - 7% of a rolling average, should account for inflation and aim to preserve the endowment’s principal for long-term sustainability.
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