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The Joys of Home Ownership: Balancing Financial Support and Tax Consequences with Real Estate Wealth Transfer Strategies
For high-net-worth individuals, the art of wealth transfer extends beyond merely providing financial assistance to future generations; it is about strategically positioning the next generation for personal success. Unfortunately, it also requires navigating a complex landscape of income, gift, and estate taxes. Many individuals want to provide financial assistance to family members to help…
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Succession Planning for Your Business? Consider These Six Ways to Lean on Your Tax Accountant as a Trusted Advisor
The journey from founding a company to successfully handing over the reins involves navigating a complex maze of financial, legal, and even emotional challenges. Robust succession planning can prepare the family-owned enterprise for new leadership or new owners while enhancing the financial stability of the business and its shareholders. This article explores six ways…
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Challenges in Business Succession Planning: Cash Flow Strategies for Estate Tax Liabilities
Tax Strategist Insight Individuals with substantial business holdings often face complicated estate tax issues, the costs of which can be unexpected and significant. Failing to recognize and plan for these issues may adversely impact the ability of the estate to timely pay any estate tax it owes. What is more, a lack of planning…
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Client Highlight – Xantrion, Inc.
We’re thrilled to shine the spotlight on one of our valued clients, Xantrion Inc. Founded right here in the Bay Area in 2000, Xantrion Inc. is all about providing top-notch technology solutions tailored for small and medium businesses. When you partner with Xantrion, you’re not just getting cybersecurity and tech support – you’re getting…
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New Requirement to Cover Long-Term Part-Time Employees in 401(k) Plans Enters Into Effect
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act of 2019) and the SECURE 2.0 Act of 2022 (collectively, SECURE) enacted a new mandate that, starting in 2024, long-term, part-time (LTPT) employees must be allowed to make salary deferrals into their employer’s 401(k) plan. The systems used by many 401(k)…
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2023 Year-End Tax Planning For Individuals
As we approach the end of the year, it’s the perfect time to reflect on your financial goals and ensure they align seamlessly with your present and future financial obligations. At B+Co, we recognize the significance of effective year-end planning, particularly in the current economic climate marked by rising interest rates and market volatility.…
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Interest Rates Increase for the Fourth Quarter 2023
IRS interest rates are increasing to 8% (and up to 10% for large corporate underpayments) starting October 1, 2023. See below for detailed information regarding IRS Revenue Ruling 2023-17. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily. Here is a complete list of the new rates: 8%…
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Demystifying Nonprofit Cost Allocations
When asked what is at the top of their finance department “to-do” list, many nonprofits name the need for an updated cost allocation plan. An effective cost allocation strategy is essential to organizations’ understanding of how their resources are being deployed. It is also integral to performing cost analyses, such as evaluating funding requirements…
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Managing Pay for Disqualified Individuals
The title of this article might have caught the eye of some readers, who may have thought it provides tips on managing pay for poor performers or offers a rationale for employing individuals without proper job qualifications. However, this article focuses on “disqualified individuals” in the context of IRS intermediate sanctions — IRC Section 4958…
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IRS Drastically Expands Electronic Filing Requirement for 2023 Tax and Information Returns
The Internal Revenue Service finalized regulations on Feb. 23, 2023, significantly expanding mandatory electronic filing of tax and information returns that require almost all returns filed on or after Jan. 1, 2024, to be submitted to the IRS electronically instead of on paper. Under the new rules, filers of 10 or more returns of…