Oct 21, 2025 | Business Planning, Estate Planning, Personal Financial Planning
Revenue Ruling 2023-2, issued in March 2023, made a major change to how assets in irrevocable trusts are treated. The rule states those assets in an irrevocable trust that are not included in the grantor’s taxable estate cannot receive a step-up in basis. This...
Oct 16, 2025 | Business Planning, Closely Held Business
A de minimis benefit is a small, infrequent perk provided by an employer, intended to be so minor that it would be impractical or unreasonable to consider it taxable income. Rather than allowing employers to decide what benefits are de minimis, the IRS has established...
Oct 14, 2025 | Business Planning, Tax News
Sales taxes are levied by percentage on finished products at the point of sale, but the rules and rates can vary significantly by jurisdiction. Only four U.S. states — Delaware, New Hampshire, Montana and Oregon — have no sales tax. Alaska has no statewide sales tax...
Oct 7, 2025 | Personal Financial Planning, Tax News
The One Big Beautiful Bill Act, signed in July, creates a special tax break for Americans age 65 and older. It provides a deduction worth up to $6,000 a year in tax years 2025 through 2028. To claim it, you must: Turn 65 or older by the end of the tax year. File a...
Oct 2, 2025 | Personal Financial Planning, Tax News
There may be circumstances under which you would want to move assets from a traditional IRA to a Roth IRA. A Roth IRA conversion can be made even if your current income makes you ineligible for direct contributions to a Roth IRA. Roth IRAs are attractive because they...
