Buy-Sell Agreements Pave the Way for Your Future
Posted by Margaret Amsden on March 3, 2022
Margaret Amsden
Having a properly structured buy-sell agreement in place is a best practice for long-term business success. Also known as a buyout agreement, the right buy-sell plan provides vital financial protection for shareholders or partners and their families. It also helps to ensure the continuity of the business for employees and customers.
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IRS Provides Relief on K-2 and K-3 Reporting
Posted by Margaret Amsden on February 17, 2022
Margaret Amsden
In an attempt to provide more transparency with regard to reporting of foreign activity and/or information to foreign owners, the IRS came out with two new forms: Schedule K-2 (an addendum to the Schedule K) and Schedule K-3 (an addendum to the Schedule K-1). Learn about the latest K-2 and K-3 reporting requirements issued by the IRS.
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Do You Know What You’re Worth?
Posted by Margaret Amsden on January 14, 2022
Margaret Amsden
Knowing your net worth can help you evaluate your financial health and plan for the future. From defining net worth to understanding what assets and liabilities are, here are some basic considerations to help you get started.
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Gifting to the Family: Don’t Wait too Long!
Posted by Margaret Amsden on December 2, 2021
Margaret Amsden
This has been an eventful, record-breaking year for mergers and acquisitions, up 158% from the same time last year. Stock values continue to rise while interest rates remain at record lows, creating a prime environment to make deals and close transactions. Consider this guidance to help take advantage of the current tax code and valuation discounts before they disappear.
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Gifting to Reduce Tax Liability
Posted by Margaret Amsden on November 18, 2021
Margaret Amsden
With the end of the year quickly approaching, the time for year-end tax planning is now, especially with the impending changes outlined in the Build Back Better Act (BBBA) set to be implemented at the start of 2022. One of the major changes affects high-net-worth individuals looking to make gifts to reduce a potential future estate tax liability.
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Is Your Wealth Being Managed by the Right Team?
Posted by Margaret Amsden and Casey Haggerty on October 4, 2021
Margaret Amsden
Though CPAs and wealth managers are two different advisors, together they play an essential role in helping individuals make short- and long-term financial plans. To make the best plans for their future, clients are discovering that a partnership between these professionals can further enhance their financial goals and performance.
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How Life Insurance Enhances Your Estate Plan
Posted by Margaret Amsden on August 3, 2021
Margaret Amsden
Life insurance can be a valuable planning tool, but common misconceptions about policy management cause many policy owners to miss significant opportunities. With the right knowledge and advice, you can maximize the policy benefit while reducing cost and risk.
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Child Tax Credit Update: Advance Payments & Eligibility
Posted by Margaret Amsden on June 23, 2021
Margaret Amsden
The IRS has released an important update to help people manage the Child Tax Credit that was temporarily expanded in the American Rescue Plan Act of 2021. Here’s a quick summary of the new information and additional program enhancements.
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Retirement and Cash Flow: A Tale of Two Necessities
Posted by Margaret Amsden on May 20, 2021
Margaret Amsden
People throughout the world are dealing with many uncertainties as they learn how to pivot in the face of the pandemic. But one thing at the top of many minds is retirement. Planning early ensures you have the resources you need during your golden years.
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President Biden’s Tax Plan – What You Need to Know
Posted by Margaret Amsden on May 12, 2021
Margaret Amsden
The Biden Tax Plan is focused on increasing taxes on businesses and high net worth taxpayers to pay for the ambitious infrastructure and education plans. Review the proposed tax increases and legislation of the American Families Plan Act.
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Stimulus Checks and the Recovery Rebate Credit
Posted by Margaret Amsden on January 28, 2021
Margaret Amsden
To combat the hardship presented by COVID-19, legislation was signed in late 2020 enabling many taxpayers to receive two rounds of “Stimulus Checks,” or “Economic Impact Payments” (EIPs) throughout the year. Learn what this means for taxpayers.
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Why It’s Important to Classify Employees vs. Independent Contractors
Posted by Margaret Amsden on December 18, 2020
Margaret Amsden
Worker misclassification has been a long-standing issue because of the difficulty in distinguishing employees from independent contractors. Learn about the key differences between employees vs. independent contractors and how to classify each in your business.
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Pre-transaction Tax Structuring Considerations for the Closely-held Business
Posted by Margaret Amsden and Ben Smith on December 13, 2020
Margaret Amsden
There are alternatives to a S Corporation which may provide more flexibility and accessibility to investors.
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Private Client Services: An Introduction
Posted by Margaret Amsden on December 1, 2020
Margaret Amsden
Owners of closely-held businesses are passionate about what they do, masters of their practice, and driven to succeed. When it comes time to plan for the future, Private Client Services (PCS) is the partner that helps business owners take on the future with the same confidence they have in their business.
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2020 Reporting Guidance
Posted by Margaret Amsden on November 28, 2020
Margaret Amsden
Every year brings a list of information filing requirements necessary to make sure that payees have the information needed to file their taxes. To assist with year-end business reporting, Clayton & McKervey has identified some items for you to consider.
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Considering a Merger or Acquisition?
Posted by Margaret Amsden and Ben Smith on September 20, 2020
Margaret Amsden
The changes that occurred under the 2017 Tax Cuts and Jobs Act (TCJA) continue to impact businesses in multiple ways, and while some of these are favorable, others are not. More recently, the Coronavirus Aid, Relief, and Economic Security (CARES) Act further adjusted some of these rules. Businesses considering a transaction, such as a merger or acquisition, should be sure to discuss the following items.
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Rethinking Your Retirement Funding Options
Posted by Margaret Amsden on September 1, 2020
Margaret Amsden
As a result of market fluctuations over the past six months, many taxpayers have seen a decline in the value of their retirement portfolios, so now may not be the best time to draw from your retirement savings, even if you are eligible. Here is some guidance regarding Social Security and IRA Distributions.
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Payment Processing Delays Due to COVID-19
Posted by Margaret Amsden on August 26, 2020
Margaret Amsden
Taxpayers may unfortunately find that their checks, mailed with tax returns, are on backlog at the IRS due to processing delays as a result of COVID-19. Learn what the IRS is doing about it and discover what you should do as a taxpayer.
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Estate Planning 101
Posted by Margaret Amsden on August 17, 2020
Margaret Amsden
With all of the change the past few years, now is an ideal time to revisit your estate plan. Learn about the essentials of estate planning and why it's important to review and update your plans on a regular basis.
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Three Lessons Learned from the 2020 Tax Season
Posted by Margaret Amsden on July 27, 2020
Margaret Amsden
It goes without saying that this year’s tax season was surprising—to say the least. Here are some of the takeaways from 2020’s tax season, and although we hope it’s an experience we never have to face again, these strategies can improve the process—even in the best of times.
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Debt Restructuring: How Does it Impact Your Taxes?
Posted by Margaret Amsden on June 22, 2020
Margaret Amsden
Throughout the ordinary course of business, you could very well find yourself in a position of insolvency leading to the restructuring of your debt. Dealing with cash flow issues or insolvency can be very stressful and time-sensitive for business owners and taxpayers alike. Learn how debt restructuring impacts your taxes and what to do if you find yourself in this situation.
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Changes to Employer Provided Education Assistance Due To COVID-19
Posted by Margaret Amsden on April 14, 2020
Margaret Amsden
As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, opportunities exist for employers to help their employees in multiple ways. One such opportunity relates to the change made to the Education Assistance Program.
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Tax Planning Needed to Benefit from the Sale of Small Business Stock
Posted by Margaret Amsden on February 21, 2020
Margaret Amsden
Business owners are always looking for ways to structure the business to minimize both the tax cost of current operations as well as the tax cost associated with selling the business.
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Important Changes to W4 Exemptions
Posted by Margaret Amsden on February 2, 2020
Margaret Amsden
How many exemptions to claim on a W-4 is an age-old question. Unfortunately, the way withholding is computed has changed and there is now a bit more to consider.
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Deadlines Extended for Energy-Related Tax Credits
Posted by Margaret Amsden on January 13, 2020
Margaret Amsden
Alternative Fuel Tax Credit (IRC 6427(d)) and Nonbusiness Energy Property (IRC 25C) are two key “extenders” which could impact your 2018 tax return. While further guidance still needs to be published, you should be aware of the implications of these extenders.
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Planning for Retirement: Just When You thought You Knew the Rules!
Posted by Margaret Amsden on December 27, 2019
Margaret Amsden
As 2019 winds to a close, Congress gets busy and passes a law that changes much of what we all thought we knew about planning for retirement, and how Individual Retirement Accounts (IRAs) and 401k Plans work.
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Maximizing the Tax Benefit of Charitable Giving
Posted by Margaret Amsden on December 3, 2019
Margaret Amsden
With the tax law changes that became effective in 2018, the average person has potentially lost the benefit of their charitable contributions. However, there are several very straightforward options that you may be able to take advantage of.
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Getting Ready for Year-End Planning
Posted by Margaret Amsden on October 28, 2019
Margaret Amsden
Every year brings a list of information filing requirements necessary to make sure that payees have the information needed to file their taxes. To assist with year-end business reporting, Clayton & McKervey has identified some items for you to consider.
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50% Meals and More: Digesting the Latest TCJA Update
Posted by Margaret Amsden on January 2, 2019
Margaret Amsden
Those planning to discuss business at the next tailgate, or talk shop over eighteen holes with the intention of writing off the expense on this year’s tax return, need to think again. In the IRS’s latest notice on the Tax Cuts and Jobs Act (TCJA), changes to Internal Revenue Code (IRC) Section 274 regarding meals & entertainment, entertainment expenses are strictly off the menu.
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Getting Ready for Year-End Planning
Posted by Margaret Amsden on December 3, 2018
Margaret Amsden
Every year brings a list of information filing requirements to make sure that payees have the information needed to file their taxes.
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Will you Benefit from the New Pass-through Deduction?
Posted by Margaret Amsden on August 20, 2018
Margaret Amsden
Since the enactment of the Tax Cuts and Jobs Act, tax practitioners have been anxiously awaiting guidance on some of the more intricate scenarios facing businesses.
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Sales Tax Post Wayfair Case Decision
Posted by Margaret Amsden on August 6, 2018
Margaret Amsden
The imposition of sales tax collection obligations on out-of-state e-commerce companies and sellers using platforms such as Amazon, Inc., even when lacking a physical presence within in a state, upon meeting specific sales thresholds.
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Partnership Audit Procedure Changes
Posted by Margaret Amsden on March 13, 2018
Margaret Amsden
Many partnerships allow for special allocations of income and deductions, and a settlement could affect partners differently based on these allocations.
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Managing Your Net Working Capital
Posted by Margaret Amsden and Ben Smith on February 2, 2018
Margaret Amsden
When a business is considering selling there are many elements to be managed. One of the elements that should be closely monitored is called Net …
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Michigan Unclaimed Property: What is it, and the New Reporting Requirements
Posted by Margaret Amsden on January 26, 2018
Margaret Amsden
Historically, businesses have been required to report unclaimed property to the Michigan Department of Treasury, Unclaimed Property Division. Recently, this filing has been expanded to …
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Asset Acquisitions: The Dichotomy Between Buyer and Seller Objectives
Posted by Margaret Amsden and Ben Smith on January 16, 2018
Margaret Amsden
Growth through acquisition is an important option for business owners because it offers a significantly faster way to build market share in an …
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Business Provisions of the Tax Cuts and Jobs Act
Posted by Margaret Amsden on December 21, 2017
Margaret Amsden
As you know, on Wednesday December 20, 2017 the Tax Cuts and Jobs Act Bill passed both the House and Senate and is on …
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House and Senate Reach Final Agreement on the Tax Cuts and Jobs Act – Individual, Estate, Gift and Trust
Posted by Margaret Amsden on December 19, 2017
Margaret Amsden
On Friday December 15, 2017 the Conference Committee released their report detailing the specifics of the Tax Cuts and Jobs Act Bill expect to pass …
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Planning for Year-End in the Midst of Tax Changes
Posted by Margaret Amsden on November 15, 2017
Margaret Amsden
As I am sure you are aware, the House and Senate are working feverishly to enact major tax reform. The proposals have been characterized as …
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Estate Planning Strategies for Uncertain Times
Posted by Margaret Amsden and Casey Haggerty on November 14, 2017
Margaret Amsden
Among the many rumors surrounding tax reform, several concepts have surfaced regarding what lies ahead with respect to the estate tax. In general, the …
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