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New tax reduction strategies carefully explained and exhaustively researched every two weeks. Receive breaking news updates on tax law changes. Members only monthly AMA with TOTTB.tax.
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Building Your Firm’s Succession Plan from Within
One day, you won’t want to work anymore, at least not at your current firm. How do you pass on your firm for the best chances of success for everyone? That day when you step out the door for the last time may still seem far off, but when it comes – and it will – you’ll be thankful for an orderly departure. That many accounting firms never make it to a second generation indicates that a lot goes into successful succession plans: impressions of senior staff; the bottom line on your firm’s value and future; and, trickiest of all, just admitting that you need a succession plan. Hammer out details beforehand, especially if you, rather than merging your firm into another or selling your firm, want to groom your firm’s next leaders from within. How and when to start?
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CURRENT EDITION
Editor’s Pick: BOI Reporting: A Game of Legal Ping-Pong
For tax professionals trying to guide their clients on Beneficial Ownership Information (BOI) reporting, the last few months have felt like watching a never-ending game of legal ping-pong. Deadlines have been set, overturned, reinstated, delayed, and challenged in court—leaving many businesses (and their advisors) unsure of when, or if, they need to file.
How to Advise on the EV Tax Credit
At one time, a federal tax credit toward the cost of an electric car seemed like a permanent idea to help fight pollution and climate change. Now, a political shift in the U.S. endangers the notion and, more to the point, makes advising clients tougher in a tighter timeframe. How and when can those clients interested in an electric car and the credit still secure a tax break?
Leaving the United States, Part II: Renouncing Your Citizenship
In Part I of this 3-part series, we discussed the tax ramifications of living abroad, becoming an expat. In Part II, we go to the extreme by leaving America and renouncing our citizenship. And as you would guess, there are tax consequences to such an action. Before we step into renouncing our U.S. citizenship, we need to address how we can lose our citizenship.
SIMPLIFIED TAX STRATEGIES &
PRACTICAL IMPLEMENTATION
Think Outside the Tax Box provides tax reduction strategies along with practical
implementation advice in order to reduce your clients’ federal tax bill with ease.
