Strategic Planning: Best Practices for Business Owners

“[Strategic planning helps] you get more people engaged. You get people thinking about the future. You get people to look up from their desk or whatever role they play and see where the company could go.” What happens if some of your key employees leave? What if there is a major change in your industry?…

Using State-Level PTE Tax To Bypass TCJA’s SALT Limitation

“[The PTE tax] really can get a little complicated. You really have to just draw it out, no matter what situation you’re in, and put everything to paper and figure out [] how much of a benefit is this, and how much is it for each individual.” The pass-through entity (PTE) tax has been a…

The IRS’s New BBA Audit Rules | Options for Partnerships

“It’s really important to have an annual conversation, discussion, with your tax advisor on what is the [] best, you know, route to proceed with [the BBA Rules] because it’s not a one-size-fits-all. [] Businesses are complicated and, certainly, opting out may seem great, but there could be reasons why it doesn’t make sense to…

Next Level Management Development in Succession/Exit Planning

“Like a lot of different processes, [] sometimes the benefits aren’t immediate… but, you know, you’ve seen it, and I’ve seen it… and [next level] management development plans can be cultural-shifting and can really add significant value to businesses.” In succession and exit planning, business owners often face unique challenges related to grooming, growing, and…

Stalled 2021 Tax Legislation: Where Do Things Stand Now?

“There was a lot to fear about what might happen on the estate and gift side early on in this process. A lot of proposals that were really quite drastic and sort of scared a lot of people that do estate and gift planning. And most notably, and sort of as a sigh of relief…