Machen McChesney is currently seeking an energetic, goal-oriented individual to join our practice as a Tax Supervisor.
Despite its off-putting name, a “Crummey trust” can provide favorable results for individuals who have a significant amount of assets. This device might be incorporated into a comprehensive estate plan.
Are you planning a business trip to a distant city? If the destination is known for its cultural attractions or recreational activities, you might want to combine your business with a little pleasure. In fact, this could be a chance to get away after the children have gone back to school or to just spend some quality “alone time” with your spouse.
Posted in Business Tax
As the summer months wind down, year-end tax planning will become a hot topic for many client service professionals. Whether it’s the closely held business owner or a high-net-worth individual, income taxes represent a significant outflow for our clients. With top rates of 39.6% on ordinary income, 20% for long-term capital gains plus a 3.8% Net Investment Income Tax (NIIT), our tax environment requires us to find favorable opportunities that generate tax savings for clients. If not already addressed on a regular basis, year-end planning is the last chance to evaluate opportunities before the year comes to a close. As conversations begin to shift toward year-end planning, here are a few strategies to consider.
Posted in Tax Updates
A well-managed restaurant doesn’t always guarantee a sound business strategy, but approaching restaurant management with a focus on facts, figures and the future can help in achieving long-term success. When it comes to running your business, financial modeling and long-term planning often get lost in the shuffle of day-to-day troubleshooting and management responsibilities. But for those looking to improve their financial practices and better communicate the restaurant’s potential success and value to lenders and investors, understanding the numbers and using them to effectively plan for long-term sustainability should be a top priority.Posted in Business Advisory
A real estate owner may be contemplating the renovation of an older building in a historic part of town or a place that otherwise has historical implications. Fortunately, the federal tax law provides some incentives. Before you start tearing down walls and putting up a new façade, follow the steps for having the building certified as a historic structure. The payoff is a tax credit—a dollar-for-dollar reduction of your tax bill—equal to 20% of the renovation costs.
Posted in Tax Updates
If you have been able to build up a sizable fund in a 401(k) or other qualified retirement plan, you have a good head start on a nest egg for retirement. Sometimes, however, extenuating circumstances may force you to tap into your account prematurely. Specifically, you might apply for a “hardship distribution” when the plan permits it. Although you may decide this is your best option, consider all the implications.
Posted in Retirement Planning
More nonprofits are waking up. From stringent regulations and government scrutiny around tax-exempt status and grant compliance to increasingly intense competition for funds, organizations of all shapes and sizes are realizing the need to implement strong measurement and monitoring programs.
Posted in Business Advisory
As a business owner looking to increase deductions for your own retirement savings, a cash balance retirement plan could be for you. In order to participate in a cash balance plan, you must meet the following criteria:
- Profitable business with disposable cash flow
- Small or younger workforce, or workforce with a generous current retirement plan
- Older owners that are active in the business
Enacted in 2004, the American Jobs Creation Act included a tax relief provision for domestic manufacturers with the intent of stimulating manufacturing activity in the U.S.
