If you own a closely held business with your relatives involved, and don’t take the proper estate planning steps to ensure that it lives on after you’re gone, you may be placing your family at financial risk.

President Joe Biden’s proposed FY 2025 budget unlikely to spur action in current Congress but will set course for tax policy discussion

The legislative landscape surrounding retirement plans has undergone a significant transformation with the introduction of the Secure Act 2.0. Nestled within Division T of H.R. 2617, known as the "Consolidated Appropriations Act, 2023," this legislation brings forth substantial changes to tax-favored retirement accounts.

Other changes to the credit would include making more of the credit available as a refund and indexing the total credit to inflation starting in 2024.

More than 20 of the profession’s thought leaders met for the Accounting Meta Influencers roundtable discussion on the present and future of CAS, and what this evolving phenomenon will mean for firms, for professionals, and for clients.

Here are some tax planning strategies on how you can keep more of that $1 million for yourself and away from Uncle Sam.

In addition to an income stream, CRTs offer an up-front charitable income tax deduction, as well as a vehicle for disposing of appreciated assets without immediate taxation on the gain.

How are these two functions different and how do you clarify them to ensure you're maximizing your planning and returns?

Under the “ordering rules” established under IRS regulations, most of the payout of a nonqualified Roth distribution may be tax-free anyway—maybe even all of it.