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Financial Tid-Bits

Navigating the Gray Areas of Qualified Small Business Stock in Estate Planning

The article discusses the complexities surrounding the tax advantages of qualified small business stock (QSBS) as provided by Sec. 1202, particularly in estate planning. Besides offering a significant tax break for noncorporate taxpayers, it also presents several ambiguities especially concerning holding periods, QSBS stacking, the role of incomplete gift nongrantor trusts (INGs) and charitable remainder trusts (CRTs), the tax status of spouses, and transfers of QSBS. As IRS and legal clarity remains elusive on many related issues, the article recommends a coordinated approach among tax advisors, obtaining legal opinions, and possibly requesting private letter rulings from the IRS to mitigate potential risks.

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Financial Tid-Bits

Essential Estate Planning Strategies for High Net Worth Real Estate Investors

Estate planning for clients with large real estate holdings requires a comprehensive approach that considers both tax implications and property management intricacies. Each aspect requires careful strategizing to mitigate potential tax liabilities, ensure estate liquidity, manage the basis and capital account, maintain compliance with passive loss rules, and keep estate plans updated to reflect current circumstances and tax laws.

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Financial Tid-Bits

Estate planning insights from America’s wealthiest families

Discover how America’s elite manage their vast fortunes to ensure their wealth endures across generations. This article breaks down the successful strategies and common pitfalls in estate planning, using examples from storied dynasties like the Rockefellers and Hearsts. Gain insights into how you can protect your financial legacy and avoid common estate planning mistakes.

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Mastering Accounts Receivable Management
Financial Tid-Bits

Mastering Accounts Receivable Management: Tips for Success

Managing accounts receivable presents challenges, particularly in uncertain economic conditions. To ensure your company’s financial well-being, periodic review of billing and collections processes is essential. Consider these actionable suggestions:   Address billing discrepancies promptly  

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Financial Tid-Bits

What To Know About Restricted Stock Awards

Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lose most or all of their value if

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Financial Tid-Bits

Tax Deductions: Donating To Charity

Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a letter, can you still claim

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Accounting & Auditing

How to Navigate The Rising Cost of College

With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a scholarship, you may wonder about how it could affect your family’s

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Financial Tid-Bits

Home Office Tax-Deductions Requirements

With so many people working from home, they may refer to their workspaces as “home offices.” But do those spaces qualify them for home office tax deductions? Indeed, there are specific requirements workspaces must meet

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Financial Tid-Bits

IRS’s Energy Credits Online Tool

The IRS’s Energy Credits Online tool allows clean vehicle dealers to register online and receive dealer advance payments for the Clean Vehicle Credit within 72 hours of the sale of a qualified clean vehicle. The

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Have Any Questions?

Your company is unique, and we may not be able to answer your specific questions within a blog post. Contact us and let our experts find the solution that’s right for you.