Entries by Megan McDonald

Organizing for End-of-Life

Thinking about end-of-life planning can be difficult, but taking the time to organize important documents can help your loved ones avoid future stress. When documentation is clear and accessible, loved ones are better equipped to handle final tax returns, close accounts, and honor your wishes. It’s recommended to keep the documents organized in one secure […]

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Tax Misinformation on Social Media

In today’s age of social media, people can (and do) make videos and posts on nearly every imaginable topic. Unfortunately, when it comes to taxes, bad information spreads quickly — and it can be costly. Following the wrong advice or so-called “tax savings tips” from social media can open you up to IRS penalties, interest […]

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The Corporate Transparency Act’s Beneficial Ownership Information (BOI) Report

In 2021, the Corporate Transparency Act (CTA) was enacted by Congress to help thwart the illicit activities of shell companies. Effective January 1, 2024, the CTA requires certain companies to report information on their beneficial owners. The Beneficial Ownership Information (BOI) report must be filed through the Financial Crimes Enforcement Network (FinCEN) with the due […]

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Bonus Depreciation Phase Out Begins 1/1/2023

The bonus depreciation phase out officially launched in January — what does it mean for your business? Under the Tax Cuts and Jobs Act (TCJA), many businesses have benefited from a 100% bonus depreciation deduction on qualifying property acquired between September 27, 2017, and January 1, 2023. Leveraging 100% bonus depreciation has been a powerful tool […]

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