Taxation Insights

Tax Tip: Is hiring the child the right move? Hiring your child can be a tax-smart move, but the pay must be reasonable for the work performed.

Mid-year is an ideal time to review your tax situation, reduce year-end surprises, and take practical steps that could benefit individuals and small business owners.

Tax Tip: Heirs don’t have to report inheritances to the IRS. However, an estate’s executor must file a final income tax return for the deceased person and, if the estate is large enough, must file an estate tax return and pay estate taxes.

Tax Tip: Online identity theft is a growing threat that can cripple your company or shut it down forever.

The One Big Beautiful Bill Act introduced Trump Accounts, a new tax-advantaged savings option designed to help children build long-term wealth. With potential government seed funding, tax-deferred growth and contribution opportunities from families and employers, these accounts create new planning opportunities.

Profits interests can be a tax-efficient way for businesses structured as partnerships and limited liability companies to attract and retain talent when cash compensation is limited.

Tax Tip: Donors should consider leaving an asset to a single charity, such as a private foundation, to determine its ultimate disposition.

Under the new USPS rules, the postmark may not accurately reflect the date the documents were mailed. Exercise caution for the rest of the tax filing season and wrap up 2025 by steering clear of postal penalties and future headaches.