H&B, Author at Hutchinson and Bloodgood LLP

Tax Planning

How your business can prepare for and respond to an IRS audit

October 14, 2024

The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million. Under these plans, partnerships with assets over $10 million will also see audit rates increase tenfold by 2026. This ramp-up in audits is part […]

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General

Protect your child from identity theft

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October 11, 2024

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Identity theft can have a significant impact, especially when it involves children. Cybercriminals target the identities of children because they have unblemished credit histories that tend to be infrequently reviewed. That means a fraud may go undetected for years, often until the child has a credit report run when applying for a job or student loan. […]

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Business Planning & Consulting

Working capital management is critical to business success

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October 10, 2024

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Success in business is often measured in profitability — and that’s hard to argue with. However, liquidity is critical to reaching the point where a company can consistently turn a profit. Even if you pile up sales to the sky, your bottom line won’t flourish unless you have the cash to fund operations to fulfill all […]

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Tax Planning

IRS Targets Partnership Tax-Reduction Tactic

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October 9, 2024

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The IRS recently announced the launch of a new multistage regulatory initiative intended to close what it calls a “major tax loophole exploited by large, complex partnerships.” The IRS’s actions are prompted by its belief that some partnerships are using transactions with related parties to improperly slash their tax bills. Tactic in the IRS Crosshairs The […]

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Tax Planning

Unlock your child’s potential by investing in a 529 plan

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October 8, 2024

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If you have a child or grandchild planning to attend college, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher education costs on a tax-favored basis. There are two types of programs: Prepaid plans, which allow […]

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Real Estate & Construction

Advantages of keeping your business separate from its real estate

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October 7, 2024

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Does your business require real estate for its operations? Or do you hold property titled under your business’s name? It might be worth reconsidering this strategy. With long-term tax, liability and estate planning advantages, separating real estate ownership from the business may be a wise choice. How taxes affect a sale Businesses that are formed […]

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Employee Relations

Executing a successful workplace return

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October 3, 2024

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Over the last few years, “The Office” has made a comeback — not the long-running TV sitcom but the traditional workplace where employees spent most of their workdays. However, your latest office rollout is likely to look significantly different than it did back in the good old days. Numbers Don’t Lie The COVID-19 pandemic and the […]

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Tax Planning

Can homeowners deduct seller-paid points as the real estate market improves?

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October 1, 2024

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The recent drop in interest rates has created a buzz in the real estate market. Potential homebuyers may now have an opportunity to attain their dreams of purchasing property. “The recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in […]

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Employee Benefit Plans

Understanding your obligations: Does your business need to report employee health coverage?

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September 30, 2024

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Employee health coverage is a significant part of many companies’ benefits packages. However, the administrative responsibilities that accompany offering health insurance can be complex. One crucial aspect is understanding the reporting requirements of federal agencies such as the IRS. Does your business have to comply, and if so, what must you do? Here are some […]

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General

Which TCJA changes for individuals are permanent under current tax law?

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September 27, 2024

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The landmark Tax Cuts and Jobs Act (TCJA) was passed in late 2017, but the law is still in the headlines today. Most TCJA provisions that affect individual taxpayers are scheduled to expire after 2025. However, there are six noteworthy exceptions that will remain on the books after 2025, unless Congress passes additional legislation to override them. Disallowed […]

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Author: H&B

How your business can prepare for and respond to an IRS audit

Protect your child from identity theft

Working capital management is critical to business success

IRS Targets Partnership Tax-Reduction Tactic

Unlock your child’s potential by investing in a 529 plan

Advantages of keeping your business separate from its real estate

Executing a successful workplace return

Can homeowners deduct seller-paid points as the real estate market improves?

Understanding your obligations: Does your business need to report employee health coverage?

Which TCJA changes for individuals are permanent under current tax law?

A Comprehensive Approach to Goal-Based Financial Planning