In this video, hear from MFB Partner Robert White and learn how the Section 179 Deduction allows businesses to deduct 100% of the costs of certain equipment in the year it was acquired and placed in service. Bob explains important updates in this deduction under the Tax Cuts and Jobs Act of 2017. You will …
Gaining value from a closely held business is not guaranteed even if it is successful. Owners must spend time mapping out their exit plan with key employees and experienced advisors. If they don’t consider their options 10 or 15 years before a planned exit, they risk losing more than just money. Owners don’t have to …
Continue reading 4 Major Costs of Delayed Succession Planning
The Tax Cuts and Jobs Act (TCJA) is the most sweeping reform we have seen since the Tax Reform Act of 1986. Significant changes have been made to tax rates, which in most cases has been lowered with larger income brackets in place. In addition, the construction industry has seen a change in deduction options …
Continue reading Tax Cuts and Jobs Act Impact and Additional Effects on the Construction Industry
As a named executor, you should understand your role as a fiduciary for disposing of or distributing assets according to the available legal documents. It helps if you had a personal relationship with the decedent to better understand the person’s core beliefs, family dynamics and wishes after death. However, your primary role is to create …
Continue reading Executor Role and Duties for Asset Distribution
As a named executor, it is important to know about the complex issues that can occur when documents are not updated properly or heirs are unhappy with contents of the current will. CPAs familiar with estate and trust issues as well as legal counsel can help, but there are certain fiduciary duties that executors must …
