December 4, 2024/Tax, Business Planning, Financial Planning
SALT 2024 Year-End Planning Guide
As 2019 comes to a close, we encourage you to consider year-end planning to take advantage of opportunities to reduce your tax bill and prepare for the year ahead. View our business and individual tax planning guides.
2024 Taxable Fringe Benefits Reminder
As the end of 2023 quickly approaches, we would like to remind you of the importance of reporting the proper inclusion of common fringe benefits in an employee’s, officer’s, and/or shareholder’s taxable wages.
IRS Helene Relief News
On October 1, the IRS announced tax relief for Hurricane Helene victims. The provided relief covers the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as portions of Florida, Tennessee, and Virginia. Pursuant to the provided relief, Affected Taxpayers now have until May 1, 2025 to file various tax returns and make […]
July 29, 2024/Tax, Business Planning, Manufacturing
Navigating the Intersection of Customs and VAT/GST
Companies engaged in the global trade of tangible goods crossing physical borders must navigate a complex indirect tax environment. A critical aspect of managing global trade transactions is understanding customs duties and Value Added Taxes or Goods and Services Taxes (VAT/GST) that apply in each jurisdiction. These indirect tax obligations can create significant cost and […]
July 10, 2024/Accounting and Auditing, Tax, Business Planning, Manufacturing
Top Three Manufacturing Trends for 2024
Earlier this year, BDO released our 2024 Manufacturing CFO Outlook Survey, which identified key manufacturing trends for the year ahead. To benchmark how these trends are evolving, we polled over 100 manufacturing professionals during our webinar, “Reshaping Manufacturing Resilience: The Evolving Role of CFOs in a Changing Landscape,” on April 9. Results from the webinar […]
Employee Retention Credit Compliance
Prompt Response Necessary as IRS Sharply Increases Compliance Action Through Taxpayer Audits To combat a wave of frivolous employee retention credit (ERC) claims, the IRS has sharply increased compliance action through audits and criminal investigations, with more activity planned in the future. In this heightened enforcement environment, employers are advised to act swiftly when responding […]
February 22, 2024/Tax, Family Wealth, wealth advisory
We May Never See a Better Environment for Transferring Wealth … Here’s Why
It may seem that there will always be time to address estate planning. However, a unique opportunity to maximize the amount of wealth that can be tax-efficiently passed to heirs will expire at the end of 2025.
2024 Tax Legislation Update
On January 31st, the U.S. House of Representatives passed the “Tax Relief for American Families and Workers Act of 2024” (H.R. 7024); however, prospects for passage in the Senate remain uncertain.
January Tax Filing Information
In addition to annual W-2s, this alert highlights several of the upcoming filing requirements for payroll and other informational reporting and compliance matters.
December 29, 2023/Press Release, Tax
Announcing Ben Duckett as Tax Partner
Smith Leonard is pleased to announce Ben Duckett as its newest Tax Partner. He is a key technical resource for the firm, a mentor to many staff members, and an integral part of the tax leadership team.
