Services: Tax Planning and Preparation

New Form 1099-K Reporting Thresholds for 2024 Tax Year: What You Need to Know

If you receive 1099-K forms for payments you received in 2024, changes to the form are here. The American Rescue Plan Act of 2021 reduced the filing threshold for third-party settlement organization’s reporting obligations for form 1099-K to $600 per recipient. This was a significant change from the $20,000 or 200 transaction thresholds previously in…

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2024 Tax Strategies: Navigating a Pivotal Year

2024 was a turning point for tax planning, with the election and potential shifts in administration poised to impact tax policy for estates, businesses, and individuals. Join GRF’s tax experts as we unpack the key tax strategies for navigating this transformative year. Key takeaways: Impacts of the election on tax policies. Expectations of the next…

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Strategies to Reduce Your 2024 Tax Liability

Why pay more taxes than you have to? We highly recommend tax planning now to reduce your 2024 tax liability and help minimize surprises come April. Here are a few tax tips to consider before the end of 2024. 1. Review your investment portfolio. Since capital loss carryforwards do not expire, you could use any…

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Quick Tips for Your 2024 Year-End Business Review

As we head toward the close of the year, the business tax landscape is beginning to come into focus. We won’t know what tax law changes might be in effect until well into the new year. Regardless of the political climate, however, we recommend common sense tax planning considerations you should undertake now as part…

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Six Steps for Preparing to Sell Your Business

If you’re planning to sell your business, it’s a good idea to “dress” your business for success to help attract the most potential suitors. Here are six steps to M&A success.

Planning For an Inheritance

If you’re in line to receive an inheritance, your feelings may range from exhilaration for the windfall to grief for the loved one who has passed. A large infusion of cash or assets can be overwhelming. Generally, when planning for an inheritance, there’s no need to act quickly. Take some time to reflect on the…

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Working a Family Business into Your Estate Plan

If you own a family business, it’s probably one of your most significant personal assets. It’s important to take the proper estate planning steps to ensure that the business lives on after you’re gone — if you don’t, you may be placing your family at risk. Ownership vs. Management Succession One reason transferring a family…

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Treating a Stock Purchase as an Asset Acquisition

When it comes to acquiring a business, stock and asset purchases have their advantages and disadvantages but there might be a way to combine the best of both worlds. This article explains how a Section 338 election might suit the interests of the buyer and the target company.

Clean Energy Tax Credits for Nonprofit Organizations

The Inflation Reduction Act of 2022 (“IRA”) includes a host of tax incentives intended to accelerate investments in clean energy solutions. Nonprofit organizations that participate in clean energy projects or investments may benefit from these incentives. Proposed regulations under the IRA allow tax-exempt organizations to benefit from certain clean energy credits, by electing direct payment…

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