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TAX PLANNING | 5/2/2024 More than 20 states now allow pass-through entities (PTEs) to elect taxation at the entity level. This approach helps members bypass the federal $10,000 limit on itemized deductions for state and local taxes (SALT), offering potential tax-saving benefits. At Chartered Consulting LLP, we provide insight into navigating these PTE tax elections …
REGULATION 12/22/2024 On December 2, 2024, the IRS issued final regulations (TD 10014) under Section 752, providing long-awaited clarity on how to determine a partner’s share of recourse liabilities in partnerships. These regulations address three critical areas: These updates resolve ambiguities in prior rules, particularly around the allocation of economic risk of loss among related …
SPECIAL REPORT | 12/07/2024 Transitioning out of a business is a significant milestone—one that presents opportunities for growth, security, and purpose. At Chartered Consulting, we specialize in guiding business owners through the complexities of wealth planning post-transaction to ensure a seamless transition into their next chapter. Understanding the Opportunities and ChallengesA business sale often results …
BUSINESS MANAGEMENT | 12/06/2024 Accumulating significant revenue is an exciting milestone for any growing business. You’ve invested time and effort into building your services, but do you have the tools to efficiently manage and sustain your growth? Are your processes automated to free you up for strategic decision-making, or are you still spending hours tracking …
BUSINESS MANAGEMENT | 12/01/2024 Outsourced CFO Services: A Cost-Effective Solution for Growing Businesses Many emerging growth and middle-market companies can greatly benefit from the expertise of a seasoned financial professional, yet hiring a full-time Chief Financial Officer (CFO) often proves costly or challenging. Typically, these businesses have a bookkeeper and accounting staff but lack a …
CORPORATE TAX | 11/30/2024 Employee health coverage is a cornerstone of many companies’ benefits packages. However, navigating the administrative responsibilities that come with offering health insurance can be challenging. A critical aspect of this process involves understanding the reporting requirements set by federal agencies like the IRS. Is your business required to comply, and what …
SPECIAL REPORT | 11/27/2024 Leadership transitions are pivotal moments in the life of any business. At Chartered Consulting, we understand that succession planning is essential to ensuring a seamless transition, protecting the company’s legacy, and setting the stage for continued growth. Why Management Succession Planning MattersSuccession planning goes beyond identifying a replacement for key leadership …
NONPROFITS | 11/15/2024 The future of nonprofit organizations under potential new tax policies has been a subject of extensive discussion and analysis. As nonprofits play a pivotal role in serving communities and advancing social causes, understanding potential changes to tax policies is crucial for effective planning and strategy formulation. Context of current tax policies The Tax Cuts …
BUSINESS MANAGEMENT | 11/15/2024 15 Benefits of ERP Systems Enterprise Resource Planning (ERP) systems streamline operations by centralizing data, improving efficiency, and enhancing decision-making. For Chartered CPA firms, these systems provide numerous advantages, including: 1. Enhanced Data Security ERP systems centralize sensitive financial and client data, reducing risks associated with scattered information. With robust permission …
INDUSTRY | 11/14/2024 Following Donald Trump’s 2024 election win, the construction industry is poised for significant changes as the administration’s proposed tax policies take shape. With potential corporate tax cuts, enhanced domestic production incentives, and shifts in environmental policy, construction firms will encounter both new opportunities and challenges. Here’s what to expect and how to …