Insights

Will the Appraiser You Select Withstand IRS Scrutiny?

  

If your business is in need of an appraisal, it is vital that you select the right appraiser. This case, Estate of Scott M. Hoensheid v. Commissioner (T.C. Memo 2023-34), underscores that point. The charitable contribution deduction claimed by Scott and Anne Hoensheid for a contribution of business stock was disallowed primarily due to the…

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Business Succession Planning: Defining Your Tax Strategy

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Owning a successful business is often more than just a financial asset; it’s a culmination of hard work and dedication. It’s about carrying forward a legacy. Succession planning is the art of ensuring this legacy continues beyond the founding generation, yet many businesses struggle to prepare adequately for this stage. In fact, a recent PwC…

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EV Tax Credits End in September 2025

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Congress began creating tax incentives for purchasing energy efficient vehicles in 2005, and the Inflation Reduction Act passed in 2022 brought major expansion to the electric vehicle (EV) tax credit program. The Trump tax reform bill passed in July 2025 has ended the federal EV credit for any vehicles purchased after September 30, 2025. For…

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EV Tax Credits End in September 2025

September 2, 2025

Congress began creating tax incentives for purchasing energy efficient vehicles in 2005, and the Inflation Reduction Act passed in 2022 brought major expansion to the electric vehicle (EV) tax credit program. The Trump tax reform bill passed in July 2025 has ended the federal EV credit for any vehicles purchased after September 30, 2025. For…

QuickBooks Desktop Slated to Sunset as Intuit Shifts to the Cloud

September 2, 2025

Like many vendors across the software industry, including Microsoft and Adobe, Intuit is sunsetting its long-running desktop product line in favor of its cloud-based model. QuickBooks Desktop (QBDT), used by small businesses for decades, is being phased out as the company directs customers to QuickBooks Online (QBO). As of September 2024, Intuit stopped selling new…

August 2025 Newsletter

July 31, 2025

In this newsletter we cover employee gift matching programs as a philanthropic strategy, fraud prevention using the “fraud diamond” framework, upcoming expanded income tax disclosure requirements for private entities, and differences between public charities and private foundations. Also features a team spotlight on Lisset Anderson from Client Services.

Meet Nathan Bolt – Senior Manager, Client Accounting Services

July 31, 2025

Nathan is a seasoned Chief Financial Officer (CFO) drawing from over two decades of experience in accounting and finance. He holds a BS in Accounting, is a licensed CPA, and is a Chartered Global Management Accountant (CGMA). Nathan is also a member of the American Institute of CPAs (AICPA) and the Arizona Society of CPAs…

Why 2025 Is Turning Out to Be a Great Year

July 31, 2025

In January, we wondered what the year would bring. Well, now we know what the first half of the year has brought, and it is good news for high-net-worth business owners. On Wall Street, the saying is buy low, sell high. In the world of estate planning, the saying is more like sell high, transfer…

ACC Announces New Policies Aimed at Preventing Business Filing Fraud

July 31, 2025

Most state business filing agencies like the Arizona Corporation Commission (ACC) are ministerial entities only and have no regulatory or enforcement authority.  In other words, these government entities can make sure any documents you file meet filing requirements, but that’s where their responsibility stops. For example, ACC does not have a requirement to confirm or…

Key Provisions of the New Tax Act

July 31, 2025

  On July 4, 2025, Donald Trump signed the One Big Beautiful Bill Act (OBBBA) into law. At the center of the bill is the extension of many provisions of the 2017 Tax Cuts and Jobs Act (TCJA) slated to end at the end of 2025. The OBBBA makes many expiring provisions of TCJA permanent,…

OBBBA – Tax Treatment of R&D Expensing and Bonus Depreciation

July 31, 2025

The One Big Beautiful Bill Act (OBBBA) significantly impacts the tax treatment for businesses of research and development (R&D) expense and bonus depreciation. These new provisions offer substantial benefits and  crucial planning opportunities for businesses looking to invest and innovate. Following is a breakdown of the key changes. R&D expensing: Immediate Deductions Restored Internal Revenue…

July 2025 Newsletter

July 15, 2025