June 2020
Featured Article From Our Experts

Business succession planning is essential for all privately-owned companies and the importance of a detailed plan is magnified during periods of economic upheaval. Planning for ownership transition is even more critical for companies that may also rely on future owners to be key members of management and possibly rainmakers who generate sales.  As a result, it is vital that closely-held businesses have a robust ownership succession plan that is updated on a regular basis. In this article, we will review five key steps to effectively transition ownership.

Earlier this year, in response to the novel coronavirus (COVID-19) crisis, the IRS deferred the filing and payment deadlines for federal tax returns. This article recaps the relief and discusses what taxpayers should know about filing an extension and contributing to certain savings accounts. A sidebar warns that no relief has been issued for 2019 estimated tax penalties.

When a trade or business’s deductible expenses exceed its income, a net operating loss (NOL) generally occurs. The rules applying to NOLs have changed and changed again. This article reviews how they’ve been revised, including most recently under the CARES Act.

Traditionally, important tax and financial records have been stored as hardcopies in desk drawers, filing cabinets and safe deposit boxes. Nowadays, it’s become increasingly popular and easy to digitize documents and store them electronically. This article explores the advantages and risks of this approach.

One byproduct of the Internal Revenue Code is that the tax liability of married couples who file jointly may be more than their combined tax liabilities would be as single filers. When it is more, many refer to the resulting tax hike as “the marriage penalty.” This brief article discusses the persistence of the marriage penalty under the Tax Cuts and Jobs Act.


About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. Throughout this forty plus year history, we have been wholly dedicated to the success of our clients. Every aspect of our business has been guided by our values and our commitment to putting each client's interests first. In a complex profession, we have found our greatest rewards in the simplicity of helping good people prosper. Delivering confidence in every financial decision is our goal for our clients and it's also the most significant way we can contribute to their long-term success.

To learn more about Dannible & McKee, visit us at: www.dmcpas.com