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The IRS has released the 2025 cost-of-living adjustments for pension and 401(k) plan limitations. The indexed amounts for 2022 to 2025, and other commonly used limits are listed in this summary. The highlights for 2025 include: (1) the Internal Revenue Code (IRC) Section 415(c) contribution limit applicable to defined contribution retirement pla...

More than six years have passed since the Tax Cuts and Jobs Act of 2017 (TCJA) brought sweeping changes to the U.S. international tax landscape. Congress continues to balance taxpayer demands for long-overdue guidance on how to address the Pillar Two initiative of the Organization for Co-operation Development. Moreover, taxpayers continue to ...

State legislatures faced a growing number of budget shortfalls to begin fiscal year 2025 as lower tax collections and a slowing economy curtailed the pandemic-era revenue boom. However, tax increases were rarely in the discussion. Budgets were balanced, and some states still have managed to cut taxes. Regardless of what occurs in statehouses, taxpa...

This tax planning guide was developed to help you think through opportunities and other considerations for you and your family during the remainder of 2024 and into 2025. The guide will help you evaluate and optimize the tax impact of changing market conditions and new policy developments. For additional tax planning guidance and insights,...

Minimizing taxes is a critical challenge for higher-income taxpayers subject to higher tax rates and certain additional taxes, as well as tax-break phaseouts. To meet this challenge, this year-end tax guide focuses on key considerations to help you stay compliant with the tax laws while maximizing your tax benefits in 2024 and beyond. This guide in...

FOX’s annual estate planning webcast will lead participants through a thoughtful discussion of some of the most important topics and developments that were covered at the 55th Annual Heckerling Institute on Estate Planning. Key legislative, regulatory, and case law updates impacting ultra-high net worth families and their family offices will be cov...

Given how significant accounting processes and applications are prime targets for top business risks, it’s important to take control and start your risk management analysis. Take an important step toward that end by using this fillable and interactive segregation of duties form. After answering the questions, you’ll have a high-level view of functi...

The family enterprise provides a strategic framework for families to stay together and accomplish the shared goals of growing wealth and managing risks through the generations. Within the enterprise, the Private Trust Company (the PTC) provides a beneficial mechanism to support the enterprise and the family’s growth and development. In addition to ...

Many affluent families assume their financial affairs and financial reporting are straightforward, yet they often involve complexities like multiple trusts and private equity investments. This can lead to frustration over the lack of comprehensive financial insights. While bookkeeping tracks financial inputs, it doesn’t provide strategic insights t...

How far can artificial intelligence (AI) go in the financial reporting ecosystem? Is the vision of an interconnected ecosystem, with value-added and predictive insights, a near reality or still a far-off aspiration? The research conducted among 1800 financial reporting executives across major economies around the world shines a new light on those q...

Zelle® is a fast and easy way to send and receive money with people you know and trust, like your babysitter, your fellow PTA mom, your son’s soccer coach, or your coworker. Whether you just enrolled with Zelle® or have been an active user for a while, there are a few tips you should always keep in mind to ensure you are being safe when sending mon...

Businesses in 2024 continue to contend with unfavorable U.S. tax law changes and reconfigured deductions from the last few years. Meanwhile, the IRS has strengthened its enforcement capabilities by upgrading its technologies and building its workforce, underscoring the importance of compliance and accurate reporting. Against this backdrop, the tran...