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Estate Planning

Articles

Holding S Corporation stock in a trust [MNCPA]
There are strict rules for holding S Corporation stock in a trust to avoid violating the eligible shareholder rules.

Estate tax planning for uncertain times [MNCPA]
One matter is clear during these uncertain times: It’s the golden age of gifting. Advise clients to take advantage of these estate tax planning strategies before it’s too late.

Step-by-step guide to setting up an ESOP
There are many things to consider before you set up an ESOP. Here are seven steps to take to help you determine whether an ESOP is right for you.

179D and 45L technical update
The Inflation Reduction Act offers tax savings opportunities for real estate clients.

The pros and cons of ESOPs: Weighing your options
When it comes to choosing a business transition strategy, owners have a lot to think about. For those considering an employee stock ownership plan, it is important to begin with a basic understanding of the pros and cons of an ESOP.

Tax treatment of ESOPs: Your guide to Internal Revenue Code Section 1042
For shareholders who meet certain conditions and requirements, Section 1042 of the Internal Revenue Code provides an opportunity to defer capital gains taxes on a business sale.

MNCEO offers 'lunch and learn' events to highlight employee ownership options
There are 52,000 business owners in Minnesota who will be transitioning out of their businesses in the next few years. Help your clients develop a transition plan.

Your client is interested in an ESOP: Why do they need a feasibility study?
An ESOP can be a great way for a business owner to transition their business and give back to their employees, but it’s not ideal for everyone. Before you move forward, it’s wise to crunch some numbers to make sure it is a viable option.

CPA firms: Expect the unexpected [MNCPA]
Don’t forget to incorporate the BOA rules into your succession-planning discussion. Doing so will help you to avoid complications, especially if non-CPA owners are involved.

Legacy and groceries:
After you retire, do you plan to eat or to buy groceries? If you answered yes, you may want to consider an ESOP.

Is an ESOP the right exit strategy for you?
Though ESOPs can be relatively complex, they are often an excellent succession tool for a seller that can provide significant tax and intangible benefits.

An overview of Medicare and its application to choice-of-entity planning considerations [MNCPA]
With new businesses forming in record numbers, the choice of entity decision-making process should consider Medicare in addition to all other factors.

Exit planning strategies for business owners [MNCPA]
As baby boomers approach retirement age, the Minnesota business landscape faces the exit of a significant share of the workforce. But there is a beacon of light.

My client asked me about an ESOP; what do I need to know?
Employee stock ownership plans may be the right business succession tool for your clients who are nearing retirement. Hillary Hughes shares important facts about ESOPs.

Minnesota resident trust law update [MNCPA]
The Fielding result may influence a broader and more fact- and circumstances-based test in determining whether a trust is subject to Minnesota tax.

ESOPs: It’s not always about the money
There are also many ways in which an ESOP can meet the nonfinancial goals of a business owner.

The FAQs of an ESOP
An ESOP might be an appealing option for your business or for a client. Find out more.

The status of SAS 136 [MNCPA]
The AICPA Auditing Standards Board delayed the effective dates of SASs No. 134–140 to provide relief to audit firms amid the challenges created by the coronavirus pandemic.

The SECURE Act: How retirement planning has changed for every taxpayer [MNCPA]
While the recent appropriations law covers a wide array of changes, the SECURE Act focuses on retirement accounts, specifically for seniors.

Highlights of the CARES Act
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H.R. 748 (the Act)) was enacted into law on March 27, 2020. It contains many tax provisions that impacts your practice and life immediately as our nation and world combats the COVID-19 pandemic.

The SECURE Act: How retirement planning has changed for every taxpayer
The acceleration of distributions from tax-deferred retirement accounts under the SECURE Act, an acronym for “Setting Every Community Up for Retirement Enhancement,” provides a revenue offset to the massive appropriations bill signed in December 2019.

What is a Qualified Personal Residence Trust?
Proper application and execution of a QPRT has many benefits, and this article aims to set you down the right path for the benefit of your clients.

MNCPA Perspectives blog posts

Retirement planning tips for any age
A focus on retirement planning should be front of mind in good times and bad. If the past year has taught us anything...

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