Author Archives: Cordasco
A living will is an important addition to your overall estate plan
A living will could provide peace of mind for both you and your family should the unthinkable occur. Yet many people neglect to draft this important estate planning document. Will vs. living will It’s not uncommon for a living will … Continue reading
A general look at generative AI for businesses
If you follow the news, you’ve probably heard a lot about artificial intelligence (AI) and how it’s slowly and steadily expanding into various aspects of our lives. One widely cited example is ChatGPT, an AI “chatbot” that can engage in … Continue reading
The tax advantages of including debt in a C corporation capital structure
Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You should know that the federal tax code treats corporate debt more favorably than corporate equity. … Continue reading
Don’t skip out on planning for the GST tax
Does your estate plan call for making gifts to your grandchildren or other loved ones more than one generation below you? Or, perhaps to you want to leave assets to nonrelatives who are decades younger than you? If so, your … Continue reading
Health care self-insurance and stop-loss coverage: What business owners need to know
For businesses, cost-effectively sponsoring a health insurance plan for employees is an ongoing battle. In the broadest sense, you have two options: fully insured or self-funded. A fully insured plan is simply one you buy from an insurer. Doing so … Continue reading
7 common payroll risks for small to midsize businesses
If your company has been in business for a while, you may not pay much attention to your payroll system so long as it’s running smoothly. But don’t get too complacent. Major payroll errors can pop up unexpectedly — creating … Continue reading
Address mental health care in your estate plan with a psychiatric advance directive
It’s not uncommon for people to address the fact that they may one day become physically incapacitated and unable to make critical medical decisions themselves. They do this by including health care powers of attorney or advance directives in their … Continue reading
Scrupulous records and legitimate business expenses are the key to less painful IRS audits
If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you … Continue reading
Choosing your M&A Superhero Structure – F Reorganization or 338(h)(10)
In the thrilling world of mergers and acquisitions, where the stakes are as high as the skyscrapers housing the big financial firms, two particular strategies stand out in the crowd: the 338(h)(10) transaction and the F Reorganization. These two are … Continue reading
Coordinating Sec. 179 tax deductions with bonus depreciation
Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions. These two deductions can potentially … Continue reading