Author name: WU Content

New Tax Law Creates An Additional Accelerated Depreciation Opportunity For Eligible Manufacturers

Business Tax, Manufacturing, Small or Family‑Owned Businesses / By

The One Big Beautiful Bill Act (OBBBA) introduces a new — but temporary — tax break for manufacturers. The qualified production property (QPP) allowance gives manufacturers a strong incentive to make capital investments in new production facilities. Here’s what you need to know. Bonus depreciation for QPP Generally, first-year bonus depreciation is limited to tangible property with a recovery period of 20 years or less. But the OBBBA adds Section 168(n) to […]

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Should a Living Trust Be Part of Your Estate Plan?

Estate Planning, Individual Tax / By

As its name suggests, a living trust (also known as a revocable trust) is in effect while you’re alive. It’s a legal entity into which you title assets to be managed during your lifetime and after your death. As the trust’s grantor, you typically serve as the trustee and retain control over the assets during your lifetime. Thus, you can modify or revoke the trust at any time, allowing for adjustments as circumstances or intentions change. Let’s take a closer look at why you should consider including one in your estate plan. Setting up a living trust To create a living trust,

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A Tax Guide to Choosing the Right Business Entity

Business Tax, Construction, Consulting, Manufacturing, Small or Family‑Owned Businesses / By

One of the most critical decisions entrepreneurs make when starting or restructuring a business is choosing the right entity type. This choice directly impacts how the business is taxed, the level of administrative complexity and regulatory compliance obligations. While legal liability considerations also matter, we will focus on tax implications. For liability advice, consult a legal professional. Whether launching a new venture or reassessing your current structure, understanding how each entity is taxed can help you make strategic and compliant decisions. Here’s a brief overview of five

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Receivables Rx: Key Metrics To Assess The Health Of Your Cash Flow

Auditing & Attestation, Client-Accounting-Services (CAS), Construction, Consulting, Healthcare, Manufacturing, Small or Family‑Owned Businesses / By

For many businesses, accounts receivable (AR) is one of the largest assets on the balance sheet. It represents the cash you’ve earned but haven’t yet collected. Efficient AR management is critical for maintaining healthy cash flow, reducing bad debt and fueling growth. But a key question often goes unasked: How do your company’s receivables compare to others in your industry? This is where benchmarking comes in. Why benchmarking matters Benchmarking is the process of comparing your company’s financial and operational metrics against those of peers in your industry. For receivables,

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The Search Is On: Finding An Independent Auditor

Nonprofits / By

Even if your not-for-profit isn’t legally required to obtain independent audits, such audits can enhance financial transparency, increase accountability and help you build trust with your stakeholders. But how do you find a truly independent auditor? Ensuring independence requires more than hiring an outside firm. The American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct can help guide you. On the face of things The AICPA

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Lower Your Self-Employment Tax Bill by Switching to an S Corporation

Business Tax, Construction, Consulting, Individual Tax, Manufacturing, Small or Family‑Owned Businesses / By

If you own an unincorporated small business, you may be frustrated with high self-employment (SE) tax bills. One way to lower your SE tax liability is to convert your business to an S corporation. SE tax basics Sole proprietorship income, as well as partnership income that flows through to partners (except certain limited partners), is subject to SE tax. These rules also apply to single-member LLCs that are treated as sole proprietorships for federal tax purposes and multi-member LLCs that are treated as partnerships for federal tax purposes. In 2025, the maximum

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A Family Business Owner Needs Both an Estate Plan and a Succession Plan

Construction, Estate Planning, Individual Tax, Manufacturing, Small or Family‑Owned Businesses / By

For family business owners, an estate plan and a succession plan often work in tandem, ensuring that both personal and business affairs transition smoothly. Your estate plan can help ensure that your assets are distributed according to your wishes and provide contingencies in the event of your death or disability before retirement. Your succession plan can pave the way for a seamless transfer of leadership upon your retirement. Here’s how they work together. Two types of succession One reason transferring a family business is so challenging is the distinction

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How Will the Changes to the SALT Deduction Affect Your Tax Planning?

Business Tax, Construction, Consulting, Healthcare, Manufacturing, Small or Family‑Owned Businesses / By

The One Big Beautiful Bill Act (OBBBA) shifts the landscape for federal income tax deductions for state and local taxes (SALT), albeit temporarily. If you have high SALT expenses, the changes could significantly reduce your federal income tax liability. But it requires careful planning to maximize the benefits — and avoid potential traps that could increase your effective tax rate. A little background Less than a decade ago, eligible SALT expenses were generally 100% deductible on federal income tax returns if an individual itemized deductions.

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The New Law Includes a Game-Changer for Business Payment Reporting

Business Tax, Consulting, Healthcare, Manufacturing, Small or Family‑Owned Businesses / By

The One, Big Beautiful Bill Act (OBBBA) contains a major overhaul to an outdated IRS requirement. Beginning with payments made in 2026, the new law raises the threshold for information reporting on certain business payments from $600 to $2,000. Beginning in 2027, the threshold amount will be adjusted for inflation. The current requirement: $600 threshold For decades, the IRS has required that businesses file Form 1099-NEC (previously 1099-MISC) for payments made to independent contractors that exceed $600 in a calendar year. This threshold amount has remained unchanged since the 1950s! The same $600 threshold

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Pinched Nonprofits May Want To Free Up Board-Designated Assets

Nonprofits / By

In general, nonprofits can’t use restricted assets for purposes other than those specified by the original donor. Board-designated assets (or board-designated funds) are another matter. These are unrestricted funds that have been reserved by an organization’s leadership for a special purpose or a period of time. Your board can later decide to remove designations. But you should have a board-designated assets policy to help guide you. Ready when needed Board-designated assets are subject to self-imposed limits

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