For owners of family businesses, an FLP can be an effective succession and estate planning tool, offering valuable tax benefits. But it isn’t risk free.
With the gift and estate tax exemption now at a record high this year of $11.18 million, is making gifts still a smart estate planning strategy? In many cases, the answer is “yes.”
Changes under the TCJA make travel expense reimbursements even more attractive to employees. But your business must follow IRS rules so you and your employees can enjoy valuable tax benefits.