A recent ruling from the U.S. Supreme Court (Connelly v. United States, U.S., No. 23-146, 6/6/24) stated that the value of a family company, Crown C Supply Co., must include the life insurance payment made to the company even though the payment was used to redeem the shares of the deceased shareholder. The inclusion of the life insurance in the valuation caused the company shares to increase pushing the valuation beyond the $13.6 million estate exemption threshold, incurring a 40 percent tax.
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The last few years have held a bevy of tax changes that have reshaped the finance environment for many companies. Of particular note for finance leaders in 2024 is the Inflation Reduction Act. According to Partner Robert Lickwar, there are tax consequences of the Inflation Reduction Act, namely the corporate alternative minimum tax (CAMT) that went into effect in 2023.
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We are halfway through the 2024 calendar year and the election rhetoric will only be ratcheted up as we draw closer to the election. As presidential debates have begun, anticipation grows for business owners, individuals, and the broader business landscape as we all try to predict how election results will impact near-term and long-term strategy.
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The CFO role has taken on a new identity in the modern business environment. The responsibilities of today’s CFO extend well beyond traditional financial management and branch out into strategy, requiring CFOs to monitor trends more closely than ever before.
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Welcome back to UHY Insights, where we break down the complex world of U.S. #accounting into manageable pieces and actionable intelligence for you and your business.
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#UHY colleagues had the pleasure of experiencing a delightful dinner cruise on Lake George. The event was a wonderful opportunity for team members to unwind and connect while enjoying breathtaking views. We look forward to events like this, where lasting memories are created together outside of work.
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Three important focus areas for mid-cap manufacturers to manage their supply chains successfully today are truly understanding the customer and their requirements, integrating, and harmonizing their value stream, and measuring and managing performance.
3 Essentials For Mid-Cap Manufacturing Success Today | UHY
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