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Stay up to date with the most recent industry news and what’s happening at Topel Forman
Maryland Tax Update – Highlights of the Budget Reconciliation and Financing Act of 2025
Topel Forman explains the impact of Maryland's Budget Reconciliation and Financing Act of 2025, introducing higher income tax brackets, a capital gains surcharge, and revisions to pass-through entity taxation, effective for the 2025 tax year.
When saying “no” to an inheritance might make sense
Most people spend time planning how to leave an inheritance—but far fewer consider when it might be smarter to decline one. In some cases, accepting assets can create unintended tax burdens or complicate long-term wealth planning. This article explores why, when, and how disclaiming an inheritance could be a strategic financial move.
Proposed Legislation: 2025 Tax Reform – “The One, Big, Beautiful Bill”
As of May 22, 2025, the House of Representatives has passed the 2025 Tax Reform Bill—nicknamed “The One, Big, Beautiful Bill”—which proposes major changes to individual and business tax provisions, including permanent rate adjustments and expanded deductions. While not yet law, the bill now moves to the Senate for review and potential revision.
Topel Forman Honored at Lewis University
Topel Forman is honored to announce that it has been awarded the inaugural 2024 Community Partner Award by the Accounting Program and College of Business at Lewis University.
How to optimize your business interest deductions
Discover how optimizing interest expense deductions under IRC §163(j) can significantly impact your business's cash flow and financial planning. From legislative changes brought by the TCJA and CARES Act to strategies for maximizing deductions, this article explores the complexities and opportunities within this evolving tax landscape. Stay ahead with insights into managing debt structures and preparing for future regulatory shifts.
Avoid tax surprises: set up proper withholding now
Think your tax refund is just "extra money"? It might actually be a sign that your withholding is off, and that the IRS has been holding your money all year. This quick read breaks down how to fix that now, so you’re not stuck with a surprise bill (or a missed opportunity) next April.
Tax Implications and Benefits of Owning a Second Home
Understanding taxes on your second home can save you money and protect you from unexpected pitfalls. Learn about how rental income, personal use, and estate planning can impact your tax strategy. Read our comprehensive guide to make the most of your investment.
Tax obligations for household employees
Hiring household help, such as nannies or housekeepers, brings convenience but also labels you as an employer with specific tax duties. This guide will walk you through your responsibilities, from classifying workers correctly to navigating Social Security and unemployment taxes, ensuring a compliant and rewarding experience for both you and your employees.
Tax implications of property upgrades: repairs vs. improvements
Navigating the fine line between repairs and improvements on your property can significantly impact your tax liabilities. Discover how the IRS classifies these expenses, explore key safe harbors, and learn strategies to maximize your tax benefits. Dive into this comprehensive guide to ensure you're making informed financial decisions when tackling property-related projects.
CTA update: major change to BOI reporting requirements in interim final rule
U.S.-formed businesses are now exempt from beneficial ownership reporting under a new FinCEN rule. This change significantly reduces the compliance burden for many companies. Read the full article to see what’s changed, who still needs to report, and what steps (if any) you need to take.
Topel Forman Continues to Shine in Accounting Today’s Annual Rankings
Topel Forman has been named a Firm to Watch and Regional Leader by Accounting Today for the third year in a row! This recognition reflects our growth, innovation, and dedication to excellence in 2025 and beyond.
Treasury Suspends Corporate Transparency Act (CTA) Reporting for U.S. Companies
The Treasury Department has suspended the CTA filing requirement for U.S. businesses, signaling a major shift in compliance obligations. While the rule may still face legal challenges, domestic companies are no longer required to report beneficial ownership information—at least for now.
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Maryland Tax Update – Highlights of the Budget Reconciliation and Financing Act of 2025
Topel Forman explains the impact of Maryland's Budget Reconciliation and Financing Act of 2025, introducing higher income tax brackets, a capital gains surcharge, and revisions to pass-through entity taxation, effective for the 2025 tax year.
When saying “no” to an inheritance might make sense
Most people spend time planning how to leave an inheritance—but far fewer consider when it might be smarter to decline one. In some cases, accepting assets can create unintended tax burdens or complicate long-term wealth planning. This article explores why, when, and how disclaiming an inheritance could be a strategic financial move.
Proposed Legislation: 2025 Tax Reform – “The One, Big, Beautiful Bill”
As of May 22, 2025, the House of Representatives has passed the 2025 Tax Reform Bill—nicknamed “The One, Big, Beautiful Bill”—which proposes major changes to individual and business tax provisions, including permanent rate adjustments and expanded deductions. While not yet law, the bill now moves to the Senate for review and potential revision.
Topel Forman Honored at Lewis University
Topel Forman is honored to announce that it has been awarded the inaugural 2024 Community Partner Award by the Accounting Program and College of Business at Lewis University.
How to optimize your business interest deductions
Discover how optimizing interest expense deductions under IRC §163(j) can significantly impact your business's cash flow and financial planning. From legislative changes brought by the TCJA and CARES Act to strategies for maximizing deductions, this article explores the complexities and opportunities within this evolving tax landscape. Stay ahead with insights into managing debt structures and preparing for future regulatory shifts.
Avoid tax surprises: set up proper withholding now
Think your tax refund is just "extra money"? It might actually be a sign that your withholding is off, and that the IRS has been holding your money all year. This quick read breaks down how to fix that now, so you’re not stuck with a surprise bill (or a missed opportunity) next April.
Tax Implications and Benefits of Owning a Second Home
Understanding taxes on your second home can save you money and protect you from unexpected pitfalls. Learn about how rental income, personal use, and estate planning can impact your tax strategy. Read our comprehensive guide to make the most of your investment.
Tax obligations for household employees
Hiring household help, such as nannies or housekeepers, brings convenience but also labels you as an employer with specific tax duties. This guide will walk you through your responsibilities, from classifying workers correctly to navigating Social Security and unemployment taxes, ensuring a compliant and rewarding experience for both you and your employees.
Tax implications of property upgrades: repairs vs. improvements
Navigating the fine line between repairs and improvements on your property can significantly impact your tax liabilities. Discover how the IRS classifies these expenses, explore key safe harbors, and learn strategies to maximize your tax benefits. Dive into this comprehensive guide to ensure you're making informed financial decisions when tackling property-related projects.
CTA update: major change to BOI reporting requirements in interim final rule
U.S.-formed businesses are now exempt from beneficial ownership reporting under a new FinCEN rule. This change significantly reduces the compliance burden for many companies. Read the full article to see what’s changed, who still needs to report, and what steps (if any) you need to take.
Topel Forman Continues to Shine in Accounting Today’s Annual Rankings
Topel Forman has been named a Firm to Watch and Regional Leader by Accounting Today for the third year in a row! This recognition reflects our growth, innovation, and dedication to excellence in 2025 and beyond.
Treasury Suspends Corporate Transparency Act (CTA) Reporting for U.S. Companies
The Treasury Department has suspended the CTA filing requirement for U.S. businesses, signaling a major shift in compliance obligations. While the rule may still face legal challenges, domestic companies are no longer required to report beneficial ownership information—at least for now.
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