7/26/2024 - By Julie Edwards, CPA
On June 6, in Connelly v. United States, the Supreme Court ruled that the valuation of a closely held company for federal estate tax purposes must include life insurance proceeds received by the company used to redeem a deceased shareholder’s stock. This unanimous opinion has considerable implications for federal estate tax calculations and has the unfortunate potential of increasing an estate’s overall tax burden. This shift in how life insurance proceeds are treated will significantly affect corporations and their shareholders.
7/18/2024 - By Terry Treadwell, CPA
Since the 2023 collapse of Silicon Valley Bank, we have observed heightened examiner scrutiny of the liquidity practices with our financial institution clients. While liquidity policies, contingency funding plans (CFP), and related reporting differ significantly among clients, we are observing “better practice” similarities and consistencies. We suggest considering the following liquidity management practices:
7/12/2024 - By Gabby Symons
We're proud to announce the following internal promotions as of July 1, 2024!
7/10/2024 - By Gabby Symons
With busy season in the rearview mirror, June has been a vibrant and engaging month for the Saltmarsh team! Keep reading to see how we have been spending our summer…
6/27/2024 - By Christina Maslen
Did you know that the current estate tax exemption will be reduced by more than 50% beginning January 1, 2026?
What this means is you have less than two years to utilize the current $13.61 million lifetime exemption (which will increase each year with inflation) to transfer assets out of your estate - tax-free.