It Depends: Daily Summaries Delivered

Qualified Opportunity Zones and the 2026 Tax Deadline

In this episode of It Depends, host Clarissa Hoffman sits down with tax partner Kendra Stribling to break down what Qualified Opportunity Zone investors need to know before the December 31, 2026 recognition deadline for deferred capital gains. They cover the key tax benefits of QOF investing, the 180-day reinvestment rule, and how recent legislation making the program permanent creates new planning opportunities, including enhanced incentives for Rural Opportunity Zones. Whether you hold a legacy investment or expect future capital gains, this conversation will help you plan ahead with confidence.⁠

How Nonprofit Organizations Can Strengthen Their Financial Reporting

Employee Benefit Plans: Common Retirement Plan Pitfalls to Avoid

Midyear Budget Check-Ins Keep Plans Aligned

Turning Audit Season Into an Opportunity

Strategic New Year’s Resolutions for Business Owners

Strategic New Year’s Resolutions for Business Owners — One of the most impactful resolutions a business owner can make at the beginning of the year is to create or update a realistic budget. A well-designed budget should align with both growth objectives and profitability targets, serving as a roadmap for decision-making throughout the year.

Strengthening Internal Controls to Support Audit Readiness

Strengthening Internal Controls to Support Audit Readiness — Internal controls are the foundation of a reliable accounting system. They are the processes, policies, and activities an organization establishes to safeguard assets, ensure accurate financial reporting, support compliance, prevent fraud, and promote operational efficiency. When these controls function well, everyone understands their responsibilities, transactions are recorded accurately, and the organization avoids unnecessary accounting confusion.

Maximizing Strategic Year-End Tax Planning

Maximizing Strategic Year-End Tax Planning — As the year ends, taxpayers have an important chance to review their finances and make moves that can lower their 2025 tax bill. With the state and local tax (SALT) deduction limit increasing from $10,000 to $40,000, more people may benefit from prepaying state taxes before year-end—especially those who itemize deductions. If your income has increased in 2025, confirm your estimated payments and withholdings match your expected liability. Adjusting year-end withholdings can help avoid penalties since these are treated as paid evenly throughout the year. It’s also a good time to maximize retirement contributions—401(k) and 403(b) limits are $23,500, plus catch-up options for those 50 and older. Taxpayers not covered by employer plans should review IRA or Roth IRA opportunities. With the higher SALT limit, charitable gifts are more likely to provide a tax benefit. Consider a Qualified Charitable Distribution (QCD) from an IRA to give directly to charity while lowering taxable income. Those turning 73 in 2025 must take required minimum distributions to avoid penalties, and families can make tax-free gifts up to $19,000 per person ($38,000 per couple) before year-end. Year-end planning isn’t just about closing out this year—it’s about setting up for success in the next. Reviewing your goals and acting strategically now can help maximize savings and position you for a strong start in 2026.