Throughout the month of December, we hosted four CPE-eligible webinars addressing some of the most pressing business issues shaping 2025, along with practical, forward-looking strategies to help organizations start the new year with confidence.
Across more than 12 hours of programming, 28 subject-matter experts shared insights with over 2,000 registrants. The series highlighted the complex challenges leaders are navigating today across a wide range of business topics.
Below is a recap of our tax Day, which brought together perspectives from our tax advisory and estate planning teams. For those interested in a deeper dive, the recording is available and remains CPE-eligible.
Federal Tax Planning Strategies
- Be Agile in Tax Planning: Adapt strategies to the current tax environment, business/geographic changes, and identify tax planning “levers” available to you now and into the future.
- Maximize Deductions and Credits: Focus on available deductions and credits, maintaining a long-term perspective in your overall tax planning.
- Monitor IRS Guidance: Stay updated on new regulations and clarifications related to OB3 provisions.
High Net Worth Individual Tax Strategies
- Bunch Deductions into 2025: Accelerate charitable contributions and other deductions before new limitations (0.5% floor, 35% cap) take effect in 2026.
- Leverage Roth Conversions: Consider converting traditional IRAs to Roth IRAs, especially during market downturns or low-income years, to optimize tax outcomes and estate planning.
- Document State Residency Changes: Carefully track and document moves to new states to avoid unintended state tax consequences.
- Utilize Qualified Charitable Distributions (QCDs): Direct IRA distributions to charity to avoid Schedule A limitations and benefit even non-itemizers.
- Consider Donor-Advised Funds: Front-load charitable giving to maximize deductions in 2025 and distribute gifts over time.
State and Local Tax Strategies
- Monitor State Conformity: Track how states adopt or decouple from federal tax changes, especially OB3 provisions.
- Ensure Sales/Use Tax Compliance: Given increasing complexity and audit activity, consider outsourcing compliance to specialized providers.
- Stay Updated on Key State Changes: Pay attention to new rules in states like Pennsylvania (taxable digital goods/services) and Ohio (transition to flat personal income tax and related sales tax changes).
Estate Planning Strategies
- Take Advantage of Increased Exemptions: The estate tax exemption is now $15 million per person, indexed for inflation—plan gifts and transfers accordingly.
- Use Grantor and Lifetime Access Trusts: Employ trusts for asset protection and flexible access, while monitoring basis step-up opportunities.
- Avoid Probate: Use beneficiary designations, joint titling, and revocable trusts to streamline asset transfers and minimize probate costs.
- File Form 8971 for Basis Reporting: Executors must provide beneficiaries with basis information for inherited assets to ensure accurate tax reporting.
R&D Tax Credit Strategies
- Identify All Qualifying Activities: Review operations across all departments—not just Engineering or R&D—to capture every eligible activity.
- Maintain Contemporaneous Documentation: Keep thorough records (emails, notes, drawings) to support credit claims and prepare for potential audits.
- Evaluate Both Credit Methods: If possible, calculate using both the Regular and Alternative Simplified Credit methods to maximize the benefit, especially if R&D spending fluctuates.
- Engage Specialized Consultants: Use experts to maximize credits and ensure compliance.
General Action Items
- Stay Informed: Regularly monitor legislative updates, IRS guidance, and state/local tax changes.
- Plan Ahead: Use forecasting, budgeting, and scenario analysis to anticipate impacts and opportunities.
- Engage with Advisors: Collaborate with tax, legal, and financial professionals to tailor strategies to your situation.
For future webinars, events, and thought leadership, subscribe to our newsletter and bookmark our events page to stay connected.
About Schneider Downs Tax Services
Schneider Downs’ tax advisors have experience and expertise in a wide range of industries, including Automotive, Construction, Real Estate, Manufacturing, Energy & Resources, Higher Education, Not-for-profits, Transportation and others. Our industry knowledge and focus ensure the delivery of technical tax strategies that can be implemented as practical business initiatives.
To learn more, visit our dedicated Tax Services page.
