2025 Year-End Checklist for Businesses

Amanda J. Dernovshek, Taylor A. Gast
and Lindsey M. Mead

Please note this article has been updated since its initial publication on November 6, 2024. This checklist is intended to be an annual reminder for business practices.

1. Schedule a meeting with your tax advisors.

There might be opportunities for last minute tax planning this year. Be sure to consult your tax advisors while you still have time to take action in 2025...

Tax Court Clarifies Application of Limits to Energy Credits for Partnership Investors

Nicholas J. Stock and Michael C. Zahrt

A recent Tax Court decision (Strieby v. Commissioner, T.C. Memo 2025-28) highlights a risk for investors claiming energy tax credits through partnerships. In Strieby, the taxpayer argued that energy credits were not subject to Subparts B or D of the Tax Code and therefore the passive activity rules under Code Section 469. The Court held in favor of the IRS that energy credits under Code Section 48 are part of the general business credit (Code Section 38) and therefore subject to passive activity limitations under Code Section 469...

Recent Collection Developments and the Importance of Legal Counsel

Finance & Bankruptcy Practice

The Fair Debt Collections Practice Act (FDCPA) continues to evolve to address today’s digital-first environment. Among proposed updates include stricter communication limits, such as capping contact attempts per week across all channels and clearer validation notices delivered electronically. These changes aim to curb harassment and improve transparency, while reinforcing protections against collecting time-barred debts. 

FDCPA compliance is highly technical and frequently litigated. Missteps can lead to costly penalties and reputational harm. Consult your finance & bankruptcy attorney to ensure your collection practices align with evolving federal and state regulations, implement robust compliance strategies, and mitigate risk in an increasingly complex regulatory landscape.

Six Must-Haves in your Estate Plan

Quartz Magazine

Over the next three decades, American retirees will transfer a staggering $84.4 trillion in wealth to their loved ones and charities when they die. However, only 24% of Americans have a will in 2025, down from 33% in 2022, according to Caring.com.

"It's almost like a superstition that people have that if they start talking about their estate planning documents, they're going to get that terminal illness, because they've spoken it into existence," said Michael Zahrt, a business and estate planning attorney with Foster Swift.

Zahrt was interviewed and featured in an article for Quartz magazine about the six must-haves for every estate plan...