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Mike Thrift

Marketing Manager

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9 min read

Spousal Lifetime Access Trusts (SLATs): How Business Owners Move Future Growth Out of Their Estate

A Spousal Lifetime Access Trust (SLAT) lets a business owner move an appreciating asset — and all its future growth — out of the taxable estate while the beneficiary spouse retains access to distributions. With the 2026 lifetime exemption set at $15 million per individual, this guide covers the mechanics, valuation discounts, the reciprocal trust doctrine, and the divorce and death risks to plan around.

Mike Thrift

estate-planningtrusttax-planning
9 min read

Tax Liability Insurance in Small Business M&A: How to Close a Deal With a Known Tax Risk

Tax liability insurance transfers one specific, identified tax risk — an invalid S-corp election, a Section 382 NOL limit, QSBS eligibility — to an insurer instead of a price cut, escrow, or seller indemnity. Premiums run 2–5% of the insured limit, underwriting takes two to four weeks, and most carriers want exposure above roughly $1 million. Here's how it works and when to raise it before a closing deadline.

Mike Thrift

mergers-and-acquisitionsinsurancetax-planning
10 min read

Tuxedo and Formalwear Rental Shop Bookkeeping: Why the Real Profit Is in the Tenth Rental, Not the First

A $1,000 tuxedo rented at $196 a night needs five-plus rentals just to cover its cost — which is why formalwear rental bookkeeping treats garments as depreciating fixed assets, damage deposits as liabilities rather than revenue, and seasonal cash reserves as a line item. Here's the chart of accounts and depreciation method that make cost per wear visible.

Mike Thrift

bookkeepingsmall-businessseasonal-business
7 min read

UK VAT Capital Goods Scheme Simplified: Computers Dropped, Property Threshold Rises to £600,000

From July 29, 2026, HMRC removes computers from the VAT Capital Goods Scheme entirely and raises the land and property threshold from £250,000 to £600,000 — the first increase since 1990. Expenditure incurred before that date stays under the old rules for its full adjustment period, so mid-project businesses must check when their first qualifying spend landed.

Mike Thrift

taxtax-complianceinternational-tax
9 min read

Aerial Banner Towing & Skywriting Company Bookkeeping: The FAA Waiver That Gates Every Flight Hour

How banner towing and skywriting operators should keep their books — track the FAA Certificate of Waiver (Form 7711-2) as the license that gates revenue, accrue engine-overhaul reserves per flight hour, treat client deposits as deferred revenue until the flight flies, and reserve peak-season cash against twelve months of fixed costs.

Mike Thrift

bookkeepingsmall-businesscompliance
7 min read

Amazon Is Ending Stickerless Commingled Inventory: What FBA Sellers Must Do Before March 31, 2026

Amazon ends stickerless commingled inventory on March 31, 2026. Resellers must apply FNSKU labels ($0.20–$0.50/unit) while Brand Registry owners get virtual tracking; unlabeled stock gets flagged defective. Here's the labeling deadline timeline, who pays what, and the lot-level costing and landed-cost accounting changes sellers need before the cutoff.

Mike Thrift

amazone-commerceinventory
7 min read

AUSTRAC Tranche 2: What Australian Accountants and Bookkeepers Must Do Before July 29, 2026

Australia's Tranche 2 AML/CTF reforms made accountants, bookkeepers, and tax agents AUSTRAC reporting entities on July 1, 2026, with enrollment due by July 29. Here are the nine designated services that trigger the obligation, what the enrollment form requires, and the penalties for missing it — up to $36.4 million per contravention for a corporation.

Mike Thrift

compliancebookkeepingaccounting
8 min read

Form T2125 in 2026: How Canadian Sole Proprietors File Business Income, CPP, and NETFILE Without Triggering a CRA Review

Form T2125 turns a Canadian sole proprietor's invoices and receipts into taxable net business income on the T1 return. For 2026, gig platforms report earnings directly to the CRA, self-employed CPP totals nearly $9,300 at the earnings ceiling, and the June 15 filing extension still leaves payment due April 30.

Mike Thrift

tax-filingself-employmentsole-proprietorship
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