In 2020 the youngest Baby Boomers will turn 55. Baby Boomers own 75% of the 6+ million private US businesses with payroll, and will need to transition their businesses to new owners as they retire. Yet in a recent survey…
Valuation for Closely-Held The Eleventh Circuit Court of Appeals has upheld an estate’s value of a decedent’s interest in a closely-held company that was determined by reducing the company’s value by the entire amount of the built-in capital gains tax…
Q: What is the Additional Medicare Tax? A: Additional Medicare Tax went into effect in 2013 and applies to wages, compensation, and self-employment income above a threshold amount received in taxable years beginning after Dec. 31, 2012. An employer must withhold Additional…
Introduction Last month, we went over the good side of creating an FLP or Family Limited Partnership. This month, the Disadvantages and Conclusion to the article are discussed. Disadvantages Along with the advantages, there is a substantial downside, that downside…
How much did your home increase in value last year? Depending on where you live, it may have gone up by 5 – 10% or more. How much did your stock portfolio increase over the last 12 months? By way…
S Compensation/Withholding The IRS has issued a fact sheet as a reminder for taxpayers concerning the compensation of S corporation officers. S corporations must remember compensation to its officers must be reasonable. The fact sheet also highlighted the fact that…
Q: I am planning on buying a large piece of equipment, is there any way I could deduct the cost of this equipment rapidly? A: Right now, no. Unfortunately, Congress has failed to act in passing a new tax law for…
Introduction Many people who own small businesses have heard the term “Family Limited Partnership” (FLP) at least once or twice and have some grasp of what the idea concerns. The amazing thing, the terms Family Limited Partnership and FLP do…
A business owner who is thinking about selling his business sometime in the next few years recently asked me: “How soon should I begin working with a business broker?” My response was: “Probably a lot sooner than you think!” The…
Interesting Appraisal A Court of Appeals reversed and remanded a Tax Court ruling that was favorable to the IRS. In the case, the taxpayer donated a façade conservation easement to The National Architectural Trust. In order to get the deduction,…
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