In the real world of buying and selling businesses, some businesses have a very large component of goodwill, while others have little or none. The concept of goodwill is confusing to most business owners, and many hold serious misconceptions about…
CFO and Mental Health Issues A Federal District Court has ruled that a CFO’s mental issues were no excuse for the non-collection of a wage garnishment order for taxes. The CFO in the case had received a certified mailing from…
Q: I have yet to contribute to my IRA. When is the last day I can contribute funds to my IRA for the 2013 year? A: Generally, funds contributed to an IRA must be contributed before the individual tax filing…
Introduction So far at least, the consensus is that the economy will be relatively stable in 2014. With an average of 140,000 jobs being created each month last year and most economic indicators showing positives, this year should be better…
If you are a business owner, you have undoubtedly asked yourself when is the best time – or how will you know when is the right time – to sell your business? There are a number of factors to consider…
Alternate Valuation The IRS has issued proposed regulations regarding the Alternate Valuation Method. Since the last economic downturn began in late 2007, business appraisers have taken the economic downturn into account in order to value businesses. The advantage of an…
Q: I own a business that is moderately successful and would like to see it passed on to my wife and children. How and when is the best time to start the process or begin planning the transfer? A: The best…
Introduction There are four documents essential in creating a successful estate plan: a Last Will and Testament, a Living Will, a Living Trust and a Power of Attorney. Each one operates independently of the other, yet they are interrelated. The…
FLP Not Includible The Tax Court has ruled that the value of a Family Limited Partnership FLP will not be included in the estate of the decedent. The decedent owned various tracts of wooded property. Held together as one company,…
Q: I have a business which I would like to establish a value for. Is there a commonly used formula or multiple I can use in order to value my business? A: Quite simply, there is no easy way under…
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