Q: What is the difference in selling my business to a competitor as opposed to a family member?
A: One main difference is that the IRS will be more interested in that transaction and somewhat suspect of it. When selling to a competitor, those getting out of the business are hoping for the highest price possible. On the other hand, a sale to a family member may be motivated more as a gift as opposed to a competitor.
Q: I did not file my tax return, nor extension for 2015, what do I do?
A: File your taxes! Many believe if they miss the deadlines, they are subject to criminal sanctions. Highly unlikely.
Q: Do I charge sales tax on items purchased with a coupon?
A: It depends on whether it is a manufacturer’s coupon or a store coupon. If it is a manufacturer’s coupon, you charge sales tax for the entire item. If it is a store coupon, you assess sales tax for the reduced price.
By: Basi & Basi at the Center for Financial, Legal and Tax Planning for Transworld M&A Advisors