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June 1, 2015

Tax Court Finds Deficiencies In Business Valuations Submitted By Tax Payer And IRS

Valuations Include Everything The Tax Court upheld a stock valuation in a closely held business. The taxpayer transferred nearly 10,000 shares valued at roughly $220 per share into 20 irrevocable trusts. The IRS disagreed with the valuation and believed it…

June 1, 2015

Merger & Acquisition FAQ – June 2015

Q: If I lease office furniture with the option to buy, when do I depreciate the purchase price? A: You must first determine whether the agreement is a conditional sales contract or a lease agreement. If you gain equity or…

June 1, 2015

The Language of Accounting

Introduction It is said that accounting is the language of business. Terms like “cost of goods sold”, ROI, accrual, expense, depreciation, and capitalization are thrown around in the business world every day. Yet, the average business person does not know…

May 1, 2015

Ten ESOP Fables – Debunked – Part IV

This is the fourth in a series of articles that will attempt to dispel ten common misconceptions, or fables, about ESOPs. ESOP Fable #6: ESOPs are new and untested. Business owners are often skeptical of an ESOP, considering such transactions…

May 1, 2015

IRS Announces that Offshore Voluntary Disclosure Program (OVDP) Will Remain Open Indefinitely

Offshore Accounts The IRS published in an Internal Revenue Bulletin that the Offshore Voluntary Disclosure Program (OVDP) will remain open indefinitely at least for the time being. The IRS opened the OVDP in 2009 and subsequently shuttered the program. It…

May 1, 2015

Merger & Acquisition FAQ – May 2015

Q: What is a “full-time equivalent” (FTE) employee? A: An FTE is the number of hours every person in the business works added together. This sum is divided by 2080. The resulting number reveals the number of FTE’s and therefore…

May 1, 2015

What It Takes To Prepare a Business Succession Plan

Note to the Reader: Recently, we published a letter urging businesses to prepare for natural and man-made disasters. We touched upon business succession in that issue and we would like to further your knowledge of business succession by detailing exactly…

April 1, 2015

Ten ESOP Fables – Debunked – Part III

This is the third in a series of articles that will attempt to dispel ten common misconceptions, or fables, about ESOPs. ESOP Fable #4: My employees cannot afford to buy my company. Another common misconception can be paraphrased as, “How…

April 1, 2015

Tax Court Rules That Deductions Claimed But Unsubstantiated Are Disallowed, Even After Fire Destroyed The Company Records

Unsubstantiated Expenses The Tax Court has ruled that deductions claimed, but unsubstantiated were not allowed. The couple owned a trucking business and claimed to keep sufficient records; however the records were lost in a fire. The IRS was sympathetic and…

April 1, 2015

Merger & Acquisition FAQ – April 2015

Q: I am interested in having my business valued for a number of reasons. Is a valuation done for estate planning purposes effective for other purposes such as financing as well? A: Generally, you would want to have your valuation…

Tax Court Finds Deficiencies In Business Valuations Submitted By Tax Payer And IRS

Merger & Acquisition FAQ – June 2015

The Language of Accounting

Ten ESOP Fables – Debunked – Part IV

IRS Announces that Offshore Voluntary Disclosure Program (OVDP) Will Remain Open Indefinitely

Merger & Acquisition FAQ – May 2015

What It Takes To Prepare a Business Succession Plan

Ten ESOP Fables – Debunked – Part III

Tax Court Rules That Deductions Claimed But Unsubstantiated Are Disallowed, Even After Fire Destroyed The Company Records

Merger & Acquisition FAQ – April 2015

Why Only 10% of Family Businesses Transfer to the Next Generation

What Is Your Game Plan for Retiring from Your Business?

Segregating the Sale of the Business from the Sale of the Real Estate