Q: When I sell my business, what assets can I expect to keep in the transaction? A: When a business is sold, the asset purchase agreement dictates which assets are sold and which assets are kept by the seller. Typically,…
Introduction Along with deciding to engage in business succession planning and finding a successor, it is necessary to value a business. A valuation is necessary whether the business is to be transferred to an heir or third party or for…
You may be eager to sell your business, and happy to have an acquirer at your doorstep, but are you prepared for what happens when an acquirer starts looking “under the hood” of your business? Most professional acquirers will have…
Guaranteed Payments The Tax Court ruled that guaranteed payments were subject to self-employment tax in a case where the two partners in a Limited Liability Company were husband and wife. In this case taxpayers were husband and wife. The wife…
Q: My father just passed away. Will I have to pay estate taxes on the value of the estate? A: Generally, the heir does not pay the estate tax. If there is an estate tax due, the estate is responsible for…
Introduction Many people dream of the retirement that includes walking along the beach with a loved one, spending the nights in hotels, and eating dinners that include good food, wine, and candlelight. The reality can be that for some, at…
For many business owners August is the time to take a vacation, as well as a time to reflect on this year’s achievements and to set goals for the year ahead. Most business owners will set goals to hit certain…
Special Use Valuation The IRS privately ruled that am extension of time should be granted in a farmland estate. In the scenario, the estate had an appointed executor who hired a professional to file the federal estate tax return. There…
Q: Can the Section 179 expenses be carried forward into future years if all of the deduction cannot be used in the current year? A: Yes, 179 expenses can be carried forward if enough income is not present to be…
Introduction The consensus on the economy (according to Beige Book and various other official sources on the issue) is that we are out of the woods and experiencing, for the most part, some robust economic growth. With an average of…
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