April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers: Saturday, April 1 is the last day to begin receiving required minimum distributions (RMDs) from IRAs,…
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even if it’s not required to file one, you may want…
With the specter of inflation haunting the nation of late, interest rates are on everyone’s mind. Business owners with commercial mortgages might want to investigate whether they should refinance now, before rates go up again. This article explores the concept of creative refinancing of commercial mortgages, as well as the importance of looking into all of a company’s credit costs.
Time is money. You know the old saying. But if family business owners spend all their time running the company, stress and regret can soon become overwhelming and harmful to both the person and the business. This article provides a helpful, three-step process to mastering time management.
A noncompete agreement prevents a seller from participating in a competing business after a business is sold. These contracts are legally enforceable in most states. Amounts allocated to noncompete agreements must be amortized over 15 years for federal income tax purposes. This treatment has tax planning implications that the parties should consider when negotiating the purchase of a business.
Even the best laid plans don’t always work out. Whether due to lower-than-expected demand, higher-than-expected competition or an international event, businesses sometimes need to pivot to stay alive. Many start-ups that launched during the pandemic are currently reviewing their business models to ensure they’re poised for long-term success in today’s volatile marketplace.
“Work like you own the place!” Family business owners love to say this, but have you ever considered making it a reality for all or most of your employees? Doing so is feasible by establishing an employee stock ownership plan (ESOP). And from there, you may be able to enjoy some remarkable tax benefits when you’re ready to sell the stock. This article explores the details.
If you’re in the market to buy a business, how the deal is structured can have a major impact on the due diligence that’s needed to protect against known and unknown liabilities. Purchasing the assets in bulk may help reduce your exposure to liabilities, but there may be tax and financial reasons to purchase an ownership interest in the target business instead. Here’s an overview of possible due diligence procedures to consider.
Authoritative IRS guidance on whether members of multi-member limited liability companies (LLCs) owe self-employment tax is lacking. Here’s an overview of the existing guidance and a U.S. Tax Court decision on this issue. For owners of single-member LLCs, the question isn’t in doubt — but the answer isn’t taxpayer friendly.
Section 6050I of the Internal Revenue Code requires that any trade or business that receives more than $10,000 in cash in one or more related transactions must report this information to the IRS on Form 8300.