The U.S. Tax Court recently issued a 271-page opinion, ending the long-running litigation between the Estate of Michael Jackson and the Internal Revenue Service. The court’s ruling was a major win for Jackson’s estate and the decision has the potential to impact future valuation cases.
While students might be out for the season, summer is often the time when private schools hit the books to prepare for their yearly audit. Here is a quick guide on how to prepare your private school for this year’s audit.
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Businesses who are subject to Virginia income tax may need to file a one-time Unitary Business Report by July 1, 2021. If your company is required to file this report but fails to file by July 1, your business will be subject to a $10,000 fine. This new filing requirement affects businesses that are part of a “unitary business.”
I was on my way home the other day, talking with a client who was stressed about a major decision she was facing. After years of pouring her heart and soul, not to mention money, into building a successful family-owned business, she was ready to move on and pass it along to two of her children. She called to talk about the tax implications of selling the business, but instead of talking about capital gain, avoiding double taxes and minimizing tax liability, I steered the conversation in quite a different direction.
There’s no magic bullet for making your family-owned business hum smoothly along from one generation to the next. The good news? You can learn from successful family-owned businesses that have made it to the second, third, fourth and even fifth generations. I took some time to think about my most profitable family-owned business clients and identify what they all have in common. Here’s what I came up with.
If the COVID-19 pandemic has taught us anything, it’s that we don’t know what’s coming around the corner. And like the pandemic, the next thing that comes around the corner will likely be out of your control. But there is something you can control with some careful planning: the transfer of your family-owned business. Let’s talk about business exit plans.