While no one gets excited about estate planning, for your family's sake, it's important to make sure your plan is up to date. This article covers some of the important information I like to share with clients during the estate planning process.
The Paycheck Protection Program (PPP) is in the forgiveness stage for most businesses. Here’s an overview on how to navigate the PPP loan forgiveness process.
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There are many different ways a business owner can transfer a family-owned business to the next generation. Each method comes with its own set of risks and benefits, especially when it comes to tax implications associated with the transfer or sale.
The sale of a business is often the most significant financial event an owner faces during his or her lifetime. Many times, however, the owner begins negotiating the sale without understanding how critical tax aspects of the deal structure can have a huge effect on the net amount of money they’ll receive. Understanding key factors about your business will result in you being able to negotiate the best deal for you, or at least understand the implications of a deal.
In the recent Tax Court opinion in Estate of Aaron U. Jones v. Commissioner of Internal Revenue (T.C. Memo 2019-101), the court came to some surprising opinions that benefit taxpayers valuing businesses for gift and estate tax purposes.
In many divorces, a significant asset of the marriage is an S corporation. Oftentimes, the business owned by the S corporation is the source that will be used to make lifetime distributions to a spouse. Two important aspects of S corporations prevent a simple solution to this problem.