Figuring out how to select a business valuation expert can be tough. A quick Google search yields hundreds of so-called valuation experts, but how do you whittle down the list? The good news is there are specific qualifications and certifications attorneys can use when evaluating potential business valuation experts.
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.
The vast majority of cases settle before ever going to trial. In many instances, they are settled through mediation. Having your financial expert at mediation, whether it’s for a divorce matter, damages claim, or any claim dealing with a complex financial matter, can be a game changer. A financial expert can serve many different roles during a mediation. Here are five things your financial expert can do to contribute to the success of your next mediation.
Thanks to the Tax Cuts and Jobs Act, signed into law at the end of 2017, businesses will experience dramatic tax cuts. Those tax cuts will not only have a positive impact on a company’s bottom line, but will significantly affect the company’s value. If you’re an attorney and have a matter where a business valuation comes into play, or a business owner who is thinking of selling, it’s essential that you know how business values could change as a result of the new tax law.
Now that the Tax Cuts and Jobs Act has been signed into law, we can start to examine its impact on family law attorneys and their divorce clients. As a result of the sweeping tax reform, family law attorneys will need to reconsider the financial strategies they use for their divorce clients.
Family law attorneys could see some big changes in the treatment of alimony and business valuation thanks to proposed tax legislation that is making its way to the Senate floor.