When a small business has an issue with fraud, it’s usually for one key reason: a lack of internal controls. Internal controls are “checks” a business has in place to deter fraud.
The story is a common one: the divorce settlement has been finalized. The couple parts ways, with both parties walking away with certain assets. Inevitably, only one of the parties has likely maintained a relationship with their financial advisor. Often, it’s been the husband who has managed the couple’s investment accounts alongside a financial advisor. He most likely will continue that relationship, while the wife, who is walking away with a nice settlement after the divorce proceedings, is left without a financial advisor. It’s important for that spouse to quickly find their own financial advisor who can help manage the money that was obtained through the settlement.
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An interest in a closely-held business can often be one of the most significant assets in an individual’s estate. As such, there are many planning opportunities that exist when creating an estate plan for a business owner. A timely valuation prepared by a qualified business valuation professional may be necessary to make informed business and financial decisions. Let’s take a look at the ins and outs of business valuation when there’s a business involved in an estate.
Calculating income for support purposes, whether it be child support or alimony, can be complicated. For owners of pass-through entities (“PTEs”), it can be especially difficult.
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.