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.
Remote employees can complicate taxes for businesses. In most cases, having a remote employee creates nexus or the obligation to file tax returns and pay taxes in the local jurisdiction and/or state that an employee works.
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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.
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.