COULD AN FLP HELP YOUR BUSINESS SUCCESSION PLAN?

By | July 22nd, 2019|Accounting and Auditing, Business|

One of the biggest concerns for business owners is succession planning – transferring ownership and control of the company to the next generation.  Often, the best time taxwise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited partnership (FLP) can help owners enjoy [...]

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BE READY FOR ANYTHING WITH REGULAR BUSINESS VALUATIONS

By | July 15th, 2019|Accounting and Auditing, Business|

Do you know the current value of your business?  Even if you’re not considering selling your company or otherwise transferring its ownership right now, it could happen sooner than you think. In some cases, an ownership transfer becomes suddenly appealing when a company struggles to the extent that a sale becomes the best avenue for [...]

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ESTATE PLANNING PORTABILITY LIVES ON UNDER THE TCJA

By | July 8th, 2019|Accounting and Auditing, Estate planning, Taxation|

When the TCJA was passed, the big estate planning news was that the federal gift and estate tax exclusion doubled from $5 million to an inflation-indexed $10 million. It was further indexed for inflation to $11.18 million for 2018 and now $11.4 million for 2019. Somewhat lost in the clamor, however, was (and is) the [...]

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TAX CALENDAR

By | July 1st, 2019|Accounting and Auditing, Business, Taxation|

July 15 If the monthly deposit rule applies, employers must deposit the tax for payments in June for Social Security, Medicare, withheld income tax and nonpayroll withholding. July 31 If you have employees, a federal unemployment tax (FUTA) deposit is due if the FUTA liability through June exceeds $500. The second quarter Form 941 (“Employer’s [...]

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ENSURING YOUR LONG-TERM CARE POLICY IS TAX-QUALIFIED

By | July 1st, 2019|Accounting and Auditing, Retirement, Taxation|

A long-term care insurance policy supplements your traditional health insurance by covering services that assist you or a loved one with one or more activities of daily living.  Such activities include eating, bathing, dressing, toileting and transferring (in and out of bed, for example). Long-term care coverage is relatively expensive, but it may be possible [...]

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VACATION HOMES: DO YOU UNDERSTAND THE TAX NUANCES?

By | June 24th, 2019|Accounting and Auditing, Taxation|

Owning a vacation home can offer tax breaks, but they may differ from those associated with a primary residence.  The key is whether a vacation home is used solely for personal enjoyment or is also rented out to tenants. SORTING IT OUT If your vacation home is not rented out, or if you rent it [...]

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