Nov 08 FinCEN Provides Reporting Relief to Hurricane Victims
The Treasury Department updated its frequently asked questions on July 8, 2024. The big news: if the plan was to dissolve the company before 2025, you must register! ...
Aug 08 Due Diligence for Law Firm Mergers
The reasons firms merge vary, but they include such objectives as increasing size or geographic reach, acquiring or expanding a specialty practice, and succession planning. Due Diligence Even if your firm isn't ready to think about a merger just yet, it's important to understand what firms...
Jan 15 Is It a Hobby or a Business?
Is your hobby a business? It matters to the IRS. The agency says your hobby is a business if it operates to make a profit. But it's not a simple determination. Here are some factors the IRS offers to help you ascertain whether your...
Apr 21 What To Know About Business Financial Ratios
How do you measure how robust your business is? One of the key ways is by looking at financial ratios, which can be grouped into four categories....
Nov 05 How to Get a Business Loan
Many banks and alternative lenders are out there vying for your attention. Once you decide on a lender, what's next? This post presents the steps you need to take to obtain your business loan....
Aug 26 How to Value Your Business
This overview can help you learn more about IRS Revenue Ruling 59-60, which is regarded as the foundation of modern business valuation. The ruling outlines and reviews the approach, methods and factors to be considered in valuing the shares of the capital stock of closely...
Apr 17 Use the Increased Federal Estate and Gift Tax Exemption to Transfer Business Ownership Interests
The Tax Cuts and Jobs Act of 2017 expanded the federal estate and gift tax exemption to $11.2 million per person, or $22.4 million for a married couple. Under the Act, these higher limits are applicable through December 31, 2025. On January 1, 2026 the...
Apr 09 Capital Gains and Losses: How Do They Work?
Selling a capital asset results in a gain or loss and impacts your income taxes. This post explains what capital gains and losses are, and gives some insights into the tax implications of capital gains and losses....
Mar 28 Why Business Succession Planning Is Important
Your business represents a big part of your wealth. Here's why you need to protect it with a succession plan, so that you can ensure the business retains its value after you're gone. ...
Mar 26 Audits, Reviews and Compilations: A Summary
Financial statements are intended to give you current information on your business's financial standing so you can make more informed decisions. There are three levels of overview you can choose to take — compilation, review or audit — and what you select will have a lot...