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...
Feb 28 Put Your Children on Your Payroll and Reduce Taxes
Putting your children on payroll can help reduce the overall family tax bill and transfer assets to your children without introducing gift tax implications. This post explains the things you need to know to make this work for your family and your business....
Feb 05 Should Rules of Thumb Be Used to Value a Business?
I frequently receive requests to quickly value a business by applying a “rule of thumb”, that is, application of a simple formula to the gross or net income of a business to determine its value. That's a bad idea - this post explains why....
Jan 03 Now Is the Time for Business Succession Planning
According to several national surveys of closely held business owners, approximately three in five do not have any business succession plan in place. At KRS, we specialize in advising owners of family and closely held businesses and our observations are consistent with the survey results....
Dec 28 Time to Send Out Those 1099-Misc Forms
With tax season right around the corner, it’s time to start thinking about closing your books out for the year and preparing all your tax documents. One of the required tax documents you may need to send out is the 1099-Misc. While this can be...