Business Consulting

Business Owner

External Factors in a Business Valuation

Christopher Sheridan

Do you know what your business is worth right now? Practically speaking, it is worth what the highest bidder is willing to pay for it -- no more or no less. Nevertheless, by taking all the relevant factors into account, you can position yourself for the best possible deal. The first step is to have a business valuation prepared for your comp... Do you know what your business is worth?

Meeting

Create a Plan for Family Business Succession

Yeo & Yeo CPAs & Business Consultants

Sooner or later, it will be time to "hand over the reins" to the younger generation. But it's not as simple as walking out the door at retirement time with a few plaques in your hands. In order to improve the odds for continued success of your family business, you need to develop a plan of succession. This situation may be complicated ... Read more about the plan

Coins

5 Ways to Withdraw Cash From Your Corporation While Avoiding Dividend Treatment

Yeo & Yeo CPAs & Business Consultants

Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your corporation’s “earnings and profits.” But it’s not deductible by the corporation. Different appro... Read the 5 ideas.

Tax-Planning

The Tax Implications of a Company Car

Yeo & Yeo CPAs & Business Consultants

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefits of driving the cars!) Even better, recent tax law chan... Learn the tax implications of a company car

Meeting

Should You Elect S Corporation Status?

Yeo & Yeo CPAs & Business Consultants

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses as S corps for federal tax purposes. Bu... Should you elect S corporation status?

Business-Team

Wayfair: Update on State Sales Tax

Kelly Brown

It has been a year since the landmark case of South Dakota v. Wayfair, Inc. was decided. One by one, states continue to pass economic nexus provisions for sales tax. Economic nexus requires out-of-state businesses to collect sales tax (on taxable goods and services) for states in which they are not physically present once the business re... Read the Wayfair Update

Tax

Bartering: A Taxable Transaction Even If Your Business Exchanges No Cash

Yeo & Yeo CPAs & Business Consultants

Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be aware that the fair market value of goods that you receive in bartering is taxable income. And if you exchange services with another business, the transaction results in taxable income for bo... Learn about taxable transactions

M&A

M&A Transactions: Avoid Surprises From The IRS

Yeo & Yeo CPAs & Business Consultants

If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that both parties report the transaction to the IRS in the same way. Otherwise, you may increase your chances of being audited. If a sale involves business assets (as opposed to stock or ownership interests),... Avoid Surprises