Real Estate

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

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

Records

Records Retention Guidelines to Remember During Spring Cleaning

Yeo & Yeo CPAs & Business Consultants

Warm weather and rainy days bring the urge to purge. But before you clean your file cabinets or declutter your computer files, it's important to review these guidelines. Federal Tax Records Most tax advisors recommend that you retain copies of your finished tax returns indefinitely to prove that you actually filed. Even if you don't keep th... Learn more

Fraud

Look Out for These Five Fraud Perpetrators

Amy Buben

The Embezzler. The Common Thief. The Hacker. The Inventor. The Glutton. No, these aren't cartoon villains. They're all-too-real occupational fraud perpetrators who fleeced their employers of thousands — or even millions — of dollars. Although we've attached the names to actual criminals in cases reported by the U.S. Justice D... Look out

Family

Life Insurance Can Be a Powerful Estate Planning Tool For Nontaxable Estates

Yeo & Yeo CPAs & Business Consultants

For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses. Today, the gift and estate tax exemption has climbed to $11.4 million, so estate taxes are no longer a concern for the vast majority of families. But even for nontaxable estates, life insurance ... Life insurance is a powerful tool

Business-Tax

What You Need to Know About Filing Gift and Estate Tax Returns

Yeo & Yeo CPAs & Business Consultants

Have you made substantial gifts of wealth to family members? Or are you the executor of the estate of a loved one who died recently? If so, you need to know whether you must file a gift or estate tax return. Filing a gift tax return Generally, a federal gift tax return (Form 709) is required if you make gifts to or for someone during the y... Learn more about filing gift and estate tax returns

Meeting

An ESOP Can Benefit a Business Owner’s Retirement and Estate Plans

Yeo & Yeo CPAs & Business Consultants

Employee stock ownership plans (ESOPs) offer closely held business owners an exit strategy and a tax-efficient technique for sharing equity with employees. But did you know that an ESOP can be a powerful estate planning tool? It can help you address several planning challenges, including lack of liquidity and the need to provide for chil... Learn about ESOP's benefits for retirement planning

Family

Building An On-off Switch Into Your Estate Plan

Yeo & Yeo CPAs & Business Consultants

The right estate planning strategy for you likely is the one that will produce the greatest tax savings for your family. Unfortunately, there can be tension between strategies that save estate tax and ones that save income tax. This is especially true now that the Tax Cuts and Jobs Act nearly doubled the gift and estate tax exemption &md... Build your on-off switch