Thinking about moving to another state in retirement? Don't forget about taxes
Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant.
Two estate planning documents working in tandem: A living trust and a pour-over will
At the very least, your estate plan should include a legally valid will governing the disposition of assets upon your death. But comprehensive estate planning often goes much further.
Why your nonprofit’s board needs to be diverse
Ideally, a not-for-profit’s board of directors should mirror that of its community and clientele. Does yours? Identifying that your board needs more diversity is the easy part, though. Figuring out what to do about it can be more difficult.
New per diem business travel rates kicked in on October 1
Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be a way to simplify the reimbursement of these expenses.
Owning assets jointly with a child may not be the right estate planning strategy
There’s a common misconception that owning assets jointly with a child or other heir is an effective estate planning shortcut. While this strategy has a certain appeal, it can invite a variety of unwelcome consequences that may quickly outweigh any potential benefits.
How business valuation pros use transaction databases
Transaction databases contain the details of thousands of real-life public and private stock sales. They’re used by business valuators when they apply the guideline transaction method. This method — also known as the merger and acquisition method — is a subset of the market approach.
Nonprofits: Want to boost income? Consider a for-profit subsidiary
Although your nonprofit’s tax-exempt status prohibits certain money-making activities, you may be able to create a for-profit subsidiary that isn’t hampered by such restrictions. In addition to producing income, a subsidiary can help you reduce taxable unrelated business income and limit legal liability.
Facing a future emergency? Two new tax provisions may soon provide relief
Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash.
Valuations can help business owners plan for the future
If someone was to suggest that you should have your business appraised, you might wonder whether the person was subtly suggesting that you retire and sell the company.
Don’t let IRS compliance issues drag down your nonprofit
In recent years, the IRS has increased its scrutiny of tax-exempt organizations. Most not-for-profits that fail to file Form 990 for three consecutive years will have their exempt status revoked automatically.