If you’re a frequent traveler, you may have accumulated hundreds of thousands or even millions of frequent flyer miles. The value of these miles may be significant, so it’s important to determine whether you can include them in your estate plan and share them with your loved ones.
If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken.
Several years ago, when cryptocurrency was still a novel concept, many not-for-profits chose not to accept crypto donations. Now, crypto is so ubiquitous that it’s difficult — and probably a mistake — to refuse it. Yet crypto remains a risky and even unstable form of currency.
Divorce is never easy. But when the marital estate includes a private business interest, matters can become especially complicated. Here are some challenges that may be encountered when divorce proceedings require a business valuation. Data sharing
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder!
Much of estate planning focuses on transferring your wealth to loved ones in a tax-efficient manner. But for some people, it’s equally important to protect that wealth against frivolous lawsuits or baseless creditors’ claims.
Most not-for-profits develop a culture over time that comes to define the organization. But even if your organization has a successful record and reputation, your staffers can become complacent and growth and productivity can suffer.
Even if your not-for-profit’s fundraising results have been lackluster recently, one high-net-worth donor can turn your year around and make it a fundraising success. The question is: How do you find ultra-wealthy individuals with philanthropic intentions?
The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audits these days, that will be little consolation if yours is one of them.
Business valuation professionals often use public stock market data to value private businesses — even though there are critical differences between closely held and publicly traded companies.