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. Here’s an overview of how valuators modify their analyses to take advantage of objective, market-based indicators of value. Recognizing key differences Public companies differ from private ones in […]
Recently, the critically acclaimed television show “Succession” aired its final episode. If the series accomplished anything, it was depicting the chaos and uncertainty that can take place if a long-time business owner fails to establish a clearly written and communicated succession plan. While there are many aspects to succession planning, one way to put some clear […]
While the value of virtual currency continues to fluctuate, the IRS’s interest in it has only increased. In 2021, for example, the agency launched Operation Hidden Treasure to root out taxpayers who don’t report income from cryptocurrency transactions on their federal income tax returns. Moreover, the Inflation Reduction Act, enacted in 2022, allocated $80 billion to the […]
Many people are familiar with Roth IRAs. These popular retirement accounts feature tax-free withdrawals as long as certain conditions are met. But did you know that employers can offer designated Roth contributions as part of the 401(k) plans they sponsor for employees? Indeed, it is possible — but you’ll want to familiarize yourself with the […]
by David Lam, CISSP, CPP In today’s interconnected world, where digital technologies are an integral part of our professional and personal lives, safeguarding our digital assets and data has become the utmost priority, especially for employee benefit plan fiduciaries. Implementing a strong cybersecurity framework is crucial in protecting sensitive information, ensuring business continuity, and preserving […]
by Qiva Dinuri, J.D., LL.M. Taxation Tax exemption is a valuable privilege granted to certain organizations, such as nonprofit entities, charities, and religious institutions. Maintaining this status, however, requires compliance with specific rules and regulations set forth by the IRS and tax authorities—meaning, it is possible to lose your organization’s tax-exempt status. Here are some step-by-step […]
Our managing partner, Michael Kaplan, CPA, was recognized among the Los Angeles Business Journal‘s LA500, which celebrates the city’s most influential leaders and executives.
Recent reports have raised anew concerns about the impending insolvency of the Social Security program, absent congressional action. Social Security reform has long been considered a “third rail” of American politics and understandably so — the options for heading off insolvency will inevitably cause pain for significant segments of the population. Yet some in Congress […]
Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions. These are the minimum amounts you must withdraw from your […]
Traditional business models in many sectors have been disrupted by the COVID-19 pandemic, geopolitical uncertainty, rising costs and falling consumer confidence. If your company is planning a major strategic shift this year, management may need to comply with the updated accounting rules for reporting discontinued operations that went into effect in 2015. Discontinued operations typically […]
You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million if you’re married). However, if you have significant assets, you should consider establishing a living trust to avoid probate. Probate is a court-supervised legal process intended to […]
Private companies can breathe a sigh of relief: The Financial Accounting Standards Board (FASB) and the Private Company Council have agreed to give them a pass on a coming proposal that, if approved, would require expanded footnote disclosures about expenses. The reason for the exemption is that the projected costs of complying with the proposal […]