Goodwill is one of the most confusing aspects of valuing a business interest for divorce cases. In many states, goodwill needs to be valued and then divided into two pieces: business and personal goodwill. Unfortunately, significant differences in methods and theories exist on this complex issue, as recent case law demonstrates. Key definitions According to […]
According to Family Enterprise USA, 87% of U.S. companies are family businesses, which are responsible for 54% of gross domestic product or $7.7 trillion. Although family businesses are an economic pillar of strength, several studies have found that they’re more vulnerable to occupational fraud than other companies. Here’s what you need to know if you […]
The popularity of telehealth grew exponentially when the COVID-19 pandemic hit in the spring of 2020. Many people have now returned to in-person appointments with their physicians, though virtual visits remain a convenient option under some circumstances. The situation has motivated many employers to formally offer telehealth as an employee benefit. As a result, a […]
Agreed-upon procedures engagements provide limited assurance on a specific aspect of an organization’s financial or nonfinancial information — which can cover various items. For example, a CPA could provide a statement about the reliability of a company’s accounts receivable, the validity of the sales team’s credit card payments, the effectiveness of the controls for the […]
Intangible assets — such as patents, copyrights and trademarks — are essential to the operations of many companies, but they’re rarely reported on the balance sheet. And even when they are reported due to an acquisition, book value is often based on historical cost under U.S. Generally Accepted Accounting Principles (GAAP). However, historical cost may […]
During the initial pandemic lockdowns of 2020, many people learned for the first time what it was like to work from home. Not everyone loved it, but some employers and employees found telecommuting to be so mutually beneficial that they’re still doing it. And the practice was growing in popularity before the public health crisis […]
Generally, when a qualified retirement plan terminates with surplus funds, Internal Revenue Code Section 4980 imposes an excise tax on any plan funds and property that revert to the employer sponsoring the plan. This is referred to as “employer reversion.” In Revenue Procedure 2022-28, the IRS recently notified qualified plan sponsors and employers that it […]
You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will reduce inflation in the near future, it contains, extends and modifies many climate and energy-related tax credits that may be of interest to individuals. Nonbusiness energy property Before the IRA was […]
Risks abound in today’s uncertain marketplace. Nearly two-thirds of senior finance leaders said that the volume and complexity of corporate risks have changed “mostly” or “extensively” in the past five years, according to a new report published by the American Institute of Certified Public Accountants (AICPA) and North Carolina State University. Surprisingly, this report, 2022 State […]
If you’re a business owner working from home or an entrepreneur with a home-based side gig, you may qualify for valuable home office deductions. But not everyone who works from home gets the tax break. Employees who work remotely can’t deduct home office expenses under current federal tax law. To qualify for a deduction, you […]
Providing for the educational needs of your children, grandchildren and even future generations is an honorable estate planning objective. What are your options for achieving this goal? A 529 plan can be a highly effective tool for funding tuition and other educational expenses on a tax-advantaged basis. But after your death, there’s no guarantee that […]
The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor Vehicle Credit (IRC Section 30D), now known as the Clean Vehicle Credit. While the expanded credit seems […]