Q: I purchased stock from my employer under a § 423 employee stock purchase plan and received a Form 1099-B for selling it. How do I report this? A: Under a § 423 employee stock option plan, you have taxable…
How are you going to end the relationship with your business? Believe it or not, that day will come. Fortunately, you have a number of options to plan your exit and watch your legacy continue. Four good, viable options exist…
This is the fifth in a series of articles that will attempt to dispel ten common misconceptions, or fables, about ESOPs. ESOP Fable #8: I fear that my employees can sell their stock to someone else. Another common fear of…
Valuations Include Everything The Tax Court upheld a stock valuation in a closely held business. The taxpayer transferred nearly 10,000 shares valued at roughly $220 per share into 20 irrevocable trusts. The IRS disagreed with the valuation and believed it…
Q: If I lease office furniture with the option to buy, when do I depreciate the purchase price? A: You must first determine whether the agreement is a conditional sales contract or a lease agreement. If you gain equity or…
Introduction It is said that accounting is the language of business. Terms like “cost of goods sold”, ROI, accrual, expense, depreciation, and capitalization are thrown around in the business world every day. Yet, the average business person does not know…
This is the fourth in a series of articles that will attempt to dispel ten common misconceptions, or fables, about ESOPs. ESOP Fable #6: ESOPs are new and untested. Business owners are often skeptical of an ESOP, considering such transactions…
Offshore Accounts The IRS published in an Internal Revenue Bulletin that the Offshore Voluntary Disclosure Program (OVDP) will remain open indefinitely at least for the time being. The IRS opened the OVDP in 2009 and subsequently shuttered the program. It…
Q: What is a “full-time equivalent” (FTE) employee? A: An FTE is the number of hours every person in the business works added together. This sum is divided by 2080. The resulting number reveals the number of FTE’s and therefore…
Note to the Reader: Recently, we published a letter urging businesses to prepare for natural and man-made disasters. We touched upon business succession in that issue and we would like to further your knowledge of business succession by detailing exactly…
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