Many business owners are considering selling their business in the current economic cycle. Here are three things you must do before you sell your business. Don’t miss: Tax court rules on formula clause case Ensure the book income reported on your federal tax return agrees with the book income reported in your accounting system. This …
The United States Court of Appeals for the Fifth Circuit recently upheld the Tax Court’s ruling in the Nelson v. Commissioner case. On the surface this may appear to be a win for the IRS, and for the Nelsons it probably feels that way, but let’s dive a little deeper into the facts and circumstances. …
“It’s pretty simple, right? For personal consumption I just take the decedent’s annual wages, multiply it times the number of years he would have still been working, and that should be the damages, right?” We have all been on either side of phone calls just like this one, and I am confident in saying that …
In divorce proceedings – absent a prior agreement between spouses – marital property is apportioned by the court to each spouse, depending on the state in which divorce proceedings are conducted. Marital property may be divided between spouses by the community property model or by the equitable distribution model. So, what’s the difference between community …
Blue sky, what is it? And how do I know if my company has any? First, let’s define blue sky. Blue sky, or goodwill, is the excess purchase price over the market value of the tangible assets recorded on the balance sheet. For example, if a company has $500,000 of current assets and $500,000 of …
In most mergers and acquisition transactions, the asset purchase agreement states that the seller is required to deliver to the buyer an agreed-upon amount of working capital (excluding cash in most cases). This is known as the Target Working Capital and for the purposes of this post, let us assume $1 million is the Target …
Interest in cryptocurrency, also known as digital currency, has recently exploded. Bitcoin perennially continues to be the largest cryptocurrency, followed by Ethereum. There are well over five thousand cryptocurrencies with new ones being formed and obscure names rising into prominence every day, most recently Dogecoin. One industry report estimates that approximately 20 million Americans may …
I first started testifying when I was a cop on the Tucson Police Department many moons ago. Those cases all involved the commission of a crime – some of the misdemeanor type and others involving felonies. After my career as a police officer, I became an accountant and then, eventually, a CPA. As a CPA …
One of the biggest challenges facing an expert when assessing damages in matters involving children is the future lost wages portion of a calculation. Estimating future earnings, probable educational attainment, and evaluating worklife expectancy are only some of the considerations that make these cases difficult and when the incident happens at such a young age, …
Should a sell side due diligence be an exercise where the consultant provides a financial due diligence report that presents the sellers business in its best light at the expense of overlooked problem areas, or should the consultant perform rigorous procedures to uncover potentially problematic issues that could disrupt the sales process if the buyer …
Get a high-level summary of the new leasing standard and what it means for you and your restaurant.