My company is only worth what?

More often than not, when a small business owner looks at the value of their business determined by a business appraiser, they are in total shock at the concluded value. Sometimes they are pleasantly surprised by a value higher than expected. Other times they insist their company is worth much more than the appraiser has …

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Testifying awareness – black hats in the courtroom

When I was a young boy watching western movies, you could always tell who the good and bad guys were.  It was easy.  The good guys always wore white hats and the bad guys always wore black hats – well, most of the time anyway.  The black hat guys were just plain mean and ornery …

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Understating Income on Your Tax Return – Are You an Innocent Spouse?

When we are providing consulting services relating to a divorce, we are often asked to perform a business valuation and/or make a determination of income of one or both of the spouses for support purposes.   During the course of our work we will review and utilize the joint income tax returns of the parties.  It …

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Are There Benefits of Using Templates in Business Valuations?

Using templates in business valuation is key to producing a quality report.  Most if not all valuation analysts use templates to create and write their reports and many of those templates consist of Word and Excel files that are linked together. Benefits from using templates There are many reasons to use templates to help prepare …

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The Importance of Courtroom Demeanor When Testifying

It was a bit unnerving to me when I looked over at the jury and saw two of the jury members dozing. This actually happened to me early in my career providing litigation support services as a CPA expert witness.  As a former police officer and detective on the Tucson, Arizona Police Department I had …

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A Huge Taxpayer Win in Favor of Formula Clauses

A recent U.S. Tax Court case (Wandry v. Commissioner, T.C. Memo 2012-88, March 26, 2012) highlights the usefulness of formula clauses in gift transactions. The taxpayers, husband and wife, made gifts to their children and grandchildren of interests in a family limited liability company. Their tax attorney advised them to make all gifts as a …

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Arizona Expert Witnesses to Be Tested – An Alert for CPAs Who Testify (Part 3)

If you provide testimony as an expert witness, you could soon be facing some new challenges from opposing attorneys regarding the opinions you will be rendering in the courtroom.  Effective January 1, 2012, Arizona joined several other states that have adopted the Federal Rules of Evidence relating to expert witnesses, i.e., the “Daubert”   standard. Rule …

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Arizona Expert Witness to Be Tested – An Alert for CPAs Who Testify (Part II)

If you provide testimony as an expert witness, you could soon be facing some new challenges from opposing attorneys regarding the opinions you will be rendering in the courtroom.  Effective January 1, 2012, Arizona joined several other states that have adopted the Federal Rules of Evidence relating to expert witnesses, i.e., the “Daubert”   standard. The …

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