Succession planning v exit planning: what’s the difference?

For business owners preparing for the next chapter in the business cycle, the terminology used by consultants can be a little confusing. Most owners believe that succession planning and exit planning are the same, but they are not. We offer the following descriptions of each term to assist those of you who are looking to …

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Partnership audit rules, changes for 2018 and beyond

With news about the sweeping tax reform known as the Tax Cuts and Jobs Act grabbing most of the tax-related media attention, it’s easy to forget that big changes to the partnership audit process have also gone into effect for 2018. These changes have major implications for partnerships at both the entity level and partner …

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No more domestic production activities deduction?

By now you’ve heard so much about the Tax Cuts & Jobs Act (TCJA) of 2017 and probably don’t want to read a word more, BUT you should since it directly affects you personally as well as your business. Luckily, you have us here at Henry+Horne to help extinguish the headaches and uncertainties by keeping …

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How to market your business for a potential sale

Recently, a number of clients have engaged us to value their business because they do not have a firm grasp of what their company is worth and they are considering selling their interest in the near future. After we performed the assignment and met with the client to discuss the value drivers of their business, …

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DOL working overtime on overtime rules change

Many employers have been in limbo for quite some time now regarding the Department of Labor’s (DOL) regulation for overtime rules. It significantly increased the salary level under the Fair Labor Standards Act (FSLA) white-collar exemption, more than doubling the current salary requirement. This Act under the Obama administration was blocked on November 22, 2016 …

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Who are the buyers for your business?

There is a reason it is called exit planning – there are steps required for you to ultimately leave the company you have built. One-step is to understand who will be on the other side of the negotiation table in a potential transaction. In most cases, there are five types of buyers in the market …

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Payroll tax credit for increasing research activities

The PATH Act has a provision that may be beneficial to companies just starting out that do not have any taxable income yet, but are doing research and development (R&D). This provision allows qualified small businesses to take the R&D credit against the employer portion of Social Security payroll tax. A qualified small business is …

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AZ paid sick leave provisions effective July 1

A big change is happening for ALL Arizona employers in just a couple of days. On November 8th, 2016, Arizona voters passed Proposition 206, The Fair Wages and Healthy Families Act. While the minimum wage portion of this proposition got most of the attention, another far-reaching provision affecting most ALL employers will go into effect …

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Mesa offers tax amnesty to businesses

The City of Mesa has begun a Tax Amnesty Program running from June 1, 2017 to July 31, 2017. This is the first City Tax Amnesty program offered in the Phoenix Metropolitan area, per the Arizona Republic. Taxpayers will be allowed to submit delinquent Transaction Privilege (Sales) Tax, Transient Lodging Tax and Use Tax reports …

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What’s my business worth? The age old question

Recently, this seems to be the number one question I receive from aging business owners that have begun to contemplate what to do next with their business. Business owners are beginning to realize they cannot work forever and are looking for options to liquidate their investment. So, what’s their business worth? What are a business …

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