The one thing that never changes is that life is always changing. The Tax Cuts and Jobs Act (TCJA) has made huge changes to the federal income tax rules for individuals. But how will you, your family, and your business be affected? It depends on your specific circumstances. Major life changes, both personal and business,  Continue Reading »

Does your Maine company need a chief financial officer but you can’t afford to hire one full time? Or do you need someone to help prepare your business to be sold, handle a special project, or cover for an executive who is ill or left the organization? A temporary, or interim, CFO usually has a variety  Continue Reading »

Would you leave the front door of your house unlocked? Probably not. What about your business or not-for-profit organization? Even more unlikely. While we like to think the best of our fellow Mainers, leaving the front door unlocked would welcome in the thieves. Not having strong anti-fraud controls in place at your business to protect  Continue Reading »

Would you be interested in investing in a business that allows you to later sell your stock tax-free? It may be an option for qualified small business corporation (QSBC) stock that was acquired on or after September 28, 2010. Sales of QSBC stock may be eligible for a 100% federal income tax exclusion. That would be  Continue Reading »

The Tax Cuts and Jobs Act (TCJA) introduced a flat 21% federal income tax rate for C corporations for the 2018 tax years and beyond. Previously, profitable C corporations paid up to 35%. This news has caused many business owners in Maine and elsewhere to ask: What is the best choice of entity for my start-up  Continue Reading »

The first-year depreciation deductions for vehicles used more than 50% for business purposes has been expanded by the Tax Cuts and Jobs Act (TCJA). Here’s what Maine small business owners need to know to take advantage. Depreciation Allowances for Passenger Vehicles The TCJA dramatically and permanently increases the so-called “luxury auto” depreciation allowances for new  Continue Reading »

The income approach is a common choice when appraisers are selecting appraisal techniques. Value is found with this technique by converting future economic benefits into their net present value. Long-term sustainable growth is a key part of this. Capitalization of Earnings Method When valuing a business under the income approach, the following formula is used, assuming the  Continue Reading »

Let’s say your Maine-based small business provides a service that involves servicing products that your customers own. Maybe you fix broken construction equipment, make alterations to clothing, frame customers’ art or a repair computers. You provide the service, but a customer does not respond to phone calls and e-mail messages after you notify him that his product  Continue Reading »

Escheatment could be costing your corporation substantial interest, fines or penalties. The word means turning over to your state any abandoned, lost or unclaimed property, both tangible and intangible. This property is often transferred to the government because a person died without a will, legal heirs or claimants. Every state has adopted unclaimed property laws,  Continue Reading »

Starting in 2018 under the Tax Cuts and Jobs Act (TCJA), Federal income tax rates for C corporations have been reduced to a flat 21%. But what about pass-through businesses? Congress devised a special tax break for pass-through businesses to help achieve parity between the reduced corporate income tax rate and the tax rates for business  Continue Reading »