Category Archives: Financial Planning

It’s Time to Review Your Financial Planning Options

September 14, 2016 | Business Plans, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation, Valuations

One of the best times to pause and review your financial planning strategy is Fall. A lot can happen in a year. You may need to revise your long-term financial plans if your personal life, market conditions or tax laws have changed. Here are some retirement and estate planning considerations that may be worthwhile. Roth  Continue Reading »

Do You Own a Vacation Rental Home with Limited Personal Use?

September 2, 2016 | Deductions, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation

Vacation properties in Maine are subject to different federal income tax rules depending on how much personal and rental use they have during the year. Now is a good time to plan how to use your Maine vacation property for the rest of this year with tax savings in mind. Tax Rules for Maine Vacation Home  Continue Reading »

What Professional Standards Apply to Business Valuations?

August 31, 2016 | Business Plans, Financial Planning, Valuations

Business valuation experts who testify in court are often asked, “Did you follow appraisal standards in performing your engagement?” The next question is likely to be: “Which ones?” There are a number of different standards that cover business appraisal practice. USPAP Uniform Standards of Professional Appraisal Practice (USPAP) is one of the most widely recognized standards.  Continue Reading »

Compare and Contrast the Republican and Democratic Tax Platforms

August 22, 2016 | Business Plans, Deductions, Exemptions, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation

Now that both major political party conventions are finally behind us, it’s time to focus on the upcoming national election. Among their many differences, the Republicans and Democrats have widely divergent tax platforms. It’s good to know what tax positions the two parties and their presidential candidates have staked out even though platforms are always relatively  Continue Reading »

How Synergy Affects Price

August 19, 2016 | Business Plans, Financial Planning, Valuations

When selling a business, did you know there are some buyers who would be willing to pay a premium above the fair market value of the business on a controlling basis? These are strategic (or synergistic) buyers, and might include competitors looking to build market share, joint venture partners who already understand the business model  Continue Reading »

Appraiser Lacks Necessary Valuation Expertise, Dissent Says

July 29, 2016 | Business Plans, Court Rulings, Financial Planning, Valuations

Shaffer v. Visaggio’s, Inc., 2015 Pa. Super. Unpub. LEXIS 2403 (July 29, 2015)  A Pennsylvania dissenting shareholder case raised questions about who is qualified to resolve valuation issues as well as what constitutes competent financial evidence. Valuators may find the dissent’s analysis more compelling than the majority’s opinion because it displays a greater appreciation of  Continue Reading »

New Study Confirms the Prevalence and Cost of White Collar Crime

July 25, 2016 | Business Plans, Financial Planning, Fraud Prevention

The Association of Certified Fraud Examiners (ACFE) has been publishing studies every two years for the past 20 years to raise awareness of occupational fraud, and the role strong internal controls can play in limiting these schemes. The 2016 Report to the Nations on Occupational Fraud and Abuse covers more than 2,400 cases of white collar crime, occurring  Continue Reading »

Save Taxes with Employer-Provided Transportation Fringe Benefits

July 22, 2016 | Financial Planning, IRS Regulation, Tax Planning

Some worthwhile tax breaks for transportation-related employee fringe benefits are being allowed by the Internal Revenue Code. They’re intended to persuade you to “go green” and give up your gas-guzzling vehicle when commuting to work. If your employer offers these tax-favored benefits, you should consider signing up. Here are the specifics. Favorable Tax Treatment The  Continue Reading »

Strict Tax Rules for Swapping Intellectual Property

July 18, 2016 | Business Plans, Financial Planning, IRS Regulation, Tax Planning

The exchange of intangible property involves a two-part test. Yes, you can arrange a tax-deferred exchange of your company’s intellectual property — for example, copyrights, patents or trademarks — with another company. However, the IRS imposes strict requirements on such “like-kind” transfers and requires a specific analysis for each transaction. Like-Kind Exchange Basics Generally, no taxable gain  Continue Reading »

Covenants Not to Compete and Personal Goodwill

July 11, 2016 | Business Plans, Court Rulings, Divorce Litigation, Financial Planning, Valuations

A covenant not to compete prevents the seller from competing in the same industry for a specified time period and within a specified geographic range, and on the part of the seller, is similar to title insurance to the buyer of the business. In this sense, it protects the buyer from the loss of value tied to  Continue Reading »