Third Quarter 2022 2021 was a significant year for business owners who chose to exit via a sale of their privately held businesses. The government’s response to the COVID-19 pandemic pumped billions of dollars into the economy, helping to drive a robust mergers and acquisitions market led by aging baby boomers preparing to retire and concerned about the prospect that the Biden administration was potentially ...

The Tax Cuts and Jobs Act has provided certain advantages for clients, including a 20% deduction for qualified business income and a higher standard deduction. But a cap on deductions for state and local taxes and a different method for determining inflation adjustments could create challenges. "The TCJA has given wealthy taxpayers some interesting changes to their return," noted Scott Kadrlik, CPA, PFS. To ...

Many long-term investors have amassed substantial capital gains since the market bottomed out in March 2009.  While great-looking on paper, such gains have real tax implications for engaging in even routine investment adjustments. To read the full article in FinancialPlanning, click: Kitces: Three Strategies for Managing Big Capital Gains. ...

Negotiating, Structuring, and Reaping the Reward The authors share their views on what business owners should consider doing in anticipation of selling their business. The authors also share structuring considerations to close the transaction and reap the reward. ...

Beyond The Fiscal Cliff:  Details to Act On Gail Perry at Accounting Web introduces a set of articles on the effect of the "fiscal cliff." A first article – New Tax Law Emerges Beyond the Fiscal Cliff – provides an overview of the key tax provisions that will affect your individual and business clients. It's followed by coverage of how the new law will impact federal estate, gift, and generation-skipping ta ...

A Dozen Categories.  Some Categories Alone Encompassing Up to 20 New Taxes.  Here's the Detail.  The American Taxpayer Relief Act, passed by Congress on Jan. 1, permanently extends a large number of tax items from the 2001 and 2003 tax acts and extends many expired tax provisions. Here is a comprehensive look at the many changes contained in the bill, as well as other new taxes that took effect Jan. 1. Paul ...

There's good news and bad news.  Here's the low-down.   Dean Zerbe offers his take at Forbes on how the current deal will affect small-business owners: ...

Although 2013 Rates Are Still Unclear, Smart Planners Are Making These Moves Today Laura Sanders at the Wall Street Journal reports that the annual scramble to make smart tax moves before December 31 is proving especially vexing this year, since Congress still hasn’t settled 2013 tax rates on income, investments, large gifts, and estates. Deductions and other breaks are in doubt.  And some questions—such as ...

You've probably already read this story—Facebook Co-Founder Renounces U.S. Citizenship in Advance of IPO, Saving Millions in U.S. Taxes —heard about it on the radio, or seen it on TV.   But Paul L. Caron of The TaxProf Blog has done a remarkable job of aggregating all the media responses to the story from about 20+ outlets, and linking to previous posts this week on the developing story.     On Thursday:  B ...