Using a Buy/Sell Agreement to Transfer Ownership

Article:  A buy/sell agreement is a contract that restricts business owners from freely transferring their ownership interests in the business; they are a tool in providing for a planned and orderly...
Published on August 24, 2012

Appendix 8 Sample Buy-Sell Agreement

Toolkit:  The Toolkit Companion Disc to the Accountant's Business Manual Supplement 48 contains an error. Business Plans Appendix 8, Samply Buy-Sell Agreement, was one of the appendix files that was mistakenly omitted from the 2011-2012 CD, which would have been included with your supplement
Published on February 02, 2012

Who Is a Manufacturer Under the Proposed Contract Manufacturing Regs.

Article:  In February 2008, the IRS issued proposed regulations intended to clarify the manufacturing exception in the context of foreign base company sales income (FBCSI) under Sec. 954(d)(1).
Published on May 14, 2010

Top 10 Steps of Succession Planning for a Privately Held Business

Article:  Succession planning for the privately held business results in an orderly transfer of the ownership and management of the business to the next generation in a tax-efficient manner.
Published on November 30, 2012

Significant Recent Developments in Estate Planning

Article:  This article examines developments in estate and gift tax planning and compliance between June 2006 and May 2007.
Published on May 10, 2010

Applying AICPA Business Valuation Standards in Tax Practice

Article:  the AICPA issued Statement on Standards for Valuation Services (SSVS) No. 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset, effective for all engagements accepted on or after January 1, 2008. The new standards apply to any AICPA member, or a nonmember CPA practicing in a state
Published on May 02, 2010

Tax-Deferred Exchanges of Vacation Homes

Article:  The IRS carved out a safe harbor for the exchange of vacation homes to qualify for Sec. 1031 treatment.
Published on January 28, 2011

Important Lessons Regarding Valuation Issues

Article:  Taxpayers with high income and high net worth should be diligent regarding the valuation process and ensure they have used thorough and well-documented appraisal methodologies.
Published on March 18, 2013

Current Developments in S Corporations (Part I)

Article:  This two-part article discusses recent legislation, cases, rulings, regulations, and other developments in the S corporation area. Part I covers operational issues, including new guidance on the treatment of medical insurance premiums for wholly owned S corporations, new built-in gain developments, and the impact of charitable giving by S corporations
Published on May 10, 2010

IRS Wins Again on Annual Exclusion of Gifts of Partnership Interests

Article:  In Fisher, the IRS has again won on the issue of whether taxpayers’ transfers of partnership interests were transfers of present interests in property. The court held the transfers did not qualify for the gift tax annual exclusion.
Published on May 03, 2011

Life Settlements

Article:  The tax treatment of life settlement proceeds has been unclear until recently. However, the IRS issued guidance during 2009 that clarifies when and to what extent policyholders must recognize capital gain when they sell a life insurance policy.
Published on January 28, 2011

Current Developments in Partners and Partnerships

Article:  This article reviews and analyzes recent rulings and decisions involving partnerships.
Published on January 28, 2011

Guiding Clients Through the Transfer-for-Value Maze

Article:  Editor: Michael David Schulman, CPA/PFS One of the most attractive aspects of life insurance as an estate and financial planning tool is the tax treatment of the death proceeds. Generally, the proceeds of a life insurance policy received by a beneficiar
Published on May 12, 2010

Current Developments in S Corporations (Part I)

Article:  This two-part article discusses recent legislation, cases, rulings, regulations, and other developments in the S corporation area. Part I covers operational issues; part II, in the November issue, will cover S corporation eligibility, elections, and termination issues.
Published on January 28, 2011

Lifetime Tax Planning for LLC Owners

Article:  Several steps can be taken before a LLC member’s death to reduce estate and income taxes and to plan for an orderly succession.
Published on May 31, 2012