You should understand the tax implications if you’re selling property used in your trade or business. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, which you have held for over a year.
Closing a Business Involves a Number of Tax Responsibilities
While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities.
The Importance of Buy-Sell Agreements for Co-owned Businesses
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things:
- Transform your business ownership interest into a more liquid asset,
- Prevent unwanted ownership changes, and
- Avoid hassles with the IRS.
Vroom Vroom: What Businesses Should Know about Sales Velocity
Owning and running a company tends to test one’s patience. You wait for strategies to play out. You wait for materials, supplies, or equipment to arrive. You wait for key positions to be filled. But, when it comes to sales, how patient should you be? A widely used metric called “sales velocity” can help you decide.
Tax Considerations When Choosing a Business Entity
Are you in the process of starting a business or contemplating changing your business entity? If so, you’ll need to decide how to organize your company. Should you operate as a C corporation or as a pass-through entity such as a partnership, limited liability company (LLC), or S corporation? Among the important factors to consider are the potential tax consequences.
How to Keep Control Over Inventory
Many businesses need to have some inventory available. However, having too much inventory is expensive, not just to purchase but also to store, safeguard, and insure. So, keeping your inventory as lean as possible is critical.
How Family Businesses Can Solve the Compensation Puzzle
Every type of company needs to devise a philosophy, strategy, and various policies regarding compensation. Family businesses, however, face additional challenges — largely because they employ both family and nonfamily staff.
Why ESG Should Be in Your Strategic Business Plan
When business owners and their leadership teams meet to discuss strategic planning, the primary question on the table is usually something along the lines of, “How can we safely grow our company to reach the next level of success?”
A General Look at Generative AI for Businesses
If you follow the news, you’ve probably heard a lot about artificial intelligence (AI) and how it’s slowly and steadily expanding into various aspects of our lives.
One widely cited example is ChatGPT, an AI “chatbot” that can engage in conversations with users and create coherently written articles, as well as other content when prompted.
5 Strategies for Improving Collections
Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal, and customers go on their merry way. For other types of companies, it’s not so easy. Collections can be particularly difficult for business-to-business operations, which often find themselves in complex relationships with key customers. In these businesses, it’s often not as simple as “pay up or hit the road.”