Build a Winning Team and Achieve Your Business and Personal Goals

Choosing the right team to advise you can help you continue to grow your business while working towards your personal goals. An experienced exit planning professional can assist you in developing the right plan for your business and creating a balanced lifestyle by integrating your personal and professional goals.

Prepare for the 5 Ds and Exit Your Business on Your Terms

Life can change quickly. If something unexpectedly happens to you, your business could be adversely affected and your day to day operations could come to a complete halt. Business owners must prepare for unexpected events and have a contingency plan for worst-case scenarios.

New 1099-K Reporting Requirements Will Impact Reporting for the Gig Economy

Financial reporting for gig workers (temporary, flexible workers such as independent contractors and freelancers instead of full-time employees) has always been complicated and recent legislation under The American Rescue Plan Act of 2021 (ARPA) will continue this complexity and have a significant impact on gig economy workers and the companies and platforms who host them.

The Construction Company Guide to Risk Management

As the COVID-19 pandemic continues to dissipate, it’s important for construction companies to implement a proactive and aggressive approach to managing their risk. To protect their overall well-being, business owners must consider whether the vendors and subcontractors they’re working with are able to maintain their position financially, especially as projects and workloads ramp up.

How to Navigate the IRS’s Automated Underreporter Program

Recent estimates by the Internal Revenue Service (IRS) indicate that nearly $1 trillion in legally owed taxes go uncollected each year, making addressing this gap a major focus for both the IRS and Biden administration. In fact, it has been proposed by the current administration to increase the IRS’s budget by $80 billion over the next 10 years.

Three Numbers You Need to Know and Manage to Meet Your Goals

Several key calculations can help you determine gaps in your business that may prevent you from meeting your goals. Our graphic explains the three most important gaps that exist for most business owners and shares how to calculate these gaps to determine how to best meet your business and personal goals.

IRS Issues Alert on Abusive Micro-Captive Insurance Arrangements

On April 9, 2021, the IRS issued IR-2021-82, which urged participants in abusive micro-captive insurance arrangements to exit these transactions as soon as possible. At the time of the release, the IRS noted it has increased examinations of micro-captive arrangements and that it recently won another US Tax Court Case with the March 10, 2021 ruling in Caylor Land & Development, Inc. v. Commissioner, T.C. Memo 2021-30 (“Caylor”).

COVID-19’s Impact on Goodwill Impairment Assessments

The COVID-19 pandemic has impacted, to varying degrees, both the current and future financial performance of almost every company across all industries. As a result, assessing goodwill impairment has become a hot topic, with some companies taking another look at the valuation-related processes surrounding their existing goodwill impairment procedures.

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