Growing your business is the primary focus of every entrepreneur. Whether growth occurs by way of increasing sales and cash flows at existing business divisions or via acquisition and expansion, the challenges faced are often strikingly similar. That being said, let’s examine for a moment the prospects and hurdles one will often face when buying…
As you may know, contractors have multiple accounting methods to choose from. But some are off-limits to certain contractors. As your construction company endures the ups and downs of a bumpy industry, it’s worth your while to review your options.
The business world is in for a major generational shift – a recent survey found 79% of business owners plan to exit their businesses within the next 10 years. The survey, conducted by the Business Enterprise Institute and the Conway Center for Family Business, found more surprising statistics. Only 30% of family-owned businesses succeed in…
The Tax Cuts and Jobs Act (TCJA) created more than 100 new tax provisions — a staggering thought as you begin to prepare for the next filing season. The good news is that these and some of the surviving provisions create a wealth of year-end planning opportunities.
Debt is an integral part of the strategic plans of many organizations, yet it has traditionally carried a stigma in the nonprofit industry. That view is changing, as more organizations borrow money for major capital purchases, new program funding — even to manage current cash flow. But if you’re hoping to borrow funds, know that…
If the financial covenants between your company and your bank are based on GAAP (Generally Accepted Accounting Principles) Financial Statements and include any measure of total liabilities – which most do – you need to be ready for what is coming. Under an Accounting Standards Update which was issued in April 2016 and effective for…
The R&D or Research and Development Tax Credit is available to far more industries than you’d think, including manufacturing, construction and software development among many others. You don’t have to develop a new product to qualify; even improving processes can be a qualifying activity. The R&D Tax Credit is one of the most lucrative available…
It might be advantageous from a tax standpoint to run a business through multiple entities. For example, a construction company might form a separate company to own and lease its trucks and equipment back to its related entities. Or a corporation might transfer appreciated property to an affiliated corporation in order to limit risk in…
The recent federal tax reform measures included a new deduction offering possibly the greatest tax benefit to pass-through businesses in more than 60 years. The Qualified Business Income Deduction – or QBI – allows qualified small business owners to simply not pay income taxes on 20% of their income in tax years 2018 through 2026….
In many ways, selling to a third party is far easier than selling to a family member – it is usually less emotional, and the focus is entirely on transferring the business. To sell to a family member, it requires a plan for working with your family, transferring your knowledge and transferring the business. Of…
