liability

closely-held business tax releif

Do You Own a Closely-Held Family Business?

Sec. 6166 may help ease the sting of estate taxes Assets such as an illiquid closely-held business can pose unique estate planning challenges. Indeed, even with the gift and estate…

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goodwill impairment

The Art and Science of Goodwill Impairment Testing

Goodwill shows up on a company’s balance sheet when the company has been acquired in a business combination. It represents what’s left over after the purchase price in a merger…

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payroll tax penalty

Small Businesses: Stay Clear of a Severe Payroll Tax Penalty

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also…

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Measuring fair value for financial reporting

Measuring Fair Value for Financial Reporting

Business assets are generally reported at the lower of cost or market value for financial reporting. Under this accounting principle, certain assets are reported at fair value, such as asset…

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pass-through entity tax deadline

Beware the Ides of March – If You Own a Pass-Through Entity

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes.…

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