More than 100,000 small businesses have closed due to COVID-19. There is more to closing a business than laying off employees, selling office furniture, and closing the doors. Owners of closing businesses must take certain actions as required by the IRS to fulfill your tax obligations. For example, if your business has employees, you must…
A business exit strategy is the plan for your business at the time that you want to leave your business. Giving yourself time to plan your exit will allow you to take the most advantageous approach. It is ideal for you to leave you business under the terms that you desire. Selecting the right strategy…
Strategies to help you transfer your wealth Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low interest rates and a volatile stock market are creating additional opportunities. Let’s…
Many people have turned to gig work due to the increase in reduced work hours, furloughs, and job loss caused by the coronavirus pandemic. Unemployment reached a record high in April 2020 of 14.7%. The unemployment rate fell to 8.4% in August 2020. The gig economy is booming. According to GigSmart gig work is on…