The cost approach to valuing a business starts with the book values of assets and liabilities reported on the balance sheet. However, book value is based on historic cost, rather than current market value. Plus, certain items, such as internally generated intangible assets and contingent liabilities, may not be reported on the balance sheet. So
Joan Ellenbogen
Feb 8, 2022
Feb 2, 2022
Does your trust need protection?
- By Joan Ellenbogen
- Estate
- 0 Comments
A trust protector is often compared to a member of a corporation’s board of directors. A trustee manages the trust’s day-to-day affairs while the trust protector serves in an oversight capacity to prevent trustee mismanagement and to participate in certain major decisions. A trust protector’s specific powers are set forth in the trust document. Among
Dec 30, 2021
Will the standard business mileage rate go up in 2022? Yes!
- By Joan Ellenbogen
- Business
- 0 Comments
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will
Dec 28, 2021
The tax implications of owning a corporate aircraft
- By Joan Ellenbogen
- Business, Taxes
- 0 Comments
If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. There are tax and non-tax implications for aircraft ownership. In most cases, if your company buys a plane used only for business, the company can deduct its entire cost in the year that it’s
Dec 22, 2021
A credit card use policy can help prevent abuse
- By Joan Ellenbogen
- Non-Profit
- 0 Comments
During the busy holiday season, not-for-profit executives may rely on staffers to purchase gifts and holiday party supplies for the organization. But before you hand over a credit card, you need to make sure that the employee is trustworthy and understands your nonprofit’s credit card use policy. Don’t have a policy? Here’s how to establish
Dec 16, 2021
Stock market investors: Year-end tax strategies to consider
- By Joan Ellenbogen
- Financial Planning, Taxes
- 0 Comments
Year-end is a good time to plan to save taxes by structuring your capital gains and losses. Consider some possibilities. For example, suppose you lost money this year on some stock and have other stock that has appreciated. Consider selling appreciated assets before Dec. 31 (if you think the value has peaked) and offset gains
Dec 14, 2021
New digital asset reporting requirements will be imposed in coming years
- By Joan Ellenbogen
- Taxes
- 0 Comments
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage
Dec 8, 2021
6 steps to prepare your business for a sale
- By Joan Ellenbogen
- Valuation
- 0 Comments
The COVID-19 pandemic has put unprecedented stress on private business owners. Some are now considering selling their businesses. Before putting your business on the market, it’s important to prepare it for sale. Here are six steps to consider. 1. Clean up the financials Buyers are most interested in an acquisition target’s core competencies, and they
Dec 2, 2021
Established nonprofits must continue to build and grow
- By Joan Ellenbogen
- Non-Profit
- 0 Comments
As not-for-profits transition out of pandemic “survival” mode, even established organizations need to watch out for pitfalls. For example, “mission creep” can alienate longtime supporters and cause your nonprofit to become overextended. To remain true to your mission, yet grow and become sustainable, consider adding more experienced board members capable of taking on greater leadership