Things to Consider When Planning Your Family Business Succession

This article explains why family businesses continue to generate 70-90% of global GDP annually. Ernst and Young reported that “the largest 500 family businesses constitute the third-largest economic contribution in the world by revenue and employ 24.1 million people worldwide.” Family businesses will thrive if they continue to follow four categories: the nature of change, talent in transition, the advisor advantage, and the not-so-secret family recipe for success. In the “nature of change” category, digitalization, [Read More]

December 3rd, 2021|

Inflation Adjustments for 2022 Returns

This article explains the new inflation adjustments that are being made by the IRS issued through Rev. Proc. 2021-45. The IRS also cautioned that “with legislation pending in Congress that might affect 2022 tax returns, taxpayers should consult future IRS guidance to determine if the adjusted amounts in Rev. Proc. 2021-45 remain applicable in 2022.” Single individuals that make $10,275 and under are subject to a 10% tax, an increase of $325 from 2021. Other [Read More]

November 18th, 2021|

Consequences of Some Retirement Options on Small Businesses

Valeria Alterman and Ariane Froidevaux delve into research on various retirement options for small business owners. They look into their custom model of retirement decision options for small business owners to separate from their business, all based on “the ‘proximity’ of the business to the individual once the decision has been made.” The four options (family succession, retirement from management while maintaining ownership, independent sale, and liquidation) are codependent with economic and natural consequences. Alterman [Read More]

November 12th, 2021|

Succession Planning Should Be Part of Family Business Strategy

Too often CEOs of a company will procrastinate the succession of their company to the next generation. This may happen since the idea of retiring from a business can be too difficult to embrace. Another reason is if the CEO decides to hand off the reigns to the family, there could be a dispute about who should take charge. To avoid problems with succession your best bet is to identify the next leader and start [Read More]

November 5th, 2021|

Keep Your Money in the Family with These Estate Planning Tips

This article explains why and how keeping money within the hands of the people you trust will help you in the future. Heirs could be responsible for “paying federal income taxes on either assets or retirement accounts, and if you plan poorly, your money could end up in the hands of an ex-spouse or creditor.” To prevent that tragedy, meeting with an estate attorney and an accountant could be very beneficial. To help keep your [Read More]

October 29th, 2021|

Keeping a Family Business Running Smoothly Generation after Generation

This article discusses three dysfunctions that are commonly seen throughout family businesses. Chris Yonker, the author of the article, says that following the steps of over-achievers can be a bad way to help ensure the family business continues to run properly. Often children are faced with the challenge of following the footsteps of their parents, even if they do not want to follow their steps. Parents that focus too much on their business instead of [Read More]

October 22nd, 2021|

Pivot CPAs Named Among Accounting Today’s “Best Accounting Firms for Women”

Our firm is so excited to announce that the we were recently named as one of the 2021 “Best Accounting Firms for Women” by Accounting Today. “Here at Pivot, we place a high priority on our vision of creating an inclusive workplace that seeks to enrich all of our team members both personally and professionally,” said Peter Reynolds, CPA, managing partner of Pivot CPAs. “Since the majority of our staff members are women, we can [Read More]

October 21st, 2021|

Business Travel Deductions for 2021

This article discusses how under previous law, deductions for business meals were limited to 50% of the cost, but through the pandemic, that deduction was doubled to 100% for the time being if the meal was provided by a restaurant. Further, many self-employed taxpayers are trying to re-energize their business through travel, and if you are honestly keeping records of money spent, many deductions await. In fact, you can sprinkle in some pleasure during the [Read More]

October 15th, 2021|

The IRS Backlog Is Causing Taxpayer Heartburn

Before the COVID-19 pandemic, the IRS was getting refunds out swiftly and responded to calls and correspondence in a reasonable amount of time. However, COVID-19 brought about a perfect storm of delays, initially caused by employees having to stay home because lockdowns prevented processing centers from operating and workers from going to their offices. And in most instances, IRS employees could not work from home because of the secure nature of their tasks and the [Read More]

October 13th, 2021|

Business Success Stories – The Explosive Growth of Zoom

Video conferencing in and of itself is certainly nothing new. It's been around in some form or another for decades — businesses used it for remote meetings in the 1990s, and personal users have been "Skyping" with friends and family members since high-speed Internet connections found their way into just about every home. But at the same time, certain organizations have become virtually synonymous with the trend in much the same way that "Google it" [Read More]

October 13th, 2021|
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