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Fifteen Things You Should Know About Selling Your Business
By on November 21, 2019
1. Company Records. When you first begin contemplating a sale, you need to make sure the business's records are in order and up to date. You want your business's records in good shape to produce to a potential buyer at the due diligence stage. Keep a minute book with annual minutes or annual unanimous written consents as well as consents (or minutes of special meetings) approving major transactions, such as loans, etc. Retain copies of all of the business's fully executed contracts (loan documents, customer agreements, vendor agreements). This way, there is no question whether the company is obligated under a contract for which you have only kept a partially executed copy.
Inflation-Adjusted 2020 Unified Estate and Gift Tax Exclusion Amounts
By on November 8, 2019
It just keeps getting better for wealthy individuals! The Internal Revenue Service recently announced the inflation-adjusted estate and gift tax exclusion amount for 2020.
CRYPTOCURRENCY AND COMPENSATION: US TAX AND SECURITIES LAW RAMIFICATIONS
By on November 6, 2019
As discussed in a prior blog post by my colleague, Anthony Daddino, the IRS began sending "educational" letters (i.e., warning letters) to taxpayers regarding their potential failure to report or pay tax on cryptocurrency transactions. The identity of the recipients of such educational letters allegedly arose from the information obtained by the IRS from the "John Doe" summons served on Coinbase, Inc., a cryptocurrency exchange that primarily dealt in Bitcoin transactions during the time period covered by the summons. The primary focus of the letters was to "educate" taxpayers who purportedly engaged in sales or exchanges of virtual currency; however, such letters also identified an additional source of taxable income and reporting requirements that could arise from cryptocurrency payments made to employees or independent contractors for their services (i.e., compensation).
