Succession by Sale; Preparing Your Business

The succession plan for many owners of closely held businesses is a sale.  So often, the due diligence period with a buyer will reveal issues that thwart or delay sales and result in higher transactional costs.  In order to minimize the potential for such a result and have a successful sale, owners should proactively do […]

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Transitions – Part 1

Life is full of transitions and the actions taken to prepare for such transitions.  Parents spend time and money preparing for the transition of a child from infant to a toddler.  We winterize our cars and our homes; preparing for the changes in seasons.  And as our kids grow older and leave the nest, we […]

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Caller Unknown

Telephone scammers are getting better and better; using fear tactics to elicit irrational and immediate results.  This happened to someone close to me just a few months ago. It was late night for this victim, after 9 p.m., which for the typical person in their 80s is like 2 a.m. for the rest of us! […]

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A New Resolution for The End of April

Tax season for the year is over – well for those individuals who filed their returns without an extension.  But that does not mean that for tax preparers, they don’t have to think about income tax preparation until the change of the calendar year.  Your preparer may be involved in preparation of business returns which […]

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Crowdfunding and Taxes

Many people are familiar with crowdfunding to raise money for charities, for gifts, to assist victims of tragedy, etc.  Some of the sites are Go Fund Me, Facebook, Kindful and so many others.  It is always nice to see people looking out for others.  But did you know that money raised in this manner may […]

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Need To Correct or Amend Your Form 1040?

Taxpayers needing to amend or correct a 1040 Form – including Forms 1040-SS, 1040-NR and others, can now do so electronically.  Until recently, to do so required the filing of the amended or corrected returns on paper.  Changes not only regarding income or deductions, but changes to filing status or to add a dependent not […]

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The End Is Near

That phrase can have so many different meanings, but as a tax preparer for many years, to me it means the end of TAX SEASON is near.  For most tax preparers, at this point, they are weary, overwhelmed, and just wondering how they will get all of the returns completed, or extensions filed. You may […]

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Digital Asset Management: What Happens to My Online Accounts When I Die or If I Am Incapacitated?

In 2023, most people have shifted (whether you wanted to or not) to living mostly online. Between keeping up with social media and managing your finances, the average person has more than 90 online accounts. When dealing with estate planning, the common agenda is to ensure that you and your family are taken care of […]

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Ethical Wills

We have heard about a Will – a Last Will and Testament, which names someone to take care of wrapping up our affairs and directs the distribution of our assets.  But, have you heard of an Ethical Will? What exactly is an Ethical Will?  Simply put, it is a communication to your loved ones to […]

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