The Best of Intentions: Implementing Your Succession Plan

Posting by Geoffrey D. Brown, CPA

The New York Times’ You’re the Boss blog recently shared an insightful post on businesses that had no succession plan, and how the children coped when they inherited these businesses.  The second generation of leadership has a lot to say about how these situations have affected their own approach to succession planning.

Many of these leaders are determined to transition more effectively to the next generation.  One comment in particular struck a chord with me:

Jessica […]

July 9, 2013 Family Owned Businesses, Wealth Management Read more...

SUPREME COURT RULES DEFENSE OF MARRIAGE ACT UNCONSTITUTIONAL – TAX IMPLICATIONS

Brian Wynne, CPA

The Supreme Court’s June 26th decision in United States v. Windsor has created a great deal of uncertainty surrounding federal taxation of same-sex married couples.  The decision struck down as unconstitutional section 3 of the Defense of Marriage Act (DOMA), which required same-sex married couples to be treated as unmarried for federal law.  This means that in the 13 states (plus the District of Columbia) that currently allow same-sex marriages, the federal government will recognize the marriage.

In […]

July 3, 2013 Accounting, Tax Read more...

Building a Better Board: A Guide for Your Family Business

Posting by Joel C. Susco, CPA

An effective board is essential for the success of your family business, forming the cornerstone of the governance structures that can help guide and direct your company.  A properly formed and functioning board also has implications for the valuation of your business, directly affecting potential exit and succession plans.

Deloitte recently released “Perspectives on Family-Owned Businesses,” a survey of the governance and succession planning practices of family-owned entities across the globe.  This study provides a […]

July 3, 2013 Family Owned Businesses, Human Resources Read more...

THE EFFECT OF THE AFFORDABLE CARE ACT ON MEDICAL EXPENSE DEDUCTIONS

Billy Thomas, CPA 

While sifting through the details of the medicare surtaxes that took effect this year as part of the Affordable Care Act (ACA) implementation, you may have missed the ACA-mandated change to the threshold for deducting qualified, unreimbursed medical expenses.

Before 2013, taxpayers were permitted an itemized deduction for medical expenses exceeding 7.5% of their adjusted gross income (AGI); the level is 10% for those taxpayers subject to Alternative Minimum Tax (AMT).  Beginning this year, the adjusted gross income […]

June 26, 2013 Accounting, Benefit Plan Accounting, Tax Read more...

Employing Your Children

Posting by Joel C. Susco, CPA

Summer is a great time to implement an easy tax savings strategy: hire your children to work for you. Employing your children in your business can be a quick and easy way to generate some additional tax savings, kick-off your children’s retirement savings, and provide your children with important career training that can be particularly crucial for future succession planning if you hope to run a multi-generational family business.

Bond Beebe Accountants & Advisors’ tax […]

June 24, 2013 Family Owned Businesses, Tax Read more...

Balancing the Mix of Family and Non-Family Leadership

Posting by Geoffrey D. Brown, CPA

By definition, of course a family business has family members in it:  sometimes entirely, sometimes running the business, and sometimes mixed throughout all levels.  But nowhere it is required that only family members work in the business, and that includes as the primary firm leaders (e.g., management team).  While the desire of many first generation family business owners is to eventually pass overall leadership to the next generation, there are good reasons to consider […]

June 19, 2013 Family Owned Businesses, Human Resources Read more...

Legal and Ethical Considerations When Hiring a Forensic Accountant

Alex Helfand, ENCE, Computer Forensic Specialist

It makes sense that you’d be looking at ethics and the law when looking for a forensic accountant to perform a fraud investigation – as those who perpetrate fraud clearly lack ethics and are breaking the law. But understanding these concepts in depth becomes more difficult, especially in the somewhat nebulous and individual realm of ethics. What about law and ethics are considered as part of the education of Certified Public Accountants (CPAs) and […]

June 19, 2013 Accounting, Forensic Accounting Read more...

Making Your Small Business a Family Business: Employing Your Children

Posting by Sean Urbany

If you have children and also own and operate your own business, summer is a great time to implement an easy tax savings strategy: hire your children to work for you. This could have several tax benefits for both you and your children, including lowering taxable income, reducing payroll taxes, and creating opportunities to start your children’s retirement savings.
Lower Taxable Income
Paying your child wages to work for your business is a great way to shift some […]

June 18, 2013 Family Owned Businesses Read more...

FASB Indefinitely Defers Employee Benefit Plan Disclosure Requirement

Brian Garstecki, CPA

The Financial Accounting Standards Board (FASB) recently voted to indefinitely defer certain disclosures regarding investments held by a nonpublic employee benefit plan in its plan sponsor’s own nonpublic equity securities. Accounting Standards Update (ASU) 2011-04, issued in May 2011, originally required that plans disclose the valuation processes used for fair value measurements of Level 3 investments held by the plan sponsor.

There was significant concern that disclosing this information would provide sensitive proprietary financial details about the plan […]

June 18, 2013 Accounting, Benefit Plan Accounting Read more...

Actionable Tactics for Keeping Emotions in Check Within the Family Business

Posting by Geoffrey D. Brown, CPA

It’s said that one important thing that makes humans different from animals is that we experience emotion.  Although it is typically considered wise to separate emotions from participation in the business world, this is not a realistic expectation.  Nor is it necessarily the better option; some emotions – such as passion, joy, a little fear (i.e., being risk averse) – can contribute positively to the running of a family business.  Can you imagine the […]

June 13, 2013 Family Owned Businesses, Wealth Management Read more...