4Thought Blog

While preparing your succession or estate plan, it can be helpful to value your family business both internally and externally.

You might wonder what that means — because you think your company has just one value. In fact, it can have multiple values depending on the valuation standard used. The different results can help you determine whether to keep the family business, pass it on to the next generation or sell it to an outsider.

Two common standards used in valuing a family business are:

It’s been a rough few years for many brick-and-mortar retailers, with several high-profile bankruptcies altering the face of local malls with thousands of store closures. Despite strong underlying economic fundamentals and high consumer confidence, many large malls have faced significant headwinds. Retailers in outdated malls, or those that have lost anchor stores, have been hardest hit.

Estate planning isn't just for the rich and famous. Many people mistakenly think that they don't need an estate plan anymore because of the latest tax law changes.

While it's true that the Tax Cuts and Jobs Act provides generous estate tax relief, even for well-to-do families, the need for estate planning has not been eliminated. There are still numerous reasons to develop a comprehensive estate plan and regularly update it.

Hiring young people can be beneficial for all parties. But before McDonald's franchisees make any job offers, you should be fully aware of how youth employment is regulated under the Fair Labor Standards Act. When employers fail to comply with these obligations, they can be prosecuted by the Department of Labor. And if the prosecution is successful, the DOL will likely publicize the results as a sobering reminder to all employers of the FLSA requirements.

If your small business is unincorporated, you may be fed up with paying the federal self-employment tax. This tax is how the federal government collects Social Security and Medicare taxes from self-employed individuals. However, you may be able to lower your exposure to these taxes if you structure your business as a subchapter S corporation for federal tax purposes. Here are the details on how this tax-saving strategy can work.

The latest technological innovation in manufacturing is likely coming to a plant near you — maybe even to your plant. It's the "automated warehouse." As technology, such as Big Data and the Internet of Things, improves other aspects of the supply chain, the traditional warehouse is undergoing radical changes. Manufacturers can't afford to ignore these developments.

Is your nonprofit organization pursuing planned gifts? It should be. Research suggests that the average planned gift in the United States falls between $35,000 and $70,000 -- and the amount may increase with more Baby Boomers moving into retirement. Yet many nonprofits, especially small and medium-sized organizations, lack formal planned giving programs.

The IRS has issued proposed regulations that provide guidance under new provisions added by the Tax Cuts and Jobs Act (TCJA) related to Qualified Opportunity Funds (QOFs). Specifically, the guidance addresses the gains that may be deferred as a result of a taxpayer's investment in a QOF, as well as special rules for an investment in a QOF held by a taxpayer for at least 10 years.

As part of National Small Business Week, the U.S. Small Business Administration and SCORE are hosting a free business growth and advisory virtual conference for small businesses.

The event features eight online webinars on May 7 and 8, 2019, or on demand after.

Congress has yet to tackle several outstanding uncertainties frustrating both businesses and individual taxpayers.

The Tax Cuts and Jobs Act, for example, contains several “glitches” requiring legislative fixes. Congress also has neglected to pass the traditional “extenders” legislation that retroactively extend certain tax relief provisions that expired at the end of an earlier year, in this case 2017.