You have worked hard to build your business and then something happens! Isn’t that the way life is? One thing causes another problem and soon you are facing more than you can handle. Our firm is here to help. We are experts in resolving problems and getting you back on your way to continued success.
Sole proprietors, partnerships, Subchapter-S corporations and even small C corporations are affected by the tax consequences of divorce or death. There are many tax issues that we can help you plan for and overcome. Some examples are:
- Spouse or children who have been working in the firm at no-pay, or low pay, have a claim to the business income stream and assets. In a community property state, they may collectively hold a majority interest.
- There are many ways to buy out the shares or partnership interest in the event of death of a shareholder or partner. The wrong ways can be ruinously expensive.
- The business must continue operations to insure a fair sale value. A part-time CFO may be needed.
- Distributions from a corporation for the purpose of retiring shares where corporate assets are distributed in lieu of cash can have complex tax burdens on both the corporation and the recipients.
- Tax audit liabilities will carry forward to all parties for four years or more, but the responsibilities must be dealt with now.
These are only a few of the dozens of potential problems created by life’s events. We can help!
If life’s events are pushing your business to the wall, we can hold off the IRS and protect your personal assets until you have your financial affairs in order. Click here for our Tax Problem Resolution services.
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