Thanks to the passage of the Tax Cuts and Jobs Act last year, there’s a new tax benefit for employers: the employer credit for paid family and medical leave. As the name implies, employers may claim the credit based on wages paid to qualifying employees while they are on family and medical leave.
U.S. taxpayers with undisclosed foreign financial assets should take advantage of the Offshore Voluntary Disclosure Program (OVDP) before the program closes on September 28, 2018. The planned end of the current OVDP also reflects advances in third-party reporting and increased awareness of U.S. taxpayers of their offshore tax and reporting obligations.
Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences.
If you’re thinking about selling your business the first step is to consult a competent tax professional. You will need to make sure your financials in order, obtain an accurate business valuation to determine how much your business is worth (and what the listing price might be) and develop a tax planning strategy to minimize capital gains and other taxes to maximize your profits from the sale.