CPA Blog

Does your family business’s succession plan include estate planning strategies?

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Published: Wednesday, 07 December 2022 11:37

Written by Phillip Strickler, CPA.CITP

Family-owned businesses face distinctive challenges when it comes to succession planning. For example, it’s important to address the distinction between ownership succession and management succession.

When a nonfamily business is sold to a third party, ownership and management succession typically happen simultaneously. However, in the context of a family business, there may be reasons to separate the two.

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Answers to your questions about taking withdrawals from IRAs

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Published: Tuesday, 06 December 2022 11:41

Written by Phillip Strickler, CPA.CITP

As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA) when you reach age 72.

The rules for taking required minimum distributions (RMDs) are complicated, so here are some answers to frequently asked questions.

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Take a look at stock options as a recruitment tool

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Published: Wednesday, 30 November 2022 10:42

Written by Phillip Strickler, CPA.CITP

According to the U.S. Bureau of Labor Statistics, the U.S. unemployment rate rose slightly to 3.7% in October. Seeing as how that’s still a relatively low number, your business may be struggling to fill its open positions.

Offering equity-based compensation to job candidates is one recruitment strategy to consider. Many companies have used stock options to attract, retain and motivate executives and other key employees.

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Strategies for investors to cut taxes as year-end approaches

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Published: Tuesday, 29 November 2022 12:47

Written by Phillip Strickler, CPA.CITP

The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses from your stock market investments.

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