FAQs of Becoming an Entrepreneur
Taking the leap to entrepreneurship is exciting, motivating, and empowering—especially if you lost your job recently due to COVID-19. While it’s a great career move, it’s not without challenges. Be sure to map out some key steps, such as what business structure to set up, how to find office space, and how to afford your
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Business Valuation Expert Witness Reports and Discovery - A Jurisdictional Analysis
Generally, business valuation experts should provide a written report explaining their opinion of the value of the asset or business interest that is the subject of the litigation. However, the procedural rules that govern the disclosure of expert witnesses and requirements relating to written appraisal reports differ drastically between jurisdictions. These rules should be reviewed
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Intrinsic Value Standard in Virginia Divorce Proceedings
Definition of Intrinsic Value in Virginia In Virginia, Intrinsic Value is the standard of value used for the purposes of equitable distribution in divorce proceedings. According to the International Glossary of Business Valuation Terms, Intrinsic Value is defined as: the value that an investor considers, on the basis of an evaluation or available facts, to
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How Business Owners Overwhelmed with Dealing with Finances Can Help Themselves
When it comes to owning a business, there’s no rule that says you have to love dealing with the finances and managing expenses. In fact, many business owners find themselves feeling bogged down and overwhelmed by it. If this sounds like you, here are some tips for how to eliminate the overwhelm. Get your budget
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Business Valuation in Divorce - Virginia Case Law
Below is a listing of Virginia Court of Appeals / Supreme Court of Virginia‘s opinions issued in business valuation cases under equitable distribution / divorce. 2020 – Sultan v. Malik, Virginia Court of Appeals, Unpublished No. 0747-19-4 2018 – Henderson v. Henderson, Virginia Court of Appeals, Unpublished No. 1402-17-2 2016 – Shuler v. Shuler,
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Congress passes Paycheck Protection Flexibility Act of 2020
On June 3, 2020, US Senate unanimously passed the Paycheck Protection Flexibility Act of 2020, by adopting the House version of the legislation. President Trump is expected to sign it. The act triples the time allotted to small businesses (i.e. PPP loan recipients) to spend the funds and still qualify for forgiveness of the loans
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IRS announces Form 1040-X can be filed electronically starting the summer of 2020
On May 28, 2020, IRS announced the addition of Form 1040-X – ‘Amended U.S. Individual Tax Return’ to the list of forms available for electronic filing starting this summer. Making the 1040-X an electronically filed form has been a goal of the IRS for a number of years as about 3 million Forms 1040-X are
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Non-Profit Sample Forms and Policies
IRS Form 990 Policies: Index of Suggested Policies and Procedures Committee Meetings Compensation Review Conflict of Interest Disclosure of Documents Disclosure of Fraud Disclosure of Outside Income Document Retention and Destruction Gift Acceptance Loans to Board and Staff Local Branches, Affiliates Monitoring of Investments Review of Form 990 Travel Whistle Blower IRS Form 990
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Community Property vs. Separate Property – Step-up in basis rules and tax planning strategies
Community property is generally defined as the property that is acquired during a marriage in a community property state. The basic idea is that the fruits of the labor of either spouse is the property of the ‘spousal community’ and is therefore shared equally. In community property states, the property acquired during a marriage is
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IRS Now Requiring S Corporation Shareholder to Report Basis on Tax Returns
After the passing of the Tax Cuts and Jobs Act, IRS released the revised Form 1040 – US Individual Income Tax Return earlier this year. As part of the revision, a new checkbox has now appeared on Schedule E of Form 1040 that applies to S Corporation Shareholders. IRS posted information about this change on
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