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So far Sonya Foster has created 1090 blog entries.

Resolve Business Succession and Estate Planning Conflicts

Transferring a family business to the next generation requires a delicate balancing act. Estate and succession planning strategies aren’t always compatible, and family members often have conflicting interests. By starting early and planning carefully, however, it’s possible to resolve these conflicts and transfer the business in a tax-efficient manner. Ownership

2021-04-12T14:53:52-06:00July 22nd, 2020|

Asset Impairment is Expected to Hit 2020 Financial Statements

Some companies are expected to report impairment losses in fiscal year 2020 because of the COVID-19 crisis. Depending on the nature of your operations and assets, the pandemic could be considered a “triggering event” that warrants interim impairment testing. Examples of assets that may become impaired include long-lived assets (such

2021-04-12T14:53:52-06:00July 15th, 2020|

How to Treat Business Start-Up Expenses on Your Tax Return

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know that many expenses incurred by start-ups can’t

2021-04-12T14:53:52-06:00July 15th, 2020|

Outsourcing Your Finance & Accounting

Outsourcing may appeal to organizations that are currently struggling with mounting overhead costs. By outsourcing, you convert certain fixed overhead costs associated with compensating and supporting employees into variable costs that can be scaled back in an economic downturn — or dialed up in times of growth and transition. One

2021-04-12T14:53:53-06:00July 7th, 2020|

Taxes When Selling Your Home

Traditionally, spring and summer are popular times for selling a home. The COVID-19 crisis has resulted in a temporary slowdown in sales in some markets. The National Association of Realtors (NAR) reports that existing home sales in April decreased year-over-year, 17.2% from a year ago. One bit of good news

2021-04-12T14:53:53-06:00July 7th, 2020|

What qualifies as a “coronavirus-related distribution” from a retirement plan?

The Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify for a coronavirus-related distribution? The Early Distribution Basics In general, if you withdraw money from an IRA or eligible retirement plan

2021-04-12T14:53:53-06:00June 30th, 2020|
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