by Fishman, Block + Diamond, LLP | Dec 17, 2020 | Tax
For 2019, the lifetime gift and estate tax exemption has reached a whopping $11.40 million ($22.80 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there’s...
by Fishman, Block + Diamond, LLP | Dec 17, 2020 | Client Memo, Security
A strong system of internal accounting controls is important in preventing fraud. The internal control system consists of the mechanisms that are in place to protect company assets. The assets most vulnerable to loss include: Cash Accounts Receivable Inventory and...
by Fishman, Block + Diamond, LLP | Dec 17, 2020 | Tax
Do you make nondeductible contributions to a traditional IRA? If so, you need to understand the tax treatment of distributions to ensure you’re not taxed twice on the same income. Justify your strategy There are several reasons why you might contribute nondeductible...
by Fishman, Block + Diamond, LLP | Dec 17, 2020 | Estate Planning
If you own an interest in a family-owned or other closely held business, a buy-sell agreement is a valuable document to have in place. These agreements specify whether — and under what circumstances — owners ’interests may be transferred. Buy-sell agreements should be...
by Fishman, Block + Diamond, LLP | Dec 17, 2020 | Retirement
Do you own a closely held company? Are you approaching retirement age? If so, you may be struggling to balance conflicting goals for your business. An employee stock ownership plan (ESOP) may help. Business owners often need to tap at least some of the value of their...
