What You Need to Know About Business Meal Deductions

What You Need to Know About Business Meal Deductions

This article discusses guidance on the Tax Cuts and Jobs Act pertaining to the general deduction of business entertainment expenses. Because of the guidance put out in 2020, “Taxpayers…must carefully follow the rules set out in the final regulations for substantiating business food and beverage expenses to ensure a deduction is allowed for the expenses.” However, differentiating between business entertainment and meals required more guidance. In short, proper documentation such as the amount of the expense, date, location, and purpose must be included. Be sure to check out this link for more information and further details!

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Succession Planning Strategy for Your Business

Succession Planning Strategy for Your Business

Too often CEOs of a company will procrastinate the succession of their company to the next generation. This may happen since the idea of retiring from a business can be too difficult to embrace. Another reason is if the CEO decides to hand off the reigns to the family, there will be a dispute about who should take charge. To avoid problems with succession your best bet is to identify the next leader and start “defining goals and outcomes.” Checking in with the successor and transferor frequently is very important to make sure they remain aligned and keep the same goals in mind. To conclude, “The key is to take action well in advance and get the house in order operationally to allow for coherent transitions in leadership that can be repeated for generations.” Be sure to check out the link for more information about succession planning.

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Tips for Selling Your Business in 2021

Tips for Selling Your Business in 2021

This article discusses how the coronavirus pandemic has impacted the way people are purchasing businesses and how business owners are selling. In fact, there's been a rise in investment activity, and it is expected to continue for the remainder of this year. In order to capitalize on these investments, taking advantage of tips such as considering multiple exit strategies, not rushing, and picking the right PE partner can make all the difference in the world. Be sure to check out this link for more details!

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