Business sellers need to retain the services of a knowledgeable tax professional to help them figure out the IRS issues and problems they may be facing.
It is not the sales price that is important; rather, it is how much money does the seller actually get to keep that is.
- assist the seller, and their team of experts, to determine the IRS and California taxes that will be payable upon a sale.
- assist with analyzing if there are any possible deferral mechanism that might be available. Sometimes, deferral is a great idea and in other situations it might be a terribly costly error, each potential seller is different.
- Each family owned business is unique with respect to planning options and asset protection strategies with respect to family assets.
Whenever the term “that is a deal killer” is heard in a potential business sale and/or a real estate transaction (it could be a low appraisal problem, inspection report issues, lender unreasonableness, price and/or terms issues), someone should be suggesting that the parties retain the services of a knowledgeable real estate mediator. Often a solution can be found involving the financing, the comps being used by the parties, the future of one or more of the parties and other points.
There are always concerns about tax laws being changed by the Congress or the legislature in Sacramento. The short answer is that the tax laws are complicated. It is often a good idea to get a second opinion if there is going to be a large tax liability.
If you are a prospective client, please give us a call
for a complimentary get acquainted phone conference.