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Valuation Strategies article:
Do Not Be Too Quick To Discount A Discount For Controlling Interests

Valuation Strategies CoverThis was a case where the Estate’s business valuator merely went through the motions without considering the facts in the case. (The business valuation company was one of the country’s largest). By doing so they caused the estate to overpay estate tax by approximately 2.3 million dollars. The widow’s consultant, based merely on common sense, suspected that the companies were overvalued. You will see from the article that I prepared amended valuations and an amended estate tax return and secured an estate tax refund in the amount of $2,689,270 refund which included interest in the amount of $266,084. …
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March 6, 2017

Welcome to our new website

We at SKMB are excited to welcome you to our new website, more information will be added in the coming months. Please check back for our monthly blogs and updates.February 26, 2017

Phaseouts and reductions: A tax-filing reminder

As tax-filing season gets into full swing, there are many details to remember. One subject to keep in mind — especially if you’ve seen your income rise recently — is whether you’ll be able to reap the full value of tax breaks that you’ve claimed previously. What could change? If your adjusted gross income (AGI) … Continue reading Phaseouts and reductions: A tax-filing reminder February 26, 2017

4 myths about managing your debt

Debt is a reality for many Americans. Median household debt was estimated at $2,300 as of May 2016, according to consumer information provider ValuePenguin. And debt isn’t limited to those earning lower incomes; households with a net worth of $500,000 and over had an estimated $8,139 in credit card debt, per the same source. Underestimating … Continue reading 4 myths about managing your debt February 22, 2017

Facing the tax challenges of self-employment

Today’s technology makes self-employment easier than ever. But if you work for yourself, you’ll face some distinctive challenges when it comes to your taxes. Here are some important steps to take: Learn your liability. Self-employed individuals are liable for self-employment tax, which means they must pay both the employee and employer portions of FICA taxes. … Continue reading Facing the tax challenges of self-employment February 21, 2017

Consider separating real estate assets from your business

Many companies choose not to combine real estate and other assets into a single entity. Perhaps the business fears liability for injuries suffered on the property. Or legal liabilities encountered by the company could affect property ownership. But there are valid and potentially beneficial tax reasons for holding real estate in a separate entity as … Continue reading Consider separating real estate assets from your business January 26, 2017

Tax calendar

January 17 Individual taxpayers’ final 2016 estimated tax payment is due. January 31 File 2016 Forms W-2 (“Wage and Tax Statement”) with the SSA and provide copies to your employees. File 2016 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation payments in box 7 with the IRS and provide copies to recipients. Most employers must file … Continue reading Tax calendar January 26, 2017

Reviewing your company’s inventory options for best results

Robust cash flow is a must for virtually every kind of business. Yet an improperly or inadequately managed inventory system can drag down your revenues. It’s a good idea to regularly review your approach to inventory accounting. Reconsider your approach Generally, there are two primary inventory accounting methods for both tax accounting and financial accounting. … Continue reading Reviewing your company’s inventory options for best results January 26, 2017

Need to sell real property? Try an installment sale

If your company owns real property, or you do so individually, you may not always be able to dispose of it as quickly as you’d like. One avenue for perhaps finding a buyer a little sooner is an installment sale. Benefits and risks An installment sale occurs when you transfer property in exchange for a … Continue reading Need to sell real property? Try an installment sale January 26, 2017

Slight adjustments: COLA amounts for 2017 retirement plans

The IRS recently issued cost-of-living adjustments (or “COLAs”) for 2017. If, like most people, you’re funding a retirement plan, it’s a good idea to take a look at what’s changed and what hasn’t. Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans will remain the same at $18,000. Likewise, contributions to SIMPLEs stay unchanged at … Continue reading Slight adjustments: COLA amounts for 2017 retirement plans January 26, 2017

DAFs bring an investment angle to charitable giving

If you’re planning to make significant charitable donations in the coming year, consider a donor-advised fund (DAF). These accounts allow you to take a charitable income tax deduction immediately, while deferring decisions about how much to give — and to whom — until the time is right. Account attributes A DAF is a tax-advantaged investment … Continue reading DAFs bring an investment angle to charitable giving