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Options to consider if you chose the wrong successor for your family business
Hopefully, your family business has chosen a great successor. But if you’re in the midst of training your successor — or even beginning to hand off the reins — and regretting your choice, how can you take a bad situation and turn it around? There are several options you might want to consider.
Bring in a family business consultant
Before you “fire” your chosen successor, discuss the matter with your board of directors and an objective party, such as a trusted advisor such as your accountant or a family business consultant. After all, it’s possible that your perception may be…
Tax records: What can you toss and what should you keep?
Generally, the IRS has three years to audit a tax return, from the later of the due date of the return, or the date you file. You can also file an amended return within this time frame if you overlooked something. Here’s what you need to know about keeping financial records involved in your tax returns.
Federal tax records
Despite the three-year guideline, many tax advisors recommend retaining copies of your finished tax returns indefinitely to prove that you filed. Even if you don’t keep returns indefinitely, at least keep them for six years after the returns are due or filed, whichever…
New Questions about BOI Reporting
A recent federal court ruling has raised questions about a controversial new rule requiring millions of small- to medium-sized business owners to report detailed personal information to the U.S. Treasury Department. This new rule—the Beneficial Ownership Information (BOI) Reporting Rule—went into effect on Jan. 1, 2024, but on March 1, a U.S. District Court judge found that the law establishing the rule is unconstitutional and prohibited the department’s Financial Crimes Enforcement Network (FinCEN) from enforcing it.
The judge’s ruling applies to only a few of the estimated 33 million businesses subject to the BOI requirement, and the Justice…