Did you know that business valuators offer two types of appraisal services? Formal valuations are the most common service valuators provide, requiring significant time and in-depth analyses. But sometimes a less formal “calculation” of value will suffice — just don’t expect it to stand up to outside scrutiny. Calculations are only as reliable as the assumptions and scope…
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IRS Issues Proposed Guidance on Controversial SALT Limitation
In recent weeks, the IRS has issued a series of proposed regulations to help clarify provisions of the Tax Cuts and Jobs Act (TCJA). One of the most controversial parts of the law is the limit on individuals’ deductions for state and local taxes (SALT) that goes into effect this year. In the wake of…
When a Spouse Inherits an IRA
Spouses have the most flexibility when inheriting individual retirement accounts (IRAs). The basic rules are: The spouse may treat the inherited IRA as his/her own (or roll it over into his or her own IRA) or remain the beneficiary on the account. The spouse may only treat the IRA as his or her own if…