Valuation services are one of the highest growth areas for CPA firms. Clients need to know the value of businesses, business interests and intangible assets for many reasons, including sales transactions, financing, taxation, financial reporting and litigation. When an appraiser follows professional standards, it reassures business owners about the quality and consistency of his or her methods and…

The IRS is always skeptical when individual taxpayers claim deductions for bad debt losses. Why? Losses from purported loan transactions often fail to meet the tax-law requirements for bad debt loss deductions. For example, a taxpayer might try to write off a capital contribution to a business entity that underperformed. Or a taxpayer might have…

Creating an estate strategy is all about helping ensure that your final wishes are carried out in the event of your death and your assets are transferred to your heirs with managing taxes in mind. How well do you know the fundamentals of estate management? Take our short quiz and see. 1. Probate is defined…