You can’t touch goodwill, but it’s one of the most valuable assets for many businesses. Commonly associated with professional service firms, goodwill can also exist among manufacturers, retailers, contractors and other types of businesses. Valuing intangible assets, including goodwill, requires the use of a business valuation professional to get it done right. Getting a Handle…

A covenant not to compete on the part of the seller is similar to title insurance to the buyer of the business. It prevents the seller from competing in the same industry for a specified time period and within a specified geographic range.Important: Laws regarding noncompete agreements vary from state to state. For example, courts in California generally…

The following table provides some important federal tax information for 2023, as compared with 2022. Many of the dollar amount increases are higher than in past years due to inflation. Social Security/ Medicare 2023 2022 Social Security Tax Wage Base $160,200 $147,000 Medicare Tax Wage Base No limit No limit Employee portion of Social Security 6.2%…