By what “standard of value”should a business be appraised? That may sound like a peculiar question at first blush, but it has a significant meaning when determining the value of a private business interest. Most often, people who are unfamiliar with the nuances of business valuation recognize the term “fair market value” (FMV). However, there…

The following chart provides some important federal tax information for 2025, as compared with 2024. Social Security/ Medicare 2025 2024 Social Security Tax Wage Base $176,100 $168,600 Medicare Tax Wage Base No limit No limit Employee portion of Social Security 6.2% 6.2% Employee portion of Medicare 1.45% 1.45% Individual Retirement Accounts 2025 2024 Roth IRA Individual,…

IRS Revenue Ruling 59-60 is an essential building block of modern business valuation practice. It identifies “the condition and outlook of the specific industry” as one of the factors to consider when valuing a private business. But how do investors measure industry risk and how does it fit in the valuation paradigm? Value is a…