Planning for future generations is the greatest gift family businesses can give, particularly during times of uncertainty. Transferring assets while they have a low value is a technique that is used to lock-in or freeze those low values in anticipation the asset will one day significantly increase in value. There are estate tax planning techniques that can be implemented which transfer the greatest amount of value from an estate while using the least amount of exemption.
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Business closures have been immensely difficult for companies of all sizes during the COVID-19 pandemic. But reopening is proving difficult, too, especially given the ever-changing nature of the pandemic. As cases have surged in new parts of the country, businesses have been forced to reassess their operational plans in both the near- and long-term. Owners and executives are paying close attention both to customer and employee safety. And businesses must be mindful of potential legal ramifications of their decisions.
As a clearer picture of each U.S. presidential candidate’s platforms emerges, many have yet to consider how a potential change in leadership may impact their current estate tax and income tax. This guides provides a thorough outline and comparison of both Biden’s and Trump’s tax platforms and includes possible impacts to high-income earners, high net worth individuals, and families. To help mitigate the tax impacts, several key strategies are brought into focus.
COVID-19 has pushed many healthy businesses into a distressed position where they find themselves needing to raise financing, restructure debt, or sell the business to survive. For private equity funds with dry powder—available cash—on hand, a strategic investment in those businesses are under consideration. However, an acquisition of a distressed business is often more challenging than a traditional Mergers and Acquisitions transaction from both a deal and tax perspective.
There is no avoiding the subject: COVID-19 has made it a tough period for many U.S. businesses. While a few sectors have benefitted from the pandemic, the vast majority are considering taking on additional debt or equity, selling off portions of the business, liquidating the business altogether, or declaring bankruptcy. This high-level overview provides business owners with some of the key topics and restructuring strategies they should be aware of.
On this podcast episode, a discussion with a top bankruptcy and restructuring lawyer provides insights on the ways COVID-19 causes financial distress to businesses, the parties involved, and why it may take some time before companies become distressed. It also addresses new rules that streamline the bankruptcy process for smaller businesses to help them survive, and insurance coverage issues arising in these distressed situations.
With the unprecedented shift to working from home due to the COVID-19 pandemic, many employers had to quickly adjust to utilizing a virtual workforce. As a result, employers may be overlooking business-related expenses being incurred by their employees. This brief refresher provides guidance on employer obligations with regard to expense reimbursement amidst the pandemic.
As organizations move to a more remote workforce, automating the on-boarding and off-boarding process to a zero-touch deployment is more important than ever. New policies and procedures need to be established as interaction between organizations and their employees change in a post-COVID world. In this webcast, the BPM team discusses considerations and information your organization needs to know to ensure an efficient employee management process.
Managing your business and personal strategies can present several financial, managerial, and emotional complications during a time of uncertainty. No doubt the COVID-19 pandemic and social unrest are challenging the normal operating model and creating struggles. To help business owners tackle the issues they may be most concerned about, three 10-minute videos provide guidance on cashflow considerations for business and personal matters, future sale, and succession planning opportunities.
Staying informed on the latest legal case filing developments involving COVID-19 can help businesses make better, strategic business decisions during these challenging times. Through an in-depth research and analysis of case trends—including tracking cases filed in 2,613 state and 148 federal courts from March 1, 2020 to August 16, 2020—the nature of the cases that substantively involve COVID-19 claims indicate that insurance and contract claims are at the top, with employment, civil rights, and tort claims following.