October 2021

Tax Planning for a Business Sale: Factoring in Goodwill

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The term “goodwill” might initially bring to mind donating items to charity or even Christmas carols. However, in the world of tax accounting, goodwill refers to intangible assets that increase a company’s value. This can include things like the company’s brand name, strong customer base, positive customer or employee relations, and proprietary technology. The goodwill […]

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Partnership Tax Complications: Navigating Negative Capital Accounts and DROs

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Starting with tax year 2020, the IRS is requiring partnerships to report their capital accounts using the tax basis method. Capital accounts show the equity in a partnership owned by each partner and often include initial contributions made by each partner, business profits and losses assigned to each partner, and distributions made to each partner.

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