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One Tweak That Can (Instantly) Add Significantly To The Value Of Your Business
If you’re trying to figure out what your business might be worth, it’s helpful to consider what acquirers are paying for companies like yours these days. A little internet research will probably reveal that a business trades for a multiple of your pre-tax profit, which is Sellers Discretionary Earnings (SDE) for a small business and Earnings Before Interest Taxes, Depreciation and Amortization (EBITDA) for a slightly larger business. Ian Fitzpatrick is a Chartered Professional Accountant and a Chartered Business Valuator. He is an expert in advising business owners and entrepreneurs on all aspects of corporate sales, mergers, acquisitions, litigation, succession and ownership issues. In a recent piece, Ian highlights how business owners can take simple steps to add significant value to their enterprises. To learn more, simply click on the short article attached at the bottom. To contact Ian directly, simply click on his icon to arrange an appointment regarding this topic. Source:
Changes are Coming – Is Your Private Business Prepared?
Last July, the federal government revealed its plans to overhaul the system of taxation for private businesses, their shareholders and family members. The original proposals were very broad based and essentially targeted every Canadian controlled private corporation. The proposal documents addressed four main areas: • Income sprinkling • Constraining access to the lifetime capital gains exemption (LCGE) • Converting capital gains into dividends • Corporate reinvestment Since then there has been a lot of publicity, debate, political rhetoric and push-back from tax professionals, business owners, farmers, doctors, Chambers of Commerce and other organizations representing small businesses. But what will these changes mean for private business; why were these proposed changes put forward and, if the tax system needed to be overhauled, was this way the proper approach? There are a lot of questions out there and none are easily answered. That’s where the experts from Welch LLP can help. Don Scott, FCPA, FCA is a Partner and the Director of Tax Services for Welch LLP. He is recognized as an expert for his extensive knowledge in the area of Personal and Corporate Tax Planning and is a regular with local and national media. Don is available to speak regarding these new laws and what they may mean – simply click on his icon to arrange an interview. Source:
On July 18, 2017 the federal government announced proposed tax changes which will have a significant impact on business owners. The main premise of the proposed changes is that the government feels it is unfair that an employed person with a T4 cannot do the same tax planning as a business owner; the proposed changes will limit what a business owner can do to save or defer tax. Here is a list of the areas that are impacted from the proposed changes for business owners: income splitting, capital gains exemption, pipeline planning, and the investment of retained earnings. These proposed rule changes are far reaching and will have a significant impact on small business owners/entrepreneurs, the very people often recognized for driving the economy and employment. The government has requested commentary from all stakeholders, but the consultation period is short – comments must be received by October 2, 2017. Don Scott, FCPA, FCA is a Partner and the Director of Tax Services at Welch LLP in Ottawa and is an expert in the fields of business, corporate taxation and finance. He is an excellent speaker and is available to speak with media regarding this important topic. Simply click on Don’s icon to arrange an interview. Source:
Are you one of the Canadians most likely to get a tax audit this year?
Every year, Canadian taxpayers fear the worst - a notice from the Canada Revenue Agency (CRA) informing you that you’re going to be audited. You should always prepare and file your income tax return under the assumption that your return will be looked at and scrutinized. The reality is, there very few are actually checked by the CRA - but that does not do you any good if you are the one. Apart from a random selection process there are many reasons why your return might be pulled for review or audit. If this is the case, the best advice we offer is to get your accountant involved immediately. Far too often our clients will start the process alone, answering a few questions that they think are simple and straightforward only to find they have simply provided the auditor with reasons to further pursue his or her review of your taxes. This is not to suggest that the questions are misleading. We are simply pointing out that you might not be aware of the implications of your answers and you can do yourself a disservice by providing an answer that simply leads to more questions. If you have prepared your return yourself go over it with a professional as soon as you receive your letter from CRA and let that individual deal with the CRA representative going forward. If you used a professional to prepare your return - get them involved immediately. Michael Burch is a managing partner at Welch LLP in Ottawa and is an expert in the fields of business, corporate/personal taxation and finance. He is an excellent speaker and is available to talk with media regarding this important topic. Simply click on Michael’s icon to arrange an interview. Source:
Trump to Congress: Repeal and replace Obamacare! Is it easier said than done?
On Tuesday night, President Donald Trump called on lawmakers to repeal and replace the Affordable Care Act (ACA). He cautioned that the ACA, which covers 20 million people, is "collapsing." But how will lawmakers dismantle a nationwide healthcare system? President Trump is supposedly in support of a GOP bill repealing Obamacare but still provides protections for those with pre-existing conditions, allows individual states more flexibility on Medicaid and encourages tax credits and savings accounts. Is all of this easier said than done? How long will it take? How much will it cost? What will replace it? Missouri State University's expert can help answer some of these questions. Professor Michael Merrigan is a management expert who focuses on the healthcare sector. He has more than 20 years of experience in senior leadership roles in the industry and is known as a leading expert on a variety of issues related to healthcare, including the ACA. He is available to speak to media about this topic. Click on his icon to schedule an interview. Source:
Somewhere in California Mark Zuckerberg is smiling. That’s because earlier this week his company saw a $934 million reduction in its income-tax provision all coming from a new rule affecting the accounting for stock payments to employees. And Facebook isn’t alone. The new rules affect all companies like Microsoft and other corporations that rely on employee stock compensation as incentive. And with this week’s announcement of close to a billion dollars – expect more to get on board. But with accounting rules like this – who wins, who pays and obviously, someone out there must be making up the difference? Is this good for the economy or just another example of how enormous companies are finding ways of paying fewer and fewer taxes? Clever accounting is never simple to explain – that’s where the Kelly School of Business can help. Laureen Maynes is the Executive Associate Dean of Faculty and Research at The Indiana University’s Kelly School of Business. Laureen is an expert in the fields accounting and financial services and is a leading opinion on this topic. She can help explain how companies are reaping hundreds of millions of dollars in benefits and why it is allowed. Simply click on her icon to arrange an interview. Source:
Is President Trump tearing down the wall that separates church and state in America?
Yesterday, President Trump promised to “totally destroy” a 60-year-old law banning tax-exempt churches from supporting political candidates. The Johnson Amendment prohibits tax-exempt nonprofits — including churches and other houses of worship — from “directly or indirectly” participating in a political candidate’s campaign. Overturning this requires an act of Congress. President Trump's comments were likely a reminder to all that this was a commitment he made during the election in an effort to cater to the religious right. But what will repealing the Johnson Amendment really mean? Is this meant to foster free speech or merely to access the vast cash-reserves that churches can provide? Will this see churches return to the times of serious political power and how could this be a game-changer for politicians, candidates and campaigns moving forward? Dr. Kevin Pybas is an associate professor of political science at Missouri State University. He is an expert in the fields of law, religion and politics, and is an opinion leader on this topic. Click on his icon to arrange an interview. Source:
Time will tell whether President-elect Donald Trump's economic policies will help or hurt the U.S.
President-elect Donald Trump's economic plan, such as it is, is very unspecific and lacking in details—especially in how it will be implemented or what aspects take priority. It looks like his biggest priority will be tax reform. Generally speaking, lowering marginal tax rates are a good thing and can lead to higher economic growth—but it remains to be seen if the increased taxes from the higher growth would balance out the amount of taxes cut. Simplification of the tax code will also be very helpful, but there are very few specifics as to how Trump would accomplish this. In short, his proposal for higher spending on infrastructure, which is definitely needed, with tax cuts would boost growth in the short term but also increase the size of the deficit and prices ( inflation). Although the nation’s infrastructure is in need of repair, voters have to remember that it has taken many decades to get all of this infrastructure into place—it can’t be repaired in just a matter of a few years. Source:
Touchdown or an offensive foul? As Atlanta pursues the Superbowl – are $10 million tax breaks the right play for Georgia taxpayers? The experts from the Emory’s Goizueta Business School can help break it all down. Source:
