Business Gifts When Selling a Business

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Business Gifts When Selling a Business

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When selling a business, a business or its owners may wish to share some of the bounty with employees or other service providers. What is the most tax-efficient way to do so?

Basic Course Information

Learning Objectives

  • Identify when payments to employees and other service providers constitute income to the recipients, including a review of a 2020 tax court case
  • Identify how grossing up an employee for taxes may avoid a net income tax cost, when it does not avoid a net income tax cost, and how that might compare to gift tax issues
  • Recall how nonqualified deferred compensation rules interact with this gross-up idea
  • Identify how issuing a profits interest may avoid these tax issues

Major Subjects

  • “Gift” to Service Providers
  • Case Studies
  • Compensation vs. Gift to Employees

Steve Gorin has drafted trusts and a full range of estate planning documents for clients to help grow, preserve, and transmit their family wealth. He has also drafted organizational documents for limited liability companies, corporations, and partnerships to implement their owners’ wishes regarding current and future control and transmission, including bringing in new owners and facilitating exit strategies.

Steve enjoys helping clients structure their affairs to achieve their personal, business, and financial goals while trying to reduce the drag that taxes impose on them. His firm provides full service to businesses; however, he also acts as counsel on specialized matters while cooperating and facilitating the continued involvement of an existing legal, accounting, and financial services team. Steve maintains his CPA license but prefers to refer income tax returns to practicing CPAs.

For more about Steve, see http://thompsoncoburn.com/people/steve-gorin.  For a list of free resources, including quarterly update of the over-2600 pages of materials included with this webinar, see https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about.

Steve Gorin is the former president and an ongoing contributor to strategic initiatives of Covenant Place, a senior affordable housing community with a groundbreaking model for integrated residents with the surrounding community and facilitating holistic services to enrich their lives.  See https://covenantplacestl.org and https://mirowitzcenter.org/services/on-site-providers.

 

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Business Gifts When Selling a Business

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