Five steps to a strong succession plan
More than 90 percent of businesses in the United States are family owned, but fewer than 30 percent make it to the second generation. And fewer than 12 percent make it to the third generation. The key reason cited for failure is that they had a poor – or worse yet – no business succession plan. Buy-sell agreement calms succession woes Do you and other key members of your family business have an agreement describing what happens in the event of your death, disability or withdrawal from the business? If you don’t, develop one. If you do, keep it current. IRS to eye businesses for tax compliance In each of the next three years, 2,000 business taxpayers will be randomly selected by the IRS for comprehensive examinations to collect data on employment tax filers. The IRS says the results will allow it to gauge more accurately the extent to which businesses properly comply with employment tax law and related reporting requirements.
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