On January 1, 2024, the Corporate Transparency Act (“CTA”) comes into effect, requiring more than 30 million small and medium sized businesses to report ownership information to the Financial Crime Enforcement Network (a unit of the Department of Treasury, known as FinCEN). The CTA is designed to enhance transparency into entity structures and to fight money laundering, tax fraud, the financing...
BFSG Blog
Financial Resources & News
8 Exit Strategies for Business Owners
By: Paul Horn, CFP®, CPWA®, Senior Financial Planner Small business owners are the backbone of our economy and employ 48% of today’s workforce. Being a business owner is difficult and finding the right help can be even more challenging. Every business owner at some point will need to carefully consider how they plan to exit the business. Below are the eight most common ways for an owner to exit...
Business Owner Year-End Tax Planning
By: Michael Allbee, CFP®, Senior Portfolio Manager There are many tax strategies available for business owners, but it requires proper planning throughout the year. Here are some things to consider as we approach the year-end to minimize your tax liability. Take advantage of the expiring “Tax Cuts and Jobs Act” (TCJA) bonus depreciation In 2017, the TCJA made it so business owners could...
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