Samuel Goldstein and Company

Samuel Goldstein and Company A second-generation CPA and business advisory firm, SG&C has worked shoulder-to-shoulder with busine

Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If s...
07/15/2024

Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can: 1) transform your business ownership interest into a more liquid asset, 2) prevent unwanted ownership changes, and 3) avoid estate tax hassles with the IRS. The death of a co-owner is an event that triggers a buy-sell agreement. You can use life insurance policies to form the financial backbone of your agreement. In the simplest case of a cross-purchase agreement between two co-owners, each co-owner purchases a life insurance policy on the other. Contact us about setting up a buy-sell agreement.

IRAs can be powerful estate planning tools. With a “self-directed” IRA, you may be able to amp up the benefits of these ...
07/11/2024

IRAs can be powerful estate planning tools. With a “self-directed” IRA, you may be able to amp up the benefits of these tools by enabling them to hold nontraditional investments that offer potentially greater returns. Examples include real estate, closely held business interests, commodities and precious metals. From an estate planning perspective, self-directed IRAs have considerable appeal. Imagine transferring real estate or closely held stock with substantial earnings potential to a traditional or Roth IRA and allowing it to grow on a tax-deferred or tax-free basis for the benefit of your heirs. However, a self-directed IRA may present pitfalls that lead to unfavorable tax consequences.

If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may ap...
07/08/2024

If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply. Let’s assume you want to sell land or depreciable property used in your business and held for more than a year. Gains and losses from sales of business property are netted against each other. The net gain or loss qualifies for tax treatment as follows: 1) If the netting of gains and losses results in a net gain, long-term capital gain treatment results, subject to “recapture” rules. Long-term capital gain is generally more favorable than ordinary income. 2) If the netting of gains and losses results in a net loss, the loss is fully deductible against ordinary income.

When companies are ready to sponsor a qualified retirement plan, they have many options. One under-the-radar choice is a...
07/03/2024

When companies are ready to sponsor a qualified retirement plan, they have many options. One under-the-radar choice is a 412(e)(3) plan. Unlike 401(k) plans, these are defined benefit plans funded with insurance and annuity contracts. Older business owners who want to maximize retirement savings in a short time may want to check out 412(e)(3)s. Why? Because, assuming they have few if any highly compensated employees, owners can take a large share of the financial benefits while also enjoying tax deductions for plan contributions. As is the case with defined benefit plans, however, sponsors must have the financial stability to support the plan indefinitely. Contact us for more information.

A number of different trusts are available to achieve various estate planning goals. Failing to properly fund a trust is...
06/27/2024

A number of different trusts are available to achieve various estate planning goals. Failing to properly fund a trust is one of many pitfalls to avoid. For example, the main benefit of a revocable living trust is that assets transferred to the trust don’t have to be probated and exposed to public inspection. However, the trust must be funded with assets, meaning that legal ownership of the assets must be transferred to the trust. Otherwise, the assets must be probated. It’s generally recommended that such a trust be used only as a complement to a will, not as a replacement. Contact us for assistance to help ensure you’ve covered all the estate planning bases.

Today’s businesses must contend with a wide array of technological issues. That’s why many are hiring technology-focused...
06/26/2024

Today’s businesses must contend with a wide array of technological issues. That’s why many are hiring technology-focused executives such as: 1) Chief Information Officers, who manage internal IT infrastructure and operations; 2) Chief Technology Officers, who focus on external processes and oversee development and production of tech products or services; 3) Chief Digital Officers, who look for new markets, channels and opportunities; and 4) Chief Artificial Intelligence Officers, who set AI strategy and oversee its compliance and ethical use. These positions typically entail substantial costs for hiring, compensation and benefits. Contact us for help exploring the feasibility of adding one.

Are you hiring your child to work at your business this summer? You and your child could reap some tax breaks. Certain n...
06/24/2024

Are you hiring your child to work at your business this summer? You and your child could reap some tax breaks. Certain noncorporate entities can hire an owner’s under-age-18 children as full- or part-time employees and the children’s wages will be exempt from the following federal payroll taxes: Social Security tax, Medicare tax and federal unemployment (FUTA) tax. (FUTA exemptions last until an employee-child is age 21.) In addition, your dependent child’s standard deduction can shelter from federal income tax up to $14,600 of 2024 wages. You’ll get a business tax deduction for the child-employee’s wages. The deduction will reduce your income tax bill and your self-employment tax bill.

If someone is found to have exerted “undue influence” over your final estate decisions, a family member may challenge yo...
06/20/2024

If someone is found to have exerted “undue influence” over your final estate decisions, a family member may challenge your will after your death. Claims of undue influence often go hand in hand with challenges on grounds of lack of testamentary capacity. Create your estate plan while you’re in good mental and physical health. Consider having a physician examine you near the time you execute your will to ascertain that you’re mentally competent. Establishing that you are “of sound mind and body” when you sign your will can go a long way toward combating an undue influence claim. Contact us for additional steps you can take to avoid future undue influence claims.

Family-owned businesses face distinctive challenges regarding compensation, largely because they employ both family and ...
06/19/2024

Family-owned businesses face distinctive challenges regarding compensation, largely because they employ both family and nonfamily staff. Salary inequities among siblings, for example, can breed resentment. Meanwhile, nonfamily employees may become disgruntled over preferential treatment of family employees if they feel those family members aren’t pulling their weight. Addressing compensation in a family business calls for an objective understanding of the company’s distinctive traits, culture and strategic goals, along with a healthy dash of creativity. There are ways to tackle the challenges analytically to arrive at an overall strategy that’s reasonable for everyone. Contact us for help.

Cash flow management is something many small to midsize businesses struggle with. Here are four ways to put and keep the...
06/17/2024

Cash flow management is something many small to midsize businesses struggle with. Here are four ways to put and keep the odds in your favor: 1) Create and continuously update a sound annual budget; ensure that every item aligns with your strategic goals. 2) Generate GAAP-compliant financial statements; a statement of cash flows will be particularly helpful in catching potential problems. 3) Exercise careful expense management; detailed records may reveal ways to reduce day-to-day operating expenses. 4) Mind your timing; look for ways to stabilize revenue inflows (such as strong collection procedures) and payment outflows (discounts and favorable payment terms). Contact us for help.

When it comes to digital assets, it’s important to know that, unlike other asset types, they leave little to no “paper t...
06/13/2024

When it comes to digital assets, it’s important to know that, unlike other asset types, they leave little to no “paper trail.” Thus, unless your estate plan specifically provides for them, it may be difficult for your family to access these assets (or even know that they exist). Account for your digital assets by taking an inventory of them. Then provide instructions for accessing them, particularly if they’re password protected or encrypted. And while providing your representatives with login credentials to access your digital assets is critical, it’s likely not enough. They’ll also generally need legal consent to gain entrance to and manage your accounts. Contact us for more information.

Address

150 Great Neck Road # 202
Great Neck, NY
11021

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

+1 516-466-3388

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