The Tax Implications of a Mid-year Business Transfer

Imagine you have a client who is five or six years away from retirement, manages a small yet successful consulting firm with ten employees, and is married with two grown-up kids. He’s thought about retirement and the idea of finding a successor for his business, but overall, he’s been pretty non-committal.

As his adviser, you’ve dropped hints about creating a solid plan for both eventualities, but you’ve backed off each time he shrugs off your suggestion. Until just recently; he’s called you in a bit of a panic. His wife is ill and he needs to be available to take care of her. Luckily, she will recover, but because of this sudden change, he has to now transfer his business to his next-in-command. So, what will this mean for his year-end tax return?

While this scenario is fictitious, you could have to deal with a similar situation in your career. Think you might need a refresher on the related tax and business succession planning skills required to provide your client with the best support? Knowledge Bureau has the courses and designations that will set you ahead of your competition.

Fundamentals of Succession Planning: Will provide you with an overview of the fundamentals of succession planning, enabling you to understand the key concepts in this important area and assist clients in developing a succession plan for their business. This is a 30-hour and 10-chapter program.

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MFA-Business Services Specialist™: Master Financial Advisors understand family-owned enterprises throughout the lifecycle of the business—from start-up, to mid-term growth through to a successful transition to the next business owner. That insight requires a firm understanding of the financial statements and the T1 and T2 tax returns—a critical skill if you want to be precise about insurance and investment needs. This program is designed for the advisor who wants to build a reputation for excellence with small to medium-sized firms by sharpening valuation, transition and tax knowledge.

To learn more about these programs and to register for summer school, visit Knowledge Bureau today. Remember, these courses are free to try out too!

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