Linked Accounting’s emphasis is forward thinking.
The accounting industry is riddled with professionals more appropriately fill the role of “Historians,” where recording history for the prior year on a tax return in the spring is their primary focus. Our Management Committee is highly focused on your future by being keenly aware of your goals and the financial history of your organization.
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Areas of focused planning include annual income tax mitigation plans, strategies to limit or avoid the estate tax, lending, and business transition plans, including business sales and acquisitions.
Income Tax Planning
Income tax mitigation strategies account for most of our planning efforts. The Internal Revenue Code and the associated IRS regulations span over 9.000 pages and amass over 4 million words. To put that into context, the King James version of the Bible has 788,280 words and the entire Harry Potter series is just over 1 million words.
Brian Van Camp, Managing Partner, and Jacob Martin, Engagement Matter, obtained advanced master’s degrees in Taxation where the only text graduates used during their coursework was the entirety of the Internal Revenue Code and regulations. Our team is well versed in the Code and how to use its text to your advantage through robust individual income tax planning.
Tax Planning Meetings
At least annually, your tax team will meet with you to review your projected net profits for the current tax year. Your tax team will forecast your federal and state taxes due. Most valuably, the tax team will propose a variety of tax mitigation options you may want to consider before year-end. Each proposed tax planning suggestion will be simply explained, and the tax savings of each suggestion will be disclosed. We will work together with you to determine the best plans to institute for the current year. Tax plans are recommended based upon your personal circumstances, but examples of some tax strategies are found in the Planning Center.
Estate Tax Planning
Your accumulated wealth that has previously been subject to income taxes may be taxed a second time upon your death by your heirs. The highest federal and state combined estate tax rate is 60% and would be assessed on the fair market value of your accumulated wealth over $12,060,000 for single individuals or $24,120,000 for married couples.
Many clients at Linked Accounting surpass accumulated wealth thresholds. Our tax team and qualified estate attorneys work together to propose and implement estate tax mitigation strategies to limit or eliminate the costly impact of estate taxes on your accumulated wealth.
In preparation for a consultation with our team, please complete the attached statement of your individual assets and liabilities and estate questionnaire. [link to an Excel Spreadsheet and estate questionnaire.]
Estate Tax Planning
Recent years have seen a large spike in business valuations and acquisition activity across many sectors. It is estimated that over $1 trillion of business value will be transferred or sold during the next 10 years. Linked Accounting provides business owners with the relevant information and ideas regarding succession planning and exit strategies.
Business Sales
An upcoming business sale may be the only experience like it in your life. Our consultants have assisted hundreds of owners navigate the complexities of a business exit. Considerations we offer guidance on include:
- Timing of your business sale.
- Expectations of your future buyer
- How to find a buyer
- Estimated value of your business, including acceptable owner add-backs to your annual cash flows
- Forecasted net cash from a business sale and how to preserve and grow it
- Business sale tax mitigation strategies
- Legal documents required to properly memorialize the details of your sale transaction
- What you are going to do next
These discussion topics are best approached 2-3 years prior to your proposed sale timeframe. Engaging our team early in the process ensures your best options are open.
Estate Tax Planning
Companies engage Linked Accounting to assist in acquisition analysis, which entails many of the following considerations:
- Historic cash flow analysis
- Quality of Earnings analysis
- Tax compliance issues
- Accounting systems and procedures of the target organization
- Confirmations of receivables and payables balances
- Inventory analysis
- Working capital analysis
Most acquisition analysis can be completed remotely, however, our consultants will travel to locations worldwide to complete on-site analysis.
Planning
Linked Accounting is a full-service accounting firm serving clients nationally.