https://completemarkets.com/Article/article-post/2013/SEVEN-REALLY-BIG-ONES-TAX-SECRETS-THE-IRS-DOESNT-WANT-YOU-TO-KNOW/
Seven Really Big Ones: Tax Secrets The Irs Doesn't Want You To Know
SEVEN REALLY BIG ONES: TAX SECRETS THE IRS DOESN'T WANT YOU TO KN...ome cases, you can save more in future taxes than you currently make working f...
https://completemarkets.com/Article/article-post/2010/SELLING-YOUR-AGENCY-C-CORPORATIONS/
...y Jacobson, JD How to slash the tax bill from selling your agency. INT...The seller pays $170,000 in corporate tax, $92,400 in personal capital gains tax, and $155,000 in personal income tax. When performed correctly, a minimal social tax applies. Total tax is $417,400. In other words, the s...
https://completemarkets.com/Article/article-post/978/OWNERSHIP-ISSUES-AND-COMPENSATION/
...e IRS (ever on the lookout for more tax dollars) may decide that the distribut...urrent owners are getting close to retirement and hbeen counting on receiving ...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/2017/OWNERSHIP-OF-A-PRODUCERS-BOOK-A-BETTER-WAY/
... to offer key producers an ownership' interest in the producer's book of business as part of that producer's overall compensation package. Other agencies would like to, but consider the cost too high. A simple way to reduce the cost is to improve the way it is taxed. If the agreement specifies actual ownership' which must be bought back when the producer leaves the agency, then the repurchase of the book will take the agency 15 years to deduct. If the agreement has the exact same financial value to the producer but the ... is in terms of deferred compensation, the agency will be able to deduct the payments at the time they are paid to the producer. In other words, a minor change in the agreement can enable the agency to reduce taxes now, rather than spread the benefit over 15 years. KEY OPTIONS/BENEFITS Deferred compensation is much more flexible than typical retirement plans such as a 401k or profit-sharing plan. Amount: The benefit amount is extremely flexible, with no pre-determined upper limit. Vesting/Forfeiture: Vesting and forfeiture have no ... rules. For instance, you can design a golden handcuff' plan that the producer forfeits if he or she goes to work for a competitor. Non-Compete: A non-compete agreement with a producer who has already been hired is generally not enforceable unless the producer receives adequate consideration in exchange for signing. The deferred compensation plan can be that consideration. Death/Disability: The plan can include special benefits for death or disability. COST SHARING If the producer wants a higher benefit (or you wish to offset part of the cost) ...
https://completemarkets.com/Article/article-post/1535/LEGAL-OUTLINE-FOR-CALIFORNIA-AGENCIES-CHAPTER-6/
...ake business decisions, from filing tax returns to selling the interest in the... dissipate quickly on disability, retirement, or death if someone is not ther...
https://completemarkets.com/Article/article-post/2017/OWNERSHIP-OF-A-PRODUCERS-BOOK-A-BETTER-WAY/
...he cost is to improve the way it is taxed. If the agreement specifies actual '...oney set aside must be done with after-tax dollars. 'CONSTRUCTIVE RECEIPT,'...
https://completemarkets.com/Article/article-post/2147/TAX-IMPLICATIONS-OF-BUYING-AND-SELLING-AGENCIES/
Tax Implications Of Buying And Selling Agencies
TAX IMPLICATIONS OF BUYING AND SELLING AGE...areholders agreements, and the related tax implications. Jon Persky, CIC, C...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/1529/LEGAL-OUTLINE-FOR-CALIFORNIA-AGENCIES-INTRODUCTION/
... been made to protect it. I have had the experience of trying to arrange for the rapid sale of a deceased agent's book, and it is not a happy situation to be in if no preparations have been made. In selling the agency, the 1993 Clinton tax law changes make good will and expirations deductible to the buyer, but extend the time for amortizing covenants, expirations and good will to 15 years. Tax rate changes have raised maximum federal ordinary income tax rates to $39.6%, while leaving the maximum capital ... rate at 28% . Existing plans for agency sales should be re-examined to see how they are affected by these changes. Deferring tax, and diversifying investments, are often important considerations in selling or otherwise transferring a production agency. A merger or other corporate reorganization, a rollover form an ESOP purchase of stock, or a charitable remainder trust, may be used to defer taxes. Inheritance of the agency by a child who will take over ownership can be done at substantially lower tax cost with advance planning. The agency can be ... the possible advantages of joining with others. The owner of a larger production agency needs to consider how to grow and to develop new producers. An agent also needs to think ahead about how he plans to sell or transfer his agency or book of business when he retires, and how to structure his business to accomplish his plans. I feel that an agent with any substantial assets should either be incorporated or join with someone who is. Important questions of structuring the corporation are whether to elect Subchapter S, whether to hold the ...
https://completemarkets.com/Article/article-post/1528/LEGAL-OUTLINE-FOR-CALIFORNIA-AGENCIES-TABLE-OF-CONTENTS/
... 5.1.1. Price 5.2 Overview of tax aspects of the transfer 5.3 Commiss...form that will avoid unnecessary death taxes? Is it held in a form to accompli...
https://completemarkets.com/Article/article-post/1458/QRPs-FOR-ALL-AGES/
...ement Plans (QRPs) are eligible for tax benefits sanctioned by the Internal Re...unger employees to afford imminent retirement benefits.