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Family Business Succession Tips
This article discusses the sad reality of how fewer than 1/3 of family businesses are successively handed down to the second generation. However, utilizing the tips outlined in this article such as starting your succession planning early, including family members in discussions, training, and sticking to the facts can all set your family business up…
Getting the Most From Selling Your Business
This article discusses how there are many factors at play when a business gets bought or sold. Specifically, topics such as reoccurring revenue, why someone sells, buyers’ interests, evaluation criteria, and the 4 P’s (People, Platform, Processes, and Product) are all outlined within this link. No matter where you are at in the mergers and…
Which Meals Qualify for the Temporary 100% Expense Reduction?
This article discusses how the IRS released guidance explaining deductions on food and beverage within a restaurant. There was a temporary 100% deduction which was “designed to help restaurants, many of which have been hard-hit by the COVID-19 pandemic.” However, as we continue to move forward, there were questions regarding when the 100% deduction and…
Creating a Post-COVID Workplace
This article discusses how businesses are starting to return to the workplace following the relaxing of COVID-19 regulations. However, this process may be more difficult than anticipated. This article outlines three steps to consider when implementing your return to work process. For example, determining what this process looks like operationally, prioritizing what employees need, and…
Marketing Your New Startup
This article discusses how many startup firms are having similar problems in marketing and getting their new ideas out there. Whether your startup is 5 years old or 5 days, utilizing tips such as email best practices, social media, blogs, and truly staying authentic can prove beneficial in the long run. Be sure to check…
Tips for Family Business Success
This article acknowledges and discusses how running a family business can be difficult at times. From balancing a family work-life balance to communication issues, this industry can be very challenging. However, by following tips such as actively managing family dynamics, hiring externally when necessary, establishing a structure, and succession planning, your family business can be…
Substantive Tax Relief for Pass-Through Stakeholders
By Bill West, CPA – Member In the last days of the 2021 South Carolina legislative session, the General Assembly passed one of the most substantive tax relief bills for small businesses operating as pass-through entities in this state. The most intriguing aspect of this state legislation is that it saves federal taxes rather than…
Employee Spotlight – Taylor Williams
Where did you go to college?I graduated from the University of South Carolina. Go Gamecocks! What year did you join Scott and Company? I started out as an intern in January of 2019. I became a full time associate in the Tax and Advisory department in May of 2020. Why did you choose Scott and…
Correcting Potential Errors Relating To CARES Act Loans
During the first year of the COVID-19 pandemic, Congress provided plan sponsors with a broad toolkit to help employees access retirement assets and manage loan repayments. However, many of the provisions associated with retirement plan loans in the Coronavirus Aid, Relief and Economic Security (CARES) Act have now expired. Plan sponsors should work with their…
Top 10 Things to Consider for Tax & Accounting in 2021
This year has brought a lot of changes when it comes to tax and accounting. Deadlines have shifted. Standards have been updated. New relief plans have been proposed. Scott and Company has created this resource to help you learn more about these issues. To find out more about the Top 10 Things to Consider for…