Americans now have to catalog the various foreign taxes and decide themselves if a foreign tax credit, or FTC, is available for their situation. The new regulations limit the creditability of particular extraterritorial taxes for people in New York and other states....
Month: January 2022
The importance of due diligence in M&A
Before a sale transaction takes place, due diligence confirms all relevant facts and financial information through the process of verification, audit or investigation of a potential investment opportunity or deal. Due process is important during a mergers and...
What to know about Subchapter 5 Chapter 11 bankruptcy
If a business in New York is in financial trouble, the owner has several bankruptcy options. Many businesses choose Chapter 7, which is a liquidation, or Chapter 13, which is a repayment plan. However, businesses that exceed the debt threshold may consider Chapter 11....
Preparing a business succession plan
Selling a business in New York and transferring its assets can be a difficult process for any owner. You have to consider how to continue your company's legacy. Here are a few suggestions to help you obtain the most benefits from your business succession planning....
Tips for handling an IRS corporate audit
In New York, an IRS corporate audit is required to review the accuracy of a business's financial activities. This includes a detailed review of tax returns and accounting documents that accumulated over the past several years. There are several methods recommended to...
Concerns for commercial real estate investors
Purchasing commercial real estate or investing in property remains a popular way to build wealth. New York state will doubtfully run short of commercial real estate opportunities, and many investors will continue to explore their options. Investing frequently benefits...
The basic elements of a business plan
All aspiring entrepreneurs in New York must have a business plan in mind when beginning a new startup. This can apply with a single business or for those with the potential for multiple operations in the future. Most consultants will advise clients that a good...
The basics of a DIP loan in Chapter 11 bankruptcy
Some businesses in New York file for Chapter 11 bankruptcy to restructure their company and repay debts. One of the most important tools that business owners have in restructuring is the ability to borrow funds through a Chapter 11 debtor-in-possession, or DIP, loan....