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April 22, 2025
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Account Service
Small Business Succession
When it comes to small business succession, being proactive and having a plan for your business and family can make all the difference. At DeFreitas and Minsky LLP we understand that retirement isn’t easy, especially when your family is tied to the business.
How will Small Business Succession help me?
When it comes to small business succession, being proactive and having a plan for your business and family can make all the difference. At DeFreitas and Minsky LLP we understand that retirement isn’t easy, especially when your family is tied to the business. When you own the business it isn’t just a matter of not wanting to go into the office anymore. Working with family, specifically dealing with the deep-rooted relationships and obligations, complicates the transition. You have to be ready to discuss the harder topics like aging, death and financial affairs, in order to maintain control and profitability in your business.Comfortable or not, succession planning should be a priority for any family business considering that more than seven out of ten family-owned businesses fail to survive the transition from founder to second generation.
The In’s and Out’s of Small Business Succession
There are many reasons to have a well-established plan in place ahead of time — but let’s take a look at two of the big ones:
TaxesYou don’t want to leave your family to deal with your outstanding finances. Upon an owner’s death, estate taxes may be due. These taxes are due nine months after the date of the death. The payment for these taxes is in cash, and estate taxes may include additional costs including probate, final expenses and additional fees.Business ValueWith the absence of a small business succession plan, what happens to your business in the interim may greatly harm its value. Think about an accounting company that does not have a successor. As the family of the owner tries to work through their affairs, clients are not getting the service for which they originally paid. The business your family worked so hard to build is slipping the cracks.Developing and implementing a well-designed small business succession plan is essential to the survival of a family business from one generation to the next.We help you with these key issues:
- Who will take ownership? Are you going to keep the business in the family? Will you sell it to a third party? We help you understand the pros and cons of each option.
- Who’s going to run the business when you’re gone? Management and ownership are not the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they’re actively involved in the business or not.
- Making it fair. Transferring family ownership often adds a tremendous amount of stress to individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.
Plan for the future, know your options, and request a Free Consultation below.
Speak to One of Our Certified Public Accountants
Testimonial
WHAT OUR CLIENTS ARE SAYING!
DeFreitas & Minsky maintains high standards, produces detailed information and gets involved with our company so they can understand the operation on a more personal level. The information they provide is always accurate and current. We have been with them for more than 30 years!
4 years agoThis is my second year filing my taxes with DeFreitas & Minsky. I was referred by a friend. Honestly, It’s a blessing sent. Everyone there is professional and knowledgeable about tax codes. They even keep me abreast via email whenever there’s a new tax law and what it entails. I feel safe and sound when doing business with them.
True professionals and attentive to all of my needs. Manny, Melissa, and Michael are all super helpful. They took the time to help me with my taxes, financial planning, and estate tax needs. I highly recommend them.
We’ve been working with Manny for the last 10 years. Whenever we have a question he’s there and if he’s in a meeting during Tax Season (it happens), Jay is always there. Thank you Gentlemen.
FAQ
Frequently Ask Questions.
Professional auditing services provide an independent assessment of your financial statements, ensuring accuracy and compliance with regulations. This enhances the credibility of your financial reports, identifies areas for improvement, and can help in detecting irregularities or potential areas of risk.
Effective tax planning strategies help minimize tax liabilities and ensure compliance with tax laws. For businesses, this means optimizing tax efficiency and planning for future tax obligations. For individuals, it involves personal income tax planning, investment tax considerations, and estate tax planning.
Key considerations include identifying your objectives, such as asset protection, minimizing estate taxes, or providing for heirs. Understanding the types of trusts available and how they align with your goals is essential. Professional guidance ensures your estate plan reflects your wishes and provides for your beneficiaries efficiently.
We provide tailored solutions for family-owned and small businesses, including financial management, tax planning, and succession planning. Our services help these businesses in navigating unique challenges, ensuring smooth transitions to future generations, and maintaining financial stability.
We offer customized financial planning services that cater to the unique needs of same-sex couples, including tax planning, estate planning, and retirement strategies. Our expertise ensures that our clients navigate the legal and financial landscape effectively, regardless of their marital status.
Yes, we can streamline your payroll processing, ensuring accuracy and compliance with tax laws and employment regulations. Our services include payroll calculation, tax filing, and handling employee inquiries, allowing you to focus on running your business.
Non-profit organizations must navigate specific tax exemptions and filing requirements, such as filing Form 990 and maintaining their tax-exempt status. Our services ensure compliance, optimize tax efficiency, and assist with financial reporting and governance.
Personalized financial planning aligns with your unique financial situation and goals. It encompasses retirement planning, investment strategies, risk management, and estate planning. Tailored advice helps you make informed decisions, maximize wealth, and achieve long-term financial security.
Account Service
Early tax planning and preparation for not-for-profit companies is essential because of their tax-exempt status. At DeFreitas & Minsky LLP, we strive to protect your company’s not for profit status to ensure your resources can be used towards organizational goals and objectives. Get StartedNot for Profit Services
- Tax planning and Tax Compliance
- Non-Profit Tax Returns
- Audits of Entity Financial Statements
- Accounting and Bookkeeping Assistance
- Tax Exempt Planning Concerning Related Entities
- Unrelated Business Income
Tax Planning and Tax Compliance
Comprehensive strategies to manage and optimize your tax obligations. We provide expert advice to ensure adherence to all tax laws and regulations, while proactively identifying opportunities for tax savings and efficiency in both your personal and business financial matters.
Non-Profit Tax Returns
Handling the unique tax filing requirements for non-profit organizations. We ensure accurate and compliant tax return preparation, helping non-profits maintain their tax-exempt status while navigating the complexities of non-profit tax regulations.
Audits of Entity Financial Statements
Thorough and independent examinations of your organization’s financial statements. We ensure accuracy and compliance with accounting standards, offering insights that enhance financial transparency and trust among stakeholders.
Accounting and Bookkeeping Assistance
Meticulous and tailored support to manage your financial records. We ensure accurate tracking of income and expenses, providing valuable insights for decision-making and helping maintain financial order and compliance for your business or personal finances.
Tax Exempt Planning Concerning Related Entities
Specialized strategies for managing tax-exempt organizations and their interactions with related entities. We focus on maintaining compliance, optimizing tax positions, and navigating the complex rules governing transactions between related tax-exempt and taxable entities.
Unrelated Business Expense
Expert guidance on identifying and managing tax obligations arising from income that non-profit organizations generate through activities unrelated to their exempt purpose. We ensure compliance while minimizing tax liabilities, helping maintain the financial health and tax-exempt status of your organization.
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WHAT OUR CLIENTS ARE SAYING!
DeFreitas & Minsky maintains high standards, produces detailed information and gets involved with our company so they can understand the operation on a more personal level. The information they provide is always accurate and current. We have been with them for more than 30 years! Pamela GossySyosset Truck Sales Inc. 4 years agoThis is my second year filing my taxes with DeFreitas & Minsky. I was referred by a friend. Honestly, It’s a blessing sent. Everyone there is professional and knowledgeable about tax codes. They even keep me abreast via email whenever there’s a new tax law and what it entails. I feel safe and sound when doing business with them. Junior Prophete True professionals and attentive to all of my needs. Manny, Melissa, and Michael are all super helpful. They took the time to help me with my taxes, financial planning, and estate tax needs. I highly recommend them. Deena Polsinelli We’ve been working with Manny for the last 10 years. Whenever we have a question he’s there and if he’s in a meeting during Tax Season (it happens), Jay is always there. Thank you Gentlemen. Thomas Jacoberger Previous Next FAQ
Frequently Ask Questions.
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What unique tax considerations apply to non-profit organizations? Nonprofits are subject to specific tax exemptions and requirements, such as maintaining their tax-exempt status and filing Form 990. How can a non-profit maintain its tax-exempt status? By adhering to IRS guidelines, which include limits on political activities, reporting requirements, and ensuring profits are reinvested into the organization’s mission. What is Form 990 and who needs to file it? By adhering to IRS guidelines, which include limits on political activities, reporting requirements, and ensuring profits are reinvested into the organization’s mission. How can our non-profit benefit from tax planning? Effective tax planning can help nonprofits optimize their resources, comply with tax laws, and avoid penalties. Are donations to our non-profit always tax-deductible? Generally, donations to a registered non-profit are tax-deductible, but donors should consult their tax advisor for specific advice. What records should a nonprofit keep for tax purposes? Keep detailed records of income, expenses, donations, and any business-related activities. Can a non-profit have taxable income? Yes, if a non-profit earns income from activities unrelated to its exempt purpose, this income may be subject to tax. How often should a non-profit review its tax strategy? Annually, or more frequently if there are significant changes in operations or tax laws.