Understanding the Tax Implications of a Business Sale

Understanding the Tax Implications of a Business Sale

 

LUTZ BUSINESS INSIGHTS

 

understanding the tax implications of a business sale

bill kenedy, LUTZ consulting and m&a shareholder

 

Most business sale transactions are structured as ‘asset sales.’ This is where the buyer sets up a new entity that acquires the assets of the selling business. How a business is structured can have significant tax implications to a seller. In addition, how the company allocates its purchase price amongst its assets in the transaction will also affect its tax level. In this blog, we cover a few of the most significant issues we have seen surprise business owners.

 

C-Corps vs. S-Corps Taxation

Because C Corporations are legally considered a separate tax-paying entity, they are subject to a double layer of taxation when selling assets. A C-Corporation will first pay tax at the applicable corporate rate on the gain associated with the sale of assets being sold by the corporation. The shareholders will then pay taxes at capital gains rates when the remaining cash is distributed out of the corporation to the extent these proceeds exceed their basis in the corporate stock. One way C-Corps can avoid this double taxation is by doing a stock sale versus an asset sale. When a C-Corporation owner sells their stock, they only pay capital gains tax on the difference between the sale price and their basis in the stock. 

In contrast, S-Corps are pass-through entities which are not subject to tax but rather pass their tax attributes out to their owners. As a result, S-Corporations only pay taxes once, at the shareholder level, when selling their assets. Because of the single taxation, many small businesses choose to utilize the S-Corporation structure over a C-Corporation.

 

Depreciated Equipment

The amount of proceeds allocated to equipment (any property besides real estate), that has been depreciated for tax purposes, are taxed at ordinary rates, to the extent the asset was depreciated.

Example:

You purchased a machine in 2016 for $10,000 and, over three years, deducted $7,000 of depreciation. Three years later, in 2019, you sell this machine for $8,000. This means that the basis on the machine at the time of the sale would be $3,000 ($10,000 – $7,000 = $3,000). The gain on the sale would be $5,000 ($8,000 of proceeds less $3,000 of basis). All $5,000 of the gain would be taxed at ordinary rates since the $5,000 does not exceed the amount of depreciation deducted on the machine. If your gain is greater than the depreciation deducted for the piece of equipment, there is potential for a portion of the gain to be taxed at the lower capital gains rate.

 

Cash-Basis Companies

Many times, in our initial meetings with business owners considering a sale, they assume the asset sale price would be considered a 100% capital gain. However, this is often not the case, and it can have a material impact on the net proceeds the business owner receives after paying taxes. Aside from the example above for depreciated equipment, another example that can result in an owner paying taxes at ordinary rates we often see is a company utilizing the ‘cash-basis’ method. Using this method means a portion of the sale proceeds is allocated to Accounts Receivable.

For example, as discussed above in an asset sale, the sale price will be allocated to the various assets being purchased as a part of the sale. A portion of the sale proceeds will be allocated to accounts receivable. If the business has been utilizing the cash-basis method, it has not recognized income associated with these receivables. So, 100% of the proceeds allocated to these receivables would be taxed at ordinary income rates.

 

Both the sale structure (asset vs. stock sale) and how the proceeds are allocated amongst the assets, can have a material impact on the amount of taxes associated with the business sale. We recommend that, after gaining an understanding of the value of your business, you also take the time to determine the potential tax implications. Doing this will help you prepare your financial plan and consider if adjustments to the sale structure might result in a tax benefit on the sale. If you have any questions or need help determining the tax implications on your business sale, please feel free to contact us for assistance.

ABOUT THE AUTHOR

bill kenedy

402.492.2132

bkenedy@lutz.us

BILL KENEDY + LUTZ CONSULTING AND M&A SHAREHOLDER

Bill Kenedy is a Lutz Consulting and M&A Shareholder at Lutz. He specializes in business valuation, litigation support, and merger and acquisition advisory services.

AREAS OF FOCUS
AFFILIATIONS AND CREDENTIALS
  • American Institute of Certified Public Accountants, Member
  • Nebraska Society of Certified Public Accountants, Member
  • Certified Public Accountant
  • Accredited in Business Valuation
  • Certified in Financial Forensic
  • Certified Exit Planning Advisor
EDUCATIONAL BACKGROUND
  • BSBA in Accounting, St. John’s University, Collegeville, MN
COMMUNITY SERVICE
  • Construction Financial Management Association, Past Treasurer, Board Member
  • A Time to Heal (non-profit focused on cancer patients), Past Board Member

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4 Ways an Accountant Can Make Your Business Successful

4 Ways an Accountant Can Make Your Business Successful

 

LUTZ BUSINESS INSIGHTS

 

4 ways an accountant can make your business successful

mark dediana, accounting manager

Professional accounting involves more than just basic bookkeeping. It might be what your business needs to get to the next phase. However, it may also be one of the things that you keep putting off.

Great accountants don’t just take care of tax-prep and compliance issues. Like business partners, they give you insights that deliver practical benefits. They also offer strategic advice to support future business decisions.

Have you been procrastinating the decision to seek a professional accountant? Here are 4 reasons why you should stop deliberating now:

Compliance 

An accountant will comprehensively understand your company’s finances. Part of their work includes streamlining such finances. They ensure that your business or investment venture does not commit a financial crime.

There are numerous financial requirements that you have to comply with. They include those set by the Internal Revenue Service (IRS), your state or local government, and even your bank. To ensure compliance, accountants will prepare:

  • Federal, state, and local tax forms
  • Financial statements, which also come in handy when settling audits and reviews.

Internal Controls 

As a business owner, you have to stipulate guidelines that protect your company’s financial and operational data. A professional accountant will help you establish policies and guidelines that help to protect that data, and protect your company’s assets. They will also assist you in formulating effective reporting mechanisms. The guidelines can help to:

  • Prevent and detect instances of fraud, whether coming from an employee or from an outside party
  • Streamline administrative and management tasks

Strategic Direction

The accounting function plays a vital role in your business by capturing and analyzing financial details. Such details provide a summary of your business operations. You can later review them to check your company’s overall growth. Also, you can use historical financial details to formulate strategic plans for future business growth.

Additionally, your accountant can help you start new businesses and grow existing businesses by analyzing and providing advice regarding:

  • Entity selection and structure
  • Effective tax minimization strategies
  • Technology and software investments

Peace of Mind 

As a business owner, your key objective should be to serve your clients well and grow your company. It will be complicated to do this when you have to handle all minor operations alone. Accounting is one of the tasks you can delegate since it is not intricately tied to your unique business operations. Benefits of delegating accounting work are:

  • Effectively minimize your workload
  • Ability to spend more time focusing on other important business functions
  • Get accurate and dependable financial projections, reports, and advice that you can use to make future business decisions
  • Save money compared to hiring an employee to do the same work
  • Know that the work will be done right

We have been offering professional business solutions since 1980. Having worked with numerous companies, we know what works well in varied industries. Our team features top-talent, authentic individuals who are ready to commit to your company’s goals, values, and attitude. What are you waiting for? Allow us to “Mind What Matters” by contacting us today to learn more.

ABOUT THE AUTHOR

402.462.4154
mdediana@lutz.us
LINKEDIN

MARK DEDIANA + ACCOUNTING MANAGER

Mark DeDiana is an Accounting Manager at Lutz with over six years of relevant experience. He is responsible for providing assurance services to clients with a focus in the nonprofit industry. In addition, he assists with individual and business income tax returns.

AREAS OF FOCUS
  • Individual & Business Taxation
  • Auditing & Consulting
  • Nonprofit Industry
AFFILIATIONS AND CREDENTIALS
  • American Institute of Certified Public Accountants, Member
  • Association of Certified Fraud Examiners, Member
  • Hastings Young Professionals, Member
  • Certified Public Accountant
  • Certified Fraud Examiner
EDUCATIONAL BACKGROUND
  • BBA in Accountancy, University of Notre Dame, Notre Dame, IN
COMMUNITY SERVICE
  • Prairie Loft, Board Member

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HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

Toll-Free: 866.577.0780  |  Privacy Policy

All content © Lutz & Company, PC

 

LINCOLN 

601 P Street, Suite 103

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850

Are We Headed for a Recession?

Are We Headed for a Recession?

 

LUTZ BUSINESS INSIGHTS

 

Are we headed for a recession?

josh jenkins, cfa, senior portfolio manager & head of research

 

Each morning I craft a Market Update email that I share with our advisors. This email provides commentary on what is happening in the markets and the economy. It includes data related to asset class performance and economic indicators, and links to some top stories that I think are interesting and relevant.

As I review the daily news flow, I consistently come across articles that suggest we are entering a recession. It’s not surprising the financial media focuses on this topic. Their business model is reliant on attracting eyeballs for advertisers. Nobody is going to click on an article titled “We Don’t Know Why This Happened, and it’s Not Important.” Fear sells. You get people’s attention when you tell them the economy is heading for ruin and it’s taking investors down with it.

In light of the barrage of negativity in the financial news, we frequently field questions from our clients related to recessions. “Is one coming? If so, when? And what does this mean for my investments?” One of these questions can be answered with a level of certainty. The other two cannot. I’ll address each question below.

Is a Recession Coming?

Yes, a recession is coming. We know this to be true with some level of certainty. The economy is cyclical, oscillating between periods of expansion and contraction.

The table below illustrates the 15 recessions the U.S. economy has endured over the last (roughly) 100 years. On average, they have lasted one year and two months. They have been as short as seven months (the early 1980s) and as long as three years and eight months (the Great Depression).

Source: FRED Database. Recession indicators calculated by NBER based on peak through trough. Data from February 1926 through August 2019.

The table also illustrates the average expansionary period has lasted five years and three months. Frequently referred to as “bull markets,” the expansions have varied widely in length. They have been as short as eleven months, and as long as ten years (and still going).

Despite the variation among the bull markets, they do share one common trait. At a certain point, every one of them eventually came to an end. One hundred years of data suggests the current expansion will meet the same fate as those that preceded it.

When Will the Recession Begin?

While it is easy to understand that a recession will come, it is much more challenging to accurately predict WHEN it will happen. A few pundits, economists, or investors may correctly foreshadow a large downturn, but it is seldom the same group from one episode to the next. There is little evidence that it is possible to consistently anticipate change in a system as large and complex as the economy or stock market. A common industry tactic is to call for a recession one to two years down the road. Eventually, they’ll be proven right! But how long are they wrong before that happens? Sitting on the sidelines during an upmarket carries a high opportunity cost.

We have already discussed the media’s pension for alarming headlines. As we pulled out of the last recession, they wasted no time speculating on the next one:

  1. “Dr. Doom Sees Double-Dip Recession Risk, in Remarks Down Under” (WSJ, 8/3/2009)
  2. “Double-Dip Recession Fears Creep Back Into the Market” (CNBC, 2/25/2010)
  3. “On the Verge of a Double-Dip Recession” (NY Times, 9/7/2011)
  4. “Earnings Show Recession May be ‘Fast Approaching’” (CNBC, 7/22/2012)
  5. “U.S. Recession is Nigh… and the Fed Can’t Stop It: SocGen’s Edwards” (CNBC, 11/28/2013)
  6. “Can The Fed Stop The Next Recession? Business Can’t Bank On It” (Forbes, 2/23/2014)
  7. “It’s Time to Start Talking About a U.S. Recession” (Business Insider, 10/11/2015)
  8. “A Recession Worse Than 2008 is Coming” (CNBC, 1/15/2016)
  9. “U.S. Heading for Recession After 2 Years of Unsustainable Growth, Economist Says” (CNBC, 3/28/17)
  10. “Another Warning that a 2019 Recession is Coming” (Forbes, 12/17/2018)
  11. “Parts of America May Already Be Facing Recession” (The Economist, 8/31/2019)

Despite the bad news prompted these stories, both the economy and stocks continued their ascent:

 

Source: FRED Database and Morningstar Direct. The stock market is based on the growth of $10,000 invested in the S&P 500 TR Index. The Economy is based on the Bureau of Economic Analysis’ Real GDP in Billions of 2012 Chained dollars. Data from July 2009 through June 2019.

Earlier this year the current bull market became the longest on record, surpassing the nearly ten-year expansion that spanned the 1990s. The record has sparked a commonly held view the expansion cannot keep going, simply because one has never lasted this long before. On the surface, this view makes sense, but it ignores a critical variable. It considers the length of time the economy has been expanding but overlooks the rate of change. 

 

Source: FRED Database. The Length of bull markets was calculated with the NBER based on peak through trough recession indicators. Start and end dates were rounded to the nearest quarter. GDP is based on the Bureau of Economic Analysis’ Real GDP in Billions of 2012 Chained dollars. Data from Jan 1947 to June 2019.

As it turns out, the economy has been growing at a much slower pace than in past expansions. In fact, it has not even cracked the top three in terms of cumulative GDP growth. This steady pace could suggest the economy has more room to grow before the imbalances that contribute to a recession begin to form.

How Will a Recession Impact My Investments?

What if I told you that I knew with certainty which month the recession would begin? How much do you think you could profit from this knowledge? I think the typical investor would expect to improve their investment returns dramatically with this information. After all, stock prices plummet during recessions, right? A review of history shows us that reality is not that simple. You may be surprised to see equity returns were positive during eight of the last fifteen recessions, and the median return during these episodes was +4.1%!

 

Source: FRED Database and Morningstar Direct. Recession indicators calculated by NBER based on peak through trough. Stock market returns were calculated using the IA SBBI Large Cap Index. Data from February 1926 through August 2019.

It is important to understand that the stock market is a discounting mechanism. Stock prices represent an aggregation of all current information, as well as expectations about the future. As a result, market returns can and will deviate from the real economy.

Amid substantial economic growth, the market may anticipate there is trouble ahead, leading to lower prices before any actual contraction in economic activity occurs. Conversely, during the depths of a recession, the market may anticipate better times ahead, leading to higher prices prior to the resumption of growth.  In the case of a mild economic downturn, the market may assess that the long-term prospects for businesses may not be so impaired that a large (or any) devaluation is necessary.

While recessions share common features, no two are exactly alike. The playbook that was successful during the last contraction may not work the next time. Selling out at the onset may have allowed you to avoid some pretty severe drawdowns, but it also would have caused you to miss out on significant gains.

A third of the recessions in the above table coincided with the stock market generating double-digit returns. This is illustrative of why market timing is so hard. Not only must you accurately foresee the event, but you must also correctly gauge the market’s reaction to the event. You then need to time your entry back into the market successfully. It does you no good to sell your investments ahead of a 20% drawdown, to then miss out on a subsequent 30% recovery.

Preparation is Key

It is critical for investors to prepare for the next recession. Preparation, however, may not entail what you think. It has nothing to do with forecasting when a recession will hit or standing ready to sell out of your investments ahead of the next big drawdown. Preparation means sitting down with a financial advisor, mapping out your goals, and devising a plan you can stick to.

At Lutz Financial, we believe the best approach is to hold a low cost and well-diversified portfolio that is appropriately calibrated to your goals and risk tolerance. The beauty of this approach is you don’t have to play any guessing games. Although your investments will experience volatility from time to time, you can take comfort in knowing it can weather the storm. While we don’t know when it will begin, the next recession is inevitable. Are you prepared?

 

 

IMPORTANT DISCLOSURE INFORMATION
PLEASE REMEMBER THAT PAST PERFORMANCE MAY NOT BE INDICATIVE OF FUTURE RESULTS.  DIFFERENT TYPES OF INVESTMENTS INVOLVE VARYING DEGREES OF RISK, AND THERE CAN BE NO ASSURANCE THAT THE FUTURE PERFORMANCE OF ANY SPECIFIC INVESTMENT, INVESTMENT STRATEGY, OR PRODUCT (INCLUDING THE INVESTMENTS AND/OR INVESTMENT STRATEGIES RECOMMENDED OR UNDERTAKEN BY LUTZ FINANCIAL), OR ANY NON-INVESTMENT RELATED CONTENT, MADE REFERENCE TO DIRECTLY OR INDIRECTLY IN THIS NEWSLETTER WILL BE PROFITABLE, EQUAL ANY CORRESPONDING INDICATED HISTORICAL PERFORMANCE LEVEL(S), BE SUITABLE FOR YOUR PORTFOLIO OR INDIVIDUAL SITUATION, OR PROVE SUCCESSFUL.  DUE TO VARIOUS FACTORS, INCLUDING CHANGING MARKET CONDITIONS AND/OR APPLICABLE LAWS, THE CONTENT MAY NO LONGER BE REFLECTIVE OF CURRENT OPINIONS OR POSITIONS.  MOREOVER, YOU SHOULD NOT ASSUME THAT ANY DISCUSSION OR INFORMATION CONTAINED IN THIS NEWSLETTER SERVES AS THE RECEIPT OF, OR AS A SUBSTITUTE FOR, PERSONALIZED INVESTMENT ADVICE FROM LUTZ FINANCIAL.  TO THE EXTENT THAT A READER HAS ANY QUESTIONS REGARDING THE APPLICABILITY OF ANY SPECIFIC ISSUE DISCUSSED ABOVE TO HIS/HER INDIVIDUAL SITUATION, HE/SHE IS ENCOURAGED TO CONSULT WITH THE PROFESSIONAL ADVISOR OF HIS/HER CHOOSING.  LUTZ FINANCIAL IS NEITHER A LAW FIRM NOR A CERTIFIED PUBLIC ACCOUNTING FIRM AND NO PORTION OF THE NEWSLETTER CONTENT SHOULD BE CONSTRUED AS LEGAL OR ACCOUNTING ADVICE.  A COPY OF LUTZ FINANCIAL’S CURRENT WRITTEN DISCLOSURE STATEMENT DISCUSSING OUR ADVISORY SERVICES AND FEES IS AVAILABLE UPON REQUEST.

ABOUT THE AUTHOR

402.763.2967

jjenkins@lutz.us

LINKEDIN

JOSH JENKINS, CFA + SENIOR PORTFOLIO MANAGER & HEAD OF RESEARCH

Josh Jenkins is a Senior Portfolio Manager & Head of Research at Lutz Financial with over nine years of investment experience. He is responsible for assisting clients in the construction, selection, and risk assessment of their investment portfolios. In addition, Josh will provide on-going research and trade support.

AREAS OF FOCUS
  • Asset Allocation & Portfolio Management
  • Investment & Market Research
  • Trading
AFFILIATIONS AND CREDENTIALS
  • Chartered Financial Analyst (CFA)
  • Chartered Financial Analyst Institute, Member
  • Chartered Financial Analyst Society of Nebraska, Member
EDUCATIONAL BACKGROUND
  • BSBA, University of Nebraska, Lincoln, NE

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HASTINGS

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P: 402.462.4154

OMAHA

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Omaha, NE 68154

P: 402.496.8800

Toll-Free: 866.577.0780  |  Privacy Policy

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LINCOLN 

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P: 308.382.7850

Lutz adds Hesselgesser, Hinrichs and Masek to Central Nebraska Offices

Lutz adds Hesselgesser, Hinrichs and Masek to Central Nebraska Offices

 

LUTZ BUSINESS INSIGHTS

 

Lutz adds hesselgesser, hinrichs and masek to central nebraska offices

Lutz, a Nebraska-based business solutions firm, welcomes Kelli Hesselgesser to its Grand Island office, and Brooke Hinrichs and Leslie Masek to its Hastings office.

Kelli, Brooke, and Leslie join the team as staff accountants. They are responsible for preparing individual and business income tax returns, as well as providing credibility to clients through financial reporting.

Hesselgesser interned with Lutz in the summer of 2018, as well as, tax season 2018 and 2019. She graduated from Hastings College with a Bachelor’s degree in accounting.

Hinrichs interned with Lutz during tax season in 2018 and 2019. She graduated from Hastings College with a Bachelor’s degree in accounting.

Masek interned with Lutz during tax season in 2018. She received her Master’s degree in business administration from the University of Nebraska-Kearney.

 

RECENT POSTS

Are We Headed for a Recession?

Are We Headed for a Recession?

Each morning I craft a Market Update email that I share with our advisors. This email provides commentary on what is happening in the markets and the economy. It includes data related to asset class…

read more

SIGN UP FOR OUR NEWSLETTERS!

We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

Toll-Free: 866.577.0780  |  Privacy Policy

All content © Lutz & Company, PC

 

LINCOLN 

601 P Street, Suite 103

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850

Lutz adds Howes, McLane, Schriner, and Shafer

Lutz adds Howes, McLane, Schriner, and Shafer

 

LUTZ BUSINESS INSIGHTS

 

Lutz adds howes, mclane, schriner, and shafer

Lutz, a Nebraska-based business solutions firm, welcomes Jessica Howes, Andy McLane, Dakota Schriner, and Jeffrey Shafer.

Jessica Howes joins Lutz as a Talent Sourcer in the Omaha office. She is responsible for interviewing and placing candidates for Lutz Talent clients. Howes focuses on recruiting for the accounting, finance, office administrative and human resource industries. Graduating from the University of Nebraska at Lincoln, Jessica received a Bachelor’s degree in hospitality management with a minor in leadership communication. 

Joining Lutz Tech as a Systems Engineer, Andy McLane brings over 18 years of technology systems and engineering experience to the team. He is responsible for installing, configuring and maintaining application software and system management tools. Andy graduated from the University of Nebraska at Lincoln with a Bachelor’s degree in biological sciences. McLane works in Lutz’s Lincoln office.

Dakota Schriner joins Lutz’s accounting division as a Staff Accountant in the tax department. He performs complex consulting, as well as controversial service projects. Projects include assisting clients with tax-related issues from pursuing tax incentives, to managing state tax audits. Dakota received his Bachelor’s degree in accounting and management information systems from the University of Nebraska-Omaha. Dakota works in Lutz’s Omaha office.

Bringing over eight years of industry experience, Jeffrey Shafer joins Lutz Tech as a Systems Administrator in Lutz’s Omaha office. He is responsible for ensuring all systems are in working order through day-to-day system repairs and maintenance. Specifics include software installations, security inspections, server upkeep, troubleshooting and other technical support for end-users. Graduating from Bellevue University, Jeffrey received his Bachelor’s degree in information technology.

 

RECENT POSTS

Are We Headed for a Recession?

Are We Headed for a Recession?

Each morning I craft a Market Update email that I share with our advisors. This email provides commentary on what is happening in the markets and the economy. It includes data related to asset class…

read more

SIGN UP FOR OUR NEWSLETTERS!

We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

Toll-Free: 866.577.0780  |  Privacy Policy

All content © Lutz & Company, PC

 

LINCOLN 

601 P Street, Suite 103

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850