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Prepare For Valuation Issues in Your Buy-sell Agreement

Valuation in Buy-sell Agreement

Every business with more than one owner needs a buy-sell agreement to handle both expected and unexpected ownership changes. When creating or updating yours, be sure you’re prepared for the valuation issues that will come into play.

Issues, what issues?

Emotions tend to run high when owners face a “triggering event” that activates the buy-sell. Such events include the death of an owner, the divorce of married owners or an owner dispute. Read More >

Businessman with 3 colleagues

An FLP can save tax in a family business succession

Succession Planning

One of the biggest concerns for family business owners is Succession Planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business.

A family limited partnership (FLP) can help owners enjoy the tax benefits of gradually transferring ownership yet allow them to retain control of the business.
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Corporate culture: Rotten apples could spoil your financials


Auditors often say that the tone at the top of an organization trickles down to every level of the business. Is your company’s work environment ethical and open? If not, corporate culture assessments can help prevent and detect unethical and criminal behaviors. But, to cover all the bases, your external auditors generally must work closely with people inside your organization. Here’s how you can facilitate this critical part of the audit process. Read More >

Profit Dial from Min to Max

What is job cost reporting?

Job Cost Reporting

Custom jobs require ongoing supervision to achieve the best financial results. Whether you’re a general contractor constructing a strip mall, a manufacturer building made-to-order parts or an architect drawing up blueprints, once a project is underway it’s easy to focus on getting the job done, rather than on the resources that are being consumed.

That’s why job cost reporting — the process of coding and allocating project expenses to track financial efficiency and profitability — is a mission-critical activity. Here are a few best practices to keep in mind. Read More >

cost segregation

Tax Planning With Cost Segregation and Bonus Depreciation

Tax Planning With Cost Segregation and Bonus Depreciation

Cost segregation studies benefit businesses and investors who own real estate. These studies apply engineering and cost accounting principles to identify costs that can be reallocated to asset classes with shorter depreciable lives. A cost segregation study can also enhance the benefits of bonus depreciation and Sec. 179 expensing. Read More >

business partnership

Partnership Audits

Did the IRS Fail?

A recent study released by the Treasury Inspector General for Tax Administration (TIGTA) estimated the IRS failed to assess over $14 million in taxes, interest and penalties for the year 2010. While this may not be large, it has caught the attention of Congress and the Treasury. One may think this is a failure of IRS administration, but in fairness, partnerships have become the preferred business entity over the last 20 years and the partnership audits process can be unwieldy and time consuming, resulting in prolonged audits.

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Internal Controls = Good Business

In 2002, when Congress mandated publically-traded businesses pay more attention to their internal controls, many business owners believed this was not only unnecessary, it was a profound waste of money. In the intervening years, many detractors have concluded that not only is an emphasis on internal controls good business, it’s also indispensable to maximize profits.

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Future 50

Chortek is Proud to be a Sponsor of Future 50

The MMAC/COSBE Future 50 Program, established in 1980, recognizes privately-owned companies in the seven county region that have been in business for at least three years and have shown significant revenue and employment growth. The companies are honored at two well-attended events: a Future 50 awards cocktail reception on Tuesday, September 9th and Future 50 awards luncheon on Thursday September 11th.

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Inc 500 5000 logo

Congratulations Inc. 500/5000 Clients

Inc. Magazine recently published their 32nd annual list of the top 500 fastest growing private companies in America. At Chortek, we are thrilled to congratulate our client, Patina Solutions for making the list. Since 2009, Patina Solutions has grown by 1,555 percent.

Inc. Magazine also released their 2013 Inc. 5000 List and we are thrilled to congratulate another client, Doig Corporation, for making the list.

Both Patina Solutions and Doig Corporation have demonstrated outstanding performance and are significant contributors to the local business landscape. At Chortek, we are honored to provide innovative, client-centric solutions that enable high growth businesses like these to excel.