Monthly Archives: March 2016

Want to File an Amended Tax Return?

business man phoneLet’s say you discover a deduction that was overlooked on a federal tax return that has already been filed. Or you realize that you didn’t report some income. Perhaps you heard about a recently passed tax law that includes retroactive tax breaks you can benefit from.

Whatever the reason, an amended tax return may be the answer. Amended returns generally must be filed within three years from the date you filed the original return, or within two years after the date you paid the tax, whichever is later.

However, there are exceptions to this rule. For example, when it comes to amending a tax return to claim a loss for worthless investments or non-business bad debts, for example, you have up to seven years.

For assistance call 214-696-1922 and ask for Mark Patten. At McKinnon Patten, a Dallas, TX CPA firm, we can review past tax returns, check for forgotten deductions and file amended returns.

 

Keep Family Businesses Going for Generations

fathersonAccording to Forbes.com, 80-90% of all firms across the globe and the top 500 largest family-owned firms generate a combined annual revenue of $6.5 trillion which totals an economy only smaller than the U.S. and China. These firms have effectively been able to pass down control of the company to the next generation.

Based on a survey done by EY’s Global Family Business Center of Excellence and Kennesaw State University’s Cox Enterprise Center, two-thirds of the world’s billionaires are self-made and plan to hand over their company to a family member. The most daunting task was said to be designating the person responsible for succession planning and implementation. Succession planning should be done sooner rather than later to ensure that all those involved presently and in the future have a clear understanding of the business and its values from a young age.

Carl Pohlad, a billionaire financier, Minnesota Twins owner and Forbes 400 member, cultivated good business judgement and discipline early on. He spent three decades including his three sons in business practices, mentoring them and including them in business decisions.

According to the survey, communication amongst the family is strongly emphasized to ensure smooth transition. Although family arguments and disagreements can surface amongst high-stakes business decisions, successful communication and proper grooming allow for families to work out disagreements and focus on the succession of the business.

If you are looking for family office assistance for your business, call 214-696-1922 and ask for Mark Patten.

McKinnon Patten is a Local Dallas CPA with expertise in succession planning. We can help ease the transition of passing down the business to the next generation.