Family & Independent Businesses

Family & Independent Business Accounting & Advisory

Helping our clients navigate the tough choices unique to family businesses.

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Family and independent businesses face unique challenges. You not only have to achieve operating efficiency and profitability, address capital funding and cash-flow management, strategically stay competitive, grow and increase your businesses value, you also have to manage the complexities of operating in a climate in which business and family concerns can become intertwined.

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Family & Independent Business Accounting Services

The accountant you work with must understand this dynamic and provide you with the tools, resources and advice you need to help you navigate your unique circumstances, achieve your fiscal goals and plan for succession.

MBK provides family and independent businesses in the Pioneer Valley and beyond with targeted accounting, tax and advisory services. As an independent business with family business roots, we are well positioned to help your company grow, thrive and transition.

Strategic planning

Transition planning

Compensation planning

Operational reviews

Performance measurement

Governance policies

Merger, acquisition & joint venture consulting

Job descriptions, agreements and performance reviews

Governance policies

Estate planning

Income and gift tax planning

Charitable planning

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Family & Independent Business Accounting Insights

Bad Debt Deductions

By Sarah Rose Stack • 15 Apr, 2024

The tax code allows an individual to claim a deduction for business debts that have become worthless. But qualifying for the deduction may be more complicated than one would think. In a recent case, the IRS denied more than $17 million in bad debt deductions on the grounds that the advances in question represented equity rather than debt, hitting the taxpayer with millions of dollars in taxes and penalties. This article recounts the U.S. Tax Court case Allen v. Commissioner. Allen v. Commissioner (T.C. Memo 2023-86).

Deducting Business Travel Expenses: A Refresher

By Sarah Rose Stack • 01 Apr, 2024

During the COVID-19 pandemic, business travel nearly came to a halt. Today, it’s on the rebound, as “Zoom-fatigued” executives craving face-to-face interaction hit the road again. With more people getting out of their offices, now is a good time for a refresher on the tax deductibility of business travel expenses. This article explores what’s considered one’s tax home and what expenses are deductible. A sidebar explains the deductibility rules when a business trip is mixed with pleasure.

Making Distinctions May Create Tax Savings for Owners of Rental Real Estate

By Sarah Rose Stack • 01 Apr, 2024

The 20% qualified business income (QBI) deduction is available for income from an eligible trade or business, but it isn’t available if that same property is classified as an investment. This article points out that it’s worth considering whether an owned rental property meets the definition of a trade or business under IRS requirements. It also explains that determining whether rental real estate activities qualify for the QBI deduction is a complicated undertaking and is likely to require the services of a tax professional.