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MAY/JUNE 2021
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sillsandassociates.com
Sills and Associates PA
4400 Silas Creek Parkway
Suite #200
Winston-Salem, NC 27104
(336) 768-3290
chamilton@sillsandassociates.com
www.sillsandassociates.com

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Don’t overlook tax considerations when selling your business

When the COVID-19 pandemic first hit, economic uncertainty caused many business owners contemplating a sale — as well as many prospective buyers — to put their plans on hold. Now that there’s some light at the end of the pandemic tunnel, interest in buying and selling businesses seems to be picking up. This article explores various tax considerations when selling a business. A sidebar examines potential state tax implications when selling a business.  

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Out with the old? — Not so fast when it comes to disposing of tax records

During the COVID-19 pandemic, most people have spent a lot of time at home, inspiring many to clear out some of the clutter in their living spaces. Those who’ve decided to tackle the boxes, bins or drawers full of paper files that have accumulated over the years may be wondering when it’s safe to dispose of tax records. This article offers guidelines as to when it’s safe to shred tax records.

In your own words — A letter of instruction complements a will

A smart estate plan should leave no doubt as to one’s intentions. Writing a letter of instruction can go a long way toward clearly communicating all of one’s thoughts and wishes. This article explains that the letter, unlike a valid will, isn’t legally binding, but can be valuable to surviving family members.

Tax Tips

These brief tips explain eligibility requirements for certain energy efficiency tax breaks; detail the benefits of the Work Opportunity Tax Credit; and explore the eligibility of non-itemizer taxpayers who wish to make charitable contributions.

 
This publication is distributed with the understanding that the author, publisher and distributor are not rendering legal, accounting or other professional advice or opinions on specific facts or matters, and accordingly assume no liability whatsoever in connection with its use. ©2021 • 






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Sills and Associates PA · 4400 Silas Creek Pkwy Ste 200 · Winston Salem, NC 27104-3823 · USA