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Uniform Transfer to Minors and Gift to Minors accounts are custodial accounts set up in a child’s name. There are no income eligibility limits to set up an account. Contributions are not tax deductible.
You may put up to $13,000 a year without any gift tax consequences.
As the custodian you have the choice to invest the money in any investment you choose. The current year tax consequences are that the first $950 of the investment earnings is tax free; the next $950 will be taxed at the child’s tax rate.
Any earnings above $1,900 will be taxed at the parent’s rate until the child is 18 years of age. After 18 the earnings are taxed at the child’s rate. An important item to note with these custodial accounts is that the account belongs to the child.
The child gains full control of the Uniform Gift account at age 18 and gains control of the Uniform Transfer account at age 21. Speak to your local CPA for more information on these custodial accounts.

Uniform Transfer to Minors and Gift to Minors accounts are custodial accounts set up in a child's name. There are no income eligibility limits to set up an account. Contributions are not tax deductible. You may put up to $13,000 a year without any gift tax consequences. As the custodian you have the choice to invest the money in any investment you choose. The current year tax consequences are that the first $950 of the investment earnings is tax free, the next $950 will be taxed at the child's tax rate. Any earnings above $1,900 will be taxed at the parents rate until the child is 18 years of age. After 18 the earnings are taxed at the child's rate. An important item to note with these custodial accounts is that the account belongs to the child. The child gains full control of the Uniform Gift account at age 18 and gains control of the Uniform Transfer account at age 21.
Speak to your local CPA for more information on these custodial accounts.

Uniform Transfer to Minors and Gift to Minors accounts are custodial accounts set up in a child’s name. There are no income eligibility limits to set up an account. Contributions are not tax deductible.
You may put up to $14,000 a year without any gift tax consequences.
As the custodian you have the choice to invest the money in any investment you choose. The current year tax consequences are that the first $1000 of the investment earnings is tax free; the next $1000 will be taxed at the child’s tax rate.
Any earnings above $2,000 will be taxed at the parent’s rate until the child is 18 years of age. After 18 the earnings are taxed at the child’s rate. An important item to note with these custodial accounts is that the account belongs to the child.
The child gains full control of the Uniform Gift account at age 18 and gains control of the Uniform Transfer account at age 21. Speak to your local CPA for more information on these custodial accounts.

Bulk sales tax is a tax paid by the buyer on certain tangible assets including furniture and fixtures.

The CPA usually is involved with the allocation of the assets to the purchase price. When a business is acquired, the business being purchased can include various assets including machinery, inventory, fixtures and intangible assets. The allocation of these assets is important because certain assets can be depreciated or written off faster than others.

Quite often, a seller of a business is willing to hold a note for a portion of the business purchase. When the seller holds paper or this note, the purchase of the business is facilitated since the buyer does not have to go to traditional lending sources.

You should always try not to sign personally if you don't have to. However the seller or the bank will usually request your personal guarantee on any note. The more money down and collateral at risk, the less likely, and your personal signature will be required. A good CPA can negotiate and work with your lawyer to minimize your personal exposure.

A secured creditor is a creditor that has filed a UCC form against certain assets which says in the case of your default, he has first rights to those assets. In real estate a mortgage is filed to secure the creditor. Banks always want as much security as possible. Try never to secure a purchase of a business with your home.

Generally speaking, when we are dealing with privately held businesses, it is not recommended to acquire the corporation of a seller. When you acquire the seller's corp, you are inheriting the seller's hidden liabilities that could exist including sales tax, payroll taxes etc. Also when you purchase the sellers corporation, you have nothing to write off because you are buying "stock". For this reason, most privately held businesses are structured as asset acquisitions.

Goodwill is the difference between the selling price and the estimated assigned values assigned to all the assets not including the goodwill. The seller's asking price will be broken down into its various components such as equipment, inventory, furniture, accounts receivable, miscellaneous assets, assumed liabilities and the difference will equal the goodwill.