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Family-owned businesses are unique and preparing your children for a transition into a family business requires developing a code of conduct to help establish them as future leaders within the family business.

When advising family business owners, one of the biggest challenges I see clients grapple with is the transition from being "power players" who dominate every aspect of the company, to "people builders" who cultivate the next generation.

Patricia McLagen identified a way to provide feedback that “produces results and enhances the relationship.” She calls it “On-the-Level” feedback and it’s based on the four principles of Purpose, Respect, Directness and Shared Responsibility.

Seeing someone you care about showing signs of age or mental illness is one of the hardest things we can face. Try to discuss this with your family and/or business leaders before it becomes a problem.

Why managers have a hard time giving constructive feedback to their employees? An employee is not going to be effective in the workplace unless some of their thoughts and behaviors are discussed through feedback and coaching.

You as a leader are trying to keep up with everything happening around you – external market factors, your competition… What we can learn from skaters and dancers is that having a clear spot to focus on when you start and finish is key.

A strategic plan should be a living document, with a solid foundation in the form of a clear vision for the future and short list of the core values that drive decision-making in the company and it is should remain in the eyes of your managers.

So, what’s the secret? How does a business successfully identify its leadership successor(s)? How does anyone learn to take on a role that you created and how will you know if they’re going to be any good at it?

A simple strategic plan doesn’t mean it’s simplistic. Rather it is straightforward and gets right to the key issues to be addressed. Where do you start? How can you maximize your planning effort and What should you look for after the plan is in place?

At the final stage as you consider your own transition away from the business, your role is best characterized as a shift from power broker - the person upon whom rests the vision and values, all decisions, and financial risk - to people builder.

Regardless of whether you want to pass the business down to the next generation of family members or sell to an inside or outside buyer, we recommend the same activity: Develop your own company prospectus.

Why should you consider creating a Family Charter? The creation of a written Family Charter is an important step toward ensuring that the family and the family business are aware of the rules that will guide what can be expected from each.

A thoughtfully selected and well-developed advisory board can be one of the most effective tools in helping any company reach its strategic potential. Why should you consider forming an advisory board?

This article outlines the two latest active campaigns from the IRS’s Large Business and International Division.

A foreign corporation is treated if owned by a domestic or foreign partnership.

EisnerAmper is a member of Allinial Global which is a network of independent accounting and consulting firms whose members reinforce client service by exchanging expertise, resources, and advice across a wide range of industries.

The U.S. Treasury issued proposed regulations to determine deductions provided by IRC Sec. 250 related to global intangible low tax income (“GILTI”) and foreign derived intangible income (“FDII”). Highlights of the regulations are listed below.

On November 30, 2018 the Treasury released proposed foreign tax credit regulations to provide some clarity for using foreign tax credits with respect to changes made by the Tax Cuts and Jobs Act (“TCJA”), as well as other foreign tax credit issues.

On December 18, 2018, the IRS released proposed regulations that are intended to clarify, reduce and/or eliminate certain FATCA reporting requirements. The proposed regulations address a number of items, with the more salient items described here.

The IRS released proposed regulation Section 965 which generally requires a “U.S. shareholder” to pay a “transition tax” on the earnings of a deferred foreign income corporation as if such earnings had been repatriated to the U.S.