Knowledge Center

Transfer Business Ownership or Remain Boss?

For family business owners, estate planning can be a challenge. Often, most if not all of their wealth is tied up in their companies, which creates a conflict between the desire to transfer ownership to the next generation and the desire to stay in control. One potential solution is to recapitalize the business into voting and nonvoting shares. This article details this technique.

Argentina’s New Tax Amnesty Program

As part of the CRS, governments are implementing amnesty programs to bring taxpayers into compliance and increase the collection of tax revenues. On June 29, 2016, the Argentina Congress approved the tax amnesty program and voluntary disclosure of unreported assets located in Argentina and abroad. This article is a summary of the plan.

Hernandez & Company receives Ponce de Leon Excellence Award

Hernandez & Company received the prestigious Ponce de Leon Excellence Award from the Spain-United States Chamber of Commerce.

Deadline to Report Foreign Bank and Financial Accounts is June 30th

The deadline to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts is June 30th.

10 Midyear Tax Planning Moves Inspired by the PATH Act

Have you met with your tax adviser to plan for 2016? The tax year is almost half over, and several new and expanded tax-saving opportunities are available under recent legislation. Moreover, some tax breaks have been made permanent, adding certainty to a few of your tax planning strategies. Here are some ideas for individuals and small businesses to lower their tax obligations this year.

Hernandez & Company receives award as Family Business Advisory Firm of the Year

Hernandez & Company, CPAs has been selected by Corporate INTL Magazine as “Family Advisory Firm of the Year in Florida”

Too Much Paperwork? What You Can Throw Away After Filing

Once you file your 2015 tax return, you can clear away some of the paper clutter. But keep essential records that can protect you if the IRS decides to conduct an audit. Some documents will help you collect a future refund or assist you with filing next year. Read on for an outline of the documents you should keep — for how long — and the papers you can throw away.

IRS Reveals List of Top Tax Scams for 2016

Each year, the IRS publishes its list of “dirty dozen” tax scams. It warns taxpayers about the fraud risks and identifies red flags that IRS agents are trained to watch for. Many scams recur year after year, such as padded refund requests and abusive tax shelters. But technology-driven scams have taken center stage in recent years. Here’s what you should know to avoid the latest fraud schemes.

Consider Hosting a Family Meeting about Your Estate Plan

You’ve spent years building your business and net worth. As you plan your estate, you may want to keep the details private. However, it might be better to share information with family members. You can do this by gathering your heirs together. These meetings are reminiscent of Scottish clan gatherings held hundreds of years ago. This article explains.

Announcing our New Partners

We are proud to announce the appointment of two new partners to the firm: Michelle Gonzalez-Rubio and Eduardo Carrillo.

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