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Seal your exit strategy with an ESOP

If you own a successful business, chances are a substantial portion of your net worth is tied up in it. Even if you plan to stay actively involved in the company for many years, it's important to have an exit strategy that addresses when to convert your business interest into cash so you can use it to diversify your investments. Designing an exit strategy that meets your objectives can be challenging, especially if your business is closely held or the company's stock is thinly traded. How do you cash out without selling the business to an outsider or giving up control? This article advises business owners to consider an Employee Stock Ownership Plan (ESOP), which creates a market for your stock and offers extraordinary tax savings and other benefits to your company and its owners and employees.
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Bulletproofing your FLP

During the last decade, family limited partnerships (FLPs) have come under fire from the IRS. That doesn't mean an FLP has lost any of its muscle as an estate- and succession-planning tool. What it does mean is that the IRS may attempt to shoot down an FLP it believes is nothing more than a tax-avoidance scheme. This article explores how to create an FLP that's bulletproof -- or at least bullet resistant.
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5 post-year-end tax strategies to reduce your 2007 tax bill

Now that you've "closed the books" on the 2007 tax year, you may think you're finished tax planning for it. But there's still time for you to implement these five post-year-end strategies that can reduce your 2007 tax bill. This article suggests making an IRA contribution, checking receipts, simplifying your retirement plan, reviewing losses and taking the expensing election.
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Tax tips

News items briefly discussed are the IRS's random audit program, lodging expenses, out-of-state purchases, and what to do when the IRS or a state taxing authority informs a taxpayer of a discrepancy or mistake in a tax return.
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