Consulting & Advisory

Barron & Company, LLP takes pride in forging ongoing professional relationships with our clients that allow us to serve them as a trusted business consultant in a wide range of fields. We gauge our worth by the personal and business successes of our clients. Working with us can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business.

Consulting Services We Provide

Business Entity Selection

Selecting the type of entity for your business is an important decision that should not be taken lightly.  Your choice of entity is made at the inception of the business and has both tax and legal implications that need to be considered.  Whether you select a Sole Proprietorship, S-Corporation, Partnership, or Limited Liability Company, you need to understand these implications at the onset of the business.  Our firm can help you evaluate which type of entity can be the most advantageous business structure for your unique situation before formally setting up your business.

Management Advisory Services

When you require management advisory services, our firm can help. We provide one-on-one strategic and operational consulting, bringing in an objective voice to present ideas that your leadership team may not have considered before. Business owners are often so emotionally invested that it can become difficult to take a pragmatic approach to self-evaluating their business. 

We have worked with a wide range of businesses, which has helped us develop effective solutions to common management problems. We can identify key performance metrics and develop new systems to increase the efficiency of your daily operations.  Our goal is to put you in a position of strength for future success.

Buying and Selling a Business

Structuring the purchase or sale of a business properly is a critical step in the process of buying or selling a business. Our competent staff has experience with mergers and acquisitions to guide you through the process by addressing such issues as cash flow analysis and tax considerations as you structure the deal. From the preparation phases to the date of closing, Barron & Company, LLP will be with you every step of the way to make sure you are prepared.

Buying a Business?

The simple answer is peace of mind. Our firm works diligently to make sure that you are making a smart business decision based on logic and knowledge. We look at historical data and market comparisons while evaluating the financial health and viability of the company to help you make a wise and informed decision. Let Barron & Company, LLP help you determine that the business you’re interested in is in fact worth the price you offer.

Selling a Business?

Any serious buyer is going to require sound financial records in order to make the business valuation as accurate as possible. Falling short of these expectations means you will likely fall short of your desired asking price. Barron & Company, LLP can help you with presenting your business accurately in a positive light, and to help determine the best structure for the sale of your business. We also work directly with the buyer’s accountants and advisors to answer questions or concerns they might have during the process. If financial statement preparation is required, we can likely help with the process.

Business Succession Planning

Effective coordination of the transition of your business to your successors is critical to ensure its continued success once you decide to remove yourself from the company’s day to day operations. With a solid background in tax and other financial matters, we are fully qualified to address the complex issues of business continuation and can assist you in developing a strategically sound plan to keep both you and your business financially successful after your exit.

Estate Planning, Trust Planning, Gift Planning

Estate Planning

Whether you have a large or small estate, it is still subject to probate and taxation. By planning in advance, you can get your affairs in order to ease the transfer of assets to your beneficiaries. For individuals, this may include setting up an irrevocable trust to protect your assets and shield them from going to probate. Bank accounts may also be set up to be payable-on-death in order to directly transfer the accounts to beneficiaries without having to go through probate court. For business owners, thought should be put into your succession plan in order to keep business continuity. We can help you navigate this complex process.

Trust Planning

Individuals often ask if estate and trust preparation and planning only applies to the wealthy “one percent”.  The answer is that estate and trust planning can apply to anyone with bank accounts, real estate, vehicles, life insurance and other tangible property to name just a few. Estate and trust tax preparation and planning are an important part of managing your financial future, especially if you have a spouse, children, or own a business. As your trusted advisor, we help you develop an estate and trust plan that protects wealth and minimizes the tax burden on you and your loved ones.

While protecting your assets is critical to ensure financial security for your loved ones, we know that estate planning and trust tax return preparation is not easy and often requires specialized knowledge and expertise.  We understand fiduciary tax laws and work closely with investment advisors, attorneys, and other financial professionals so that we can develop a long-term estate plan that meets our client’s individual needs.

Estate, Trust and Gift Planning Services

  • Asset allocation review (spouse, children, charities, etc.)
  • Estate plan and trust review services
  • Gift tax returns and strategies
  • Trust income tax returns
  • Estate income tax returns

Gift Planning

What are gift tax returns and who needs to file them? Clients often come to us confused regarding gift tax rules and for good reason, it’s an oft misunderstood tax topic.  Put simply, each individual may gift up to the annual gift tax exclusion amount to someone without being required to file a gift tax return. This amount may be given to as many individuals one desires without triggering the gift tax filing requirement. Also, any gifts to charity, spouses, political groups, or to cover qualified medical or educational expenses do not count towards your annual exclusion amount. This exclusion amount can be a powerful tool used in reducing the potential size of your estate for purposes of estate tax planning.

So you’ve already gifted over the annual gift tax exclusion amount to an individual, does that mean you owe gift taxes? Most likely not, but you will need to file a gift tax return using IRS Form 709. Any gift to an individual exceeding the annual exclusion amount will be deducted from your lifetime estate and gift tax exclusion amount.If you have not exceeded your lifetime exclusion amount, your gift is not taxable. Any remaining lifetime exclusion amount is what is used to determine if your estate is taxable upon your death.

It is important to note that even though you may not have a taxable estate, you still should have an estate plan.  Estate and gift taxes are a hot button topic in the political spectrum, and exclusions are frequently adjusted based on the changing political climate. The information provided herein is meant to provide a general understanding of these often complex topics, and should not be relied upon as a basis for making any business, legal or other decisions.

Helpful Links

The IRS publishes other helpful information regarding estate, trust, and gift taxes. You can visit the links below for more information.

CT Department of Revenue Services
CT Department of Revenue Services
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