Articles Tagged with ''Taxes and HVACR''

This article will address the common confusion found in differentiating a business exit from a business succession. Both are needed to successfully exit a business, unlock trapped wealth, protect one’s legacy, and successfully move the company into the next generation or to an external buyer.

Each day, my goal is to help owners. I do this by speaking to audiences and publishing as many articles as possible to protect them from making the same costly mistakes we did — even though my team was one of the lucky ones that cashed out and successfully passed the baton to our fourth-generation management team.

As he faced a banquet hall full of HVACR distributors, wholesalers, manufacturers and reps at the Liaison Capitol Hill DC, Jon Melchi, vice president of government affairs and business development for Heating, Air-conditioning, and Refrigeration Distributors International (HARDI), had a simple request for attendees of HARDI's 2015 Congressional Fly-In.

In February, U.S. Rep. Kevin Brady, R-Texas, introduced a bill to the U.S. House of Representatives that would repeal the federal estate tax, which is the fourth highest estate tax in the world, according to the Tax Foundation.

For small business owners, including many in the HVACR industry, repealing the estate tax — or “death tax,” as it is also called — could have a significant positive impact on those who hope to pass their family businesses onto their descendants.

The U.S. House of Representatives voted to permanently repeal the estate tax, also known as the "death tax," passing H.R. 1105, the Death Tax Repeal Act of 2015, by a margin of 240-179. The bill, authored by Rep. Kevin Brady (R-Texas), would repeal the estate tax and the generation-skipping transfer (GST) tax for all future transfers.

Heating, Air-conditioning and Refrigeration Distributors International (HARDI) member Karen Madonia, chief financial officer of ILLCO Inc., joined two others representing small businesses and farms to testify before a House Ways and Means Committee hearing and urge Congress to pass the Death Tax Repeal Act of 2015.

My objective with this article is to share with you the elements of current U.S. tax laws and the potential future changes that could affect you and your business. I intend to cover the Tax Increase Prevention Act of 2014.