Blog

Taxes are a crucial aspect of any business, and family-run businesses are no exception. While these enterprises often thrive on shared values, trust, and collaboration, they face unique tax challenges, from profit allocation to succession planning. Understanding and managing these intricacies is vital to ensure compliance and secure long-term stability.

At Holbrook & Manter, we believe in empowering family businesses by providing the expertise and personalized service they need to flourish. We have had the honor of sharing these and many other tax tips with family businesses for well over 100 years:

Why Taxes Are Different for Family Businesses

The beginning of the new year saw another round of changes to the tax rules governing employer-sponsored retirement programs such as 401(k) and 403(b) plans. As in previous years, this year’s changes stem from the gradual phasing in of various provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 and its successor, SECURE 2.0, which was signed into law in late 2022.

The phased implementation of these laws was designed to give employers, plan administrators, and financial institutions time to adapt to the new requirements. Unlike last year, when more than two dozen new rules…

Family businesses are the backbone of the economy, often synonymous with tradition, trust, and generational legacy. However, running a family-owned operation comes with its own unique set of financial challenges. Holbrook & Manter has been working with family-owned businesses since our inception in 1919, so we have seen it all.  We help business owners balance the personal with the professional. We assist them in making long-term decisions while managing short-term needs. It is our honor to help them preserve wealth through generations as well.

Understanding these challenges can help family businesses thrive amidst their complexities. Below, we explore the primary…