Level 4

Solved

Selling a tax business "client list"

Forum|Forum|4 years ago
July 8, 2021
2 replies
5 views

Where can I obtain information on selling a tax practice's "client list"? Are there specific rules to follow?

Lacerte Tax

This topic has been closed for replies.

Best answer by lovetaxes

Thanks so much for replying to my request re: selling my business.

Another reply that I received in response to my request along with your advise to check Quickfinder, etc., both came in handy.

I will always appreciate the fact that total strangers are willing to give of their time and knowledge to assist others, like me.

Many thanks,

Lovetaxes

George4Tacks

Level 15

Schedule D, capital gain as sale of "goodwill". https://s3.amazonaws.com/KMGWebsite/IncomeTaxAllocationonSale.pdf

Be sure to include IRS 8594 in the return.

Answers are easy. Questions are hard!

abctax55

Level 15

The Tax Book, or Quickfinder, are both good basic research sources. One of them should be in your library to research such questions.

Even google has tons of info:

https://search.yahoo.com/yhs/search?hspart=avg&hsimp=yhs-securebrowser&type=8153&param1=e0f50a024ae149708dde1d0eb760e439&param2=20181119&param3=AVG%20Secure%20Browser|86.0.6536.113&param4=17|US|2.5.127|1.23.0.675&p=sale+of+client+list+tax+treatment

HumanKind... Be Both

George4Tacks

Level 15

Sometimes things just don't post right

https://search.yahoo.com/yhs/search?hspart=avg&hsimp=yhs-securebrowser&type=8153&param1=e0f50a024ae1...86.0.6536.113&param4=17|US|2.5.127|1.23.0.675&p=sale+of+client+list+tax+treatment

I think the key is you must hit ENTER at the end of long links or it does what it did.

Interesting that you say "Even google has tons of info:" and use Yahoo. BINGO!

Obviously I miss the chaos of tax season. ;-}

Answers are easy. Questions are hard!

L

lovetaxesAuthor

Level 4

Hello George4Tacks,

I've been fortunate enough to receive many valuable responses from you that have saved me potentially hours of research on issues I had little or no specific knowledge of at the time I posed my question(s).

You've always lead me down the correct path and explained when necessary how to best proceed. Should I follow through with the sale of my practice this year, I'll be referring the buyer to the community board in hopes they will have the same opportunities to call on you for help.

Don't ever change, George. I'll remember you fondly. AND, should I stay on for another year I would guess there is a pretty good chance that our paths will cross for tax year 2021.

Stay well,

Bob

Sign up

Login with SSO

Let's get you signed in

Login with SSO

Scanning file for viruses.

This file cannot be downloaded