27Apr 2018 by Fred Crooks
Business Exit Planning

Business Exit Planning

Business Advisory, Fundamentals, Small Business
Business Exit Planning - Planning with the End in Mind There comes a time for every small business owner to exit their business. Properly positioning your business to be sold can be one of the most rewarding aspects of being a business owner, but also one of the most challenging. Failing to plan for the sale or succession can lead to a disappointing, and sometimes catastrophic, ending to what has been an otherwise successful and fulfilling business career. When it comes to developing a business exit plan, those who have worked with some kind of business or strategic plan in the past are at an advantage. Regardless, putting together a workable exit plan is not an impossible task. Start with a self-evaluation of your personal and business needs, goals and…
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26Sep 2013 by William Simi
IRS Crackdown on Small Business Underreporting

IRS Crackdown on Small Business Underreporting

Tax
The IRS has recently begun cracking down on small businesses.  Nearly 20,000 small business owners have received notifications of possible income under-reporting since fall of 2012.  The notifications have come in light of an IRS analysis that compares percentages of gross receipts from cash transactions versus credit card transactions.  If the ratio is different than what they would expect, they send out a notification. This can be a serious issue if you don’t use great care in your bookkeeping.  Many of the businesses that receive these notifications are able to go back through their books and provide explanations as to why the ratios are off.  Internet sales, for example, would result in higher numbers of credit card transactions versus cash.  A change in tax ID number may also set off…
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