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Posts Tagged ‘Paperwork’
Tuesday, July 13th, 2010
It’s mid-summer and I’m here to tell you that if you think that all CPAs are lolling on the beaches, just running out the clock until tax time, you’re gravely mistaken.
CPAs actually work 12 months out of the year, though our press is frequently limited to January 1 through April 15. (And it’s more so toward the latter date than the former!)
If you’ve never worked with a CPA to help plan your business, I encourage you to start now. A well-rounded CPA will be able to guide you through the waters of this strange economic landscape and enable you to make the most of your current financial situation. Together, you’ll be able to tackle each obstacle and uncover each opportunity with panache.
What’s not to like about this kind of partnership?
Best of all, when tax time DOES roll around (and it always happens sooner than you expect, doesn’t it?), you’ll have a CPA on board who can efficiently handle the paperwork associated with your taxes. It’s a win-win!
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FinancialFutureCFO: Protecting your company for the future.
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Tags: 1 April, 12 Months, April 15, Beaches, Clock, CPA, Cpas, Current, Economic Landscape, Financial Situation, January 1, Limited, Mid Summer, Obstacle, Opportunity, Panache, Paperwork, Partnership, Running, Strange, Tax Time
Posted in Change your CPA | No Comments »
Monday, June 14th, 2010
It’s always tempting to hire interns; after all, they want to learn about your business and they’re willing to work, often for little remuneration. But before you jump on the “let’s hire an intern to save cash” bandwagon, understand the full implications of what you’re considering:
1. Interns Aren’t Slaves
Sure, you can get away with paying a lot of interns a stipend. But this doesn’t make them your slaves. You still need to make their experience with your company worthwhile. They aren’t glorified gofers or free outbound sales callers.
2. Interns Require Supervision
Never in the office? You’ll need to be to keep an intern learning. Otherwise, you should hire a temp (if you can afford it.) Interns expect you to teach them more than how to drop the ball into the laps of unsuspecting interns! You’ll also have to fill out paperwork so the interns receive credit for their time with your company.
3. Interns Are a Source of Ideas
Finally, don’t make the mistake of simply TELLING your interns how to do things. Ask for their opinions, too. If you’re truly going to use interns to help manage your business and make it successful, you’ll have to listen more than you talk.
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FinancialFutureCFO: Protecting your company for the future.
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Tags: Bandwagon, Gofers, Hindrance, Interns, Laps, Lot, Mistake, Outbound Sales, Paperwork, Remuneration, Slaves, Stipend, Supervision, Temp
Posted in Working with Interns | 1 Comment »
Tuesday, May 11th, 2010
If you run a nonprofit, youo have until May 17 to avoid losing your tax exempt status.
Federal tax law has been changed, and that affects almost a half million smaller (income of less than $25K annually) nonprofits. Paperwork must be filed with the Internal Revenue Service no later than May 17; otherwise, those same nonprofits will be forced to reapply for tax exempt status.
The paperwork (990, 990-N, 990-EZ) will take a little time to fill out. So you may want to contact your tax preparer (or hire one to begin with) to help you with the process. An extension (using Form 8868) is available, but stalling isn’t recommended.
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FinancialFutureCFO: Protecting your company for the future.
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Tags: Contact, Federal Tax Law, Form 8868, Internal Revenue Service, Little Time, Paperwork, Tax Exempt Status, Tax Preparer, Youo
Posted in nonprofits | No Comments »
Wednesday, March 17th, 2010
Scammers get craftier all the time, which is why it’s important for you to protect yourself from their nasty brand of ”snake oil”.
Because tax time is approaching (by the way, are your taxes done? started? still in a box in the corner of your office?), the IRS is warning consumers and businesses about several tax scams on the horizon.
I’d like to focus on a few of them and encourage you to be careful.
1. Promotion of Fraud
If your tax preparer ever suggests that you do something illegal, run the other way (and take your paperwork with you!) Then, contact the IRS (www.irs.gov). Don’t be persuaded by a snazzy or “charming” sales pitch.
2. Phishing
When you hand over your information to a tax preparer, you’re giving him or her access to tons of personal data. In the wrong hands, that data can be used for a wide variety of purposes that will create problems for you for years. (The IRS even suggests that you send them a heads up if you receive any emails that indicate phishing could be occuring: phishing@irs.gov.)
3. Filing a Fictitious Form 4852
A 4852 is used in lieu of a W-2 form. It’s a legal form, of course, but scammers may try to encourage you to use it to reduce your taxes by lying about your income. Beware! This is a good way to get you in a heap of hot water!
So what’s the best way to avoid these tax scams? Choose a CPA with a proven track record and the credentials to back him/her up. That way, you’ll be secure in the knowledge that you’re getting the best tax preparation for your investment.
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FinancialFutureCFO: Protecting your company for the future.
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Tags: CPA, Credentials, Form 4852, Paperwork, Personal Data, Phishing, Proven Track Record, Run The Other Way, Sales Pitch, Scammers, Tax Preparation, Tax Preparer, Tax Scams, Tax Time, Www Irs Gov
Posted in Taxes | No Comments »
Tuesday, February 2nd, 2010
Take a really good look at the state of your company right now. Are you happy with the way it’s organized? Is your cash flow adequate? Are you comfortable with the way paperwork and invoicing is handled?
If you said “no”, don’t worry — you’re probably in the majority.
Most business owners, especially those with very few employees, aren’t completely satisfied with some aspect of the state of their companies. And that’s perfectly okay… as long as they’re willing to make 2010 the year of change.
If you know it’s time to take charge of your business, I’d like to help you. Send me an email at scott(at)FinancialFutureCFO(dot)com and we’ll arrange a free telephone consultation.
It’s your business. Give it every chance of succeeding for this year and beyond!
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Concerned about cash flow? Then sign up for my free report, 9 Ways to Increase Your Cash Flow.
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FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Business Owners, cash flow, Email, free consultation, Free Telephone, Invoicing, Paperwork, Send Email, Telephone Consultation
Posted in Business Ownership | No Comments »
Monday, July 27th, 2009
If you’re a public company dealing with the realities of Sarbanes-Oxley, you already know that your financials have to be perfect. There’s really no room for error, especially in today’s economic climate where watchdog organizations are around every corner.
Of course, keeping up with SOX can be confusing for those not in the know about the Act’s rules and regulations, especially when it comes to which documents should be saved and which should be scrapped. Does an email count? A memo? A scrap of paper with figures scrawled on it?
This is where a knowledgeable CFO comes into play in a huge way. He or she can not only get your financials on the straight and narrow, but can also train your executives, supervisors and managers on what paperwork they need to retain to stay in compliance with SOX.
Is it time-consuming? Yes. Yet it’s absolutely essential that you and your business do the right thing… every time. There’s really no room for error, so choose your CFO wisely. If you do, you’ll be ready to push forward to 2010 and beyond.
Tags: Act, CFO, compliance, Do The Right Thing, documents, Economic Climate, financials, Oxley, Paperwork, Realities, Sarbanes-Oxley, Sarbanes-Oxley Act, SOX, Train, train executives, train managers, train supervisors, watchdog, Watchdog Organizations
Posted in Sarbanes-Oxley Act | No Comments »
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