Government is Not Going Away

Do ever wish you could just run your business without having to comply with a bunch of government regulations? Actually we all at some point wish that was the case.

Some Examples

Every business must deal with tax issues, whether a sole proprietorship, a partnership, an LLC, an S-Corp., or a C Corp. That is just a fact of life. Usually when we think of tax issues the first thing that comes to mind is income taxes. But it doesn’t stop there! There are business licenses, real and personal property tax, sales taxes, and several others. The point is, even if all federal and state income taxes disappeared tomorrow, government is not going away.

Taxes, however, are just the tip of the iceberg. There are all sorts of regulations with which businesses must comply. These can be things like pollution control, licensing of fleet drivers, food safety rules, OSHA regulations, and requirements for licensing of professionals such as attorneys, CPA’s., financial planners, and so on. If you stop to think about it, you may feel as if you are being smothered with taxes and regulations and spend an inordinate amount of time complying. You know the old joke line, “I’m from the government and I’m here to help you.” It sometimes seems as if government at all levels does nothing but try to create new ways to regulate and tax.

i'm from the government

Sometimes it is just about impossible to be in full compliance all the time. But, no matter how much you may wish it, government is not going away.

What Should You Do?

Because the complexities of taxes and regulations are so numerous and constantly going through changes, it is unlikely any small business can manage this without help. So here are a few suggestions:

  1. Have an attorney you trust that will alert you to new and changing regulations
  2. Have a CPA firm that can keep you in compliance with tax laws
  3. If you lack someone internally, consider hiring a Part-time CFO to navigate the process.

As to number 3 above, a Part-time CFO or Controller can help you stay in compliance and also is likely to be able to act as a go-between when communicating with your attorney of CPA firm. That is because the nature of their experience helps them know the right questions to ask and also identify when clarification is needed.

So, think about it. Do you want all the responsibility for staying in compliance with tax laws and business regulations, or do you think it might be wise to build a team that will help you in this process?

If you want to know more, contact AimCFO – Contact

As always, your comments are welcomed.

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