Posts Tagged ‘taxes’

A Financial Reckoning

Are your business finances in good shape or are you headed for a financial reckoning? As I observe the financial picture of our economy and in particular our government, I cannot help but wonder how long this way of operating can continue. Read the rest of this entry »

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4 Reasons the National Debt Matters

Several people have made the comment, “The national debt doesn’t matter.” Oh really? Here are 4 reasons they are seriously mistaken.

We Owe, We Owe

You may have heard the line, “I owe, I owe. It’s off to work I go.” Of course this is a take odd on the line in Read the rest of this entry »

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Fixed or Changing?

You probably have heard the line from Gertrude Stein, “A rose is a rose is a rose” which we take to mean “things are what they are.” For example, when traveling from destination A to destination B, A will remain A and B will remain B. How we travel from A to B may change, but we are still trying to get from A to B.

What Does This Have to Do With Business?

In business it is important to know what is fixed, what changes, and what seldom changes. An unchanging aspect for business would be something like Read the rest of this entry »

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Private Company Reporting is Changing

Reporting for U.S. non-public small to medium size businesses is in transition. Many of these companies are owned by one person or just a few owners. A family owned and operated company would be an example of this. The American Institute of Certified Public Accountants (AICPA) has been addressing the reporting for these companies in an attempt to improve the usefulness of reporting. They have released a framework for this. Basically this would represent a new reporting option for non-GAAP (Generally Accepted Accounting Principles) financial statements. This guidance from the AICPA is known as the Read the rest of this entry »

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Calculating Internet Sales Taxes

In an earlier blog (Internet Sales Taxes) we looked at where the U.S. stands on implementing sales taxes for internet sales in states where the seller lack nexus. The bill passed by the Senate (Marketplace Fairness Act) is intended to level the playing field for brick and mortar and internet businesses and address tax concerns expressed by states. That discussion touched on what the impact would really be and whether it actually did level the playing field. Again, this bill now Read the rest of this entry »

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Internet Sales Taxes

By a vote of 69-27 the U.S. Senate has passed a bill called the Marketplace Fairness Act which allows states to collect sales taxes from online sellers whose out of state sales are $1 million of more. Whether the House of Representatives also will pass it is yet to be determined. There are pros and cons about the bill.

Some Pros

It is indeed true that states have not been able to collect internet sales taxes on Read the rest of this entry »

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Inconsistent Income Tax Decisions

As you are certainly aware, the U.S. Federal Income Tax code is sometimes quite vague. A number of years ago I read about a little test where the same tax information was taken to a certified public accountant (CPA), and several other tax preparers. When each had completed a sample return for the same information, each return was different. Something is wrong here. Seriously wrong!

Another Case in Point

In a previous posting (Independent Contractors – Know the Rules) the rules used by the Internal Revenue Service (IRS) to determine whether someone was an independent contractor or an employee were discussed. There it was pointed out that the IRS uses several criteria to determine whether someone is a contractor or an employee. Among the things considered are Read the rest of this entry »

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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 Read the rest of this entry »

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