Selecting the Right Entity Type for Your New Business

Entity Type

There are a myriad of decisions that need to be made when starting a new business but the importance of selecting the right type of entity structure should not be underestimated. At first glance it may seem simple and straightforward, but beware! The wrong entity type can prove costly both initially and in the future. … [Read more...]

Operational Efficiencies- Part VI Measuring Results (Our Final Installment)

ROI

As we initiate our final article of this series, I want to congratulate those of you who have made a commitment to strive for operational improvement in paying attention to and completing the first four steps of our model: Creating Rules of the Game Developing a System for Capturing and Organizing Ideas Deciding and Prioritizing What Initiatives to Pursue Determining Who Owns the Process for Initiatives … [Read more...]

Operational Efficiencies Part V – Who Owns the Process?

Who Owns the Process?

Now that you and your team have decided what initiatives are to be prioritized, implemented or further explored, how do you determine who will be involved in the process? Who will own and manage the task(s), monitor the success (or failure) of the initiative(s) and make recommendations for the future? We suggest assigning an “initiative manager” as well as interested team members to each task. … [Read more...]

NEWS ALERT: What Financial Records Should I Keep?

Good financial records lay the foundation for mapping business progress, preparing statements, identifying key income sources, tracking deductible expenses, keeping track of property, preparing your tax returns, and supporting the items you report on tax returns. One of the questions we get most often is how long to keep financial documents. Generally, the length of time you should keep a document depends on the action, expense or event the document records. Income Tax Records Well-organized records make it easier to prepare a tax return and help provide important information if your return is selected for examination or to prepare a response if you receive an IRS notice. The information below reflects the statutes of limitations that apply to income tax returns. Put simply, this is the amount of time during which you can amend your tax return to claim a credit or refund, or the IRS can assess additional tax after the return was filed. 3 years from the due date or date filed, … [Read more...]