In the News

Submitted by Arthur J. Dykes, CPA, and Donald Paris, CPA

In a current column, we "complained" about how increased regulatory pressures and complexity was making it very difficult for corporate CFO’s to control and manage financial statement processes, as well as to manage the time commitments now required to fully comply with rules and regulations.

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Submitted by Arthur J. Dykes, CPA, and Donald Paris, CPA

As I travel around visiting with CFO’s and controllers of small to mid size businesses, a common frustration is the blizzard of regulatory and accounting rule changes affecting financial statement reporting and presentation. CFO’s are constantly trying to comply with new reporting rules, as well as improve their financial statements

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Donald Paris, CPA

Last month we talked about some of the steps needed for you to start a business. Let’s continue where we left off.

Investors. In a recession, investors are not going to line up to invest in your business. They have been burned too many times before, and their own capital is less as a result of it. So, I told Bobby that he needed to pull together a list of people he thought might be interested in investing, and that the list should be a long one. I told him it was unlikely that most of these people would invest.

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Donald Paris, CPA

A client of mine called me the other day to set up a lunch appointment to discuss an idea he had. We will call the client Bobby, since I am reading one of Bobby Flay’s cookbooks right now. While at lunch, we talked about his life, the wife, kids, boat and all of that. I was patient. I knew something was coming. Then, while we were in the middle of our burgers at The Daily Grill, he told me he wanted to start a business lending money to companies who provided service and product to the U.S. Government.

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Submitted by Arthur J. Dykes, CPA, and Donald Paris, CPA

We mostly realize that our Federal taxation system is complex, in a constant state of change, and requires more specialists than the leading U.S. hospital to administer. But are you aware that the 50 states are getting to be in a similar situation?

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Donald Paris, CPA

The smartest clients call me before establishing a new business. Though the question "What is the best way for me to organize my business?" is really simple, the answer is often complicated and contingent on other factors. Some of the issues that need to be explored include a) who should be taxed, b) is the entity going to be capitalized with permanent funds, loans, or loan guarantees, c) will the owners receive distributions, and d) who are the owners, just to name a few.

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Donald Paris, CPA

A client of mine called me the other day all worried. Bill has a company that sells computer equipment, predominantly to the federal government. He had read that the IRS plans on auditing employment taxes this year. He employs people here at his headquarters, as well as has various "account representatives" situated around the country. He wanted to know if he was going to get audited.

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Submitted by Arthur J. Dykes, CPA, and Donald Paris, CPA

Is the Estate Tax Dead? And, if so, will it be re-born?

As you are probably aware, dealing with the uncertainty of the Estate and Generation Skipping Transfer (GST) Tax, has made tax planning very difficult.

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