Today TaxMama® hears from someone offline with this distressing observation. “A client for whom we do payroll has an entire team of high-powered accountants and attorneys. They got together and reviewed our client’s several business entities and decided to close a certain company as of the end of 2012.
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However, none of the experts bothered to look at the activities in this entity. This is where the payroll and benefit plans for all the owners and employees were set up for all the companies.”
Eeeek! It’s got to be really embarrassing when a bookkeeper catches the errors of a team of experts. But it does happen.
TaxMama always tells you to turn to your experienced tax professionals for guidance before making any major financial moves.
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Today, I want to remind those experts to include the folks who do the day-to-day work in your planning discussions – about any decision. In other words, not just accounting and taxes – but marketing, product development, customer service, etc.
All too often, the folks in the trenches are overlooked. But they have the direct experience with the product, customer and the routine procedures.
Please look at the whole picture and understand what pensions, contracts, trademarks, patents and other intangibles are in place before closing entities – or making other major decisions.
And remember, you can find answers to all kinds of questions about business decisions and other tax and business issues, free. Where? Where else? At www.TaxMama.com.[Note: If you were subscribed to the e-mailed version of TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the join TaxMama.
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