Category: Business Practices
Have you evaluated your business’ healthcare costs?
Healthcare costs for a business can be significant and should be evaluated regularly. This article from Crain’s Detroit Business gives some great tips on how to evaluate your business’ healthcare costs and also poses some considerations to take into account...
SR Glossary: Business Valuation
Every year, thousands of small businesses are bought / sold, and as a small business owner, maybe you have wondered "How much is my business worth? Can I sell it for $xxx,xxx? When is the right time to sell my...
Embezzlement can happen to every company
Here's an article in the Detroit Free Press regarding an embezzlement case in northern Michigan. This shows what a breakdown in control and blind trust in an employee can lead to disasterous concequences. It is also important to note that...
Private Company Financial Reporting – Will we finally see a change?
Since 1972, the need for a different set of standards for private companies has been an ongoing topic for debate. Hopefully, with the issuance of the Blue-ribbon Panel on Standard Setting for Private Companies Report (“BRP Report”) to the Financial...
SR Glossary: “Documentation”
One of the first terms you might encounter if you or your company is audited by the IRS is a request for documentation of expenses, or proof of receipts. In years past, this was a simple request, as receipts were...
SR Glossary: Nexus
An increasingly complex tax consideration for companies who operate or sell in more than one state or via online involves the question of nexus, the term used to describe when a business has sufficient presence (direct or indirect) within a...
Client Question: “What should I do with an uncashed check?”
Many taxpayers might be pleased to see a "You have unclaimed property waiting!" letter from the State of Michigan. But what are your responsibilities as a business owner with regards to unclaimed property? In most cases, unclaimed property takes the...
New IRS regulations affect Form 5472
On June 9, the IRS issued temporary and proposed regulations to remove the duplicate filing requirement for Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business (TD 9529...
Employee Fraud Basics–Part 1
Summer is here, and for many companies year-end financial reporting is complete, tax returns are filed, monthly reporting is down to a science (right?) and 2011 budgets are in place. So what should be on management’s minds? How about focusing...
What’s your “vision”?
The impetus for the growth or change of a company--your company--is VISION. You have a vision of what the company is and what it will become. Without a vision of the future, there will be no change or energy exerted...