As has been tradition ’round these parts going back a few years, it’s officially time to break out the Busy Season Zen.
If you’re new, Busy Season Zen is a dose of distraction, whether that be cute little ducklings or 10 straight hours of paint drying. You never know what you’re going to get.
We know you’re stressed, so consider this our permission to hide in the bathroom stall with your phone to take a crying break.
Now that that’s out of the way, please allow us to introduce you to The Crusher.
Remember, kids, don’t try this at home — or rather at the office. Some of you may not be old enough to remember when a little aggressive shredding ended a certain defunct public accounting firm. So yeah, don’t do that.
With all the uncertainty out there, more and more small businesses are cropping up. As anyone who has started their own business knows, there are plenty of decisions to be made, including your accounting method. While that answer may come easy, at some point small business owners have to ask themselves honestly A) Do I know squat about accounting? B) If no, do I hire someone full time or do I contract the work out as needed?
First, if you’re not versed in accounting and taxes are you really going to take the time to learn everything you need to know at the behest of growing and refining your business? Have you seen the tax code? You want to take advantage of everything you can, right? Best to call an expert.
Secondly, if you do decide to get some help, are you willing to pay for someone to keep the books, file tax forms, manage the payroll, etc. etc. full time? Are you going to pay them a salary, benefits, supplement their daycare, give them vacation? If you’ve got the resources to bring someone on, that’s great, start interviewing people. But what if you’re still in the early stages? Finding a CPA firm that can provide those crucial services for you can save a lot of headaches.
On the other hand, if you are already an accountant, maybe this growth in small businesses is your opportunity to get a little entrepreneurial yourself. CPA firms are the most profitable small businesses out there and somebody has to help those business owners keep their debits, credits and tax forms straight; it might as well be you.
Ex-BDO partners that were involved with the firm’s tax shelters are continuing to drop like flies. This time, Mark Bloom, a hedge fund manager and former BDO partner that worked in the Tax Solutions group, pleaded guilty to several charges.
Bloom agreed to forfeit assets as part of his plea agreement including a boat and two Steinway pianos which Bloom performed versions of his favorite songs on: Check out the song selection, after the jump
Before you go!
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