There is a lot of information floating around about the tax provisions in the OBBB legislation.
Much of it is wrong.
We will do a series on some of the more useful sections.
But
Consult your tax professional early and often. And yes this will cost you.
PS: do not take tax advice from Tik Tok.
The basics of risk management, first post
* list all possible risks to your organization (weather, accidents, regulatory, fire, misconduct, etc.)
* assign probabilities to those risks, in other words, which are the most likely occur to your business, in your location, with your product, with your workforce
* take steps to prevent the risks, take steps to minimize the risks, take steps to insure the risks
The terrible tragedy in Kerrville Texas reminds us that risk management is an important element of both our personal and business lives.
There will be more weather disasters, and soon, in places we cannot now predict.
Preparation is important, so we are going to repeat some of our previous posts and add some more.
So the Big Beautiful Bill has passed.
Much of of the tax language is a repeat of 2017, however some of it is new.
Experts are dissecting the bill and will be dispensing advice soon.
Why is your tax accountant grumpy? Defensive? Jacking up fees?
In this series we will explore the reasons.
So let's look at grumpiness caused by clients.
First and biggest problem - lousy bookkeeping and accounting.
Quality bookkeeping and accounting requires money, time and effort.
Quality bookkeeping and accounting is critical to understanding your own business.
Quality bookkeeping and accounting is mandatory for IRS and other tax filings.
Quality bookkeeping and accounting is mandatory for Key Performance Indicators, the heart of your business analytics.
Some time this year a tax bill will be passed.
The House of Representatives has passed an omnibus bill including tax provisions.
The Senate will take up the bill this summer.
What will be in the bill? A lot of pieces and parts.
Advice:
If you do not have a solid relationship with a tax professional now is the time.
If you are doing any major projects or deals in the near future someone should help you work through the possible impacts of the tax bill.
The current nightmare will cause pricing problems.
The tariff mess will require price increases at or close to the amount of the tariffs.
But...
A budding recession may eventually force price decreases.
The result is lower contribution margins and less profit. If there is a profit.
This is going to get ugly, really ugly.
Being pro-active is the best strategy, if there is a useful strategy to this mess.
