At least once a month we see a news story about a vehicle driving into a business, usually through the front door.
Many times the driver is elderly or impaired.
Sometimes the driver intends to steal your ATM (common in carry-outs).
Whatever the circumstance, there should be some sort of physical barrier preventing a vehicle from crashing the front door. Posts, planters, curbs, something.
Lots of business are going to portals and talk to the QR Code on your phone.
Lots of people and especially a lot of elders cannot or will not do that type of tech.
Why alienate customers?
There should always be a low tech option.
Who should be on your advisory team?
A CPA firm for accounting/tax or an Enrolled Agent for tax returns.
A lawyer with significant experience in business law practice.
An insurance underwriter with significant business underwriting experience.
If a large organization, a specialist in compensation and retirement plans.
And remember,
an ounce of prevention is worth a pound of cure
Once we are past October 15th it will be time to do an "after action" report on the business income tax process.
Tax professional should block time to evaluate clients and processes. Clients who are "problem children" should be evaluated for a discussion or perhaps for a dismmisal.
Fees should be evaluated (any information you can glean from competitors might be useful).
Many practices have good intentions but never quite get around to such a report session, and then the holidays and preparations for next year start to get in the way.
If you do not discuss the issues the issues will not go away.
More in future posts.
Friction between tax clients and tax accountants:
Clients provides information at the last minute.
Clients provide incomplete information.
Client bookkeeping is a hot mess, or at least an incomplete mess.
Clients want lots of free advice along with the tax return prep.
Clients have short term focus.
Clients show up with TikTok and social media tax planning schemes.
Clients are like "my neighbor Joe pays less tax than I do."
Clients ignore or underpay quarterly estimates.
If you are the client look in the mirror. Are you guilty of the above?
A bridge over an interstate started "shedding concrete."
That is, concrete chunks were falling on the interstate. The overpass bridge had to be closed. No vibrations allowed.
Out of the blue.
The bridge was closed. Suddenly there was a six mile work around to get to several housing and business areas.
Really hard on the business and employees.
Latest scam?
Phony invoice scams are nothing new.
But......
Phony invoices generated by AI are like a plaque of locusts, lots and fast moving.
Also, email request for payment with bank links are lurking out there.
Business owners must tighten internal controls.
Professional firms must warn their clients AND tighten internal controls.
