If you process credit cards you are.  The IRS is debuting its newest income tracking form when credit cards payments are made to your business, the 1099K.  What does this mean for you?  More paperwork and making sure that your credit card income matches what you receive from your merchant processors.  What happens if you don't?  An valid explanation you need to have should you get audited.  With the increased hiring of IRS auditors and the audit percentages going up, it's going to make it harder and harder to escape making sure that your financial records are c

As reported in a variety of news agencies, the Montgomery County District Attorney’s Office served a search warrant on October 4, 2011, for the documents located at the Patton Village City Hall and police Department, because of misappropriation of funds.  As it's estimated to take several months to sort out through forensic analysis, the biggest losers in this scenario is the residents and people who rely on the government there.

I came across this story and thought it was not only a little bit humorous but also very enlightening on the process people go through.  Although the story is brief and there are other additional items that may be of interest, it's a nice quick read.

http://tinyurl.com/4mb5x4m

I was having lunch with a client just over a week ago  to discuss his strategic plans for 2011, and he said the strangest thing.  "Dwayne, don't take this the wrong way, but you care too much about my business.  I'm not saying that's wrong or anything, and you're not like most people in your industry.  It's just something that I just don't really understand sometimes."

As reported by the Washington Examiner (http://tinyurl.com/24srh9n) 2 bills were defeated in the U.S. Senate which would have either repealed completely or amended the reporting requirements beginning in 2012.  What does this mean for businesses in the near future?  More and more paperwork.  Penalties are normally $50.00 for failure to issue 1099's, however intentional failure can be $100.00 or more, depending upon the circumstances.  Below are the basics of what to expect:

Sustainability shouldn't be applied to just "green initiatives," but also to a business' longevity.  We as business owners need to learn how to plan for for our own sustainability instead of from month-to-month.  How often do you as an owner look at whether or not you need to upgrade your computer system or purchase a new phone set-up, or investing into continuing education for their employees.

You know it's something I've never even considered, and it's probably something people may consider a stretch, but when you look at the benefits, it actually is.  Look at the facts:  according to the 2007 report by HP and SCORE developed a paper, Natural & Man-Made Disasters, they found that "70% of small firms that experience a major data loss go out of business within a year," which is pretty horrific.  Whether it's from a computer crash, a natural disaster, electrici

Is it worth it?  Yes if you follow the guidelines and you are planning to expand your workforce because it's necessary, the additional savings can be put towards other business expenses where you've had to cut back.  Unfortunately if your business has not come back to prior levels to justify additional employees, this does NOT make a good business decision.