How a company handles its financials is a key element to its success. In this special report, the Daily Transcript reviews the nuts and bolts of what you need to know about your business' finances.
As a result of the Economic Growth and Tax Relief Reconciliation Act of 2001, the federal estate tax is repealed as of Jan. 1, 2010. Until that date, estate tax rates will be reduced and the estate tax exemption - allowing an individual to pass assets at death estate-tax free -- will gradually increase to $3.5 million in 2009. When the phase-out of the estate tax becomes fully effective, a new regime of carryover basis will apply to inherited properties, affecting the future capital gains taxation of inherited property upon sale.
In light of the Enron debacle, many businesses and investors are talking about the responsibilities of corporate officers. To date, little criticism has been directed to the board of directors as a whole. Who should have known what was going on at the company--its officers, board of directors or both? Whose responsibility was it to discover, report and remedy the situation? What are some of the red flags business people should be aware to avoid becoming the next Enron?
Due diligence relating to acquisition of other companies can be one of the most valuable services an experienced CPA team can provide a client.
Preparing a business plan or loan package can be a daunting undertaking. Nothing will shelve a project or startup faster than the inability to secure financing. A company's success and growth can sometimes depend on it. Adequate preparation, however, can enhance the process and the chances that the end result will be favorable.
Are you getting your money's worth out of your financial audit? Do you view the audit as a commodity?