Should I declare my company as nonprofit or for-profit?
I have been in business for the past 15 years and but only in the past one year have become more acutely aware of the how to best effectively run a business. And when I say ‘run a business’ I mean to understand your Profit and Loss Statements (P&L) and other critical information you need to make short term and long term decisions. One of the tools used to rate the health of your business is a balance sheet but most companies operate without either a P&L or balance sheet.
Why is this?
The federal government’s 16-day shutdown created wide-ranging problems for millions of Americans. But, regardless of what the politicians did—or didn’t do—one thing will not change: IRS due dates.
“If you have an audit, collection, Appeal or Taxpayer Advocate case, don’t assume that document request dates or summons for information will be extended,” Brian A. Cain, Esq., founder of Cain Advisory Group, said recently. “Your best bet is to send off letters with a date stamp or fax confirmation to avoid issues later.”