With 82% of small business failure due to poor cash flow management (Business.com), it’s no wonder business owners lie awake at night wondering if they’re gonna make payroll.
When Congress established the April 15 tax deadline back in 1955, the tax code was exponentially smaller and less complex. Forms were simple and often just a page or two long. Today, a “simple” return can be 50+ pages with schedules and documentation.
Welp, the government has gone and done it again. In an effort to crack down on money laundering, financing terrorism, tax fraud, and other illegal acts via sketchy shell companies, Congress has enacted the Corporate Transparency Act.
There’s nothing worse than getting to the end of the year and wondering where all the money went. Between payroll, taxes, and rising expenses across the board, no wonder there’s never as much left as you anticipated.
You know when you were a kid, and you did something bad and your parents called you over and gave you a chance to confess before they busted you? The punishment either went away or was a lot lighter because you did the right thing.
Many business owners are what serial entrepreneur Roland Frasier calls “accidental entrepreneurs”—they’re good at and love something, whether it’s baking, consulting, selling, providing services, etc., and they “accidentally” built a business around it.