Each day you make hundreds of decisions that ultimately affect your organization. From the simple ones like what phone calls to accept, too much larger ones like expansion, you are the decision maker. When it comes to taxes and regulations, however, it will pay to get help. Here are 8 events, in particular, when things can go wrong!
1. Gaining a new member or ownership. When there’s a change at the top, it is likely there should be a complete reassessment of policies and procedures.
2. Buying another company. Getting professional assistance is critical to making sure you know what you are buying. Just as important is confirming what you are NOT buying.
3. A change in overseas operations. If you are seeing a significant overseas sales increase or are considering expansion out of the country, get advice from regulatory professionals.
4. Experiencing a major change in profitability. Positive or negative, a significant change in profitability will change the way you should approach everything from taxes to reinvestments.
5. New regulations taking effect. Changes in regulations from OSHA, EPA, IRS, and many others can greatly impact your business. Not recognizing their impact or their proper implementation can have serious negative results.
6. Embarking on multi-state operations. Laws and regulations can vary greatly from state to state. You’ll want expert advice when expanding operations into other states.
7. IRS Audit. This is certainly a time when you don’t want to go it alone.
8. A supply chain change. Many factors can impact your supply chain, and when one occurs, you’ll want someone to assess the impact of that change on your operations. An extra set of eyes can be extremely valuable.
What are the best ways to make sure you are prepared to handle these eight events? Eric Fisher, a CPA with over 10 years of experience in handling taxes for manufacturing companies and who has extensive tax experience suggests the following:
• Schedule quarterly updates with your tax professional.
• Remember, business is a team game. Always consult the proper professional when significant changes occur in your business.
• Stay in touch with the MMA regarding any new changes to policies and regulations that can impact your business.
If you have further questions on this subject, you can reach Eric Fisher via his LinkedIn page.
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