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| "Tipping the scales of justice in your favor." |
| The Law Firm defending & protecting businesses & financial professionals from IRS audits, Insurance co's & Brokerage firms. |
| Email : LAWallach@aol.com |
| Telephone: 516-938-5007 |
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| Lawyer 4 Audits .com The Law Offices of Ira Kaplan |
Commercial Flooring Report
November 2008
These days, business owners have a lot on their plates. Not only do they have businesses to run,
but they need to have the resources to operate, manage, and flourish those businesses in order
to stay afloat. Without serious knowledge of things like finances, taxes, tax audits, and retirement
plans, it's hard to keep a shop open for business and to ensure that your future is in good hands.
Especially now, as the economy begins to change, it is smart to look into different ways to secure
your future and money. Recent well documented events have made it increasingly important to
educate yourself on how to handle such endeavors correctly. Thousands of businesses have
closed as a result of bankruptcy, corrupt policies, lowered sales, and other factors, often
because issues that seemingly, in hindsight, should have been obvious were overlooked. In this
environment, more than ever, you simply cannot afford mistakes or omissions with respect to your
finances. Such mistakes can result in audits and other problems that could eventually lead to the
closing of your establishment. Being aware of the amount of debt that you are carrying, when your
sales tend to plummet, and your number of employees are three trivial yet important aspects of
watching your money. Websites such as IRS.gov, FinanceExperts.org, and TaxLibrary.us are
resources that can help make sure that there are ZERO unpleasant surprises in your numbers.
Additionally, keeping accurate records and constantly double checking your numbers are two
obvious, yet often neglected, things that you should do. So the question stands: how
knowledgeable are you about your own finances?
Many of you have received information about the current state of your investments in the past few
months. Sticker shock would be an understatement. Thousands have been lost as a direct result
of the fiascoes constantly occurring as of this writing. Savings that would not only brighten your
futures, but in many cases investments that you planned to use for your children's educations,
are gone. The downward spiral will continue, as the shrapnel from these events moves throughout
our failing economy. It won't stop in the foreseeable future, and it will entail more than just
monetary losses. The watchdog agencies that will now have to redeem themselves for failing to
perform their regulatory functions, leading at least in part to all of these failures, will respond with
increased scrutiny of American citizens and businesses in every manner imaginable. Trust me, no
stone will be left unturned, including that of increased IRS audits for the express purpose of
raising money, which in fact has already started.
All of which is why treading water in the tide of an ebbing economy is not a solution.
It would appear that the seemingly indestructible giants of Wall Street have begun to crumble.
Lehman Brothers is no more, Merrill Lynch has been taken down a peg or two, and now, disaster
is apparently looming over Morgan Stanley. To say nothing of the looming threat to the consumer
banking industry. As industry insiders, we've seen the writing on the wall for quite some time. Now,
everybody else can see it, too.
In this day, the veil has been pulled back on the stock market's heavy hitters. Consumers now
know there is indeed no "wizard" behind the curtain, just a few individuals in designer suits pulling
down astronomical sums of money for the advice they send down from on high. Who can forget
the images of the Lehman Brothers employees in New York City, emptying their offices into boxes
and carrying them down Seventh Avenue? As sad as it was to see, it was a day we all had the
feeling was coming, right? But now that it's here, why don't we feel any better?
The hopes of many investors in the stock market have been shaken to the core, but we cannot
forget about the morose consumers and business owners. A number of individuals are suffering
the potentially substantial loss (or potential loss) of their hard-earned money in a volatile market.
Consumers need advisors who can guide them toward a safe harbor. As previously mentioned,
financeexperts.org can give you the help you need in this failing economy. The leading authorities
are members, and will most likely give helpful feedback. Consumers are fearful, and if they say
they aren't, it's probable that they aren't being honest. For most Americans today, a stress free
retirement is looking more and more impossible, and the difficulties looming between ourselves
and that goal seem insurmountable. But things do not have to look and seem so bleak.
In a sense of the word, we feel compassion. Too many scoundrels plague Wall Street but, to
some degree, we all feel the brunt. Be it for the out of work traders and brokers, or the investors
who are wondering what is going to happen to their futures, we all feel some concern. But when it
comes to who will receive most of our compassion, my money is on the investors. We hate to have
an "I told you so" attitude, but at times it is hard to avoid. However, rather than dwell on this
compassion, why not capitalize on it? Often unforeseen opportunities arise from the ashes of
situations such as these. In fact, many such opportunities are available as I write this. They will be
taken advantage of by those with the imagination and talent to position themselves to do so.
By reading this, you may be off to a good start. There are many ideas you will get from our
leading finance experts to better run your business, reduce taxes and insurance costs, and much
more. You will learn how to avoid audits, which are already up fifty (50) percent and are expected
to increase further still, and turn your accountant into your protector instead of a tax collector.
You will learn from Lance Wallach, who, as an American Institute of CPAs instructor and course
developer, teaches CPAs. Lance also draws upon the knowledge and expertise of his associates,
who are the leading finance experts in the United States. None of them work for any of the firms
that were affected by the recent and ongoing financial fiascoes. Many of them perceived the
arrival of these problems, and only their clients benefited because most other business people
were too busy buying products from stockbrokers, insurance agents, and so-called financial
planners who did not know what was going on. In Lance's spare time, between speaking at
conventions, writing and helping a select few business owners, Lance appears as an expert
witness.
In fact, for two days in Sept 2008, Lance Wallach testified as an expert witness in Federal Court
for a business owner that was sold a faulty financial product by a combination of his accountant
and a so-called retirement plan expert. After Lance completed his testimony, the judge called the
retirement plan salesman a "crook" and said that he should settle with the plaintiff. He did not, and
the jury awarded the business owner TWICE what he had sued for. As a side note, Lance had
advised the lawyer that this was a so called "ERISA case" and instead of the $400,000 that the
business owner was suing for, $800,000 (double damages, as is possible in "ERISA" cases),
could be awarded if the jury felt that was appropriate.
The point is that, under no circumstances, should you be forced to lay down and take the abuse
and malpractice that most salespeople pin on you. Get your financial and business affairs in
order, and, if necessary, take some action! Take some serious action!
Lance Wallach is a frequent speaker at national conventions and writes for more than 50
publications. He was the National Society of Accountants Speaker of the Year. He welcomes your
contact. E-mail him at lawallach@aol.com or call (516) 938-5007. Also, visit his website
Vebaplan.com for further information.
The information provided herein is not intended as legal, accounting, financial or any other type
of advice for any specific individual or entity. You should contact an appropriate professional for
any such advice.
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