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Change At LSL, we’re always trying to share business development strategies to help our clients run a more successful business. These ideas and strategies have proven to be effective in many different types of businesses. However, for you and your team members to effectively implement these ideas you need to Read more…
President Trump promised tax reform during his campaign. To deliver on that promise his administration released a “first draft” of a tax-cut plan. It was a one page outline that highlighted overall goals, plus reforms to both individual and business taxation. It details individual tax relief in the form of Read more…
Incorrectly entered payroll tax liability payments are suspected when you try to pay payroll liabilities using the correct workflow, but the “Pay Liabilities” window shows prior period payments as overdue (in red). Also the quarterly payroll forms will show an incorrect balance due, despite the fact that the balance for Read more…
In July 2015 the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 included provisions that lengthened the filing extension period for Form 5500, changing the filing extension period from 2 ½ to 3 ½ months. This sparked a lot of concern among industry organizations about how the Read more…
The Franchise Tax Board (FTB) normally doesn’t make “cold” calls to taxpayers. Generally, they will contact a taxpayer by mail about an incomplete or questionable item on their return. However there are some specific instances when the FTB will make a phone call. Here are a few: The FTB received Read more…
Critical Internal Control Processes A strong internal control system can make or break any business. Identifying and understanding critical internal control processes is important for the success of any business. The first step is the identification of specific operating cycles (or processes) of your Company. The following five operating cycles Read more…
You are so excited to build a start-up business that the one thing ready to trip you up is sometimes an afterthought. It’s called cash. Maybe the money will flow naturally from your new product or service. Maybe it won’t. In the meantime, you have expenses. You need some strategies Read more…
Everybody knows that you should do tax planning, but there is more to a tax planning strategy than saving receipts, estimating payments and updating your financial statements. While filing last year’s returns, there are additional steps to take now that will improve your future tax situation and optimize tax results. Read more…