It certainly appears that many retailers are in for some rough sledding this holiday season.† I was especially saddened to see Circuit City file for Chapter 11.† Iím not really a big box retailer type of guy, but I did like Circuit City, always shopping there first before going to one of their competitors, if it became necessary.
In these gloomy economic times I wanted to pass along a comment that was made to me by a woman I spoke with recently.† Ellen is a senior level accountant at a small firm in Maryland.† She said to me, ďItís not only our job as accountants to give clients honest information and advice, but also to be a positive influence and let them know these rotten times will pass and we all just have to make it through the storm together.Ē
You canít argue with that.
Questions & Advice
Business acquisition question
I'm buying an existing business franchise. This business gets
an annual bonus if the owners can hit their target numbers,
etc. Part of the agreement I have with the current owners is
that the bonus earned for 2008 will go to them when it is paid
to me in 2009. When the bonus is paid to me in 2009, do I need
to withhold a portion of it to cover the taxes or can I deduct
the entire bonus and pass the tax liability from the bonus to
What about best practices?
Add your input!
Hard copy records archiving
How long do I need to keep hard copies of accounting/payroll
records? Our storage space is full!
Share your suggestions today!