Berry Talbot Royer recently started working with a local truck supplies & equipment company. Before coming to BTR, this company had chosen to work with a sole practitioner for their tax services. Like many of our small business clients, different parts of the business were setup as separate companies, or included in the shareholders’ individual tax returns. This resulted in four separate tax returns that needed to be prepared for one client.
Topics: Tax Tips, Tax Laws, Start Up, Accounting, BTR, Work Life, Accounting News
A local construction company, seeking to expand their business, went to their long-time banker to apply for a loan. To their surprise, the bank could not approve their loan application. Why did this happen? The Company’s business was good, they were current on their bills, and they had recently acquired a significant amount of heavy equipment with the cash flow that was coming in.
The bank stated that the denial of the loan application was due a substantial loss shown on the Company’s latest income tax return. Because this “tax” loss bewildered the Company management, their banker recommended that they pay a visit to Berry Talbot Royer.
Topics: Tax Tips, Tax Planning, Accounting, BTR
