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Re: Closing down my business
[Re: Rhinodart]
#3133000
03/28/23 01:11 PM
03/28/23 01:11 PM
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Joined: Jan 2003
Posts: 12,422
Warren, MI
71TA
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 12,422
Warren, MI
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First thing I tell people that ask about starting a business is save yourself the headache and find a CPA. My sister-in-law is a nanny for a CPA. He said he wouldn't be the right fit for me since he deals with comanies over $50M. He said most CPA's work in "brackets" for lack of a better term. He recommended one in the $1-5M "bracket" WHO HAS BEEN GREAT. They do my bookeeping monthy. Have access to my bank account and business credit card so they download and sort everything. Just ask a couple "what was that purchase?" occasionally. Probably spend less than $5000 with them and WELL WORTH IT. The first "accountant" gal I dealt with for 5 years was WAY over her head. She should have refused my business. She was only capable of filling our simple personal income tax stuff. Not setting up S corps and telling me to put cash on hand in CD's and money markets. My accountant actually helped me MAKE $XX,XXX extra per year. When I closed my shop in 2018, my accountant told me I needed to keep pretty much everything concerning taxes for 7 years, the IRS can come back on you for that long and you need to keep the records to cover your butt incase of an audit
For the record, I thought when I closed my little shop was all done, my tax stuff regarding the business was also done. But 2 years later, stuff connected to the shop was still turning up that still effected my income. It was with that filing for the 3rd year things involved with my shop was actually finished.
Now, if I could just get Google, and those people offering to file for Covid employee kick back for my business, to quit calling me (neither of which I had anything to do with), life would be good I never officially had a business in the brick and mortar building, but just found out today my retired accountant never even filed my transport business as an actual business with the IRS!  My new accountant told me that today, and when I gave him the paperwork for my sold building he about had an attack. Seems I now owe the State of Illinoise $4k and the Feds $3800 for the privilege of owning that building... 
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Re: Closing down my business
[Re: Rhinodart]
#3133158
03/28/23 11:33 PM
03/28/23 11:33 PM
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Joined: Jan 2003
Posts: 10,525
Freeport IL USA
poorboy
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 10,525
Freeport IL USA
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When I closed my shop in 2018, my accountant told me I needed to keep pretty much everything concerning taxes for 7 years, the IRS can come back on you for that long and you need to keep the records to cover your butt incase of an audit
For the record, I thought when I closed my little shop was all done, my tax stuff regarding the business was also done. But 2 years later, stuff connected to the shop was still turning up that still effected my income. It was with that filing for the 3rd year things involved with my shop was actually finished.
Now, if I could just get Google, and those people offering to file for Covid employee kick back for my business, to quit calling me (neither of which I had anything to do with), life would be good I never officially had a business in the brick and mortar building, but just found out today my retired accountant never even filed my transport business as an actual business with the IRS! My new accountant told me that today, and when I gave him the paperwork for my sold building he about had an attack. Seems I now owe the State of Illinoise $4k and the Feds $3800 for the privilege of owning that building... Accountant # 3 & just pay the taxes for the building buy/sell? Back taxes on the "supposed transport business" could be a real problem! I'd be suing that retired accountant, what exactly were you paying him for? I 'm guessing that if that was all it cost you for the false tax documents your last accountant filed in your name, you are pretty lucky! Unfortunately, I foresee an audit in your future, hope you still have all those old records!
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Re: Closing down my business
[Re: varunner]
#3133343
03/29/23 02:47 PM
03/29/23 02:47 PM
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Joined: Jan 2004
Posts: 8,233
fredericksburg,va
cudaman1969
OP
master
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OP
master
Joined: Jan 2004
Posts: 8,233
fredericksburg,va
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Good luck in retirement Mike. Is selling your business an option ? I finished building a house for my son last summer. Kitchen cabinets and countertops were a pain. I wish that there were more cabinet contractors in the area. At least you should have more time for the duster when the dust settles on your retirement. I tried selling the whole shebang even the box van for $40 grand, even the contacts. I hand them the key and walk away. 3 guys said they couldn’t afford it. I wanted to move it all to my house shop but it’s becoming a major deal by myself and the will is almost gone. I’ve become accustomed to being able to make stuff for the house if needed so I’d like some equipment at home but what do I take (I want it all lol) I’ve filled two 40 yard dumpsters so far with junk and can’t see the end yet, 55 years of junk (I’ll use it one day stuff) most of the machines is above the happy homeowner wants so no takers. I put the materials on FB, not a peep. So here I sit trying to get up to throw more away. A match is tempting.
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Re: Closing down my business
[Re: varunner]
#3133936
03/31/23 02:44 PM
03/31/23 02:44 PM
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Joined: Jan 2004
Posts: 8,233
fredericksburg,va
cudaman1969
OP
master
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OP
master
Joined: Jan 2004
Posts: 8,233
fredericksburg,va
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Tough situation. Have you thought about bringing in an auction company that has experience with what you have ? Yes a little
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Re: Closing down my business
[Re: Fat_Mike]
#3144636
05/15/23 01:44 AM
05/15/23 01:44 AM
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Joined: Apr 2023
Posts: 3
USA
JenniferLin
member
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member
Joined: Apr 2023
Posts: 3
USA
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Sorry to hear about your business closing down, dude. It's never easy to let go of something you've worked on for so long. As for your tax papers, it's generally recommended to keep them for at least seven years. That should cover you in case of any audits or legal stuff. Yeah, I know it's a pain to deal with paperwork, but it's better to be safe, ya know? Selling the materials and machinery sounds like a solid plan. You could check out scrap yards in your area to see if they're interested. It might be a hassle, but hey, every little bit helps, right? If you're looking to promote the sale, you could consider using a guest posting service. They can help you get the word out and reach a wider audience.
Last edited by JenniferLin; 05/17/23 10:51 PM.
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Re: Closing down my business
[Re: 71TA]
#3144699
05/15/23 10:49 AM
05/15/23 10:49 AM
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Joined: Feb 2003
Posts: 10,198
Someplace you aren't
SomeCarGuy
I Live Here
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I Live Here
Joined: Feb 2003
Posts: 10,198
Someplace you aren't
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First thing I tell people that ask about starting a business is save yourself the headache and find a CPA. My sister-in-law is a nanny for a CPA. He said he wouldn't be the right fit for me since he deals with comanies over $50M. He said most CPA's work in "brackets" for lack of a better term. He recommended one in the $1-5M "bracket" WHO HAS BEEN GREAT. They do my bookeeping monthy. Have access to my bank account and business credit card so they download and sort everything. Just ask a couple "what was that purchase?" occasionally. Probably spend less than $5000 with them and WELL WORTH IT. The first "accountant" gal I dealt with for 5 years was WAY over her head. She should have refused my business. She was only capable of filling our simple personal income tax stuff. Not setting up S corps and telling me to put cash on hand in CD's and money markets. My accountant actually helped me MAKE $XX,XXX extra per year. When I closed my shop in 2018, my accountant told me I needed to keep pretty much everything concerning taxes for 7 years, the IRS can come back on you for that long and you need to keep the records to cover your butt incase of an audit
For the record, I thought when I closed my little shop was all done, my tax stuff regarding the business was also done. But 2 years later, stuff connected to the shop was still turning up that still effected my income. It was with that filing for the 3rd year things involved with my shop was actually finished.
Now, if I could just get Google, and those people offering to file for Covid employee kick back for my business, to quit calling me (neither of which I had anything to do with), life would be good I never officially had a business in the brick and mortar building, but just found out today my retired accountant never even filed my transport business as an actual business with the IRS! My new accountant told me that today, and when I gave him the paperwork for my sold building he about had an attack. Seems I now owe the State of Illinoise $4k and the Feds $3800 for the privilege of owning that building... This. I have a cpa in the family and they really do specialize in certain things. Some only do simple stuff that you could do without a cpa, like 1040ez. Some do small businesses. Some do large. Spme do oil and gas. Some file things whatever way you want so you don’t owe anything(illegal when you get caught and we know of one that for sure does this).
I want my fair share
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