FAQs

Q: Should I keep cash on hand?

Keeping enough cash on hand to cover three-month’s expenses is a great security measurement. Excess cash should be invested.

Q: What is a strategic plan and is it a necessity?

A business strategic plan defines goals, objectives, and success measurements for a company. Assigns resources and budgets to clearly understand how to achieve each. When a strategic plan is active, it guides generations on a course for the company. A strategic plan is long-term (though changes need to be addressed at least every two years) and focuses on where you want the business to be at a future date. Iannuzzi Manetta asks clients, “if you don’t have a plan, how do you know how you’ll grow, prosper, and succeed?” So, yes, every company should have a strategic plan.

Q: How do I determine my long-term financial goals?

First, decide what you want to achieve financially. Financial goals might include early retirement, travel, a vacation home, securing your family's financial comfort upon a death, planning for elderly care or building a family business.

Q: What is a succession plan?

A plan identifying the key individuals who will take over the business when the time comes. It outlines how succession will occur and evaluation metrics to know when the successor is prepared to lead. Companies must have a succession plan in place if they plan to ease the founding or current generation's concerns about transitioning the company to others in the future.

Q: Which types of business entity are best for tax purposes?

It depends. Generally, the "pass-through" type of entity saves tax overall by eliminating tax at the entity level. Pass-through entity owners are taxed directly on their share of entity profits. Another pass-through advantage is that owners can take tax deductions for startup or operating losses, against their income from investments or other businesses. For federal tax purposes the leading pass-through forms are general partnerships, limited partnerships, LLPs, LLCs, S-Corps, and sole proprietorships. If you form a partnership (any type) or limited liability company, you may choose whether its treated for tax purposes as a corporation or a partnership (or, if you're the only one in the LLC, as a corporation or disregarded for tax purposes). If incorporated, or you choose to have it treated as a corporation, you may qualify to have it treated as a pass-through by electing S-Corp status.

Q: What happens if I owe the IRS, but don't have the money to pay?

The IRS is flexible and offers short-term extensions, as well as, installation payments. Watch out though, interest and penalties can add up, so we’d suggest filing and paying a small amount by the due date, if possible to avoid any additional expenses.

Should I keep cash on hand?

imcdev2022-03-04T18:13:05-05:00March 4, 2022|

What is a strategic plan and is it a necessity?

imcdev2022-03-04T18:12:14-05:00March 4, 2022|

How do I determine my long-term financial goals?

imcdev2022-03-04T18:10:41-05:00March 4, 2022|

What is a succession plan?

imcdev2022-03-04T18:09:15-05:00March 4, 2022|

Which types of business entity are best for tax purposes?

imcdev2022-03-04T18:08:50-05:00March 4, 2022|

What happens if I owe the IRS, but don’t have the money to pay?

imcdev2021-10-12T15:24:23-04:00October 12, 2021|

Get a personal consultation.

Call us today at (248) 641.0005

Request a Quote

Upon request, an IMC tax professional will reach out to you.

Who Are We

From our headquarters in Troy, Michigan, our CPAs and Advisors cater to clients nationwide by comprehending their accounting / tax requirements and effectively fulfilling them, without fail.

Quick Links

Services
Industries
Resources
News

About Us
FAQs
Careers

Contact Info

Iannuzzi Manetta CPAs & Advisors
1175 W. Long Lake Road, Suite 201
Troy, MI 48098

(248) 641.0005
info@imc-cpa.com