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Saturday, October 7, 2017

Handling a stinking neighbor


If your business is located in rented space above or alongside a neighbor that creates an odor causing discomfort for your employees, clients and/or yourself, what do you do?

Let me describe one such situation by way of example.

In this example the business that moved in below was a nail salon generating noxios and potentially dangerous odors. The effort started by working with the new business owner, who attempted to mitigate the odors without success. The next step was to work with the landlord, who initially refused to recognize the issue, then came around and began working with his new tenent, again without success. The property was part of a condominium, so the next step was to the condo management, who was aware of the issue but took no action to this point. They wrote a letter to the landlord requesting a meeting. Step four was to get the state environmental group engaged, even though they said they only deal with odors in the “external” environment, not inside a building. So they engaged the town officials to deal with “inside” issues. However, when it became clear that any mediation would move the odors outdoors, the state agreed to investigate.

When the town and state officials engaged with the salon business owner, he agreed to relocate his business where he might be able to successfully mitigate the issues. This process took some six weeks with both businesses and the landlord taking losses. There was another step planned but not implemented: legal action.

How would you handle this type of issue?

 
Steve Koenig, SCORE Counselor


 

 

Tuesday, October 3, 2017

Special Mentor of the Month


 
We are delighted to shine the spotlight on a distinguished member of our staff who by his or her efforts brings great credit to our organization. This month we are honored to salute:


JOEL MOSES

 

When Joel joined our Chapter a few years ago, we knew we were bringing aboard someone who would immeasurably add to the skills and expertise we provide each and every day to the many clients who seek our services. Joel is a practicing Organizational Psychologist with 40+ years of service to American corporations, large and small. Utilizing his significant skills Joel has guided companies and coached executives and managers across the country.

His knowledge, analytical skills, and leadership qualities have stood the Chapter in very good stead with his many clients, and were particularly useful this past Fall when the Strategic Planning Committee was first charged with developing our Future Goals. It was only natural therefore, that in that setting everyone quickly turned to Joel to lead and guide us thru the many processes that needed to be utilized in the development of the final Plan. And it’s fair to say the longer the Committee met, the more they respected and turned to Joel for the quiet guidance he consistently provided. The final product, which garnered the unanimous support of the Executive Committee in July is a significant document, much due to Joel’s tireless leadership.

Now, fresh from that assignment, Joel is busily at work, serving on the brand new Certificate Course Academy workshops. There, he is developing a Course that will teach business owners how to find, hire, and develop talent, an invaluable asset in the development of any small business. And Joel will be the main speaker at this all-day event, which he is creating, as one of six that will be offered in the coming year.

To know Joel is to know a family devoted to community service. We proudly salute you, Joel, and gratefully acknowledge you as our Special Mentor of the Month for October, November, and December 2017.

 

 

 

Monday, October 2, 2017

Partnership Tax Returns Requirements & Penalties


 
A partnership, including a Limited Liability Company treated as a partnership for federal income tax purposes, is required to file Form 1065 for EACH partnership tax year.

NEW FILING DUE DATE

For tax years beginning after 2015, Form 1065 is due on or before the 15th day of the 3rd month following the close of the tax year (March 15th for a calendar year partnership)

Form 7004 is used to apply for an automatic 6 month filing extension and must be filed on or before the due date of the tax return.

Failure to File Penalties

A partnership that fails to timely file Form 1065 or files an incomplete return is liable for a penalty of $195 PER PARTNER, PER MONTH up to a maximum of 12 months, unless reasonable cause is shown.

Reasonable cause depends on the facts and circumstances of why the tax return was filed late and is the responsibility of the Partnership partners to prove to the IRS. Examples such as the death of a partner or a partner's family member, a natural disaster, a major illness or disability, a bona-fide financial hardship, destruction of business records, etc. may allow the IRS to forgive or recude lae filing penalties.

A Partnership must also furnish EACH PARTNER with a Schedule K-1 on or before the due date of Form 1065.

The Partnership may also be subject to penalties for failure to furnish Schedule K-1 to its partners.

 

This article was written by Donald M. Scherzi, CPA, CFP, LLC
Mike Lupo, SCORE Counselor
Visit us at: www.scoresouthflorida.net

Sunday, October 1, 2017

Marketing Tip of the Month


#5  BARTER, BABY, BARTER
 
So “old school” yet so good.  Offer discounts to members of certain clubs/professional groups/organizations in exchange for promotions in THEIR  publications.
 
Martin Kahn, Score Couselor
 
 
 

Saturday, September 16, 2017

Getting Things Right


I have an old inflatable dingy with the material around the oar locks deteriorating in such a way that anything or anyone that brushed against this area came away with black stains. Clothing, hands, arms, legs, etc. all stained black. This apparently comes about after years of use. The manufacturer was no longer in business. There is some advice on line suggesting adding oil, others suggested using a wax covering. Nothing seemed to work. At one point I even had a set of covers made to reduce exposure to these areas. I was emotionally attached to this inflatable that I purchased new a long time ago.

After a long search and discussion with friends, I finally found a local company that sells and services inflatable dinghies. After discussing the issue over the telephone, the business owner suggested that his staff was creative and would like to see the problem. My first reaction was that a possible solution was near, and I was thankful, even though this business was not located near an ocean, river, bay or any body of water at all.

A few weeks later I was able to transport the inflatable overland to the business so they could see the problem. Their initial reaction was not positive. The age of the dingy was a factor. A sales person suggested purchasing a new one for about $2500.00. One of the service managers said, there was a possibility of damaging the inflatable with some of the approaches I suggested. He also stated that they could try but would not warranty the work and suggested a price of about $600.00 to possibly create a repair as parts were no longer available from the manufacture. I asked that they try, but that the price suggested was more than I thought I would have to spend.

Three days later I received a phone call from the administrator of the business and she told me the work was completed. She informed me that they were able to locate a paint material and glue it in place over the faulty area of the inflatable, and the cost was just under $200.00, including a full check out of the dingy.  Wow, was I pleasantly surprised.

The service manager told me he came up with this solution after thinking about the problem for a while. I thanked him profusely.

I have already recommended a number of people use this firm.

 
How creative are your employees? Do you promote their skills?

 

Steve Koenig, SCORE Counselor


 

 

Saturday, September 9, 2017

S Corporation Tax Returns Requirements & Penalties


 
Because the penalties for timely filing a required S Corporation Tax Return, Form 1120S are steep, the following information will help you avoid expensive, and very often unexpected IRS penalties.
 
 
S Corporation Tax Return Filing
 
An S Corporation is REQUIRED to file Form 1120S for EACH tax year that the election to be treated as an S Corporation is in effect, REGARDLESS of whether the S Corporation has taxable income for that year.
 
Form 1120S is due on or before the 15th day of the 3rd month following the close of the tax year, (March 15th for a calendar-year S Corporation).
 
An S Corporation may obtain an automatic 6 month extension of time to file Form 1120S by filing Form 7004 on or before the due date of its tax return.
 
AN S Corporation must provide EACH shareholder a copy of the information shown on Schedule K-1 that is attached to Form 1120S. Schedule K-1 must be provided on or before the day the S Corporation files Form 1120S.
 
Failure to File Penalties
 
An S Corporation that fails to timely file Form 1120S (or files an incomplete tax return) is liable for a penalty of $195 PER SHAREHOLDER , PER MONTH for a maximum of 12 months, unless reasonable cause is shown.
 
Reasonable cause depends on the facts and circumstances of why the tax return was filed late and is the responsibility of the S Corporation Shareholder(s) to prove to the IRS. Examples such as the death of a shareholder or a shareholders family member, a natural disaster, a major illness or disability, a bona-fide financial hardship, destruction of business records, etc. may allow the IRS to forgive or reduce late filing penalties.
 
An S Corporation may also be subject to penalties for failure to furnish Schedules K-1 to its shareholders, unless reasonable cause can be demonstrated.
 
 
This article was written by Donald M. Scherzi, CPA, CFP, LLC
Mike Lupo, SCORE Counselor
Visit us at: www.scoresouthflorida.net

Friday, September 1, 2017

Counseling for Business Success


Take the next step to prosperity, 
become a SCORE client




Your ideas will be fully protected by Federal laws, with confidentiality guaranteed.
You will receive pro bono business mentoring from America's premier business organization (since 1964)
You will have unlimited free access to 30 different business executives, from former CEO's, CFO's, attorneys, accountants, engineers and small business owners, etc
You can meet at our Boca Raton offices or yours or request SKYPE or FaceTime mentoring (you may even qualify for an Advisory Board)
Take action to Rocket your dream to reality.

Call us now. Will you be the next client to make it to Shark Tank?
Hal Finkelstein, Chairman
SCORE
7999 N. Federal Hwy
Ste 201
Boca Raton, Fl. 33487
561-981-5180

Office hours Mon-Thurs 9-1