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Bob's first task will be to generate a clear vision for year one. The vision is updated each year and changes with each reassessment, however for now Bob's year one vision is going to be to create 1,000 widgets, enter his target market, and have better customer service than every other widget maker out generally there are.
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Making You Pay: When payroll taxes go unpaid, the IRS can hold it's owners, managers, and bookkeepers responsible. The IRS transfers the business payroll obligation to individuals and blames them because of not making the payroll money. This is called the “Trust Fund Recovery Penalty” (TFRP). This is applicable mostly to incorporated businesses, but in the event the small business was an LLC, partnership, or sole proprietorship, you'll be found responsible for payroll taxes without the TFRP preventative measure. The penalty equals the required taxes owed, so it will be also the 100% Payroll Penalty (Internal Revenue Code 6672).
Verify what your fixed costs tend to be for that month and anticipate for one more. Pay attention to anyone spend this and finally month. Make sure you verify all credit card payments. Keep track of accounts receivables. Remember to deliver the invoices to the customers. Ask your accountant to verify the work you do. Keep track of cash flow trends, etc.
