October '2008 News         

What's New at Joseph S Lania C.P.A., P.A.
Well, we have all enjoyed another wonderful summer and, along the way, our office has finished processing another year end for many small business owners, condominiums, individuals, churches and local organizations.  From what we see and hear, things in South Florida are following the national trends, as far as economic conditions.  Together, we all do better.  We are well prepared to guide our existing clients and also those new arrivals just joining us.  Business is unbelievable and a few tax changes were signed last year.   Those few changes in the tax laws for 2007 and 2008 have helped most of my clients.  We are excited about all the benefits and the lower rates.  As you all know, the lower tax rates on capital gains and dividends have helped most senior citizens.  Also, the tax free gains on sales of personal residences has been great for those selling in the previous market of seemingly uncontrolled growth here in South Florida.  The market has now cooled a bit for the last year and a half for commercial and housing real estate, but those who can wait it out, will continue to reap the benefits of our unique South Florida realty.  Many who choose to hold onto their real property, and not panic and sell for reduced profits, will reap rewards in the coming years.

We are still conducting our business and individual seminars at local banks and the response is great from the community.  Those new clients that have joined us were grateful for our outreach to them.  We have been able to educate many small business owners through these seminars and the bank has seen growth along with us.  This is just one thing that we can offer, and the attendance at the seminars grow with each topic discussed.

Our new software is better than ever, and all of our returns are electronically filed without a single snag.  The accounting software is also a great benefit to those clients who have the time and inclination to actually use it.  For those who don't have the time, or chose not to do their own, we are always there to do whatever is needed in order to comply with all laws and filing requirements.  Our guarantee to you is that everything will be done and will be done correctly... timely... and professionally. 

Did You Know?
Quickbooks 2008 is an accounting software package that is inexpensive and user friendly.  We have many clients who use it in their businesses and know, at each moment, how they are doing and where they stand as far as sales, receivables, accounts payable, payroll, cash activity and up-to-date reporting.   We, also, maintain several clients here in the office on our systems, so that they know each month exactly where they stand.  It is a simple process of providing us with a copy of your backup, and we will professionally process your records in a timely manner.  You come out a winner every time.  We do this each day, every day and are experts on many accounting systems, so that you can do as much (or as little) as you choose.   You can run your business and know that we are keeping track of your operations for you.

Joseph S Lania CPA Success Story
A business owner recently came into our office.  He was concerned that although the business was doing well, he didn't have a handle on all the compliance issues and felt that "something was going to fall through the cracks" and he would forget something in his daily rush to run his business.  We sat with him, reviewed the operations, the payroll, the sales, the daily needs of the business and came up with a solution for him.  This man was thrilled to have his accounting system finally in gear.  He no longer has to worry that he will miss a deadline, forget a deposit, underfund his pension plan or have that unsettled feeling that something wasn't done correctly.  We offer him prompt, professional service at a monthly fee that he is very happy with.

How To
Do you know how to form a viable business relationship with someone you need in your business.  Oftentimes, I have clients come in and share a new business idea or an exciting venture that they are about to embark on.  They are excited.  They are thrilled.  They are busting out with expectation.  They are, however, not prepared and headed for disaster.  They have chosen a partner or someone to jointly venture out with, without doing some quick and easy preparation first.

There is unlimited potential out there to make a dollar.  There are opportunities out there to succeed and prosper in doing something that you enjoy.  There are individuals available to you, who can help you acheive your goals.  There are good opportunites and there are also traps which you need to see in advance and avoid.  One excellent example of this is the partner you chose.

Before you step out with someone into a business venture, no matter how exciting, you need to form a PARTNER AGREEMENT.    You need to know:

What they expect out of this relationship

What you expect out of this relationship

Who will do what (who will put in the money?  How much? When?)  Who will work, how many hours, for how much pay?  What does your partner expect to put into this venture and how much does this person expect YOU to put in? 

How much is the business worth to each of you?  What happens is one of you want out?  How much will it cost and when should it be paid?

My advice is this.  BEFORE you see an attorney, work out the details among yourselves.  YOU do your part, your potential partner does her/his part, independently of one another.  Then, you two (or however many partners there will be) come together and "share notes".   Work out the differences.  Decide what is important and what is not so important.  Once you have reached an agreement between yourselves, THEN visit an attorney and invest in the attorneys time to put your agreement in writing.  This will save you countless hours and days of grieve in the event that there is a misunderstanding among the partners later on.  

I can't tell you how many times that this was not done and how it would have helped to get this done and out of the way while everyone was happy and enjoyed the "courting" stage of the relationship.

We're Here To Help
Joseph S Lania CPA is here for you. We have helped countless business owners since 1981 understand and better manage their businesses.  We are accounting experts. If you have questions or comments about our services, or want to know how we can help you, please call us at 954-432-2299 or e-mail us at joe@laniacpa.com or Lania5@aol.com.