Risk management covers a wide range of business functions including; business legal entity selection and maintenance, insurable areas, safety management, financial accuracy and theft protection, employee actions, and more

Insurable risks of loss

The fact that your business is a limited liability entity helps manage risk to other assets but does not relieve you from certain legal insurance requirements. The following insurances represent the basic types of insurance required.

The Ground Rules in Playing the Tax Game with IRS Have Been Changed

If you have a business with deductible expenses and you want to keep these deductions, you must have solid documentation of all business expenses.

Here is what is happened already:

• Over the past several years the IRS has addedmany new forms to track your financial activities.
• Many of these new forms, prepared by banks, brokerages, title companies, and other financial institutions, are filed electronically.
• IRS computers cross-match the information from these forms to various income tax returns. A process made more efficient by electronically filed tax returns.
• Computer capabilities have dramatically increased enabling the computers to process more return information to determine audit potential.