QUOTE – “Privately owned businesses pay more tax than the law requires at higher rates than the Global 500.” [SBA, GAO & Huffington Puffington Post]
QUOTE – “60 of America’s biggest companies pay no federal income tax.” [CBS] Examples include Apple, Google, Caterpillar, and General Electric. Apple’s tax practices were the subject of a Congressional hearing in 2013 for offshore profit shifting. (Google it.)
QUOTE – “Business owners expect their CPA to be proactive in finding ways to reduce expenses and reduce taxes.
QUOTE – “People want to be told what to do so badly, they’ll listen to anyone.” [Don Draper]
This is the area Ellis works in, Tax & Organization Strategies. Nobody else does what we do.
Aside from the economy, 29 % of respondents cited competition within their industry as the one number reason they are not profitable; while 10 % cited company inefficiencies in sales, finance, operations or labor; and one percent cited management.
“72% of private business owners have switched CPA firms because the firm ‘did not give proactive advice, only reactive service.'” [The Sleeter Group.]
96% of all businesses fail within 10 years, with 80% failing within the first two years. But even the 4% that make it aren’t necessarily successful or profitable; it just means they’ve survived. If this weren’t enough… 95% of companies will never reach $1 million in annual sales. And out of these rare few, 95% won’t ever make it to $5 million. And of those, 98% won’t get to $10 million. Less than a tenth of a percent will make it to $10 million. And very, very few go beyond $100 million. [Sabri Suby]