CHASE LAW NAVIGATOR

imageedit_1_3140372419.png

FINANCIAL

Understanding business financials and what can and cannot be done legally will save a business owner from long term issues.  Undoing existing issues may require the assistance of legal counsel as well.

BANKRUPTCY

How can I make sure my financial statements comply with legal requirements


It depends on how you use your financial statements. For example, if your business has investors or shareholders, you have a fiduciary responsibility to report your business's financial well-being truthfully and this area of the law is regulated by the SEC. It's best to work with a qualified CPA to keep your business in compliance. Learn more here.




Where is the line between creative and manipulative with regard to the legal requirements of financial statements?


The key to financial reporting is transparency and although tax strategy is possible, it is unwise to walk the line between creative and manipulative. Many businesses have gotten themselves into trouble for not being forthright on reporting. Talk to an attorney or work with a qualified CPA before getting too "creative." Learn more here.





DEPRECIATION

How can depreciation help my business?


Depreciation is a way to track the decrease in value of assets, but more importantly, depreciation reporting provides a tax benefit for businesses. As assets used for business depreciates, the business is entitled to expense that loss. The IRS has many code provisions that provide allowances for bonus depreciation for businesses as well, and depending on the asset, it controls how assets can be depreciated over time. Using a CPA or Tax Attorney will be your best bet for getting the best benefit. Learn more here.





FINANCIAL STATEMENTS

How can I make sure my financial statements comply with legal requirements


It depends on how you use your financial statements. For example, if your business has investors or shareholders, you have a fiduciary responsibility to report your business's financial well-being truthfully and this area of the law is regulated by the SEC. It's best to work with a qualified CPA to keep your business in compliance. Learn more here.




Where is the line between creative and manipulative with regard to the legal requirements of financial statements?


The key to financial reporting is transparency and although tax strategy is possible, it is unwise to walk the line between creative and manipulative. Many businesses have gotten themselves into trouble for not being forthright on reporting. Talk to an attorney or work with a qualified CPA before getting too "creative." Learn more here.





INVESTMENTS/INVESTORS

How can depreciation help my business?


Depreciation is a way to track the decrease in value of assets, but more importantly, depreciation reporting provides a tax benefit for businesses. As assets used for business depreciates, the business is entitled to expense that loss. The IRS has many code provisions that provide allowances for bonus depreciation for businesses as well, and depending on the asset, it controls how assets can be depreciated over time. Using a CPA or Tax Attorney will be your best bet for getting the best benefit. Learn more here.





ROI (RETURN ON INVESTMENTS)

How can I make sure my financial statements comply with legal requirements


It depends on how you use your financial statements. For example, if your business has investors or shareholders, you have a fiduciary responsibility to report your business's financial well-being truthfully and this area of the law is regulated by the SEC. It's best to work with a qualified CPA to keep your business in compliance. Learn more here.




Where is the line between creative and manipulative with regard to the legal requirements of financial statements?


The key to financial reporting is transparency and although tax strategy is possible, it is unwise to walk the line between creative and manipulative. Many businesses have gotten themselves into trouble for not being forthright on reporting. Talk to an attorney or work with a qualified CPA before getting too "creative." Learn more here.