If you're an Amazon seller or a digital marketer - LISTEN TO THIS! We're seeing consistent risks and mistakes costing clients, business owners thousands of dollars in taxes. I am sharing this with the world because nobody's talking about this. You can't even find these issues in Google, Facebook, or anywhere on the Internet unless you meet the real people behind the scary testimonials. 

This Wealthy CEO Accelerator podcast episode allows us to share some of the cases why the lack of guidance and entrusting multiple people to handle your finances has so many risks, and making mistakes will be so much higher. Glean lessons from these horror stories that hopefully will NEVER become yours. 

KEY TAKEAWAYS: 

✔️ Horror Story #1: Amazon seller clients make $500K annually, a multi-member LLC or a Limited Liability Company with more than one owner. They had a bookkeeper/virtual assistant online responsible for reconciling statements and a CPA who prepared their returns at the end of the year. They came to us for our free review of their bookkeeping, and we found out that they had their books wrong, accounts were not reconciled, and since they hired a payroll company, they were processing payroll for the partners. If you're a multi-member LLC, it is illegal for you to process payroll. You're supposed to give yourself a check as a draw, and that would be it. Only if you're a multi-member LLC taxed as an S-Corp, could you be on the payroll. The bookkeeper was just shocked since she doesn't know tax laws, and the CPA was not aware that this is happening because all she was getting was a W-2 at the end of the year. The Amazon sellers were just so shocked, and they're like, "oh, my God, how come nobody told me this?" Not only that, there were issues with misclassified independent contractors. They thought that they had it all taken care of. Nobody was helping them with estimated tax payments. 

✔️ Horror Story #2: CPA inexperienced with e-commerce gets husband and wife Amazon sellers paying fines from several states because they were not compliant. The couple didn't understand that they needed to register for sales tax or "nexus" with a state or didn't know how to review reports on the Amazon dashboard and do multiple things. They were just so frustrated, and they've been jumping from CPA to CPA because the local CPA promised them that they know how to do e-commerce accounting and sales tax. 

✔️ Horror Story #3: An 86-year-old business owner said the IRS was harassing him for an unexpected tax bill of over $200K. He found us on Google after calling so many accountants who advised him to settle and pay the amount. I called the IRS telling me that he had a W-2 for $400K, a crazy amount. We found out that forms were submitted, addressed in Texas, and it didn't make sense. We looked into it in more detail and found out he was a victim of identity theft. It took over a year to help him while going through his wife's costly cancer treatments, and his son had a heart attack. He is thankful that we were there during the long stressful process, and we built such a good relationship with him.

Avoid making these critical mistakes, and make sure that you have an accounting team to help you get an IRS notice. You could have the best bookkeeper, the best payroll service provider, and the best CPA. But the one thing that I see consistently, there's a disconnect between these multiple departments, and there's no guidance. When you have various people in your finances, you end up overpaying in fees. It's just becoming frustrating because you're speaking to multiple people, assuming that everybody is communicating. The business owners believe that everything is done right, not until they get audited by the IRS.

Did you ever imagine spending this much time on your financials? 

IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/​ 📚 👓 PM or email us at [email protected] to book a FREE strategy session with an Enrolled Agent on our team.