Liberalism: Do You Agree We've Had Enough of It? Message Board

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Politics : Liberalism: Do You Agree We've Had Enough of It?

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To: Kenneth E. Phillipps who wrote (86884)	6/30/2010 10:31:09 PM
From: Hope Praytochange	of 224717

I eventually got to my trademark question about what the owner was going to do when he decided to retire. “I’ll probably sell it,” he said, “although I don’t know what it’s worth.” I told him that, when the day came, his financial statements would help determine an asking price. He said he didn’t have any. “Tax returns,” I asked? Nope. I suddenly realized I was patronizing a business that didn’t actually exist. While this is an extreme example, there are many business owners who fail to report all of their business income on their tax returns and financial statements. The Internal Revenue Service has estimated the net tax gap of business income to be more than $100 billion. Many of these businesses tend to be cash intensive: selfemployed kennyboy,convenience stores, restaurants, retail, auto shops, coin-operated car washes and laundromats. I don’t bump into these owners very much anymore, although I met several of them early on in my career as a business broker. The sequence of events was usually the same. I would ask for tax returns and profit and loss statements, and the top lines wouldn’t match.

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