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I was just informed about a friend's company's bankruptcy. They started a professional services firm and made millions of dollars within a year of starting. But the company had two partners and one of the partners served as CFO. The CFO for whatever reason knowingly or unknowingly stopped filing payroll taxes. As it is a given, the IRS/state stepped in and both the partners were held personally liable.
To me that represents a scary situation. I am a moral and loving citizen of our beautiful country and I would never do something like that but what can one do to prevent this kind of a situation from taking place? Because what if your CFO or founder is committing fraud and hiding it.
Is it advisable to always have a trusted third-party accounting/payroll company to do the work?