Extension of the IRS Lookback Period: What you need to know
-
Have you checked out Joe's Latest Blog?
-
.thumb.jpg.2b345efc275b9df0af2bbb306a10a78a.jpg)
By Joe Marconi in Joe's Blog1 commentI am going to borrow a quote from billionaire, Warren Buffet, “The best investment you can make is in yourself,” This statement, while simplistic, speaks volumes. A shop owner is much more than a boss, a shop owner is a leader. And leaders are solely responsible for the success of their team. This means that you must work hard and commit to a life of continuous learning and improvement. It also means that if the team fails, a leader must always blame himself or herself for that failure and find ways to improve.
For your business to flourish, you must invest your time and energy in understanding what your role is in your company. It also means that you must be committed to continually improving your level of competence. This does not mean that every task is your responsibility. However, it does mean that the buck stops with you. If your business is not where it needs to be, or you are looking for increased growth, then it is your obligation to do the hard work and set goals, have the vision, perform the research, and develop the plan to achieve your overall objectives.
When you invest in yourself to become the best leader and the best businessperson you can be, others around you will feed off your energy and your passion. This sends a strong message to everyone on your team that you have what it takes to bring the company to the next level.
One last thing, another obligation to your company is assembling the right team of people around you. Once you have the right people, you need to invest in them too. Find what truly motivates them, not what you believe inspires them. Be a coach to your employees and always strive to bring out the best in them. Be strong with your convictions and expectations, build strong relationships with your employees, and don’t be afraid of admitting when you drop the ball.
While Warren Buffet is best known for making billions of dollars with his investment strategies, I want to believe that this quote has its basis in something that money cannot buy.
-
-
Similar Topics
-
By Joe Marconi
Premium Member Content
This content is hidden to guests, one of the benefits of a paid membership. Please login or register to view this content.
-
By carmcapriotto
The ERTC (Employee Retention Tax Credit) is something Hunt has talked about in the past (See Episode 10 and 33) but this week, he wants to discuss the current status of the IRS with regard to auditing and follow-up on businesses that have claimed this credit, such as:
IRS is upping their fines if you don't disclose all funds, even the legit ones. IRS amnesty programs: From a simple "Hey, I've got this account" to "I owe you, let's settle." The IRS usually has three years to ask for back taxes, but some exceptions exist. If you've taken the ERTC money, there's a two-year period where the IRS might have you on their radar. Bigger amounts = more attention. The ERTC program's end is in sight, with some parts set to phase out soon. Want more details? Click here: https://www.irs.gov/newsroom/to-protect-taxpayers-from-scams-irs-orders-immediate-stop-to-new-employee-retention-credit-processing-amid-surge-of-questionable-claims-concerns-from-tax-pros
Thanks to our partners, NAPA TRACS and Promotive
Did you know that NAPA TRACS has onsite training plus six days a week support?
It all starts when a local representative meets with you to learn about your business and how you run it. After all, it's your shop, so it's your choice.
Let us prove to you that Tracs is the single best shop management system in the business. Find NAPA TRACS on the Web at NAPATRACS.com
It’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.
Paar Melis and Associates – Accountants Specializing in Automotive Repair
Visit us Online: www.paarmelis.com
Email Hunt: [email protected]
Get a copy of my Book: Download Here
Aftermarket Radio Network
Click to go to the Podcast on Remarkable Results Radio
-
By carmcapriotto
This week, dive into proactive tax management. Whether you're wrapping up extended returns from 2022 or gearing up for the next tax year, now's the time to strategize. Hunt unpacks essential insights:
• Tax Extensions: Can they shield you from audits?
• Working with Accountants: Understand reasonable expectations and collaborate effectively to plan your taxes for the coming year.
• DIY Tax Forecasting: Tools to craft a ballpark tax estimate for next year, plus ways to refine those figures.
• Estimated Tax Payments: Not mandatory, but Hunt reveals why they're a wise move.
• Tax Myths Demystified: Learn the facts to minimize tax liabilities and debunk some fairly common misconceptions.
Thanks to our partners, NAPA TRACS and Promotive
Did you know that NAPA TRACS has onsite training plus six days a week support?
It all starts when a local representative meets with you to learn about your business and how you run it. After all, it's your shop, so it's your choice.
Let us prove to you that Tracs is the single best shop management system in the business. Find NAPA TRACS on the Web at NAPATRACS.com
It’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.
Paar Melis and Associates – Accountants Specializing in Automotive Repair
Visit us Online: www.paarmelis.com
Email Hunt: [email protected]
Get a copy of my Book: Download Here
Aftermarket Radio Network
Click to go to the Podcast on Remarkable Results Radio
-
By nptrb
Premium Member Content
This content is hidden to guests, one of the benefits of a paid membership. Please login or register to view this content.
-
-
By carmcapriotto
Are you tired of the same old auto repair experience with poor customer service and no personal touch? Look no further than Adam and Son Auto Repair in Colorado Springs. Owner Dan Adam and VP of Social Impact and Strategy Stacy Burns, share their insights on creating a unique customer experience and positively impacting their community. Dan Adam founded Adam and Son Auto Repair with a mission to improve the way auto repair businesses are run and provide exceptional customer service. He achieved this by defining 28 fundamentals that create behaviors for team members and ingrained them in the company culture through weekly messages and daily huddles. But the customer experience at Adam and Son doesn't stop there. They have implemented social impact initiatives that provide free car repairs to single mothers, domestic violence victims, and disabled veterans through their Stranded Motorist Fund. This program aims to provide safe and reliable transportation to those in need and has gained positive feedback from the community. Adam and Son have gained high-quality customers who support their business by providing excellent customer service and making a positive social impact. Dan Adam, Adam and Son Auto Repair, Colorado Springs, CO.
Stacy Burns, VP of Social Impact and Strategy.
Show Notes
Dan Adam's Story (00:02:32) Dan Adam shares his experience of working at a local auto repair shop with poor company culture and customer service, and how it led him to start his own shop with a loan from his family. Creating a Company Culture (00:07:02) Dan Adam explains how his company created a culture of excellence through 28 actionable fundamentals that are discussed daily in meetings and interviews. Culture Icon Belt (00:11:44) Stacy Burns shares how Adam and Son Auto Repair uses a wrestling-style belt to recognize team members who embody the company's culture and pass it on to others. Team Building Across Locations (00:13:31) Building a sense of community across locations through team building activities and introducing new team members to both shops. Sharing Positive Feedback (00:14:01) The importance of sharing positive feedback within the team and with customers through Google reviews and other tools. Community Engagement and Social Impact Programs (00:15:16) The impact of their social impact programs, including the Trifecta Oil Change Program and the Stranded Motorist Fund, on their community and customers. Stranded Motorist Program (00:22:30) Dan Adam and Stacy Burns discuss the Stranded Motorist Program, which provides free car repairs and donated vehicles to those in need. They talk about the impact of transportation on people's lives and the need for such a program. Expanding the Stranded Motorist Program (00:27:07) Dan Adam talks about his plans to take the Stranded Motorist Program to a national level and involve other independent auto repair shops in the initiative. Storytelling and Community Outreach (00:28:34) The importance of storytelling and community outreach in promoting social impact initiatives. Reaching out to those helped (00:30:20) Stacy discusses how they reach out to people they have helped in the past and how it has caught the attention of the news media. Solving community needs (00:35:21) Dan explains how being a social impact company is not just about being philanthropic, but about solving community needs and gaining market share. Long game of social impact (00:36:18) Dan explains that becoming a social impact company is a long game and requires a strong company culture to be successful. Creating a Differentiator (00:38:03) Dan Adam discusses the importance of having a real differentiator in the automotive industry. Thanks to our Partners, AAPEX and NAPA TRACS.
Set your sights on Las Vegas in 2023. Mark your calendar now … October 31 - Nov 2, 2023, AAPEX - Now more than ever. And don’t miss the next free AAPEX webinar. Register now at AAPEXSHOW.COM
NAPA TRACS will move your shop into the SMS fast lane with onsite training and six days a week of support and local representation. Find NAPA TRACS on the Web at NAPATRACS.com
Connect with the Podcast:
-Join our Insider List: https://remarkableresults.biz/insider
-All books mentioned on our podcasts: https://remarkableresults.biz/books
-Our Classroom page for personal or team learning: https://remarkableresults.biz/classroom
-Buy Me a Coffee: https://www.buymeacoffee.com/carm
-The Aftermarket Radio Network: https://aftermarketradionetwork.com
-Special episode collections: https://remarkableresults.biz/collections
Click to go to the Podcast on Remarkable Results Radio
-
-
-
Our Sponsors
Recommended Posts