I learned a valuable lesson this past week and want to share some advice with you based on what I learned. Everything worked out for the best, but it’s a good lesson in preparation.
For those of you who use the services of an accountant at tax time, you probably have been asked a lot of questions about your business. I gave my accountant the Domainer Tax Guide, and he found it very helpful since my business is not the traJditional bricks and mortar business that he usually represents.
Last week, I had a meeting with a company about one of my domain names, and because of the nature of the proposal, i needed some tax advice before doing anything. Unfortunately, my accountant was nowhere to be found. His voicemail box was full and i couldn’t get in touch. I was a bit panicked because this proposal was unlike anything I had ever done, so his opinion was essential. I had no back up accountant to ask, and still don’t know of any accountants that would be able to jump in and advise.
Long story short, after a few days of trying to get in touch, I was finally able to reach him. He was taking the continuing education classes that are required annually and wasn’t checking messages regularly. Fortunately we connected, because he advised me that the proposed deal wouldn’t be as beneficial as I anticipated, so his advice was certainly appreciated.
For legal issues or questions, there are several great domain lawyers I trust in the event my attorney is out of reach, but I didn’t have an accounting backup plan. If you take domain investing seriously, you should have a legal and accounting backup plan in the event that you have a pressing situation. It would be smart to have a back up programmer and designer, too, but those probably aren’t as critical when a situation necessitates a professional opinion.
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I’m posting this from my iPad in Cape Cod so my apologies for any typos. I love this business! 🙂
It sounds like your accountant is a sole proprietor but often CPAs will work in a partnership arrangement. I guess the lesson learned here is that your accountant should at least give you a referral for those times when they are out of touch. Note there are tax lawyers who could potentially be of assistance.
I’ve found in my life… that if I have a backup plan to every project / adventure / trip / party / event / etc — I am able to live a much more peaceful existence with less STRESS…
Backup Plans RULE… (smile)
~Patricia Kaehler
p.s. Elliot Can We do a Link Exchange ??