plus 4, The March Group Helps Pep Boys Acquire Florida Tire, Inc. - Yahoo Finance |
- The March Group Helps Pep Boys Acquire Florida Tire, Inc. - Yahoo Finance
- Employment : HELP WANTED - Frederick News-Post
- Car Engine Repair - Chicago Tribune
- Tax Tips for Small Businesses - YAHOO!
- Update: Power fails, pedestrians fall as ice thickens - Des Moines Register
| The March Group Helps Pep Boys Acquire Florida Tire, Inc. - Yahoo Finance Posted: 20 Jan 2010 12:34 PM PST CORAL SPRINGS, Fla.--(BUSINESS WIRE)--The March Group, a leading private mergers and acquisitions advisory firm specializing in the sale of middle-market businesses, announced today that The Pep Boys — Manny, Moe & Jack (NYSE: "PBY") acquired March Group client Florida Tire, Inc. in October 2009. The March Group worked with both parties for about a year before the purchase was finalized. Florida Tire, Inc. is a chain of 10 automotive service and tire stores in central Florida. Its first location was established in Orlando in 1987 by its former president, Doug Bolt. It has three Orlando stores. Other Florida stores include Apopka, Winter Park, Leesburg, Sanford, Clermont, Celebration and Eustis. The company sells Goodyear and Dunlop tires and provides a wide range of maintenance services for most cars and trucks. Pep Boys is the nation's leading automotive aftermarket service and retail chain. It is the only aftermarket retail and service chain in the nation that serves all four segments of the automotive aftermarket: do-it-yourself, do-it-for-me, buy-for-resale and replacement tires. "Selling my company was one of the biggest decisions of my life, but The March Group gave me all the information and support I needed to sell it with confidence," said Doug Bolt, former president of Florida Tire. "Now I look forward to working with Pep Boys to help it grow, knowing that my employees and customers are in good hands." Doug Bolt remains with Pep Boys, focusing on its expansion plans and its relationship with Goodyear. "We are leading our expansion with our service business, growing through new Service & Tire Centers," said Joe Cirelli, Pep Boys' senior vice president of corporate development. "The 10-store Florida Tire chain presented the perfect opportunity to grow within a market where we have existing Supercenters that can help support these smaller, neighborhood-based Service & Tire Centers. The 10 Florida Tire stores accelerated our expansion program this year, providing a model for our future growth." In addition to a new Supercenter, Pep Boys will have opened 24 new Service & Tire Centers by the end of the Company's fiscal 2009 (January 2010); the Company expects to add another 40 in 2010 and 80 in 2011. March Group Managing Director Ed Wilcox, who supervised the deal, commented, "I am grateful for the wonderful support that I received from our client, Doug Bolt, the owner of Florida Tire and for the professionalism and support of the buyer, Pep Boys — in particular, Joe Cirelli and his staff. The opportunity to work with and assist a true entrepreneur and gentleman such as Doug Bolt is one of the reasons I enjoy my work with The March Group so much." About Pep Boys Pep Boys has approximately 6,000 service bays within over 580 stores located in 35 states and Puerto Rico. Along with its full-service vehicle maintenance and repair capabilities, the company also serves the commercial auto parts delivery market and is one of the leading sellers of replacement tires in the United States. About The March Group Founded in 1986, The March Group is headquartered in Coral Springs, Florida, and has offices throughout the United States and worldwide. The company employs over 200 professionals and has built a dynamic network of business contacts all over the globe. The March Group specializes in the marketing, negotiation and sale of privately held middle-market businesses. The March Group has successfully helped hundreds of business owners sell their companies by connecting them with buyers. For more information about The March Group, please visit the following: www.MarchGroup.com Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.  This posting includes an audio/video/photo media file: Download Now |
| Employment : HELP WANTED - Frederick News-Post Posted: 20 Jan 2010 12:34 PM PST New! FNP Marketplace Search our online directory of dining and entertainment venues, local shopping centers and service providers. Find out what you need for a night on the town, a plumbing emergency, a graphic design piece, or to check your favorite store's hours. Find business hours, accepted credit cards, and a map. Visit the FNP Marketplace today!
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| Car Engine Repair - Chicago Tribune Posted: 20 Jan 2010 12:34 PM PST Recipient E-mail Addresses (up to 3, separated by commas) Send me a copy.From:
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| Tax Tips for Small Businesses - YAHOO! Posted: 20 Jan 2010 09:42 AM PST Starting a small business involves a host of little details -- some more complicated than others. One of the most complex involves how your business will be taxed. Like individuals, businesses face a host of taxes imposed at every level of government, from the federal Internal Revenue Service, to state departments of revenue, to county and city tax assessors. Not only will you have to pay taxes on your business profits, but you may also have responsibilities for withholding, collecting, and remitting certain other taxes, such as payroll and sales taxes, to the appropriate authorities. Although rules specific to your state and city may have special quirks, we can still cover some general issues about which you should remain aware. Federal income taxes If you operate a partnership with one other person, and the business makes $1,000, then if you have agreed to split profits equally, each of you will report income of $500 on your individual income tax returns. Businesses set up in this fashion are sometimes referred to as pass-through entities. For partnerships and LLCs with more than one member, your business will generally need to file an information return with the IRS to report the overall profits of the business, and to allow the IRS to make sure the various individual owners report all of their income. If you choose to incorporate your business, you will have a choice to make. Most small businesses can qualify to be treated as a subchapter S corporation, the name referring to the part of the Internal Revenue Code that governs such companies. By electing S-corporation status, your business will be treated as a pass-through entity that needs to provide only an information return. However, if you choose not to elect this status, then your corporation will be an entirely separate business entity, requiring a separate income tax return and incurring its own tax liability. If the corporation makes payments to you, you may have to treat those payments as income; you therefore will either have to find a corresponding corporate deduction, or end up paying tax twice. The potential for double taxation leads many small-business owners to choose S-corporation treatment, if they form a corporation at all. State taxes For the most part, states tend to tax businesses using one of two different figures as a tax base: the net taxable income of the business or the total revenue of the business. For states that use a tax on net income, the rules often closely resemble those for individual income taxes -- the business reports income and deductible expenses, and it pays tax on the net taxable income using a rate schedule that the state legislature sets. States that base their tax on the total revenue of the business, however, use rules that more closely resemble sales-tax rules -- a tax rate is applied to the gross receipts of the business, without regard to whether the business made a profit. As a result, you may well owe tax to your state, despite having no federal tax liability, and even though your business may have lost money during that year. In addition, if your business owns inventory, equipment, or other property, you may need to pay property tax. Again, the specific aspects differ greatly from place to place. Some jurisdictions impose property taxes on even small amounts of property, while others impose no tax unless the business owns property with a value above a certain amount. Most states have excellent resources for new business owners, available either on the state's website or by getting in touch with the state agency responsible for collecting tax. In reviewing a state's materials, you should especially consider a few important issues:
Federal and state taxes imposed directly on new businesses can be extremely complicated. But even once you get a handle on them, you may still be responsible for collecting some other types of taxes, such as payroll tax and sales tax. The rules for these taxes are often just as complicated as income-tax rules are, and the consequences of making mistakes can be equally devastating to your business. Payroll and self-employment tax As an employer, you have an obligation to withhold certain taxes from the paychecks of your employees. These taxes include Social Security and Medicare withholding, federal income-tax withholding, and any additional withholding your state imposes, including state income tax, unemployment, and disability-insurance withholding. Determining the proper amount to withhold for federal and state income tax requires that you consult withholding-tax tables. To use the tables, you will need to know the number of withholding allowances your employees wish to claim; your employees will make this election on federal tax form W-4, which you should provide to them when you hire them. Depending on the amount of your total payroll, you must turn over these withheld taxes to the IRS on a regular basis, either twice a week or monthly. IRS Publication 15 contains additional information for employers about their obligations. Similar provisions apply to any taxes that your state requires you to withhold from employee pay. In addition to withholding employment-related taxes from your employees' pay, your business itself incurs taxes that result from hiring employees. The employer is required to match the amount withheld from employee pay for Social Security and Medicare. In addition, the employer must pay federal unemployment tax for each employee. This amount may be reduced if your state requires your business to make payments into a state unemployment fund. New businesses often have cash-flow problems. However, making payments of withheld payroll taxes is the single most important thing for you to do as a business owner. The IRS takes it very seriously when an employer diverts money withheld from employees' wages. Congress has given the IRS substantial power to deal with situations involving a failure to pay withheld taxes. In addition to large penalties, the IRS can collect not only from the business itself, but also directly from the personal assets of the business owners, officers, and directors responsible for making financial decisions for the business. You may be tempted, but you don't want to go down this road. Sales tax Although many commentators have suggested that replacing the federal income tax with a national sales tax would simplify the tax system dramatically, there are still many things to keep in mind in dealing with sales tax. For instance, most states provide exemptions from sales tax for certain items, such as food or clothing. Other states charge different rates for different categories of purchases. In addition, you may not need to collect sales tax if the purchaser intends to resell the item as part of the purchaser's business. For example, if you own an auto-parts store and sell a part to a consumer, then you probably need to collect sales tax. However, if you sell a part to a repair-shop owner who will then resell the part to a customer, then you may not need to collect sales tax because the repair shop-owner will get the tax from the final customer. Most states require such purchasers to present a sales-tax exemption certificate. Other tax issues Keeping track of all of the taxes your business must pay can be a daunting task, but remember that you have many resources available to assist you in complying with all of the applicable laws. Although there are many responsibilities in being a business owner, the rewards are worth it. For more tax Foolishness:
Learn more about how to reduce your tax bill at The Motley Fool's tax center. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.  This posting includes an audio/video/photo media file: Download Now |
| Update: Power fails, pedestrians fall as ice thickens - Des Moines Register Posted: 20 Jan 2010 10:54 AM PST Reports of power outages are coming in from across the state with ice accumulating on everything and pedestrians taking baby steps to cross parking lots and negotiate sidewalks. Thousands of customers of MidAmerican Energy in Iowa were without power at 12:30 p.m. Many customers of Alliant Energy in Iowa also lost electricity.. City road crews in Des Moines "are working a trifecta of winter problems" today, said Bill Stowe, public works director. Wind, street flooding and icy streets are pulling city crews in as many directions. Wind is bringing down tree limbs and power lines. Street flooding due to clogged storm sewers is closing streets and intersections. Icy, wet streets are causing hazardous driving conditions. A degree of temperature either way determines if ice is collecting or melting, Stowe said. "Wind in my world is tree damage," he said. "We still haven't seen a lot of that yet. Snow and ice is not minor because that's where people get killed." The public works director said, "Street flooding hasn't caused any property damage yet, but we're watching that." ==========
Mobile site: Get Register news updates on the go. Resources are being stretched thin and road crews are having to make decisions they are not used to making. Before noon today doctors and medical staff at Mercy Medical Center in Des Moines treated 11 people for falls, most involving broken wrists, ankles and arms. It's no picnic for mail carriers either. A mail carrier was spotted on the northwest side of Des Moines tapping on mailboxes with a small hammer to encourage them to open. It started about 3:30 to 4 a.m., said Des Moines Police Lt. Rich Hickle, commander of the overnight shift. "It's really slick. Some side streets are just impassable. There's just no controlling a vehicle on side streets. You may be able to get going but you can't really steer or stop." The Iowa State Patrol is currently not advising travel on the following roads. Towing services are prohibited within these sections. Officials said it's so icy today inmates of the Polk County Jail will not be receiving visitors. The sheriff's office issued a statement saying, "Due to treacherous driving conditions there will be no inmate visitation today." Traffic lights are out in several spots on the east side of Des Moines, wires are down at several locations across the city. Police said the power company no longer can give officers an estimated time of arrival for repair workers. Rod Donavon, a meteorologist with the National Weather Service, said freezing rain is creating the ice now. Things will get better when that changes over to freezing drizzle later in the morning. What's the difference? "It's the droplet size," said Donavon. "Freezing rain has larger droplets. It accumulates much faster. When it changes over to freezing drizzle it won't accumulate as fast." The Weather Service is expecting one-quarter to one-half inch of ice in the Des Moines area with lesser amounts to the east and larger amounts to the west. The list of school closings this morning is a long one, including Des Moines schools. More severe weather resources & updates• Des Moines weather info Donavon said it will warm up on Friday and Saturday and much of the ice will melt off. Untreated side streets will still be slick on Thursday. Workers coming into offices this morning were taking baby steps in downtown Des Moines. Many quickly discovered that holding on to hand railings was of little help as railings, too, were covered with ice. At 8:30 a.m., police were reporting storm drains backing up, with water pooling behind them. Recovery will be slow in AtlanticResidents in Atlantic said most of their southwest Iowa town lost electricity at 4 a.m., and that their recovery will be slow because trees limbs and power lines are down everywhere. "Every direction you look tree limbs are down," said Dana Cooper, who operates Brown Auto Body there. "Just after 4 a.m. you could see (power) transformers blowing in every direction. ... Trees are still falling. You walk outside, and you'll hear them cracking." Cooper said the scene is comparable to what the town looked like after an ice storm in October 1991, which state climatologist Harry Hillaker called "probably the most damaging ice storm we've ever had at any time in Iowa." Atlantic residents were without power for days back then. Resident Mary Paasch saw and heard the power transformers blowing out this morning as she lay in bed. "It was just pop, pop, pop, popping, and there was yellow light all around," she said. Paasch said the bushes and trees in her yard have at least a 1/4-inch layer of ice on them. There are ice sickles hanging from wires. Cooper's shop has no power, so he's going to grab a chainsaw and help friends and others clear fallen limbs from their yards. "The power company is going to be pretty busy today, so I'll do what I can to help," he said. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.  This posting includes an audio/video/photo media file: Download Now |
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