By Rachel Schreiber

Within two weeks in 2006, Janet Fry’s profession changed drastically from clinical social worker to president of a tax information reporting company. Janet, originally from Albany, New York earned her bachelors and masters degrees in New York and Kansas respectively. She left her home state and completed her second masters degree in social work at University of Michigan. After working for Henry Ford Hospital for five years, Saint Joseph Mercy Health System for two years and in a clinic for seven years, she began a private practice. In 2002, Janet and Ilan Gittlen were married. Ilan, founder of Balance Consulting, passed away unexpectedly in September 2006. Janet says, “He didn’t leave a succession plan and I stepped in two weeks after he died and decided to participate in running the company.” She says, “I got up to speed as best I could so I could support the direction of the company. I decided not to sell the company because I was worried about people having jobs in southeast Michigan. For me, I wanted to get a bead on what was happening in the company.”

Balance Consulting LLC is the nationally recognized leader in tax reporting compliance education and consulting on specialized compliance issues. Janet says, “Ilan realized there was niche for educating people about the 1099 tax forms. He started out consulting with individual companies and from there, the demand for his services grew. Balance Consulting strives for accuracy and thoroughness. We have a good reputation in the field and are considered the go-to company for the right answers. People count on us.” The 1099 tax forms are used to report dividends, interest income, miscellaneous income, pensions, annuities, IRAs and profit sharing, among other sources of tax revenue. Compliance is a serious issue for companies. If not done correctly, the IRS charges a $50 penalty for each form that does not meet compliance standards. Companies can best meet compliance by following these four mandates:

1. The boxes (on the form) must be filled in with the correct information.
2. The company should have a policies and procedures manual in place. The IRS looks for a process in place for compliance with IRS regulations.
3. The company must keep up to date on new tax regulations. This should be reflected in the manual and in actual practice.
4. It helps if those managing 1099 compliance are knowledgeable and competent.

Balance Consulting offers a number of services to companies throughout the country, helping them to better understand Form 1099 tax reporting, including webinars. Their clientele includes manufacturing, financial and higher education institutions and many companies in Fortune 500. Twenty-three people provide Balance Consulting with administration services, technical support for internal and external needs, marketing and design and tax experts. Balance Consulting conducts 1099 compliance workshops, year-end reporting and sales and use tax seminars nationwide. Janet emphasizes, “The seminars are great because they incorporate real-life examples and translate regulatory language into plain English to help attendees make sense of a complicated subject.” Balance Consulting also sponsors webinars on Form 1099, financial industry and other issues. In July, Janet and her staff will host their 16th annual national conference in Atlanta, Georgia. Subject matter experts, including representatives from the IRS, will address compliance, the changes in tax forms and regulations, as well as practical ‘how-to’ workshops in compliance. Janet says, “The IRS goes into technical aspects. It’s very detailed and people get to ask questions. It’s a great way to share information.”

If you have found this story interesting, informative or inspiring, please let Janet know.

Balance Consulting
Janet Fry
1995 Highland Drive
Ann Arbor, MI 48108
Phone: 734-668-1099