Being proactive vs. reactive with tax planning will have a tremendous impact on profitability and long-term wealth creation. Keep in mind, I am not a CPA and I am not giving tax advice. Rather, I’m passing on information that I learned as a practice owner and now implement in my financial planning practice. While not an exhaustive list, here are a few items to contemplate in 2025 as you watch the dollars in your practice.
Another Lawsuit for VF-Works
A lawsuit has been filed by former franchise holders James and Debra Dixon (plaintiffs) against VF-Works, Inc., Nu-Best Franchising, Inc., John Postlewaite,DC, and other VF-Works officers (defendants). The lawsuit alleges that:
- "Dr. Postlewaite's representations regarding FDA approval were false."
- "Defendants breached the terms and conditions of the franchise agreement."
- "Defendants in selling the subject mobile video fluoroscopic unit to plaintiffs engaged in deceptive trade practices as defined by R.C. 4165.02.
- "Defendants, in selling the Nu-Best franchise and the VF-Works mobile video fluoroscopic unit, acted fraudulently, maliciously, unlawfully and in reckless and flagrant disregard for the rights of plaintiffs.
- "The franchise agreement is an illegal and void contract and therefore is unenforceable. Plaintiffs are therefore entitled to rescission of that agreement and to be returned to their original position prior to entering into it."
The original lawsuit was filed in the Court of Common Pleas in Cuyahoga County, Ohio on August 18, 1999. It now has moved to federal court. Additional lawsuits by other franchise holders are expected.