Atlanta CPA Reminds Small Business Owners That Corporate Returns are Due March 15, 2010

Atlanta CPA Reminds Small Business Owners That Corporate Returns are Due March 15, 2010

It is certainly that time of year again. Please be reminded that corporate returns are due March 15. If we want to file by the due date, I will need to receive your data in next few weeks so that I will have an ample amount of time to file. As always, I will file for the automatic six-month extension in the event I do not get the data in time. Please be reminded that an extension to file is not an extension to pay and that both the IRS and the state expect you to pay your taxes as you earn the monies. Please be reminded there are no valid extensions after the September 15 final due date lapses. Below you will find a checklist to prepare your Corporate Income Tax Returns:

To process your corporate return, please forward your balance sheet and your profit and loss and copies of any W-2's the corporation might have issued. If you have not yet done so, please be reminded that 1099's should be issued by the end of January; your payroll service will handle this if you get them the information. Before you send the current year's financial please be sure to always review the prior year's balance sheet on the tax return and ensure that your internal books equals the return while being sure to make any appropriate adjustments. That way you will be assured of starting the year off with a clean set of records which will otherwise distort you current year's operating results.
To complete your corporate return, please forward:
• Your year to date Balance sheet, Profit & loss
• Year end Bank Statements and Bank reconciliations
• Aged Accounts Receivable
• Year-end Inventory
• Aged Accounts Payable
• Year to Date Payroll Records by Employee
• Notes Receivable and Payable Balances at Year end
• Copies of new Notes
• The amount of medical insurance paid for each shareholder
• If your company is new, please forward copies of the incorporation papers.
Before you send your Year-End Financial Please be sure that:
• The general ledger balance agrees to your checkbook and your bank reconciliation.
• The Accounts Receivable balance agrees to your internal aging reports.
• The Accounts Payable balance agrees to your internal aging reports.
• You advise of any fixed assets that have been acquired or disposed of during the year.
• That ALL of the balance sheet and profit and loss accounts are correct.
• That you have only one retained earnings account.
• That as of January 1st of the prior year that you closed the shareholder distributions account to retained earnings.
• That the retained earnings account on your internal books equals or is reconcilable to the retained earnings to the last corporate tax return filed.
This is to confirm that you are aware are handling all of your payroll and independent contractor/1099 needs, of the need to have a business license, to pay the annual registration fee, to have your annual Board of Directors and Shareholders Meeting, and to file the county property tax report (please be sure to claim the Freeport Exemption on your inventory if you qualify as this can substantially reduce the amount owed). Please note that if you have not yet set up a retirement plan or have a formal financial plan, that I suggest that we sit down together soon to get the right plans in place to help ensure your long-term financial success! This is to confirm that I suggest that you formally tax plan at least twice annually.

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And this is only some of the information available on our web site. You also have at our blog a host of other varied and timely tax and business management issues you can use.

John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 http://www.hiscpa.com/  http://www.john-dillard.com/  To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304

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We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Business Acquisitions/Sales, Forensic Accounting, Business Valuations and Bookkeeping.