Atlanta CPA Provides Tips for America Business Owners for 2010 as You Prepare Your Federal & State Income Tax Returns...A Financial Survivability Series

Atlanta CPA Provides Tips for America Business Owners for 2010 as You Prepare Your Federal & State Income Tax Returns...A Financial Survivability Series

This is the Fourth Article of A Financial Survivability Series of how you can look to the future by analyzing the present to help plan both short and long term for the future. Looking not to our own devices but to serve the needs of others is always on the forefront of our advice as be both start a New Year and Prepare for Tax Season. Being sure all business clients have a sound basis and broad understanding of Corporate Tax Law should be a CPA's primary responsibility to ensure that you Pay Only Your Lowest Legal Possible Tax. Below is a sample letter I might send a client to ensure that they both understand and can apply Tax Law to both their Income Tax Returns and to tax plan for accordingly:

Your Returns are essentially 100% done as I wait on the final forms to be approved by the IRS.

Please be sure that you do not pay any Shareholder Distributions in excess of your Tax Basis/Retained Earnings account. Otherwise all shareholders of your S Corporation may have to pay capital gain taxes on their personal returns as a result of distributions in excess of their Tax Basis/Retained Earnings. Care should be taken to ensure that all issues affecting Tax Basis are reflected including loans both to and from shareholders. In subsequent years, when basis/profits is higher than you can pay out these monies to the business owners as Shareholder Distributions.

In 2008 Georgia changed the way the Apportionment of Profits and Losses are reflected. Starting that year the State Apportionment on Georgia S Corporation Returns was changed to say that tax is imposes only on that portion of the business income which is reasonably attributable to Georgia sources and property owned and business done within the state....receipts shall be deemed to have been derived from business done in Georgia if there were received from products shipped or delivered to customers within the state.

Below you will find substantive articles to help Atlanta Small Business Owners plan for their yearend tax liability and to ensure they stay in active compliance with all tax, regulatory and licensing rules.

How to Avoid an IRS Audit for America Taxpayers
Discover simple steps that you can do to help prevent an IRS audit. Though the tax code is at times very difficult to understand and comply, these basic simple steps will help you avoid an IRS audit. See http://www.hiscpa.com/avoiding-audits.html

Solving IRS Tax Problems: Submitting an IRS Offer in Compromise
When all else fails and if you qualify, the IRS and Georgia both have a program which will enable you to work to solve the severest tax problems. Visit http://www.hiscpa.com/offer-in-compromise.html

Utilizing IRS Installment Plans for Metro Taxpayers to Pay Your Past Due Taxes
The IRS has long been in the business of helping taxpayers get back into the system to ensure that taxpayers are able to pay their taxes over time. For those who do not qualify for an Offer in Compromise or to pay the taxes and interest in full, while seeking penalty abatement, an Installment Plan is a prudent and wise choice and alternative to get your past taxes due paid and current. See http://www.hiscpa.com/installment-plans.html

John Dillard is an Christian Speaker/Author and an Atlanta CPA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/  and for his latest book Overcoming Life's 9/11's: Job's Journey and a Voice of One: Nehemiah's Prayer visit http://www.john-dillard.com / or call John Dillard CPA today at 770.814.9304 (All Rights Reserved) Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!