John Dillard is an author and Certified Public Accountant. To See how he takes Christ along with him to work visit www.HisCPA.com
Posted 5/6/10 at 9:04 PM | John Dillard
Atlanta CPA Advises Business Owners on Preparing a Profit and Loss
A well presented Profit & Loss will be broken out in the sales section, cost of goods sold, and general and administrative expenses. Many businesses will break out their sales and cost of goods sold accounts into several categories that might be useful for review and analysis.
In evaluating your company's financial, it is usually best to review your profit and loss being sure to show the current period under review as well as the year to date totals. This will have the added advantage of reviewing specifically the most current operations for any significant variances or trends as well as contemplation of where you stand vs. your annual and year to date goals. Your financials are best reviewed and presented when you also add a column which calculates items as a percentage of sales which allows the reviewer to have a good grasp/rule of thumb of which to measure operational results.
Posted 5/6/10 at 10:50 AM | John Dillard
Christian CPA Advises on Top 10 Ways to Avoid an IRS Audit
How to Have Success With Your IRS Representation Issues
Being sure that you are sure is the best way to ensure that you are not unnecessarily exposed to an IRS Audit. These simple reminders will do much to ensure that you are not unduly surprised if an audit occurs. The Top 10 Ways to Avoid an IRS Audit are: FULL POST
Posted 5/5/10 at 10:23 AM | John Dillard
Atlanta CPA on Fixing Back Taxes and Installment Plans with the IRS
Tax law for a layman is most difficult to understanding tax law and even harder yet to adequately to adequately interpret and apply it. To that end documentation, sound written and verbal communication are essential to ensuring that all involved in addressing sensitive tax issues are well informed and versed on the many nuances affecting individual tax decisions. Understanding the "ripple effects" of business/tax decisions is essential to successfully resolving back taxes/tax issues for Atlanta taxpayers. Below is a sample of the correspondence that might be sent to assist a taxpayer when considering setting up an Installment Plan with the IRS:
Posted 5/4/10 at 8:23 AM | John Dillard
Atlanta CPA on Missions: Do You Want a Good Week or to Make a Difference in People's Lives
Taking Christianity Into the World
God asks us to excel in all things. As a Believer I think that requires us to do our very best at work, school, home, chores and essentially everywhere we go every second of the day. However there is perhaps no greater calling than when we tells others the good news of Jesus Christ. For the last three years my family and I have been blessed to serve the Navajo People. There is no greater calling, than laying down our lives and seeing to the needs of others. In answering this call, we first sought to be bold in our faith and to excel at all levels of our trip. When Jesus summed up the Bible he told us to love others as we love ourselves and to love our Lord with all our heart and mind. It was to this end we set out to SERVE the wonderful and blessed people and our Native Americans the Navajo.
Posted 5/3/10 at 1:57 PM | John Dillard
Atlanta CPA Reminds Taxpayers To Keep Working on Your Personal Returns
The initial due date for personal returns is April 15. For returns not filed by that date both the IRS and GA allow for a six month extension. Please be reminded that there are no valid extensions after the October 15 final due date lapses. Please be reminded that an extension to file is not an extension to pay and that you are required by tax law to pay applicable taxes as the monies are earned or you will be subject to additional penalties and interest. When processing personal returns our primary concern is both accuracy and ensuring that ever taxpayer pays only their lowest legal possible tax. Below is a sample letter that we might send to encourage taxpayers to forward all of the necessary documents and information required to properly file the return:
Posted 5/2/10 at 1:39 PM | John Dillard
Atlanta CPA on Fixing Back Taxes with the IRS While Processing an Offer in Compromise (OIC)
We strive to do business the old fashioned way giving our clients much more than they thought they needed. In our ever changing economic times, it is even more important to stay ahead of the power curve in addressing your business issues, trends, and tax planning. John Dillard, CPA the firm's founder desired to develop a firm which lived out the "Golden Rule" in serving others and the community. By offering this information gratis, Mr. Dillard's desire is to heighten the understanding of his fellow business owners and taxpayers and to contribute back to the community in which he lives and works.
Posted 4/29/10 at 11:26 AM | John Dillard
Atlanta CPA on Bean Counting 101
Most frequently we are asked to assist business owners with tax planning, preparing corporate and personal income taxes, tax planning, financial statements, IRS Representation, Back Taxes & Offer in Compromise. However there is much more that a well seasoned and experienced CPA can do, especially one who has run as a Chief Financial Officer/Chief Operating Officer for companies with revenues in the tens of millions.
Bean Counting 101: Top 10 Things You Might Not Know Your CPA Can Do
Posted 4/28/10 at 1:28 PM | John Dillard
Atlanta CPA How to Avoid the Top Five Mistakes Business Owners/Entrepreneurs Make
What You Don't Know Can Hurt You: Avoid Unnecessary Financial Setbacks
Many business owners plough head on for disaster because they fail to prepare, which is then in essence, preparing to fail. These issues are ones that through the decades of having been a CPA that we see repeated over and over again. Being aware of these and taking the necessary steps to avoid them will do much to gain a financial advantage over your competitors and those who do not. This is a list you will want to refer to again and again to check yourself and to ensure that you remain on a path that will help your opportunity for success.
1 John 5:14 This is the confidence we have in approaching God: that if we ask anything according to his will, he hears us.
Posted 4/27/10 at 12:06 PM | John Dillard
Atlanta CPA Challenges Believers to Act: Here's is My Fundraising Idea for Missions...What's Yours???
To help out and to raise monies for our trip... 100% of the first three new customers tax returns who respond to this ad (up to $500 per return) will go to Navajo Family Missions.
Feel free to forward this to all people to whom you might think will be able to help us raise money for our trip.
John 15:13 Greater love has no one than this, that he lay down his life for his friends.
Posted 4/26/10 at 1:31 PM | John Dillard
Atlanta CPA Advises America Business Owners on Understanding Nuances of Cash vs. Accrual Financial Statements
Using a computerized accounting package which has a balance sheet and profit and loss capability is a great start to being able to track your business transactions accurately and efficiently. Generally speaking for many small businesses QuickBooks is good system and often has much more capability than you will ever need. However this program is not a universal fit for everyone and you should take care to carefully evaluate your needs to ensure that you select a system which will work for you long term. Special consideration, for example, should be given if you need a POS/Point of Sale System, detailed inventory costing/tracking/and valuation, or if your business will require a multiple user system.
Being an expert at running your business does not make you one at the responsibility of accounting for your business. By applying our decades of experience we are well suited to guide you to track the financial and operational affairs of your business. Understanding the differences in the usability of financial statements prepared on a cash versus and accrual basis will do much to help your America Business have up to date and useful financial information. Below is a sample inquiry we might receive from a client regarding their internal financial statements/tax returns, that were prepared on a cash basis. FULL POST