Johns Creek/Suwanee CPA: Keep Your Tax Bill as Low as Legally Possible
It is the predominant job to ensure several key areas are always addressed:
Staying Current with all of Your Business & Tax Filings. It is to this end that I might forward the below sample letter to ensure that all tax representation and filing issues as well as the company's financial reporting are always placed in the forefront of a taxpayer:
The grave and serious collection efforts are here. I suggest you address the below open issues ASAP to avoid severe financial disturbances.
For your 433A & Your 433B
Your expenses listed are to be monthly totals/averages.
I need for you to pull together the three months of documentation required in the IRS guidelines to detail/prove items listed as these are required to be mailed with the Offer.
Do not leave any areas blank, if N/A please document.
I need you to do a Form 656.
You need to retain a payroll service now before we submit Offer and to update your 433B accordingly.
For your 433A
Need you to provide along with documentation mentioned above copies of comparables of your primary residence.
As we have discussed one of the rules of an Offer in Compromise is that you have to be current on your tax filings and payments. Therefore it is imperative today to:
Get you utilizing a payroll service.
You make an 1040ES payment to the IRS for $3,000 and an 500ES payment to GA for $1,000 as an estimate of taxes owed on monies earned to date. Please get to me copies of the checks when you send them ASAP.
For your February data I still need:
For you to reconcile all of the accounts that are listed on the balance sheet and forward to me the reconciliation.
Yes, I do want you to do a detailed schedule by account, date and amount of all deposits (that are income and not transfers) reconciling/listing all revenue and reconciling it to the Profit and Loss for the month.
In the future please record all items on all accounts using the A/P or Manual Check Recording rather than journal entries when recording your data into Quickbooks.
Please forward ASAP and do not hesitate to call should you have any questions.
John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Suwanee, Lawrenceville, Snellville, Lilburn, Duluth, Norcross, Peachtree Corners, Atlanta, Gwinnett, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Grayson, Alpharetta, Roswell, Sandy Springs & Tucker as an Award Winning CPA