Posted 4/7/10 at 5:21 PM | John Dillard
Atlanta CPA on Avoiding Mistakes and Audits When Preparing Your Personal Returns
Avoidance of these common mistakes will greatly assist you in the proper preparation of your tax return, will help you avoid unnecessary IRS tax penalties and interest, and help you keep your tax bill as low as legally possible. Lift up the veil and discover how long and what types of records you should retain and for how long are often the point of consternation for many taxpayers. Learn what you need to keep so that you are never unduly surprised if ever asked to reproduce documents. Below is a sample letter we might send a client to ensure that both a proper return is prepared and only the Lowest Legal Possible Tax is Paid.
Posted 4/7/10 at 9:57 AM | John Dillard
Atlanta CPA Presents An Open Letter to the Dallas Cowboys & Jerry Jones
We have been doing Family Mission Work to the Navajo in NM for twenty years. There is a huge Cowboy fan, Nelson, that this year were are going to paint his home cowboy colors. Nelson is 40 and has spent the last 20 years in a wheelchair as an invalid due to a car accident. We will be there the week of July 10, 2010. This year we will be taking 80 plus from our church here in Atlanta. I was seeking to see if you might have a past or present player who would be willing to attend.
Posted 4/6/10 at 5:52 PM | John Dillard
Atlanta CPA Provides Risk Management 101 to America's Business Owners & Entrepreneurs
Where Should Your Business Pay Its Taxes/Have State Payroll Withholding
Being aware of where and when to incorporate and where your business/company should pay its taxes and have payroll withholding on its employees, will provide you with needed insight to avoid unnecessary pitfalls, fees, and legal issues that befall many. There is a lot of hype out there about where to incorporate that may well lead you to discover that the steps you made to protect your business while in good faith, have caused complexities that hurt rather than help your business. In general there are several criteria to evaluate when considering where to originally incorporate/domicile your business as well as where to have your business do state withholding on its employees. All the criteria should be looked at in aggregation to consider including:
Posted 4/6/10 at 8:57 AM | John Dillard
Atlanta CPA on Understanding the "Ins & Outs" of Business Tax Returns
Discover what type of returns your corporation is required to file and its corresponding due dates ensuring that you do not miss an important deadline resulting in unnecessary penalties and interest. Many service businesses opt to file their tax returns on a cash basis, which results in a client not paying taxes on their accounts receivable or deducting their accounts payable until paid. This is especially advantageous for profitable businesses that qualify, since they will not bear the additional tax burden of paying taxes on billed but yet still uncollected accounts receivable. Often cash needs of a rapidly growing business put an inordinate strain on the availability of funds, and the selection of this method will greatly help as it is very difficult to pay taxes on monies one has not yet collected. Below is sample letter that might be used to help America's Business Owners and Entrepreneurs file their corporate income tax returns.
Posted 4/5/10 at 4:43 PM | John Dillard
Atlanta CPA Presents www.Bugs4Christ.webs.com and an Open Letter to Volkswagen of America
Re: www.Bugs4Christ.webs.com Taking Christianity Into the World
In the fall of 2006, John Albrycht, the Youth Pastor at Plentitude Baptist Church involved his youth group in the secret restoration of a 1971 VW Beetle. The project was dubbed "Bugs4Christ" and the Beetle soon became an object lesson in how God wants to restore our hearts to a right relationship with him. John wanted his youth to understand the mandate of Hebrews 10:23-25: "Let us hold unswervingly to the hope that we profess, for He who promised is faithful. And let us consider how we may spur one another on toward love and good deeds. Let us not give up meeting together, as some are in the habit of doing, but let us encourage one another and all the more as you see the Day approaching!" He wanted his youth to feel the power of encouraging others by restoring and giving the gift of unconditional love to the owner of the vintage car. Since that first incredible project, the members of this ministry have been involved in several other restoration projects. They are nearing the completion of a blue customized 1972 Super Beetle and they have just begun the restoration of another 1971 Super Beetle.
Posted 4/5/10 at 1:28 PM | John Dillard
Atlanta CPA Offers Tax Guidance to America's Entrepreneurs
For the New Business and Experienced Owner
Tax Effects Of Entity Choice
We can help you navigate through the myriad of tax law letting you make the best strategic and tax decisions in incorporating your business. See http://www.hiscpa.com/article6.html
New Corporation Forms and Registrations Checklist
Whether you are just incorporating or have been in business for years. This summary will enable you to quickly locate the forms and guidance you need to ensure your business maintains tax compliance. See http://www.hiscpa.com/incorporating-articles.html
Posted 4/2/10 at 8:03 AM | John Dillard
Atlanta CPA Advises America's S Corporation Owners on Deducting Tax Losses
Although there is no income tax paid by as S Corporation when the annual tax return is filed to the IRS. However, as a part of the corporate return which is prepared, a Form 1120S, there is an attached schedule which shows each owners respective ownership percentage and via a Form K-1 for which each shareholder should reflect on their personal return. K-1 profits, losses, and shareholder distributions are all required by tax law to be issued based upon the each shareholders ownership percentage. In order for losses to be deductible a shareholder has to have a positive tax basis, which is a component of past profits, losses, and loans to and from the business. If a shareholder has no basis to cover losses reported on a K-1, they are by tax law considered to be "suspended losses" and can be rolled forward to future years when the shareholder has positive basis, which can be created by future years profits or the shareholder loaning money to the business. Below is a sample letter we might send a client to ensure that to the extent legally possible, that tax basis is maintained in an S Corporation in order to take S Corporation losses:
Posted 4/1/10 at 4:54 PM | John Dillard
Atlanta CPA on Effective and Directed Communication to Address IRS Tax Problems and Back Taxes
Dealing with the IRS in addressing tax issues requires several things including first a good CPA who is well versed in tax law, has a proven and well documented record of success in dealing with the IRS and a dogmatic pursuit of helping taxpayers ensure they pay their lowest legal possible tax. Below is a example of such a piece of correspondence geared towards addressing open and unpaid back taxes and developing pragmatic opportunities for all involved to resolve unpaid taxes:
Posted 4/1/10 at 8:03 AM | John Dillard
Atlanta CPA Firm Presents Free Tax/Business Information to America Business Owners and Entrepreneurs
If you need tax news and information for your Metro Atlanta Business, see the counsel and advice of a CPA who has been serving Metro Atlanta for decades. In additions to the 21.184 visitors to our web site in March alone there was 18.247 who visited our Blog gaining Accounting News & Tax Information to help Atlanta Business Owners & Entrepreneurs manger their business, financial and tax affairs. Offering Tax News 24/7, His CPA PC makes the complex understood, while looking to serve his fellow countrymen. At present levels it is anticipated that by the end of 2010 that approximately 250,000 visitors will have visited www.HisCPA.com during the year.
Posted 3/31/10 at 10:21 AM | John Dillard
Atlanta CPA Advises America's Believers/Christians on Top 10 Reasons Your Business Should Retain A Christian CPA
Every year the IRS selects approximately one to two percent of all tax returns filed. The U.S. tax system is a voluntary compliance system where it is a taxpayer's responsibility to determine and file their accurate and just tax returns. In this process frequently taxpayers will create environments, which make the IRS more apt to review and audit a return. Your intent in filing a return should never be to stay away from or not deduct a valid deduction, however your end result should always be to file a return that is accurate and complete in all respects and for which you have adequate and clear documentation. By following these steps below you will find insight that will help you avoid unnecessary audits, additional time and stress, and additional assessments for interest and penalties.