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.
Posted 3/30/10 at 5:17 PM | John Dillard
Atlanta CPA Teaches America's Business Owners the First Decision May Be Your Most Important
Incorporating Your Business: Understanding and Properly Utilizing Entity Selection
Your initial choice of entity is perhaps the most important tax, financial and legal decision you might ever reach. Being well versed in these areas is essential to a wise and prudent decision. Carefully considering the tax effects of your entity choice is essential to getting your business off on the right foot. Being careful to avoid, if at all possible, the double taxation of C Corporations and then selecting the right entity for your business from both a tax and legal perspective is critical. Understanding many of the basics of the start of the incorporation process will do much to ensure that you are well-versed and able to make wise and informed decisions. Below is a sample inquiry we might receive from an entrepreneur who is looking to set up/incorporate a new business:
Posted 3/30/10 at 10:25 AM | John Dillard
Atlanta CPA on Surviving an IRS Audit of Your Business & Personal Income Taxes
If you just opened your mailbox and much to your chagrin you have received an IRS notice. Your immediate reaction is one of fear and dread as your pulse races and you are not certain of what to do next. Although most certainly your initial reaction will be as described, there is a different path to resolving all audit issues to yours and the IRS's satisfaction and to close your audit with no additional monies due, assuming of course your return has been properly prepared. Below is a sample letter we might receive from a taxpayer in the throes of addressing an IRS tax audit:
Posted 3/29/10 at 9:54 AM | John Dillard
Atlanta CPA on IRS Installment Plans/Back Taxes/Offer in Compromise
While you are in the throes of handling IRS tax issues and trying to evaluate between an Offer of Compromise or an Installment plan, frequently the options look bleak, as often they are. There are options for taxpayers to look "outside the box" in looking to solve your IRS tax problems. Knowing the ins and outs of varying programs will do much to help you know what is in your best interest.
IRS Form 9465 for IRS Installment plans are essentially long range, but are frequently the most convenient way to solve an IRS tax bill short term. However this option is frequently the worst option financially as interest and penalties continue to be assessed thus ensuring that you continue to owe even more additional monies rather than less. Before looking to set up an IRS Installment Plan, you look to other options available such as a loan from a bank, friends or family members.