Duluth GA CPA on Addressing Tax Issues/IRS Representation/Readying your “Tax House” in Order to Submit an Offer in Compromise
Duluth GA CPA on Addressing Tax Issues/IRS Representation/Readying your “Tax House” in Order to Submit an Offer in Compromise
Recently I met with a client who professed they were a bit over their head in addressing their tax issues both with the Internal Revenue Service and with the State of Georgia. Often just as when we visit the doctor only to learn our symptoms suggest a diagnosis we did not expect, similarly is it when most taxpayers first retain the services of a CPA only to learn much about their tax situation they did not anticipate, such as:
Entity Selection. Their being an LLC, C Corporation or Proprietorship might have the opportunity to pay lower taxes if it were an S Corporation. Both C Corporations and LLC’s can convert over to an S Corporation for tax purposes, if they qualify. Care should be exercised, as with all tax elections, to ensure that all tax rules and guidelines are followed both technically and in the spirit of tax law, while also ensuring that other superior problems are not created. S Corporations are not ideal for everyone; to study more information visit http://www.hiscpa.com/article2.html
Estimated Tax Payments & Payroll Withholding. As the end 2009 approaches, it’s time to think about what can be done to minimize the amount of taxes paid to the IRS by your business. Although tax planning should be a year-round process, there are several year-end strategies you can implement. Being sure that you have paid all of your taxes on a current basis either by payroll withholding or estimated tax payments. The IRS and GA will both assess penalties and interest for late payment of taxes. Also, if you are looking to submit an Offer in Compromise, tax law requires that you be current on all of your tax payments.
Tax Filings. Frequently I meet with taxpayers soon to learn that many have not filed all of their tax returns. This means all. For example, if you are also a business owner you will want to ensure that all payroll tax forms, such as Form 940 or Form 941, and all federal income tax returns are filed.
Trust Fund Monies. If you are withholding taxes from your employees wages or are collection sales taxes. As these monies are held in “trust” the conversion of these monies to any other use than to the property authorities is akin to theft by conversion, as those monies do not belong to you. If a company finds itself in a financial position to not be able to afford to remit withheld payroll taxes then it is most likely already broke and does not know it or is overstaffed or both.
Utilizing a payroll service will do much to make this administratively burdensome process more seamless than if you strive to go it on your own. To learn more visit http://www.hiscpa.com/payroll.html
Knowing what is a legal tax deduction and the documentation thereof is essential to sound business management. To see how you can be ready http://www.hiscpa.com/business-expenses.html
Ensure that your workers are properly classified predominantly to ensure that there are no workers, who are truly employees, that you are in error classifying as employees, visit http://www.hiscpa.com/independent-contratctor.html
Contact HIS CPA PC (A Christian CPA Firm) today.
To learn more about addressing IRS Tax Issues and Back Tax Returns visit http://www.hiscpa.com/working-with-the-irs.html
John Dillard is an Christian Speaker/Author and Certified Public Accountant in Duluth, GA. 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!
We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Bookkeeping.
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