Alpharetta/Duluth/Atlanta CPA Advises Atlanta Business Owners on Tracking Your Internal Books & Records
Alpharetta/Duluth/Atlanta CPA Advises Atlanta Business Owners on Tracking Your Internal Books & Records
Staying away from 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. Learn 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. Know 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 to clients to help ensure that their internal books and records are complete and to thus ensure that a taxpayers lowest legal possible tax is paid. Good bookkeeping and accounting is the first step to ensure prudent and wise tax mitigation.
In reviewing the data for your Corporate Return I had the below critiques:
Your retained earnings does not equal the prior tax return. Please go back into your internal books at the end of the prior tax year and ensure that your balance sheet equals the balance sheet on page four of Form 1120S/the Corporate Income Tax Return.
Please re-class all of your insurance accounts into the below categories:
Insurance – General
Insurance – Medical Premiums
Insurance – Disability
Insurance – Life
Please be sure that you pay all out of pocket/deductibles out of your personal accounts.
Please forward copies of your W-2’s the company issued.
You should not have a Retained Earnings account in Other Assets.
Your note payable Office is showing as a debit. Please correct/re-class.
ASAP after you make the changes please resend the balance sheet and profit and loss and I will complete the return.
Attached is are time to date. If you might please go ahead today/tomorrow and release a check for the open monies.
James 1:17
Every good and perfect gift is from above, coming down from the Father of the heavenly lights, who does not change like shifting shadows.
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
John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 http://www.hiscpa.com/ http://www.john-dillard.com/ To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304
His CPA PC…A Christian Atlanta CPA Firm: Never Underestimate the Long-Term Benefits
Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!
Sphere: Related ContentRelated posts:
- Duluth/Atlanta CPA Advises Atlanta Business Owners on Preparing a Balance Sheet…The Atlanta Bookkeeping Series
- Alpharetta/Duluth/Gwinnett CPA Advises on Tracking Your Atlanta Business Financial Affairs
- Atlanta/Norcross CPA Offers Atlanta Business Owners Advice in the Preparation of the Company’s Internal Books & Records…Atlanta Bookkeeping & Financial Statements
- Alpharetta/Duluth CPA Provides Bookkeeping/Accounting to Atlanta Business Owners & Entrepreneurs
- Keeping the Simple Things Simple. Accounting Checklist to Ensure You Keep Adequate Books & Records
