Award Winning Duluth CPA: Bookkeeping for Your Gwinnett/Atlanta Business
Avoid Unnecessary Fines and Penalties
Be Quick but Don’t Be in a Hurry. Be Sure You Do Your Internal Financials correctly so you will avoid unnecessary IRS audits, liens, collections, amendments, penalties and interest. The below is a sample letter we might send to a taxpayer to ensure that their internal bookkeeping is correct to ensure you pay only their lowest legal possible tax:
If the Legal and Professional monies are for your new business venture, they need to be charged to that new company’s books. We need to code to Shareholder Distributions on ABC Company and then as an expense and a loan from you as the new entity’s shareholder on the other business.
Please set up the new business internal books and records so you can get that business’s accounting started and be sure all transactions recorded.
For the General Insurance I would suggest charging those new monies to a Prepaid account on the Current Asset Section of the balance sheet and amortizing over the term of the policy.
In the interim please set up an account called Accrued Accounts Receivable in the Current Assets section and then Debit that account and credit sales for the amount of sales that you have earned by month/period end and have not yet billed or collected.
Please use the checklist on the contact page of my web site to pull your information together and be sure to make a copy of last year’s personal return so I will have a copy.
Just following up on getting your IRS taxes filed ASAP.
I suggest we aggressively get them filed ASAP so that we do not have to have them aggressively deal with us on collection issues and tax assessments.
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/ 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
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, Back Taxes, Business Acquisitions/Sales, Forensic Accounting, Business Valuations and Bookkeeping.
Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!