Atlanta CPA On Preparation of Financial Statements and Bookkeeping Issues for Atlanta Business Owners
Atlanta CPA On Preparation of Financial Statements and Bookkeeping Issues for Atlanta Business Owners
Christian CPA Asks: Is Your CPA Telling Your Everything
Be sure you work with an Atlanta CPA who lays it all out, just as Jesus would in telling all the costs and variables, as best as possible to ensure there are not misconceptions about either the work involved or the cost. Below is a sample letter that might be used to full advise a client of the items needed to get their internal bookkeeping issues in order so that their internal financial statements might be properly compiled for year-end tax return preparation:
Checklist for processing your internal financials/year-end taxes
It is certainly that time of year again. Please be reminded that corporate returns for Atlanta Business Owners is March 15. If we want to file by the due date, I will need to receive your data in next few weeks so that I will have an ample amount of time to file. As always, I will file for the automatic six-month extension in the event I do not get the data in time. Please be reminded that an extension to file is not an extension to pay and that both the IRS and the state expect you to pay your taxes as you earn the monies. Please be reminded there are no valid extensions after the September 15 final due date lapses.
To process your corporate return, please forward your balance sheet and your profit and loss and copies of any W-2′s the corporation might have issued. If you have not yet done so, please be reminded that 1099′s should be issued by the end of January; your payroll service will handle this if you get them the information. Before you send the current year’s financial please be sure to always review the prior year’s balance sheet on the tax return and ensure that your internal books equals the return while being sure to make any appropriate adjustments. That way you will be assured of starting the year off with a clean set of records which will otherwise distort you current year’s operating results.
For your corporate return, please forward:
- Your year to date Balance sheet, Profit & loss
- Year end Bank Statements and Bank reconciliations
- Aged Accounts Receivable
- Year-end Inventory
- Aged Accounts Payable
- Year to Date Payroll Records by Employee
- Notes Receivable and Payable Balances at Year end
- Copies of new Notes
- The amount of medical insurance paid for each shareholder
- If your company is new, please forward copies of the incorporation papers.
When you send your Year-End Financial please be sure that:
- The general ledger balance agrees to your checkbook and your bank reconciliation.
- The Accounts Receivable balance agrees to your internal aging reports.
- The Accounts Payable balance agrees to your internal aging reports.
- You advise of any fixed assets that have been acquired or disposed of during the year.
- That ALL of the balance sheet and profit and loss accounts are correct.
- That you have only one retained earnings account.
- That as of January 1st of the prior year that you closed the shareholder distributions account to retained earnings.
- That the retained earnings account on your internal books equals or is reconcilable to the retained earnings to the last corporate tax return filed.
This is to confirm that you are aware are handling all of your payroll and independent contractor/1099 needs, of the need to have a business license, to pay the annual registration fee, to have your annual Board of Directors and Shareholders Meeting, and to file the county property tax report (please be sure to claim the Freeport Exemption on your inventory if you qualify as this can substantially reduce the amount owed). Please note that if you have not yet set up a retirement plan or have a formal financial plan, that I suggest that we sit down together soon to get the right plans in place to help ensure your long-term financial success!
This is to confirm that I suggest that you formally tax plan at least twice annually.
Please be reminded that the mileage rate for 2009 is 55 cents per mile. For 2010, the mileage rate is 50 cents per mile. Please turn in an expense report monthly to get reimbursed for these and any other business expenses you might have paid personally. IRS tax rules require you to have a day by day log to support business miles. Please be reminded that extending the filing of a return does not delay the need to pay as you go as both the IRS & GA will bill you for penalties and interest if you do not pay your taxes during the tax year to which they relate.
I am looking to grow my business by adding key accounts like you with goals and aspirations just like yours. So if you know anyone looking for a Good CPA, please let me know and to check me out at www.HISCPA.com Please be sure to allow 10 days for me to complete your returns after I get all of the information needed.
HisCPA PC (A Christian CPA Firm) Offers Free Initial Consultations/Interviews offering:
Atlanta Bookkeeping Services
Atlanta Financial Statements
Atlanta Tax Problems
Atlanta Tax Preparation for Business Owners & Personal Income Tax Returns
John Dillard is a Christian Speaker/Author and Certified Public Accountant (All Rights Reserved). To See how he takes Christ along with him to work visit http://www.hiscpa.com/ (An Atlanta CPA firm) To contact John Dillard CPA (Atlanta Christian Author/Speaker) today call 770. 814.9304 proudly serving Duluth, GA, Gwinnett County and Beyond.
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