- March 02nd, 2012
- John Dillard
- Financial Statements & Bookkeeping, Income Tax Preparation of Corporate & Personal Income Taxes
- 0 Comments
Got Questions When Pulling Your Tax Information Together? The below is a sample letter we might receive from one of our business clients pulling their tax information together to prepare their returns. It’s hard enough to know what to look for that’s why we work hard on the front end to ensure you have all of your tax information well compiled to make sure you pay only your lowest legal possible tax:
I have several forms from corporate payroll. It looks like I am missing a G-7 but I do have the 940 and 941. The payroll service filed quarterly return (tax and wage report). I received a delinquent letter so I went ahead and paid for the last 2 quarters. For the Federal Payroll tax deposit, the federal payroll tax return and Georgia payroll tax return should I have forms for those?. You mentioned sending a balance sheet, profit/loss? Is there a form to fill out for that?
I have a few thousand dollars that is owed to the business but it looks like I won’t get that. Where is that reflected? I’ll send you what the payroll service sent to me.
Below is my response:
The only form I need that is payroll related for your business is the W-2’s the company issued along with the W-3. If you do have an accounting package such as QuickBooks to recap your data please use the form that I have provided the link to below being sure to list your beginning and ending cash while ensuring that the schedule adds up.
As your business is a cash based taxpayer it does not report any billings as income until they are collected, thus any money due you at the end of the year is not reported until they are actually paid by your client.
If you are still having any trouble with the payroll service please send a letter of introduction to them of me and have them call me ASAP and I will help guide them in making any corrections. Feel free to call might you have any questions.
John Dillard, CPA of His CPA, PC, 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 www.HisCPA.com A Faith Based Duluth/Atlanta CPA Firm