As a Gwinnett CPA & Virtual CFO for Gwinnett Business Owners this week at His CPA PC we:
-Assisted with the due diligence for a business purchase advising the prospective buyer on what financial information would be prudent for them to review, to get a non-compete and contract agreement from the present owner, to spend time in the business working for free so as to gain a first-hand look at the strengths of the present business operations and how the new owner might run it if they were to purchase it. Advised prospective buyer to perform a detailed analysis of the customer base, competency of present staff, review of the old owner’s business plan and the drafting of a new one for both clarity and to seek bank financing.
-Advised a minority shareholder client on the how Georgia LLC’s and S Corporations are taxed and the requirements of maintain an S Corporation including that all shareholders have to be U.S. citizens or resident aliens, have a calendar year, have one class of stock, and have less than 100 shareholders. Also advised that S Corporation owners have to receive shareholder distributions based upon their pro rata portion of stock ownership whereas LLC owners may issue member distributions based upon any formula they determine.
-Assisted a client in understanding the process of first filing of their old tax returns and then working to find a more permanent solution to the amount of outstanding debt by either an IRS Installment Agreement, Offer in Compromise or Paying the Taxes and Interest in Full while requesting penalty abatement.
-Meeting with a client who has received and letter from the IRS advising him that he is going to be audited for one of the years that he had self prepared the return advising him we would have him sign a power of attorney and that we would represent him during the IRS audit process.
At His CPA PC, John Dillard CPA seeks to be more than just a CPA firm. Find out what an award winning Christian CPA can do for you and your business.
www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Suwanee, Lawrenceville, Snellville, Lilburn, Duluth, Norcross, Peachtree Corners, Atlanta, Gwinnett, Fulton, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Cumming, Hamilton Mill, Cheatu Elan, Winder, Gainesville, Hart County, Dunwoody, Grayson, Alpharetta, Roswell, Dunwoody, Sandy Springs & Tucker as an Award Winning CPA