- June 11th, 2013
- John Dillard
- Incorporating in Georgia & Entity Selection, Virtual CFO, Business/Tax/Financial Consulting, Business Loans/Money Management
- 0 Comments
Got a New Business?
Just Gotten Your Business Incorporated?
Are you Looking at Stacks of Incorporation Papers/Details?
Don’t Know Where to Get Your Business License?
Need to Be Sure Your Corporation is an S Corporation?
Need to Convert Your LLC to an S Corporation for Tax Purposes?
Duluth/Gwinnett CPA on Addressing New Client Start-up Issues for Georgia Taxpayers
When we get new clients, like a doctor we do diagnostics and evaluate the past medical/financial history of a client. The below is a sample letter of what we might send to a client to address open issues that are found:
So that we might properly evaluate how best to address your corporate income tax return please let me know:
-What your unpaid payroll taxes as tax return showed $20,000.
-What the $10,000 negative Accrued Payroll account for. Accrued Payroll should show as a credit and this is showing as a debit. Please review/advise so that we might correct and amend this error.
-The Balance Sheet shows a balance of $4,000 of loans to you. Please confirm/advise if correct.
-The above are the only loans reflected on the company’s books and you had indicated when we met that you had other loans outstanding at that time. Please review and let me know total of other loans payable by vendor (and if they financed a particular item).
-Please let me know what the amount of the outstanding stock is of the company and what you paid by share so that we might record accordingly.
-Forward copies of your prior filed Personal Income Tax Returns
-Find out what the offsetting entry was for the $25,000 listed as a negative liability on the corporate income tax return.
-You had indicated that you had been paid no Shareholder Distributions yet your internal financial statement shows $25,000 being paid this year.
-If your prior accountant is almost done with your internal data, then I suggest you let them finish. If they cannot have within two to five workdays I suggest we do them.
-When I get the last financial done by your prior accountant please have them send to me open notes payable and amortization schedules and period end bank statements and bank reconciliation and a detailed fixed asset list detailing depreciation and accumulated depreciation by year.
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, Offer in Compromise, Back Taxes, Bookkeeping.
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