Duluth GA CPA Advises on Business Start-up Issues to Gwinnett Business Owners

Duluth GA CPA Advises on Business Start-up Issues to Gwinnett Business Owners

“Payroll tax returns and their attendant issues are the bane of many business owners both big and small.  Tax law at federal, state and local levels often leaves an entrepreneur feeling both dazed and confused.  There is no greater area of need for tax simplification than in the area of payroll tax issues.  Payroll tax returns and payments are due to the varying regulatory agencies at differing times, unique and special forms and often what appears to be conflicting reporting styles and forms.  Unfortunately, this is just the tip of the confusion to which you will help find clarification below.
— Duluth GA CPA, John Dillard CPA

Understanding Payroll Tax Forms

The below is a sample letter we might send to a new business owner making sure ALL of the tax issues are being addressed for their new business. Be sure you work with a CPA who “IS OUTSIDE THE BOX & NOT JUST THINKING OUTSIDE THE BOX.”

ASAP after I get back the revised numbers for your 2013 proprietorship I will let you know what you need to pay as an estimated tax payment. Be sure to mark these amounts and forms as fourth quarter payments due 1-15-14 for the 2013 tax year.  Be sure to pay ASAP as these monies were due to the IRS & GA as you earned the monies. More than likely from both the IRS and GA you will receive penalties for late payment. The forms you will use are below:

IRS Form 1040 ES for Estimated Tax Payments

GA Form 600ES for Estimated Tax Payments

As discussed for 2014 we have filled out the paperwork for LLC to be an S Corporation for tax purposes 1-1-14. Please sign these in the places noted and return to me by mail so I will have original signatures and I will file.

I have also attached copies as filed of the ID # applications for your LLC to have a GA Dept. of Labor and GA withholding numbers. I suggest you put these along with copies of your S Corporation paperwork and the acceptance when it is received from the IRS along with your incorporation papers. If do not receive any of the above references forms within sixty days from the IRS or GA be sure you follow-up until you do and then to forward me a copy of the S Corporation acceptance letter when it is received.

I suggest you keep copies all forms that you file with the IRS.

For 2014 I suggest we retain a payroll service and do a monthly payroll ASAP after your LLC nets $20K. At that time we should also do some tax planning for the 2014 tax year. Feel free to call me might you have any questions or need guidance when #IncorporaringInGeorgia.

www.HisCPA.com Offering Income Tax Preparation, Financial Statements & Bookkeeping to Duluth GA, #SuwaneeCPA, #LawrencevilleCPA, Buford, Johns Creek, Lawrenceville, Snellville, Norcross, Dunwoody, Lilburn & Atlanta as an Award Winning CPA

 

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