Accounting News and Notes

Duluth CPA Advises Atlanta Taxpayers on Filing of Back Taxes & Old Income Tax Returns 

The filing of old back tax returns often “freezes” taxpayers who become too scared to address their open monies. Below is an example of an inquiry from a taxpayer seeking advice on filing of past unfiled income tax returns: 

I’m looking for help filing back taxes (last 5 years) and I am desperate to get my tax situation in order. I need to find help I can afford!

Thank you very much, 

Below is my response to their inquiry: 

Thanks for visiting www.HisCPA.com I would suggest using us to get your back taxes filed. On the contact page of my website I have a checklist you can use to pull your information together to file the returns. In the interim I have recapped a bit about our business philosophy and services.

When addressing unfiled tax returns and to file back taxes, frequently the options look bleak, as often they are. However there is good news for those who are desirous to look “outside the box” in looking to solve your IRS tax problems. Knowing the ins and outs of varying programs will do much to help you know what is in your best interest. After you have filed you back taxes and got all of your returns filed with the IRS it is then time to turn your attention toward the successful payment of your open IRS obligations.

IRS Installment plans are essentially long range, but are frequently the most convenient way to solve an IRS tax bill short term. However this option is frequently the worst option as interest and penalties continue to be assessed thus ensuring that you continue to owe even more additional monies rather than less. Form 9465 is used by taxpayers with the IRS to make an Installment Agreement Request to set up a monthly payment plan. If at all possible it is recommended that before you set up an installment plan, you look to other options available such as a loan from a bank.

Also great care should be taken to be a forward thinker when doing your cash flow and to plan long term to ensure that you will be able to fulfill the financial commitment you make in a Formal IRS Installment Plan. For example, if you owe taxes for the 2008 tax year and have not yet filed your 2009 returns and have not yet done adequate tax planning for 2010, setting up an Installment Plan with the IRS might be one of the worst things you can do. Care should be exercised to both, get all of your back/old income tax returns filed first and then to evaluate your 2010 taxable income to ensure that you will have the taxes and monies to pay all of the tax years in question. Failing to do so can be especially problematic as one of the rules of being on an Installment Plan is that you have to stay current on all of your filings and payments for the duration of the payment period, or the IRS will void the Installment Agreement and reinstate collection efforts. Considering all of these options allows you to have a much less problematic agreement and avoid unnecessary headaches, professional fees, and additional fines, penalties and interest. 

To learn more about IRS Representation issues see:

How Atlanta Tax Audits are Selected
Learning about how audits are selected is the first step to discovering how to overcome the emotional and financial distress that normally occurs as part of the audit process. Lifting this veil will help keep you on an even keel in learning how to deal with the IRS audit. Visit http://www.hiscpa.com/irs-selection.html

Addressing Back Taxes for Atlanta Taxpayers When the IRS Notice Arrives
Rather than beginning the process in fear, discover how you can better prepare yourself so that you are not surprised at the audit process and its ultimate results. By seeing through to the other side you can best ready yourself to close your audit with no adjustments and no additional monies due. See http://www.hiscpa.com/irs-audit.html

Solving Atlanta IRS Tax Issues
Don’t fight the IRS but work with them to resolve your tax problems. Discover a myriad of legal ways the IRS is eager and willing to work with you to resolve any unpaid debts, penalties, and interest. To learn more http://www.hiscpa.com/working-with-the-irs.html

Paying Your Taxes – Withholding & Extensions for Metro Atlanta Taxpayers
Paying your taxes made easy. This section will enable you to quickly grasp the general guidelines of tax law requiring that you pay taxes as you earn money. As well, extensions and their uses and limitations are disclosed and discovered. Visit http://www.hiscpa.com/paying-taxes.html

How to Avoid an IRS Audit for Atlanta Taxpayers
Discover simple steps that you can do to help prevent an IRS audit. Though the tax code is at times very difficult to understand and comply, these basic simple steps will help you avoid an IRS audit. See http://www.hiscpa.com/avoiding-audits.html

Solving IRS Tax Problems: Submitting an Georgia Offer in Compromise
When all else fails and if you qualify, the IRS and Georgia both have a program which will enable you to work to solve the severest tax problems. Visit http://www.hiscpa.com/offer-in-compromise.html

Utilizing IRS Installment Plans for Metro Atlanta Taxpayers to Pay Your Past Due Taxes
The IRS has long been in the business of helping taxpayers get back into the system to ensure that taxpayers are able to pay their taxes over time. For those who do not qualify for an Offer in Compromise or to pay the taxes and interest in full, while seeking penalty abatement, an Installment Plan is a prudent and wise choice and alternative to get your past taxes due paid and current. See http://www.hiscpa.com/installment-plans.html

 John Dillard is an Christian Speaker/Author and Certified Public Accountant in Duluth, GA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and a Voice of One: Nehemiah’s Prayer visit http://www.john-dillard.com/ or call John Dillard CPA today at 770.814.9304 (All Rights Reserved) Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!  

Contact HIS CPA PC (A Christian CPA Firm) today.

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.

Serving Atlanta, Duluth, Gwinnett, Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, and Douglas.

Atlanta CPA  on Back Takes: Helping Atlanta Taxpayers Not Lose their IRS Tax Refund 

IRS Tax Law has held/ruled for decades that refunds that are for old tax returns, for more than three years after their original due date, are not refundable  to taxpayers. Conversely the IRS has ten years to assess and collect taxes for unpaid monies for ten years. Essentially tax law surrounding the “lost” status for refunds has remain unchanged for decades. Frequently I have prepared back taxes for taxpayers who are striving to get their old returns done and become and active, timely and compliant taxpayer.

Though when preparing old back tax returns one would prefer not to have a lot of taxes and attending penalties and interest assessed, it is often disheartening for  a taxpayer to file a return that is over three years past due, only to learn that the otherwise refund they would be do, is lost, due to the three year statute of limitations. 

Generally a refund claim is considered late if you filed the later of:

-Three years from the return due date of a timely filed and un-extended return.

-Three years from the date the IRS receives a late return or a timely filed, extended return. 

It is always prudent to timely file and pay all tax returns as failure to do so can result in failure to file penalties, failure to pay penalties and additional assessed interest to add even of a more financial burden of what otherwise be due and payable. Working with a CPA who is focused on your future and not your past is a wise and judicious path to ensure tax and financial security.

Contact HIS CPA PC (A Christian CPA Firm) today.

To learn more about addressing IRS Tax Issues and Back Tax Returns visit http://www.hiscpa.com/working-with-the-irs.html 

John Dillard is an Christian Speaker/Author and Certified Public Accountant in Duluth, GA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and a Voice of One: Nehemiah’s Prayer visit http://www.john-dillard.com/ or call John Dillard CPA today at 770.814.9304 (All Rights Reserved) Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!  

 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.

Serving Atlanta, Duluth, Gwinnett, Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, and Douglas.

Gwinnett CPA Firm on Addressing Back Tax Issues for Atlanta Taxpayers for Decades

For those taxpayers who have not filed their tax returns for the past several years the filing of these old back returns is often the easiest and quickest way to assess the obligations and correct the records of IRS tax assessments/calculations. In the review of past taxes that were either filed or assessed by the IRS, a CPA can learn of missed deductions and to legally amend past filed tax returns. This is one of the first and most important steps in the tax review process to ensure that our tax obligations to the IRS include only monies that are legally owed and do not include any tax bill amounts that are not legally owed. Our tax system expects taxpayers to pay only what they owe and it is up to CPA’s and their clients to ensure that only their just tax amounts are listed as due and payable.

Installment agreements, though frequently encouraged by the IRS, are financially problematic as though collection efforts stop while an Installment Plan is in full force and effect, as a result of a written agreement with the IRS and timely payments by the taxpayer. However it is also during this time that payments are being made during the payment period that penalties and interest continue to be accrued. Accordingly there are  frequently financial and strategic options. such as:

• Payment of  the tax and interest in full.  If you can do this and have valid reasons or explanations as to why the monies are in arrears, the IRS will abate assessed penalties. This frequently is not only the least expensive option but also much faster than the submission of an Offer in Compromise and the limitations of qualification thereof. To read more about this process and how we saved one client $120,000 visit http://www.hiscpa.com/blog/2009/06/27/atlanta-cpa-saves-metro-atlanta-client-120000-in-payroll-tax-penalties/
•  Offer in Compromise. If you qualify the IRS will reduce your tax bill to a combination of your net worth and your “excess cash flows” over the next five years. Though this is an arborous process, frequently tens of thousands of dollars of taxes, penalties and interest are reduced to a settlement amount that is literally pennies on the dollar. To discover if you qualify visit http://www.hiscpa.com/offer-in-compromise.html
• A Review of Old Filed Tax Returns. Frequently I have worked with taxpayers to determine that original returns were either not filed, filed incorrectly or that valid deductions were originally left off the filed returns. This alone is perhaps the largest single determining factor in the errant calculation by a taxpayer of the true amounts owed.

Representing yourself before the IRS is a recipe for disaster and is analogous to the saying that “He who represents himself has a fool for a client. As Believers we are called to surround ourselves with wise counsel and failing to do so will add folly, toil, and additional financial drain, helping our “financial ship” sink faster still. Sitting down with a CPA who is well versed in tax representation issues is your best first step to getting back tax issues, payments and returns filed and paid. Finding the right solution to your tax problem helps resolve tax problems better and faster. Though an Installment Agreement is often the most convenient it often results in both prolonging the problem and the largest financial outlay.

To learn more about IRS/Tax Representation Issues and an Offer in Compromise visit http://www.hiscpa.com/irs-representation.htm  

John Dillard is an Christian Speaker/Author and Certified Public Accountant. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey visit http://www.john-dillard.com/ or call John Dillard CPA today at 770.814.9304

Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!    

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.

Serving Atlanta, Duluth, Gwinnett, Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, Douglas, Fayette

Award Winning CPA Serving Roswell, Johns Creek and Roswell Advises on How Using Net Operating Losses can Save Thousands

How Using the Services of a CPA can Get You Refunds You Never Expected

Tax Law  has allowed for decades the Net Operating Losses (NOL) of  both individual and corporate taxpayers to utilize losses to legally shelter the otherwise taxable profits of other tax years. This allows taxpayers to receive a tax benefit, and perhaps a refund, on taxable income, which would otherwise would be due. The loss itself is created in a tax year where you allowed deductions are more than your income for the year, thereby potentially creating a  NOL, what can be used to either carry-forward or carry-back. You are able to gain benefit from your NOL from deducting it from your income in another year or years.

Generally NOL losses are generated most often from deductions from a trade or business. Generally speaking a Partnership, LLC, LLP, or S Corporation cannot use an NOL as partners/members/shareholders will receive a K-1 for their respective portion of a loss. There on an owners individual return shareholders will report their proportionate earnings and will determine their eligibility for a NOL on their personal income return/IRS Form 1040.

There are some items are not eligible to be included in the NOL determination. The most common items not allowed to be considered are for any deduction for personal exemptions, capital losses in excess of capital gains, and non-business deductions in excess of non-business income. Non-business deductions, for example that would not be allowed to be considered for calculation purposes include alimony paid or deductions to an IRA or a self-employed retirement plan.

Generally speaking NOL’s for the 2008 tax year must be carry-back the NOL to the two prior tax years (oldest first) and then forward any remaining NOL for twenty years. If you have revenues of less than $5 million for the last three years, then you can elect, if you qualify, for a 3, 4 or 5-year carry-back period. Farming losses can be carried back for five years.

You can chose not to carry-back your NOL by attaching to a NOL tax loss year (for a tax return that was timely filed, including extension) a statement that you chose to forgo the carry-back period under IRS Code Section 172(b)(3). Please be advised that once you make this election that it is irrevocable. You must make the election for all NOL tax years for which you so elect. A timely filed IRS Form 1045 can be used to reflect NOL losses to claim a quick refund or you can use IRS Form 1040X.

It is widely encouraged that all tax elections and tax return preparation be done only by an well-experienced CPA. Tax Law surrounding the Use of Net Operating Losses (NOL’s) for Individuals, Estates and Trusts is covered in IRS Publication 536 can be viewed at the IRS web-site at http://www.irs.gov/pub/irs-pdf/p536.pdf

To read more about John Dillard CPA and his CPA practice, business consulting and IRS representation visit http://www.hiscpa.com/

To read about his books A Voice of One, Overcoming Life’s 9/11’s and Charleston Dawn and his speaking ministry visit http://www.john-dillard.com/

Serving Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Gwinnett County, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, and Beyond

Atlanta CPA Saves Tax Client Tens of Thousands of Dollars and Still Working…

His CPA Saves Atlanta Client Much More Than His Fee: A Good CPA Should Ultimately Save You Money

We have recently received commitments from the IRS to save one of our clients tens of thousands of dollars. Though many would see this as successful, and I would certainly agree, but we are  not done yet. At His CPA PC we march to the tune of a higher drummer and therefore we do not stop to “smell the roses” or “count our successes” but rather seek to serve God by serving our clients. This is the actual note to a client that we have recently prepared but we are not done yet. Though we have gotten the IRS to reduce substantial fees and penalties we continue to believe we can do more still. We work by the Golden Rule…where we “Serve God…By Serving You…One Tax Return at a Time.”

 This will confirm that so far:
-We have got your S Corporation made effective 1-1-07 saving $3,700.
-The IRS willing to accept an Offer in Compromise that would save approximately $17,000.
-The IRS willing to amend the Offer in Compromise resulting in a savings of approximately $23,000.

We are continuing to work hard to earn your trust and to keep your tax bill as low as legally possible. If you know anyone seeking a CPA, please send them my way.

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) and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and to learn about his ministry visit http://www.john-dillard.com/ To contact John Dillard CPA (Atlanta Christian Author/Speaker) today call 770. 814.9304 proudly serving Duluth, GA, Gwinnett County and Beyond.

“Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!” What, then, shall we say in response to this? If God is for us, who can be against us? Romans 8:31 Why are these verses here? Learn how His CPA became a Christian Accounting firm visit http://www.hiscpa.com/christian-CPA.html

Serving Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Gwinnett County, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, and Beyond

Atlanta CPA Amends Income Tax Returns Saving Tens of Thousands

Proudly Serving Lilburn, Alpharetta, Lawrenceville and Snellville for Decades

Often taxpayers feel after they have filed an income tax return that they are etched in stone. Though you want this to be the case as no one likes to tax returns twice, frequently having a CPA critique your past returns, especially if you are a business owner and had returns filed by someone who is not a CPA, is often a great way to “find unclaimed money.” In reviewing past business/corporate as well as personal income tax returns we  have amended returns to reflect:

-Changing to an S Corporation saving approximately $20,000 on one set of returns and $12,000 on another.

-Tax deductions ranging from thousands of dollars of missed tax deductions such as business mileage.

-Thousands of dollars of missed itemized deductions such as cash and property contributions to charity, state income taxes and real estate taxes.

-Failure to claim Head of Household status, which is a lower tax bracket than filing single. Amended return saved tax dollars as well as then being able to claim additional tax credits.

-Numerous instances where we have filed amended personal income tax returns to claim Earned Income Credit, which is a credit allowed for those who have a dependent and make less than certain qualifying income levels. Amended return saved thousands of tax dollars.

These are just a few of the examples of where a CPA can evaluate past returns to “find money” that you have overpaid to the IRS or Georgia for prior year income taxes. Amended returns come in all shares and sizes:

-If you are an S Corporation you file a new Form 1120S, while marking the amended box on the first page of the return.

-If you are a single member LLC, you should be filing the business results as part of your personal return the business information on a schedule C. Therefore, like individual taxpayers you will file a Form 1040X to the IRS and Form 500X to the state of Georgia.

-Also when reviewing prior tax returns, one can look for deductions, strategic and operational issues that one can use to mitigate future tax bills and to improve overall company profitability.

Tax law only allows for returns to be amended for three years after their initial filing date. Thus, it is essential to ensure that all returns that you have any questions about whatsoever should have them evaluated by a competent and experienced CPA who is well versed in IRS tax law and representation issues. Unfortunately if you have not amended your return after three years, tax law does not allow you to receive a refund of any type or to even apply any refund application to any other outstanding monies due either the IRS or that state of Georgia.

John Dillard, CPA of His CPA, PC, 1940 Woods River Lane,   Phone 770-814-9304   http://www.hiscpa.com/    http://www.john-dillard.com/

Dare to Attempt Something so Great for the that it is doomed to failure, lest Christ be in it!

 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) and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and to learn about his ministry visit http://www.john-dillard.com/ To contact John Dillard CPA (Atlanta Christian Author/Speaker) today call 770. 814.9304 proudly serving Duluth, GA, Gwinnett County and Beyond.

Serving Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Gwinnett County, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, and Beyond