Accounting News and Notes

Atlanta CPA Provides Free Tax Information Available for Atlanta Business Owners & Entrepreneurs

At His CPA PC we seek to serve and give back to the community to which we both live and work. This information is available to business owners throughout Metro Atlanta. To see how a Christian CPA firm might benefit your business, contact John Dillard CPA today at www.HisCPA.com or call 770 814 9304.

http://www.hiscpa.com/business_plans.htm Atlanta CPA Teaches Business Plan Writing
http://www.hiscpa.com/article8.html How to Select a CPA in Metro Atlanta
http://www.hiscpa.com/top-ten.html Top Ten Reasons to Hire a Christian CPA Firm
http://www.hiscpa.com/initial-meeting.html Georgia CPA Gives Free Initial Consultations
http://www.hiscpa.com/business-funding.html Georgia CPA Teaches Business Financing Techniques
http://www.hiscpa.com/alternative-funding.html Gwinnett CPA Helps Discover Alternative Funding Sources
http://www.hiscpa.com/banking-relationships.html Banking Relationships as Taught by Atlanta CPA
http://www.hiscpa.com/mortgages.html Atlanta Home Mortgages: How to Chose the Right One
http://www.hiscpa.com/keeping-books.html Serving Atlanta Bookkeeping Needs for 30 Years
http://www.hiscpa.com/financial-statements.html Atlanta CPA Guides in Financial Statement Preparation
http://www.hiscpa.com/monthend.html Georgia CPA Helps with Month-End Procedures
http://www.hiscpa.com/managing-financials.html Duluth CPA Shows How to Read your Business’s Financials
http://www.hiscpa.com/profit-loss-statements.html Your Atlanta Business and its Profit & Loss
http://www.hiscpa.com/attestation-services.html Atlanta CPA Teaches Nuances in Financial Statements
http://www.hiscpa.com/cash-flow.html Cash Flow Forecasting as Taught by Atlanta CPA
http://www.hiscpa.com/creditworthy.html Knowing the Credit Score of Your Georgia Business
http://www.hiscpa.com/recession-finances.html Georgia CPA Teaches Recession Proofing Your Business
http://www.hiscpa.com/investing-101.html Georgia CPA Teachings Investing Techniques
http://www.hiscpa.com/retirement-planning.html Gwinnett CPA Helps Business Owners Plan for Retirement
http://www.hiscpa.com/stock-options.html Your Georgia Stock Options
http://www.hiscpa.com/business-valuations.html Valuing Your Georgia Business
http://www.hiscpa.com/accounting-checklist.html Georgia Business Acquisitions Business Checklist
http://www.hiscpa.com/quality.html Helping Georgia Business Owners Succeed for 30 Years
http://www.hiscpa.com/parttime-cfo.html Hiring a Part-time/Virtual CFO for Your Atlanta Business
http://www.hiscpa.com/business-ethics.html Georgia CPA Teaches Business Ethics
http://www.hiscpa.com/achieving-excellence.html Atlanta CPA Encourages Business Excellence

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

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 (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!    

Atlanta Author/Keynote Speaker John Dillard CPA for Your Business/Networking Group/Chamber of Commerce or Civic Group 

We could take about a whole host of tax issues such as those on my web site at www.HisCPA.com and our blog there. 

For Your Business/Networking Group/Chamber of Commerce or Civic Group topics: 

• • 2009 Filing Deadlines
  • A Christian CPA Firm
  • A Voice of One…How Lay Ministers Do God’s Work
  • A Voice Of One: Nehemiah’s Prayer
  • Amending Income Tax Returns
  • Asset Based Lenders
  • Atlanta Business Consulting
  • Atlanta Business Valuations
  • Atlanta Christian Author & Speaker
  • Atlanta CPA
  • Atlanta IRS Representation
  • Atlanta IRS Tax Problems & Offer in Compromise
  • Atlanta News
  • Award Winning Results
  • Back Taxes & Tax Assessments
  • Back Taxes, Tax Problems, Tax Advocacy
  • Building Your Business Credit
  • Business Acquisitions, Due Diligence, Mergers & Sales
  • Business Depreciation
  • Business Licenses
  • Business News…Politics/Economy/Our World
  • Business Plans/Financing
  • Business Sales & Acquisitions
  • Businesss Loans & Financing
  • Charleston Dawn
  • Christian Business Men’s Group
  • Christian Money Management
  • City of Atlanta…Fulton County
  • Collecting Accounts Receivable/Collection Issues
  • Commissioning Missionaries
  • Community Involvement & Speaking Engagements
  • Converting to an S Corporation
  • Corporate Income Taxes & S Corporation Returns
  • Cost Segregation
  • Duluth & Atlanta GA Church News
  • Entity Selection
  • Estate Planning
  • Financial News…How to Protect and Make Money
  • Financial Planning…Planning For Your Future
  • Financial Statements & Bookkeeping
  • Financing Your Business/Loan Procurement
  • Forensic Accounting
  • Georgia C Corporations
  • Georgia LLC (Limited Liability Company)
  • Georgia LLP (Limited Liability Partnership)
  • Georgia Offer of Compromise
  • Georgia S Corporations
  • Gwinnett County News
  • Gwinnett CPA
  • Housing/Mortgage News
  • How to Find a Good CPA
  • Identity Theft
  • Income Tax Credits
  • Income Tax Extension and Estimated Tax Payments
  • Incorporating in Georgia & Entity Selection
  • Independent Contractor vs. Employee Analysis
  • Insurance Issues
  • Internal Control Procedures
  • Internet Safety
  • Investing 101
  • IRS & GA Installment Agreements
  • IRS Installment Plans
  • IRS Tax Refunds
  • Keynote & Speaking Engagements
  • Managing Your Credit
  • Marketing & Promoting Your Business
  • Ministers’ Compensation and Housing Allowance
  • Missions…Fulfilling the Great Commission
  • Mortgage Selection
  • Net Operating Loss Carry forwards & Carry backs
  • Networking in Gwinnett County
  • Non-Profits/501(c)
  • Offer in Compromise
  • Overcoming Life’s 9/11’s:Overcome Challenge’s God’s Way
  • Part-Time CFO/Virtual Controller
  • Payroll Tax Issues & Administration
  • Personal Income Taxes
  • Preparing Financial Statements for the Small Business Owner
  • Preparing for & Surviving an IRS Audit
  • Real Estate Losses…Determining Passive vs. Non-Passive
  • Retirement Planning…Planning For Your Financial Future
  • S Corporation Elections
  • Small Business
  • Taking Christianity to the Workplace: WWJD(What Would Jesus Do)
  • Tax Liens, Levies & Garnishments
  • Tax News…For Georgia and Nationally/the IRS
  • Tax Tips to Lower Your Personal Tax Bill
  • Taxation
  • Trust Fund Assessments & the 100% Penalty
  • Uncategorized
  • Venture Capital (VC) & Business Incubators
  • What Clients of John Dillard CPA Have to Say

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

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 (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.

Virtual/Part-Time Chief Financial Officer for Your Rapidly Growing Metro Atlanta Business 

A CPA who is well versed in Business Issues can be much more than just a tax return preparer. If you are a business owner, run and do not walk to the nearest and best CPA you can find. Utilizing the services of a CPA with a divergent track able and proven history of success is essential to long-term success as an entrepreneur in Atlanta and throughout America. Below are just a few of the items a CPA can do to help you with more than just your tax returns. 

-Procuring Unanticipated Tax Refunds/Relief from both the IRS and Georgia for previously assessed taxes. We have even received checks back from the IRS for previously paid monies. Have saved individual clients from tens of thousands of dollars to well over “six figures.” A history of success in setting up Installment Plans, the acceptance of IRS Offer in Compromise, Penalty Abatement, Stopping of Garnishments & Levies. Contributing to cost, operational, and tax efficiencies saving clients millions of dollars. 

-Understanding of shareholder issues and the design and implementation of shareholder agreements to both be fair to the individual shareholder as well as beneficial to the majority owner. Care taken to ensure that both the operational as well as financial considerations of a Shareholder Agreement are carefully contemplated to ensure smooth business operations despite changes in key personnel 

-Getting  financing for owner occupied properties, lines of credit and leasing of equipment. Assisting with Determining needs for capital and lending sources before needs become acute. 

-Amending and correcting prior corporate and personal income tax returns claiming previously missed deductions for refunds not previously aware of, that were legally available. 

-Converting many and numerous clients from Proprietorships, C Corporations, and LLC’s saving clients thousands of dollars annually and many tens of thousands (the highest being $80,000) of dollars in one year alone. Tax Elections to convert LLC’s and C Corporations to S Corporations thereby legally avoiding double taxation and earned income assessments for FICA/Medicaid taxes, as long as IRS reasonable compensation statues are followed. 

-Working as a consultant/adviser with your Tax Attorney regarding estate planning, gifting and strategic business issues. Working as a strategic team to save one client over $400,000 and another $1,500000 plus. Often it is not what you don’t know that can cost you greatly when settling up with Uncle Sam. 

-Obtaining refunds from both the IRS and state for monies clients did not know they were legally entitled to, ranging from missed tax deductions, entity selection issues, and timely filing of returns reflecting appropriate exemptions, status, elections and deductions.

 -Working with financial advisers to help clients set up qualified/”deductible” retirement plans, education funds, rainy day money, second homes and planning for that “nest egg” readying your personal home finances for retirement. 

WWJD…What Would Jesus do if He Was a CPA. I think he would love to serve those who are his clients making his customers his friends and seeking to better the whole of a business rather than just keeping their filings current. 

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 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, 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,

Marketing Your Business on Our Blog…Providing Business News to Metro Atlanta

In June, 2009 there were 21,240 visitors to the web site of www.HisCPA.com

I am looking for business owners who have good insightful business news and financial information that entrepreneurs throughout Metro Atlanta & Beyond can use. His CPA market exclusively to the needs of  business owners by taking his faith/Christianity along with him to work by asking the question. WWJD/What Would Jesus Do if He was a CPA. Striving to always look beyond the return and assist business clients with all of their financial and money management issues. If you think you have news we can use please call me.

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 all 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!  

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, 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, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding, Walton, 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 and Woodstock

Family Businesses: Insights from Dr. Joe Astrachan

By Jean Creech Avent, Vice President of Marketing & Communication, Georgian Bank

Regularly, Georgian Bank holds special events exclusively for our clients and prospective clients.  The intention of these events is to give our network access to and information from thought leaders on topics that will help entrepreneurial businesses grow more effectively, become more efficient, and operate at optimum levels to achieve success.

Dr. Joe Astrachan, a globally recognized authority and scholar on family businesses, honored us recently by giving a stirring talk to a select group of about 40 Georgian Bank clients and prospective clients. This article is derived from content Dr. Astrachan relayed to the group. If you are interested in being invited to these events, please contact me at javent@georgianbank.com.

Definition of Family Business

What distinguishes and defines the term family business?  How is a family business distinct from other types of entrepreneurial businesses? Answers to the two questions are fundamentally important because the differences between a family business and a non-family business are mighty – to the point that if the differences are ignored, the family business can fail. Dr. Astrachan offers a two-part definition of the term “family business.” 

The first part of the definition explains that a family business is any business where the family can effectively control the strategic direction of the business. “Ford Motor Company is a family business,” said Dr. Astrachan.  “Even though it doesn’t have equity control, the Ford family clearly has enough control to impact the direction of the company.”  Another example is the Walton family, who still can exercise a significant amount of control over the strategic direction of Wal-Mart.  

The second part of the definition for family business is that the family benefits from the business, or derives a significant portion of its wealth, income or identity from the business.  “The family relies on the business and the business relies on the family,” stated Dr. Astrachan. Oftentimes, family businesses are advised that they should apply models, communication techniques, and strategies that have been proven through nearly 100 years of study, research, and practice in non-family businesses.   

That advice stems from the fact that throughout history much research and many studies have been done on non-family businesses, resulting in more understanding and knowledge of the cause and affects of management styles. 

“Non-family businesses tend to be publicly-traded companies and by their very nature have to be more transparent with their data and information,” explained Dr. Astrachan.  “So more is known and can be studied and written about public non-family companies.”    

The issue is that family businesses don’t organize, communicate, and operate like other entities.  According to Dr. Astrachan, research shows that if the CEO of a family business runs it like a non-family business, the family business often suffers.  Research on family businesses began in earnest in the early 1980s.  The research that has been done on family businesses convincingly shows that, in fact, family businesses out perform non-family businesses in stock market returns, in accounting profitability, and cash flows, so family businesses are the ones that should be studied in addition to non-family businesses, said Dr. Astrachan.

Family businesses manage and operate differently than other types of businesses because the underlying goals, motivation, dynamics of a family business are different than a non-family business. Family businesses, for example, are motivated by family legacy and pride or love of working with family members.  As Dr. Astrachan stated, “Why else would you find owners who have a business time horizon of not five or ten years, but 50 to 100 years before they feel an investment needs to pay-off?”

Economic Impact of Family Businesses

The economic impact of family businesses is staggering. In fact, Dr. Astrachan explained that family businesses account for 60 percent of the GDP and nearly 85 percent of the non-governmental GDP.  The size and scope of family businesses in the U.S. isn’t often realized.  Today in the U.S., using the most inclusive definition, there are 25 million family businesses (publicly and privately held), compared to 8,000 public companies.  Of the 25 million family businesses, approximately 500,000  employ 100 or more people.  In fact, the largest family business in the U.S. is Koch Industries, a conglomerate headquartered in Wichita, Kansas.  It has nearly $100 billion in annual revenues, employs approximately 70,000 people and operates in 60 countries.[1]  Also, it is believed that family businesses will be a driving force behind an economic recovery.

Succession Planning

Perhaps one of the most pressing issues with which a family business grapples is passing the company to the next generation.  According to Dr. Astrachan, when a family business passes from first to second generation, 30 percent of those businesses survive.  When a family business passes from second to third generation, 10 percent of those businesses survive.  A family business has less than a one in 100 chance of surviving in the family into the fifth generation. A Google search on succession planning information reveals more than 1.5 million pieces of data about the topic, confirming that while there is a lot of information out there it can be overwhelming to discern the most important information.

While there is a great deal of data on how to create a succession plan, research shows that succession  planning has no correlation to successful succession, noted Dr. Astrachan. 

That counterintuitive finding begs the question: If planning has no impact on succession success, what does? Dr. Astrachan explained that three tactics have proven to be critical not only to succession success, but also to more profitable companies, faster growing companies and happier families.

The three tactics that family businesses should execute are: 

a)                           Have an outside Board of Directors that meets three t0 six times a year; for publicly held family businesses the ratio of outside directors to family members is 2:1.

b)                           Hold family meetings three to six times a year.  At the meetings, the business of the family, not necessarily the family business should be the topic of discussion.

c)                           Plan strategically, meaning the family should engage in an ongoing conversation focused on the direction of the company, and how that direction impacts every internal stakeholder and all family members.

Today’s Economy

It is, no doubt, understatement to say that the current economic climate is one of the most challenging in which many managers and business leaders have had to navigate.  The direct impact of and managements’ techniques to lead through these troubling times for public companies is obvious because of the activity in the stock market and constant news reports.   What is not as obvious, though, is the impact the current economy is having on family businesses.

Dr. Astrachan explained that based on his “reading of the tea leaves” this time – the current economy – is an unprecedented buying opportunity for family businesses.  “We may not see this kind of opportunity for the next 50 to 100 years,” explained Dr. Astrachan.

He went on to say that asset values are as low they will ever be and even though in nominal dollar terms the values may seem high, the values are extremely low for the inflationary environment that we’re about to hit.  “If you are a family business with borrowing capacity, you might investigate opportunities to expand by buying under valued assets,” said Dr. Astrachan. “You might want to take out loans because inflation will likely take care of how much those loans mean to you.” Family businesses can take advantage of this economy at the macro level by looking for buying opportunities of which the impact could be long-term growth. As mentioned earlier in this article, family businesses and non-family businesses tend to operate differently, and in economies like this one, the differences become clear.  Consider the micro-level.

Non-family businesses tend to execute broad-reaching layoffs during difficult times, because a reduction in human resources is one of the quickest ways to see immediate results on the bottom line.   However, businesses, regardless whether they are family or non-family businesses are also communities.  “When a community is disrupted by layoffs,” Dr. Astrachan said “resentment inside the company tends to bubble up, which leads to reduced commitment by the remaining employees, and reduced motivation, which ultimately negatively impacts productivity, which in turn makes business cycles much harder to get through.”

Family businesses tend to take a no-layoff attitude in difficult times, and instead look for creative ways to cut costs, and keep going.  For example, some privately-held family businesses move to a four-day work week, or ask family members to take a pay cut, and then perhaps ask employees to take a pay cut. Family businesses have more flexibility than non-family businesses and that is in their favor in troubling times.

Conclusion

The purpose of this article is to provide the reader with an overview of the importance of family businesses and to discuss some of the issues that are particular to family businesses.  For so many people, the family business is their American dream, and in many cases some of our largest companies today started as family businesses, like Disney and Hewlett Packard.  The concept of the family business is woven into the fabric of this country and has been and will be a contributing factor to our global presence and influence. It is the good works being done by folks like Dr. Astrachan that help these family businesses thrive. 

If you have questions or comments, please contact Dr. Joe Astrachan at jastrach@kennesaw.edu, or me at javent@georgianbank.com.

Networking in Gwinnett…Learning How to Promote Your Business Successfully in Gwinnett County

Gwinnett County: Success Lives Here

Gwinnett County, GA is a great place to both live and work. Having lived here since 1984 when there was approximately forty-five thousand residents to now, when where are nearly seven hundred and fifty thousand residents, I personally witnessed much change. The business community has grown dramatically over this time and continues to flourish despite these tough economic times. Having been a CPA during this time and working the past eleven plus years out of Duluth, GA, I have watched as networking in Gwinnett has transformed into a fine art form. Groups such as the Gwinnett Chamber of Commerce, Suwanee Business Alliance, and the Johns Creek Business Association are just a few of the many great groups of which to associate and to market your wares. Two of the better business listings and networking sources available are the Gwinnett Business Journal which can be found at http://www.gbj.com/  and Network Gwinnett at http://www.gwinnettnetwork.com/

At the Network Gwinnett web-site you can also find many great articles on how to grow your business, networking events by date, time and who to contact, as well as business listings. So whether you are physically located in the metro Atlanta, GA area or are located in Gwinnett County, networking in Gwinnett is as popular and advantageous when there were just a few of us here. The Gwinnett Chamber of Commerce, which can be found at www.gwinnettchamber.org continues to live out its motto of “Success Lives Here” leading the way for the business community making Gwinnett County a great place to raise a family and to operate and own your business. You can contact the Gwinnett Chamber at http://www.gwinnettchamber.org /

Stay tuned for what greatness is in store for our region as we will soon be completing the first decade of the twenty-first century.

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

We serve clients that are located in Atlanta GA, 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, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Norcross, Peachtree Corners, Tucker, Lilburn, Grayson, Stone Mountain and Beyond.

American Recovery and Reinvestment Act of 2009 (ARRA)

-Helping Atlanta Business Owners with Payroll Tax Issues for Decades

On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act of 2009 (ARRA), commonly known as the Economic Stimulus Act. The IRS and DOL continue to define its provisions but here are some key highlights known so far:

Increase in Payroll Checks. 

·      The IRS issued revised federal withholding tables and Advanced Earned Income Tax Credit tables that
will lower the amount of federal income tax withholding, and businesses are to utilize them no later than
April 1, 2009.

·      The credit is 6.2% of earned income, up to $400 per person per year for singles, and up to $800 for
married couples. The credit phases out for higher wage earners.

COBRA Premium Subsidy.

·      Employers offering a group health plan subject to federal COBRA or similar state law regulations are required to offer premium assistance to Assistance Eligible Individuals (AEI). 

·      Employees, as well as their spouses and covered dependents, would be considered an AEI if they
experienced an involuntary termination between September 1, 2008, and December 31, 2009.

·      An AEI is eligible for a 65 percent federal subsidy on their COBRA premiums for a maximum of
9 months, and is considered to have paid their COBRA premium in full if payment of 35 percent
is made to the employer.

Form 941 – Claim COBRA Premium Credits.

·      Through a revised Form 941, effective first quarter 2009, the federal government will reimburse
employers for the 65 percent of the COBRA premium by allowing them to take a credit against
their quarterly employer tax liabilities.

·      Additional lines on the revised Form 941 are to report the number of COBRA premium assistance
individuals and the total dollar amount of COBRA premium assistance payments.

Additional Business Tax Provisions Include:

·      50% bonus first-year depreciation for assets purchased in the current year.

·      Businesses under $15 million in gross receipts for 2006-2008 can carry back 2008 losses for 5 tax years.

·      Asset expensing continues its $250K ceiling through 2009.

·      Work opportunity credits have been expanded to include both veterans and disconnected
youths (16 to 25) who are unemployed.

Additional Individual Tax Provisions Include:

·      First-time homebuyer credit for those who purchase – in 2009 – up to $8,000 without a
payback requirement.

·      $250 benefit check for Social Security recipients, veterans and railroad retirees.

·      Taxpayers who buy certain new vehicles in 2009 can deduct the state and local sales taxes paid.

Details surrounding these and other tax law changes are still being provided.
For updated economic stimulus legislation, please visit www.irs.gov

This content provided by Paychex, Inc. For more information, please visit www.paychex.com
or call MARTHA JANE WALKER at 678-699-5988 c

Atlanta GA

mjwalker@paychex.com

The material contained above is current as of March 5, 2009.

Christian Speaker/Author John Dillard CPA to Speak at the Uganda Christian Business Leaders Summit 2009 in central Africa this fall.

Its true John,

We expect God to turn the Christian businesses around such that we walk in total independence and self sustenance.
 
We expect 200 Business Leaders
It will be in Kampala Uganda and we are zeroing on the Venue next Month and this will be on the event website that I will send to you soon.
 
The dates are October 8th to 10th 2009
The Name of the Event is Christian Business Leaders Summit 2009 in the country of Uganda.

We are to have this summit every year around the same dates, October 9th is the national Independence day so we think we can prophetically be independent in our businesses and successful.
 
Its the first of its Kind to happen in Eastern Africa. We are still believing God for provision as you know every decision you make has a financial implication.
 
Business leaders are responding and even others are willing to give a hand to meeting the expenses of the meeting. It will be covered by national television, All media houses and business magazines. We shall have a new conference and you will give a short but profound statement together with the other speakers.
 
We look forward to seeing you in Uganda. We shall keep you posted on all issues.
God Bless
Humphrey Mutaasa
For CBLS organizing Committee

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 visit http://www.john-dillard.com/ To contact John Dillard CPA (Atlanta Christian Author/Speaker) today call 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!”

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

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.

Christian CPA Advocates Energy Independence

As President Elect Obama takes office, our citizenry need to call out to our elected officials to act with certainty and to act now. Easing of undue environmental regulations/restrictions would dramatically improve our ability for self-sufficiency and it should be taken with the greatest of immediate concern. We are at war with the rising price of fuel charges and it will not be until our government and people take a hard stance will our situation make a turn for the better. Perhaps just as the federal government has denied road funds for those states that do not acknowledge nationally mandated speed limits, so should we look to penalize states whose desire is for that of their own self-interests and not the nation as a whole. Though I am an avid defender and advocate of state rights, this instance requires all to look beyond the needs and desires of solely their selves/own constituents. Also, by limiting the dependence on foreign oil, we could look to slow the mass exodus of billions and billions of dollars of U.S. wealth, which leaves our country every year to purchase crude stock from overseas. 

However true change does not start and stop with simply the adding of substantive offshore drilling. We need to move now to add higher EPA/mileage requirements on new cars, expand and create credits for the manufacture of hybrid vehicles, emphasis research and development of solar and wind technology, oil reserves in the great Alaska wilderness and the Rocky Mountains need to be tapped, and the development of nuclear plants should be immediately resumed. Nuclear plants, long a victim of special interest groups, have not been a viable alternative for new energy sources, due to limiting legislation, for decades as our government instead chose to develop coal and hydroelectric energy options. In the southeastern part of the United States we have recently discovered the nativity of this policy course as our lakes are drained to ensure down-stream water and power needs for local municipalities/populations. Will the whole of the country have to fail economically as rising gas prices, dependence on foreign oil, and the lack of protection of our water sources have to fail before our leaders and people see the light and sound reasoning of developing a meaningful and well thought out energy program. Get involved in the changing of the present course of America as the future history and the viability of our people depend upon it.

John Dillard is an author and Certified Public Accountant (All Rights Reserved). To See how he takes Christ along with him to work visit http://www.hiscpa.com/ (a Christian CPA firm) and for his latest book Overcoming Life’s 9/11’s: Job’s Journey visit http://www.john-dillard.com/ 

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

Preparing the S Corporation Income Tax Return K-1 A Guide How to Guide to Prepare a K-1

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, Payroll Administration, Bookkeeping.

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.

John Dillard CPA of His CPA PC  (a Christian CPA firm) is an author and Certified Public Accountant (All Rights Reserved). 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/ 

“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, Payroll Administration, Bookkeeping.

(Proudly Serving Lawrenceville & Snellville for Over Twenty Years)  

Pray, Vote, Pray…The Eve of the Presidential Election

On the eve of the election we are all now faced with determining which of the candidates would be best for our country. The candidate we select should not be the one we like best or be because of racial or gender lines. The candidate we select should be of the highest moral fiber and one who will stand unflinchingly in the heat of battle and criticism.
 

I believe now more than ever that the fate of our country hangs in the balance and indeed the immediate future of our economy as well as the long term safety and security of our county. Let not your vote be guided by family ties or allegiances, but let your vote be determined in the same way that we will all one day be judged by the truth. To learn more about the candidates and their stand on all the issues including morale issues, the economy and taxes www.gachristianalliance.org   Regardless of the candidate selected let’s pursue unity together praying for a define purpose for our lives, our country and our children.

To read more visit http://www.gachristianalliance.org/aboutus.htm

Pray, Vote, Pray.