Atlanta/Duluth GA CPA on Required Documentation to Prepare Corporate and Personal Income Tax Returns
Below is a sample letter that might be used to assist a taxpayer in ensuring that tax returns are properly prepared and substantive data is provided in order to adequately prepare both corporate and personal income tax returns, while keeping one’s tax bill as low as legally possible, while also staying focused on long term and strategic issues:
I am following up on the data you forwarded and had the below critiques. Please go over these ASAP and send back to me the revised data:
-If you are treating and recording the business’s you have listed separately they need to be appropriately listed and recapped. Please review/advise.
-Please confirm if/that you are doing all of your business in the corporate account. Otherwise you risk losing the tax advantages and legal protection of being incorporated.
-As you are using business mileage all others costs relative to the car should be treated as Shareholder Distributions. In the future all of these monies (such as repairs/advalorem/maintenance, gas, insurance) should be paid personally.
-Please take off of your business listings any monies you paid personally as charitable contributions and forward to me a recap of your charitable giving, while providing copies of year end statements from the organization you donated to.
-Please note that tax law will only allow you to deduct a business phone in your home, provided it is a second line.
-Please list the Insurance and Property tax on your home and utilities as Shareholder Distributions and then to pay these monies personally in the future.
-Please note tax law does not allow the deduction for the cost of clothing, unless it is for a uniform that is unsuitable for other use.
-Please confirm if the rent expense you listed was paid to an outside landlord.
-Please be sure for all corporate activity to list both the beginning and ending checkbook balance.
-Please advise if you have any other income, dividends, interest income, W’2’s etc.
-Please be reminded that tax law requires you to pay your taxes as you go. Please advise of the dates of all estimated tax payments to both the IRS and to GA.
-Please be reminded that the rules of an Offer in Compromise require all taxpayers to be current on both their tax filings and payments. Accordingly it will be imperative to both pay all taxes on your 2009 returns ASAP and to forward to me what your estimated profit will be from each business for 2010 so that I can advise you accordingly what you should be sure to pay as taxes as you go for 2010.
-I suggest ASAP that you retain a payroll service and to begin processing your W-2 wages and your required withholding. Please be reminded the above OIC (Offer in Compromise) rules will, as well as tax law, require you to pay yourself a fair and reasonable salary given position and profit.
Utilizing a payroll service will do much to make this administratively burdensome process more seamless than if you strive to go it on your own. To learn more visit http://www.hiscpa.com/payroll.html
Knowing what is a legal tax deduction and the documentation thereof is essential to sound business management. To see how you can be ready http://www.hiscpa.com/business-expenses.html
Ensure that your workers are properly classified predominantly to ensure that there are no workers, who are truly employees, that you are in error classifying as employees, visit http://www.hiscpa.com/independent-contratctor.html
Contact HIS CPA PC (A Christian Atlanta 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 an Atlanta CPA. 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.
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