Contact John Dillard CPA of His CPA at 770 814 9304 and visit www.hiscpa.com/

At His CPA we march to the beat of a higher drummer where we put the “Golden Rule” to work each and every day by “Serving Him by Serving You…One Tax Return at a Time.”

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, and Beyond.

Duluth/Gwinnett CPA Provides Directory of Accounting, Tax & Bookkeeping Services

Get Bookkeeping Help When You Need it. Full Service CPA firm Offers:

-Accounting Services for Business Owners including Tax & Financial Advice

- New Business Start-Up Consulting

- Cash Flow Analysis and Budgeting Analysis for Small Business

- Comprehensive Corporate & Individual Income Tax Return Preparation

- Preparation of State, Federal and State Tax & Licensing Returns

- Sales Tax and Payroll Administration

-Business Valuations and Business Acquisitions

-Sourcing of Business Capital & Bank Lending Sources

-Compiled Financial Statements

-Help with Back Taxes and Amending of Prior Returns

-Loss Carryback and Loss Carryforward

-Business Consulting

-Forensic Accounting

-Tax Representation including Tax Audits, Appeals & Collections, Offer in Compromise, Tax Liens and Levies & Tax Advocacy

-Entity Selection/Incorporating in Georgia

-Business Return Preparation Including S Corporations, C Corporations, LLC, LLP and Proprietorships

-Tax Planning

-Software Analysis

- QuickBooks Consulting & Financial Statements

-Part-Time CFO, Controller, Virtual Chief Financial Officer

-24/7 Access to Free Tax & Business Advice

-Presentations/Speaking for Your Civic or Church Group

-Published Christian Author

Call today for your Free Initial Consultation

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/

Duluth/Suwanee CPA: Setting up an Installment Plan with the IRS and Recording Internal Data/ Bookkeeping Issues

Attached is a recent note we received from a potential client However, extreme caution should be exercised by taxpayers to ensure that they retain the services of a CPA who is experienced with tax representation issues and matters.

Thanks John. I enjoyed hearing what you had to say. I am definitely looking forward to getting some order in my business and life. I know I am in for a tough road in the beginning because of my disobedience but I believe I can get through it by God’s grace and your help.

I will work on getting together those things you asked me such as my latest return, my first few months bank statements and checkbooks, and my QuickBooks downloaded to my laptop. I will plan on giving you a call the week.

Also, I wanted to ask you another question. I told you I had filed my prior tax return but I hadn’t paid anything yet. I filed it before the October 15th deadline this year after an extension but didn’t pay anything unfortunately. I was going to set up a payment plan like I did the last time I owed. They sent me a letter saying it was due Dec. 1st. I didn’t set up a payment plan when I filed because I knew I wanted to talk to you first. Can you guide me in this when I see you or do I need to call them and set something up before I meet with you? Thanks,

Below is our response:

I will be happy to help.

I suggest you call the IRS and tell them you are going to retain me and the date and request they extend your time to respond for thirty and that we work to ASAP address this return as well as your 2009 tax issues. Time is the enemy in dealing with IRS Representation issues so if you can get with me ASAP we can plan the best course of action tailored to your particular circumstance.

To learn more about IRS Representation issues see:

How 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

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 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.

Duluth/Johns Creek/Lawrenceville CPA: Get Simple Answers to Complex Tax Questions

At His CPA PC, we are committed to upholding the law of the land and God’s law. As such we look to provide plain talk that clients can understand that looks to use tax law to the full extent possible to ensure that you pay only your lowest legal possible tax. The below is an example of an inquiry we might receive off of our web site:

I was “googling” a Christian CPA to answer some questions and I found a link to your website.. I see that you provide services to clients in my area so maybe you can help me.

In July, I lost my job as part of a ” staff reduction”. I’ve been a volunteer youth minister for 13 years and it is my true passion. That is how I have been spending my time for the last 6 months, living off my severance, savings and investments. I am wondering about becoming a non-profit doing the same thing I am doing now, but hoping to pursue monthly financial support. Also, I am wanting to sell items online (although I don’t expect to sell many) as another means of income.

Although I have always filed my own taxes. I really do not understand taxes or tax laws and am not sure if what I am considering is even feasible. However, if it is, I would like some direction on how to get 501c3 status and I would like to know what I will need to save and such to make the upcoming months on myself or a CPA. Any advise you provide is appreciated!! God bless!

Below is my response:

Thanks for visiting www.HisCPA.com There are many reasons a taxpayer may look to incorporate their business ranging from legitimacy, liability limitation and tax mitigation. Understanding these many nuances is your best first step in ensuring that you chose an entity type is best achieving success given your business model and operations. Entity selection is determinant on many issues ranging from citizenship, number of shareholders, ease of operation, tax obligations and year-end filings and even who your shareholders will be. Though many of these issues will conflict, working with a professional who is well versed in these issues will help you make the best election available for your new Georgia Business.

The Advantages and Disadvantages of Incorporating as a Subchapter S Corporation, C Corporation, Limited Liability Company or Partnership

When looking at what type of entity your business should be, we strive to balance the legal protection issues vs. the tax savings. Over the years, we have developed the mindset that there is no perfect election but there are ones that are better than others.

The information below and the assumptions we make are based upon the fact that my clients tell me that they want to pay as few tax dollars as legally possible. Below are some very specific rules, as well as some generalities. If you are considering incorporating in Georgia, we suggest that you sit down with a tax professional to see how these guidelines relate to you.

About S Corporations:

Subchapter S Corporations can have no more than one hundred shareholders and they all need to be U.S. citizens or resident aliens. This corporation type almost always has to have a calendar year as the fiscal year. S Corporation rules have been around since the 1950s and were set up to simplify the rules and regulations of being a business owner.  

Liability Protection and Subchapter S Corporations

A subchapter S Corporation, like a C Corporation, affords the business owner personal liability protection from business risks. Some of the keys to maximizing that protection are to treat the corporation like one by doing all your business in the corporate name, signing all of your documents listing your corporate title, not co-mingling any personal issues/bills in the corporation, and by having your annual Board of Directors and Annual Shareholder Minutes Meeting.

If you are looking to raise most of your revenue from sales then I would suggest you being an S Corporation. I will send you some information under a separate e-mail. When you have reviewed it please give me a call and I will be happy to discuss.

Please be reminded we offer a free initial consultation and a free look at your prior tax returns. Be sure you pay only your lowest legal possible tax.

www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Suwanee, Lawrenceville, Snellville, Lilburn, Duluth, Norcross, Peachtree Corners, Atlanta, Gwinnett, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Grayson, Alpharetta, Roswell, Sandy Springs & Tucker as a Faith Based CPA

Duluth/Johns Creek/Cumming CPA: Atlanta Bookkeeping Services…What Clients of John Dillard CPA Have to Say

What clients of John Dillard, CPA have to say…

Dear John,

This is a “thank you” note. You’ve been taking care of me and my company for close to four years now, and without thinking real hard, I can come up with about $400,000 you’ve saved me: Personally, you got me a tax refund of $3,000 that I didn’t expect, plus you got the IRS to waive $15,000 worth of penalties. Your advice on estate planning will save me and my heirs at least $200,000. For my company, you established a $35,000 credit line at a great rate because you managed to get three banks clamoring for our account. And, best of all, you converted this company to an S Corporation, saving us $150,000 in taxes this year.

You’ve answered all my questions in English, in a way I could understand. You’ve talked to me as a person with a business, not a client with a checkbook. You’ve taken the time to get to know me, my business, and the way it all fits together. You’ve removed my burden of paperwork and form filing and unbalanced ledgers and allowed me to concentrate all my energy on product development and increasing our sales. In short, your thoughtful attention to this company has made it possible for us to grow.

Again, thank you for your guidance. We really couldn’t have done it without you!

Sincerely,

Kim Burn
Business Manager
Jeanette Crews Designs, Inc

Dear John,

There are not enough words to properly thank you for your time and efforts concerning my husband’s Offer and Compromise.

I had worked for nearly 2 1/2 years with a “Brand X” CPA until I was referred to you. Boy am I ever thankful for that referral. You were able to clear up the income tax problem within nine to twelve months which is the time table that you had anticipated. With your recommendations and guidance, we were able to settle the Offer and Compromise saving $57,000, not even including penalties and interest.

We often jest that you must be a “demi-force” but I think you are just one hell of an accountant who knows the system and understands the needs of his clients.

Thank you once again as I look forward to working with you on all of our business and personal returns. I also look forward to telling everyone what a wonderful job you did. But I especially appreciate that we are out of purgatory and may now venture forward with our life.

Respectfully,

D. Jackson

Dear John,

I wanted to express my thanks for all your tax advice and strategies you have provided my firm. I always feel comfortable and assured when you perform for my firm.

I appreciate you setting up my business as an S Corporation. In this way I both avoid the double taxation of a C Corporation as well as legally avoid Medicaid and FICA taxes by taking shareholder distributions. As a layman I was not aware that so much could be done to legally limit my tax liability as well as giving me the additional protection of a corporation.

I also appreciate your representation of myself in submitting an offer in compromise. You have allowed me to get back into the tax system while saving me $62,000. I feel as if your services are outstanding and truly appreciate your professionalism and abilities.

Sincerely,

J. Allen
Allied Building Supplies

More Testimonials

“We appreciate the fact that you were able to get the IRS to waive its 75 day rule of filing for an S Corporation by over 600 days. I know you worked on this with the IRS over a period of several months, but this issue above has saved us approximately $22,000.00 in taxes.”

American Lenders Service Co.

“John, I really appreciate the work you’ve done on my behalf. You literally saved me thousands of dollars by going back to the prior years and “carrying back” my current year taxes. You can be sure I won’t forget that or hesitate to recommend you to others. I had been hoping to find a good accountant that I could trust and rely on to help me with my business and the Lord filled my need when he brought us together through the Chamber of Commerce.”

Beverly A. Anderson
Anderson Realty, Inc.

“Lately we had felt that our company had grown to a stage where we needed to dramatically upgrade our accounting services. You promised to be as aggressive as legally possible and have helped us get: S-Election back dated by the IRS, saving us $16,000; and a refund for 1995 taxes paid as a result of a poor cutoff by our prior accountant, saving us $12,000.”

Alan Carson
Carolina Microwave

“Thank you for talking with our students at DeKalb College on Monday, March 7, 1994. Many factors affect the difficult career decisions our students must make. Personal contact with a practicing professional in the field is helpful because it makes the idea of being an accountant real and human. Your willingness to share your knowledge and insights certainly indicates your commitment to the accounting profession and the advancement of understanding of the field.”

Ingrid R. Torsay, Assistant Professor of Accounting
Dekalb College

“At the beginning of my particular situation, I truly felt all was hopeless. But you wouldn’t let me quit, gave me the needed support when I floundered with despair, and gave me the incentive to continue on. Well, you were right. We did win.”

Linda Maxwell

“Your work on my tax issues has saved me money, made me money, and allowed me to focus on the every day of running my business. You aren’t just a CPA, you’re a ‘business partner’ with your clients.”

Robert C. Smith
Lumina

“Thank you for the financial consulting that you have provided my company. Your initial suggestion and help in obtaining a line of credit for the company will make the balancing act with cash flow much easier. I would also like to thank you for your suggestion and referral to a paycheck company to help us off-load some of the routine business matters that takes time better spent elsewhere.”

Scott J. Wilson, PhD
Media Magic

“Actually, the Offer In Compromise, was only the beginning of a continuing flow of pertinent information and expert advice from you concerning my business and tax affairs. It has helped me tremendously knowing that you understand my financial needs and that you always follow through.”

Michael Durkee

“We commend you on a great job, and through your efforts and knowledge saved us a great deal of money.”

Isaac and Gloria Powell
Powell’s Learning & Development Center, Inc.

“The presentation you made on Financial Management at our July 21st Chapter meeting has to rank with the top of all we have had in the recent past. It was informative, covered the subject, the audience was interested from beginning to end and, above all, added to the knowledge of our counselors to make us better equipped to offer assistance to our clients.”

Leonard J. Seligman, Chapter Chairman
SCORE

“Congratulations on being chosen the Small Business Administration as the Accountant Advocate of the Year. It’s always nice to be recognized for good work and we know you have earned the accolade. Thanks too, John for the work you do for SCORE, we appreciate it.”

Fred J. Macfee, Chairman
SCORE

“Thank you so much for the work you do with small business. It is this hard work that has resulted in your being selected as the 1999 Accountant Advocate of the Year for the State of Georgia. Please accept my sincere congratulations.”

Charles E. Anderson, District Director
US Small Business Administration, Georgia District Office

“Just a short note to congratulate you on being named the Accountant Advocate of the Year by the U.S. Small Business Administration.”

Paul D. Coverdell
United States Senate

Then Judas, the one who would betray him, said, “Surely not I, Rabbi?” Jesus answered, “Yes, it is you.” While they were eating, Jesus took bread, gave thanks and broke it, and gave it to his disciples, saying, “Take and eat; this is my body.” Then he took the cup, gave thanks and offered it to them, saying, “Drink from it, all of you. This is my blood of the covenant, which is poured out for many for the forgiveness of sins. I tell you, I will not drink of this fruit of the vine from now on until that day when I drink it anew with you in my Father’s kingdom.”

When they had sung a hymn, they went out to the Mount of Olives. Then Jesus told them, “This very night you will all fall away on account of me, for it is written: ” ‘I will strike the shepherd, and the sheep of the flock will be scattered.’ But after I have risen, I will go ahead of you into Galilee.” Peter replied, “Even if all fall away on account of you, I never will.”

Matthew 6 25:33

John Dillard, CPA of His CPA, PC, 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 http://www.HisCPA.com/

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

www.HisCPA.com Atlanta Bookkeeping Services…What Clients of John Dillard CPA Have to Say

www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Offering Corporate and Personal Income Tax Returns, Offer in Compromise, Tax Advocacy, Tax Mitigation and Tax Compliance, Back Taxes, IRS Representation, IRS Appeals, IRS Collections, IRS Installment Plans & IRS Wage Levies

www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Suwanee, Lawrenceville, Snellville, Lilburn, Duluth, Norcross, Peachtree Corners, Atlanta, Gwinnett, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Grayson, Alpharetta, Roswell, Sandy Springs & Tucker as a Faith Based CPA

Duluth/Suwanee CPA Advises on Bookkeeping Issues for Gwinnett Business Owners

Utilizing financial statements properly will do much to ensure that you are able to both track and plan for the future financial results of your business. These articles will do much to help you Metro Atlanta Business survive tough economic times.

Bookkeeping for Your Atlanta Small Business Learn the ABC’s of accounting for the business and financial operations of your business. Visit http://www.hiscpa.com/keeping-books.html

Preparing and Reviewing Financial Statements for Altanta Business Owners Financial results of your business are like a doctors chart of their patient, this will help enable you to understand financials and their use. See http://www.hiscpa.com/financial-statements.html

Monitoring & Preparing Your Financial For Your Atlanta Business Month-end control procedures are critical, as any variance to these will negatively impact the reliability of your internal financial. These are just a few of the tips we give clients each and every day. http://www.hiscpa.com/monthend.htm l

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

To learn more about tax entities and the taxation thereof visit http://www.hiscpa.com/ article2.html There you will also discover a wide host of resources for American Entrepreneurs.

www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Suwanee, Lawrenceville, Snellville, Lilburn, Duluth, Norcross, Peachtree Corners, Atlanta, Gwinnett, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Grayson, Alpharetta, Roswell, Sandy Springs & Tucker as a Faith Based CPA

www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Offering Corporate and Personal Income Tax Returns, Offer in Compromise, Tax Advocacy, Tax Mitigation and Tax Compliance, Back Taxes, IRS Representation, IRS Appeals, IRS Collections, IRS Installment Plans & IRS Wage Levies

Duluth/Suwanee  CPA Asks…A Million Visitors to our web site www.HisCPA.com   WWJD

We all want our businesses to succeed and as Believers we are all called to do everything we do as if doing it to the very glory of God. However what are we really called to do?

Jesus tells us the greatest commandments are to love God with all our heart and soul and to love our neighbor as our self.

To fulfill the Great Commission by telling everyone the Good News of Jesus Christ and by living out our faith by Taking Christianity Into the World.

So…back to our question… what if a million visitors visited our web site each and every day. Well…as for me…I believe it would all be for naught unless we let all of them know who they are in God , how much God loves them and how they can get God in their life.

Join us in Taking Christianity into the World

ps….About 3500 visitors arrive at www.HisCPA.com weekly (nowhere close to a million)….Have a blessed day!!!

www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Suwanee, Lawrenceville, Snellville, Lilburn, Duluth, Norcross, Peachtree Corners, Atlanta, Gwinnett, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Grayson, Alpharetta, Roswell, Sandy Springs & Tucker as a Faith Based CPA

Atlanta Business Valuations: How to Prepare and Understand a Business Valuation

Whenever you are contemplating buying or selling a business, presently own your company, or in the midst of estate planning, the value of a business is a critical component in all planning, acquisitions, or marketing your business. The most essential component of preparing or understanding a business valuation is a requisite knowledge of how to prepare and review Financial Statements. By first understanding these you are now well poised to begin to detect and review the nuances of a company’s operations, which then will provide insight so that you might be able to best Manage the Heart Beat of your Business.

A learned analysis of the basics of the information a Balance Sheet and Profit and Loss are prepared and the information to be gleaned, we are well armed to understand and apply many factual pieces of information that are available when properly analyzed. Though the best indication of a business’s value is what a willing buyer desires to pay and a seller is willing to accept, these insights will help guide you to many techniques and variables which will give you insight into what a business’s true value might be. An on-going business with the value of its cash flow, goodwill, and customer lists will be generally worth far more than a business that is liquidating. The below variables and analysis are directed to a business for which is presently in business and plans to remain so.

Net Income Before Taxes

The first place one typically looks to see the value of a business is its net income. Absent a positive net income or other substantive mitigating factors, the absence of a positive net income will dramatically lessen both the cash flow of a business and accordingly its overall value. In looking at a business income there are several variables that are most often considered and it’s typically different from industry to industry with businesses in different market segments being valued dramatically different than that from others. Frequently net income is evaluated under both a multiplier of net income or a rate of return comparison, of which one evaluates the amount of investment to buy a business relative to its cash flow.

Compensation/Benefits for Owners and Key Personnel

What an owner takes out in salary as far as his overall compensation/W-2, distributions, and benefits typically is also included along with net income as being part of the discretionary income included in consideration. Typically these are counted similar to a company’s net income amount when calculating a business’s overall net worth and multiplied or included along with the rate of return considerations.

Interest Expense & Other Non-Cash Charges

Non-cash charges such as depreciation and amortization are also added back to the net income amounts when evaluating a business value. As these items are legitimate financial and tax deductions of the business, they do not negatively affect the cash flow of the business so these monies are added back to the net income totals/rate of return analysis accordingly.

Desired Rate of Return & ROI (Return on Investment)

Not only are rates of return important with making an investment in a mutual fund or other investment, they are also a critical component of measuring a company’s overall value when looking at making or maintaining an investment. One should always be cognizant of the rate of return of a business and the other financial opportunities available at any given time as one would be prudent to always best invest where ones money may be multiplied.

Typically in a growing profitable business a business owner’s rate of return is best served by investing in one’s own business as often a few dollars may be turned over many times in a year making an additional rate of return on each completed sales cycle. As with all things in life, however, a business owner should not ignore other Risk Management/Retirement issues so as to keep all of their goals in continual mind leading to a balanced debt load between business and personal issues.

Sales Revenue Growth & Expectations

Several industries utilize as their base model a multiplier of sales as a business valuation method. This is perhaps most often used when the overall profitability of a particular industry is more constant than not. Although due diligence should be properly applied in evaluation past, present, and anticipated sales; focusing on this model alone would not result in the fairest evaluation of a business’s worth because of net income, salary, benefits, and a review of the other assets of the business.

Technical Ability/Training Level of Staff

A business that has a well-trained and competent staff is worth much more than one who does not. Care should be given to carefully evaluate and review credentials of both critical and support staff as it takes a team effort to make a business successful. Evaluating and reviewing resumes, personnel records, accreditation’s, and degrees are all meaningful steps in this process. Special care should be given as to whether a particular business will need a hands own manager or if the present staff are capable of the autonomous running of the business.

State of the Economy/Understanding Market Dynamics and Their Business Impact

Though there are no guarantees regardless of how good an economy is as businesses fail in both an up and down economy. A business with a good product, being in the right niche, having the right people, and in the correct location has a much better chance of success than one who does not satisfy these critical business components. However any good business valuation would be foolhardy should it fail to appropriately take in the national and worldwide economy as with world shrinks as technology expands.

No longer are cities, counties, towns, states, and even countries isolated as the impact of a global economy impacts all. Rising gas prices for example have immediate impact on consumer discretionary and perhaps a much longer effect as the rising
cost of fuel/oil impacts the transportation and production cost causing a ripple effect throughout the entire economy. Additional and heightened scrutiny should be done at the local of a business studying the changing demographics of a business immediate climate. Discovering the age, income, population, its spending patterns, traffic flow, zoning, political environment are all critical components of valuing as well as opening any business.

Lease Agreements & Fixed Asset Review/Analysis

A detailed evaluation of a company’s fixed assets/lease agreements should be done by item to ensure that fixed assets and leased equipment are in good working condition and are fit for their intended purpose. An evaluation should also be done to review as to whether fixed assets will have to be replaced, when, and their approximate replacement value. Leases, both for rented space and equipment, should be carefully reviewed to ensure that one understands all of the variables of a business and their impending impact on a business’s value.

Intellectual Property and Non-Compete Agreements

Having all the best equipment, the latest technology, a well-trained and efficient staff, and in a good economy are all indicators that positively impact the overall value of a business. However, just as a business is able to place locks on its doors and incentives to its employees, a business also needs to do what it can to protect its business interests. A business invests thousands of dollars and often years in the specialized techniques and skill set critical to a business operation and its success. Accordingly it is wise to consider having key staff sign a non-compete agreement restricting their ability to steal your clients and employees.

Due care and consideration is of the utmost at this time to ensure that you have a well drafted agreement which will be legally enforceable as many states, Georgia included, will not enforce any of a non-compete if it is deemed to be too broad or restrictive in scope. As such you will want to be sure to retain the services of an attorney who is familiar with these statutes and particularly those of the states in which you business operates/the agreement would be enforced.

Also a business with intellectual property such as patents, copyrights, and other specialized procedures will want to be sure to both formally and legally protect their interests. Often this process might also result in an individual/company being asked to sign a non-disclosure agreement to protect the ideas and processes of a company.

By skill and wisdom to business techniques, processes, and overall business strategy we are well placed to help you make what may well be the largest financial decision you will ever reach.

www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Suwanee, Lawrenceville, Snellville, Lilburn, Duluth, Norcross, Peachtree Corners, Atlanta, Gwinnett, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Grayson, Alpharetta, Roswell, Sandy Springs & Tucker as a Faith Based CPA

Duluth/Johns Creek/Suwanee CPA Presents Excellence in Service, Every Step of the Way

Recently I had the opportunity to meet with one of our best clients to assist with pulling their information together in order to prepare their income taxes. As a CPA we serve both their business/corporate income tax returns as well as their personal and are very involved in ensuring that every single client, every single time, receives every legal deduction available. Below is a letter we recently received after such a meeting:

I want you to know how much I appreciate you. You were a champion with me today. Your going over the items with me taught me so much. I really appreciate how much you helped me today and let me come at a later time and explained what I could not understand. Your are an excellent role model.

God bless your efforts.

I tried to use the list you wanted initially but I could not see how I could put everything into those categories. I will begin in a week to start my posting on ledger sheets monthly and have those as the titles for each. Then we can see if that will work. My mother did that for years as a bookkeeper. Everything worked out fine.

God bless us as we work for HIS kingdom. Prayers for you.

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

To learn more about tax entities and the taxation thereof visit http://www.hiscpa.com/article2.html  There you will also discover a wide host of resources for Atlanta Entrepreneurs.

Duluth/Suwanee/Johns Creek CPA: Income Tax Preparation

Duluth/Suwanee/Johns Creek CPA: Financial Statements & Bookkeeping

Duluth/Suwanee/Johns Creek CPA: IRS Representation, Back Taxes, Offer in Compromise

Duluth/Johns Creek/Suwanee CPA: Tax Filing for Business Sales and Acquisitions

Filing of IRS Tax Form 8594: Asset Acquisition Statement

When buying or selling a business one of the most frequently neglected tax forms is IRS Tax Form 8594: Asset Acquisition Statement. Generally both the purchaser and the seller must complete Form 8594 and attach it to their income tax returns (Form 1040, 1041,1065,1120,1120S etc) when there is a sale or transfer of a group of assets that make up or comprise a trade or business. The purchase price or basis in such assets is solely determined by the amount paid or the assets (i.e., the purchase price). The form is required, whether the group of assets constitutes a trade or business in the hands of the purchaser, the seller or both.

Form 8594 is attached to a taxpayers (individual, corporate, partnership) and applies to a LLC, LLP, C Corporation, S Corporation, Trust, Partnership or Proprietorship. Form 8594 should be included in the tax year and as part of the tax return to which the sale or purchase occurred. For purposes of determining if Form 8594 is required you would look to see if the group of assets that make up a trade or business has any going concern value or if goodwill would be attached to such assets.

Form 8594/Asset Acquisition Statement is addressed under IRS tax code Section 1060. The form requires both the seller or the purchaser to complete the form listing the other parties full address and Federal Identification Number/EIN. The form also requires that the total purchase price be allocated between six different classes of assets. These classes over, for example, cash, inventory, fixed assets and intangibles. For the purchaser this allocation is critical to ensure that all items purchased are correctly identified and treated correctly. For example in President Clintons first tax act he passed while President

required intangibles, which are commonly referred to as going concern value or goodwill, to be amortized over fifteen years (these items are reflected on Section VI of Form 8594.

If you have not yet purchased a business and are considering doing so be sure to hire a CPA who can help you in the business evaluation process. Digging beyond the financials will enable you to see beyond what the numbers alone can tell. Studying manpower required, dependence levels on different products/customers, reviewing contracts and leases, and protecting intellectual property are all critical components of any wise evaluation process. To learn more http://www.hiscpa.com/accounting-checklist.html

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