Duluth GA CPA: Be Sure that you Gwinnett County Business Pays Its Lowest Legal Possible Property Taxes on its Personal Property

Understanding the Freeport Exemption: Gwinnett County voters elected to exempt the following classes of commercial and industrial inventory:

• Class 1 – Raw materials &  goods in process of manufacture – 100% exemption

• Class 2 – Finished goods produced in Georgia within last 12 months – 100% exemption

• Class 3 – Finished goods kept/stored in Georgia within the last 12 months and destined for shipment out-of-state – 100% exemption

The Cities of Buford, Duluth, Grayson, Sugar Hill, and Suwanee have also elected to exempt 100% of all qualified inventory.

The deadline for filing an application for Freeport Exemption with the Board of Tax Assessors is March 1 to receive the full exemption. Click the link below for more information on homestead exemptions: http://www.etax.dor.ga.gov/ptd/adm/taxguide/exempt/homestead.aspx

Please review the categories above and confirm what type of inventory/assets your company has  relative to the three Classes Above. It was my understanding that when the property tax report was filed that you did the Freeport Exemption was not applicable. Please review advise. Below is a link to the Gwinnett County website where you can learn more about the Exemption:

http://www.gwinnettcounty.com/portal/gwinnett/Departments/FinancialServices/TaxAssessorsOffice/PersonalPropertyAppraisal/Exemptions Please be reminded that the Freeport Exemption has to be applied for by using the “Application For Freeport Exemption on Inventory” form  (Georgia Department of Revenue Form PT-50PF) which can be also obtained at https://etax.dor.ga.gov/ptd/adm/forms/pt50pf/index.aspx  

As rules vary from City, to County to State please be sure to read and correctly apply the law where your business is located. 

John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097  Phone 770-814-9304   http://www.hiscpa.com/    http://www.john-dillard.com/ To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him 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, Business Acquisitions/Sales, Forensic Accounting, Business Valuations and 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 on Marketing to Gwinnett Business Owners: Networking Times Two 

Networking to Gain Exposure for Your Gwinnett Based Business 

Marketing is for the faint hearted or for those who are ready to stay the course. Whether you are brand new in your business or have been in business for decades, those who chose to not focus or strategic marketing efforts are doomed to fail Below is a recent note I received to explore co-marketing efforts.

Thanks for the email. A colleague of mine and I are planning a major push into the small businesses of the Gwinnett Chamber Business’s for 2010 as we both have experiences and relationships with the chamber staff and businesses. We are both very experienced in retirement plans for small businesses and are planning to leverage this as a major theme. To that end we have been meeting this fall with the various retirement plan providers in the industry and some active money managers. We have secured a list of small businesses with retirement plans in the county. Do you see any way your services and ours can be combined to pursue these small businesses in this county and would you be interested in working with us if you have some ideas? Let me know.  

I have found the Internet to be a sound ally and friend in penetrating the marketplace. For example I just did a search on the Internet using the key words “Atlanta IRS Representation.” Of the thirteen top listings His CPA PC was all but four of them. By using the power of computers and their willingness to work around the clock, you can look to options to leverage your efforts locally, in the U.S. , and throughout the world. However often “pressing the flesh” as they say and being active in the community might be a better or perhaps an additional way to promote integrity into the business community where you both work and live. It was to this end that I drafted the below response to the above inquiry received.

If I were to suggest my inclusion to would be an add on to what you are presently looking to do. I would be more than willing to offer a free on obligation evaluation to business owners whom I believe would find the insight informative, thought provoking, and tax saving. Too frequently I see returns where tax preparers did the return rather than someone who strives to evaluate a return from an owner’s perspective while addressing both short and the long-term goals of investing and retirement planning. 

Running a business is not for the meek or heart or ill advised and having a CPA who is well versed as a Chief Financial Officer and do much to influence operating results, assist in job costing, standardized reporting, hiring, compensation agreements for key personnel and substantive advice for business owners on the wide host of business issues facing them daily.  

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.

Christian CPA, Gwinnett Author & Speaker to Appear in the March, 2009 Issue of the Gwinnett Business Journal

John Dillard CPA, a Gwinnett County resident and CPA since 1984 is set to appear in the March, 2009 Issue of the Gwinnett Business Journal. The Gwinnett Business Journal continues to be a beacon of business news for entrepreneurs of the Gwinnett region and beyond. The March 2009 issue is the Finance issue that is produced only one time per year and is scheduled to hit the streets in March and deadlines soon!

The Gwinnett Business Journal allows you to get  your message, products, and services in front of over 64,000 dedicated business professionals, executives and CEOs in 22 cities and 9 counties.
Plus:
92% of our readers are the decision makers for their company.
70% are planning business purchases involving accountants this year.
34% are planning business purchases involving financial planners this year.
28% are planning on taking out a commercial loan.
51.9% frequently purchase products and services from ads seen in the GBJ.
(Data provided by the CVC 2008 media audit)

To learn more about the Gwinnett Business Journal visit www.gwinnettbizjournal.com or you can contact

Jason K. Michno, Account Executive, Tillman Allen Greer
Gwinnett Business Journal | Wiki Guide to Gwinnett
1305 Lakes Parkway | Suite 119 | Lawrenceville | GA | 30043
O: 678.495.3629 | C: 404.642.0610

John Dillard is a 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 Christian  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.

Knowing the Ropes of Getting Your Business Started

 Gwinnett County along with the state is updating its Business License and Registration rules to ensure that all local business owners are indeed legal residents. From now on, when business owners apply for a business license they will be required to establish proof of citizenship and residency. The mailing address for the office is PO Box 1045, Lawrenceville GA 30046. The office is located on the 3rd floor of 750 South Perry St suite 300 in Lawrenceville. The office issues occupation tax certificates (business license) for businesses located in unincorporated Gwinnett County. If you plan to locate a business inside the city limits of a Gwinnett municipality, you should contact the appropriate city government.

Not Using a CPA can Often Cost Much More than a Professional Fee 

Often Preparers who are not a CPA  and who have not been working as a full time CPA in the states may not have an understanding and nuances of tax law with some of them being potentially critical for you this and in future years. Although tax software has done much to make the preparation of corporate tax returns faster and mathematically correct, they alone do nothing to ensure that a return is both in compliance with tax law and results in your lowest legal tax being paid. To that end I suggest that for all Business Owners who have an S Corporation that they retain a CPA who has a good understanding of: 

-Section 179 depreciation, its calculation and limitations.

-Deductibility of K-1 losses relative to tax basis in S Corporations and suspended losses.

-Net Operating Loss Carry forwards and Carry backs. 

Sometimes paying a smaller and inexpensive fee when you originally file the return means you will pay more later. Though I do not believe in scare tactics in helping clients see the truth it is often the only way to help someone make a wise a prudent decisions. My goal is not to be THE CPA for all of Atlanta but just the share that God allows me to have. It is just that I do now want to see any business owner save $1500 now and wind up costing you $10,000 by the time the returns are done, the IRS notices arrive or you later realize the tax options or deductions that are now too late to avail yourself of. To see how a CPA can save you thousands visit http://www.hiscpa.com/testimonials.htm 

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.

His CPA (a Christian CPA firm)

Gwinnett CPA Proudly Serving for over Twenty Years and our Comprehensive List of Services

Contact John Dillard CPA at 770 814 9304 and let’s get started today.

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for Small Business and Individuals

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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. 

Dulth Georgia CPA Firm In Gwinnett Offering Bookkeeping Services and Accounting for Over 30 Years

Are you tired of going from business to business to get good CPA advice.

Call John Dillard CPA today of His CPA PC (a Christian CPA Firm) at 770 814 9304

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http://www.hiscpa.com/article6.html  Georgia CPA Teaches the Tax Effects of Entity Choice

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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. 

Duluth CPA Firm & Our Vast Scope of Accounting & Bookkeeping Services

Do you ever want more. If you do you can find it at His CPA PC (A Christian CPA Firm)

Contact John Dillard CPA today at 770 814 9304

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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. 

Gwinnett CPA Teaches Your Tax Payment/Filing Responsibilities

Paying Your Taxes/Extensions…The IRS Requires us to Pay as We Go

Since World War II, the IRS has been a pay as you go system. Prior to that time, the IRS simply collected their monies at the end of the year when one’s annual tax return was filed. Many entities by virtue of their tax treatment as flow through entities do not pay any income taxes when the returns are filed but rather the income is communicated to the partners via a K-1 which is a part of the return. The entity’s partners are then responsible for reporting their portion of the earnings on their personal/appropriate returns. Thus there are many entities such as Partnerships, LLC’s, LLP’s, an S Corporations for which no income taxes are due when these returns are filed.

C Corporations are responsible for paying their taxes as they go and they do not have the ability to pay all of their taxes at year end and still avoid assessed penalties and interest. Thus, it is critical to tax plan several times a year to determine the ultimate amount of year end liability due and to take appropriate measures to plan accordingly.

For S Corporations and individuals we suggest that you tax plan at least twice annually. At that time it is also advantageous to review a client’s internal finances and obtain their projections of profits for the rest of the year. By utilizing this information as well as by being aware of their personal return issues, itemizations, exemptions, etc. you are able to get an estimate of what your taxable income and your tax will be.

Both the IRS and states require you to pay as you go thus requiring you to pay enough in estimates for the taxes due on the profits/taxable income generated. However payroll withholding has the added incentive that by tax law is deemed to have been statutorily paid evenly throughout the year, making only the settlement of your year-end taxes the IRS and state’s concern rather than every individual quarter.

Extensions

Extensions are a legal way of notifying the IRS that you plan to file your return after the original due date. Both C and S Corporate returns are due March 15th of each year or two and a half months after year end. Personal returns, Partnerships, LLC’s, and LLP’s are generally required to be a calendar year return and are due April 15th of each year or three and a half months after year end.

The IRS allows a six month extension for both Corporate and Personal Returns, however please note that this is solely an extension of time to file and not an extension of time to pay and any late payments will result in assessments from both the IRS and state for penalties and interest. Please be advised that the penalties are even worse if you do not file the extension or the original return by the due date. These incentives are simply in place to give you time to file and pay. The Corporation and Personal extensions are for six months and accordingly expire on September 15th and October 15th respectively. There are no valid extensions available after this date.

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.  

Gwinnett CPA Shows How to Resolve IRS Tax Issues 

IRS rules are set out to assist those who are attempting to comply and to encourage all of us, either willingly or not, to file and pay our just and fair taxes. Tax laws, though complicated to the lay person, are often confusing.  A CPA can help people navigate through the tax maze by making the complicated easier to understand. By seeking and following the advice of a trusted professional we are able to comply with tax law with the least amount of pain and aggravation. By not filing returns, not paying amounts owed when due, and attempting to tackle complex tax issues, we do not have the skill or wisdom to adequately address, many fall prey to our general inability to understand all of the nuances involved. A Good CPA can help address and solve tax issues.

Tax Problems

The best first issue is to review the reasons for the assessment. Many times during this process it is discovered that it is not a payment issue but the original returns filed need to be amended. After the determination of a just and fair tax, one can begin to adequately assess and make arrangements for the monies due. Great care should also be taken during this time to ensure that all payments and credits have been properly applied to the balance owed

Trust Fund Monies

In the event your business has employees or collects sales tax, the monies withheld from payroll and sales taxes collected are technically withheld “in trust.” As such they have legal exposure to both the company for payment, as well as those personally responsible parties who knew about and controlled such payments. A responsible party is generally defined as those who were most/responsible for payments that would well extend to check signers, accounts payable, officers, and financial staff. This assessment is for one personally who collected trust monies which they unduly did not remit to the appropriate taxing/legal authority. As these monies are withheld in trust, they do not belong to the company/business. Both the IRS and individual states take a very dim and stern view of all those who unduly use their money. A 100% penalty may be assessed to the responsible parties making them personally responsible for any collected and unpaid trust fund monies.

If a business is not able to pay its staff payroll taxes/remit collected sales taxes as due, it is a clear warning side that the business model is upside down. Though most times it would indicate that the margins of a business are not adequate to support the business’ present staffing levels and overhead, it could also be an indicator that the business is not properly leveraged/financed.

Installment Agreements

The IRS will work with taxpayers to pay the monies owed over time. This option requires the taxpayer to file a form requesting that a specified amount be paid monthly over time. The IRS then has to accept the plan prior to it becoming effective. Though this is a practical way to address a larger balance over time it does not stop the assessment of penalties and interest which will continue to accrue until all monies are paid in full. Thus, it is most advantageous to consider procuring the funds from other sources as these finance/carrying charges are usually much less than that of the Internal Revenue Service.

Failure to File Penalties

Failure to File Penalties are assessed in addition to normal penalties and interest for those who do not make their payment and filings on a timely basis. Please be reminded that an extension does not allow a taxpayer to pay at a later date, as income taxes are generally due and payable as they are earned. However, a situation is greatly exasperated when a taxpayer does not file their taxes on a timely basis. Thus it is financially most advantageous to file a return even if a taxpayer does not have the monies to pay a return as the monies become due.

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.