Accounting News and Notes

Gwinnett CPA Teaches Metro Atlanta Taxpayers Adequate Documentation to Prepare Your Income Taxes 

Besides the vast technical skill and experience required a CPA needs to prepare returns ensuring that all clients pay their lowest legal possible tax, a CPA needs to be well skilled and suited in other key areas of the profession as well such as: 

-Tax Planning http://www.hiscpa.com/year-end-tax-planning.html

-Planning for Retirement  http://www.hiscpa.com/retirement-planning.html

-Preparation of Financial Statements http://www.hiscpa.com/financial-statements.html

-Incorporating/Entity Selection  http://www.hiscpa.com/article2.html

-Avoiding Unnecessary Tax Audits http://www.hiscpa.com/working-with-the-irs.html

-Much, Much, More  http://www.hiscpa.com/articles.html  

To this end a CPA should be well-organized thereby ensuring clear concise feedback to help taxpayers ensure that they are constantly reminded of tax law and documentation requirements thereof. To this end I have provided  below a sample of such correspondence.  

Please be reminded that I still need to finish for your personal return.

-Copies of all of your year-end mortgage statements.

-Copies of all of your year-end real estate taxes.

-A recap of all of your cash contributions listing by vendor totals and copies of all receipts over $1000.
-A recap of all of your property contributions listing by vendor totals and copies of all receipts over $1000.

-A copy of your year-end tuition fees paid detailing for whom paid.  

For  your investments you have where you forwarded K-1 that had been received, that you had personally loaned to that entity $60,000 in 2009 whereas the K-1 showed a loss of $80,000. Tax law does not allow for taxpayers to deduct more than their tax basis, which is a cumulative function of the cumulative effect of prior financial transactions. Did you loan to the entity enough in prior years to be able to claim these losses (i.e., have you funded all previous losses claimed inception to date and still have sufficient loans/tax basis from 2008 and prior tax years to cover 2009 losses)? 

Contact HIS CPA PC (A Christian Atlanta 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.

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.

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.

Corporate & Personal Income Tax Preparation and Reviewing of Prior Filed Returns

One of the unique things you can do as a taxpayer is to continually tax an active stance in growing in knowledge about your own tax situation. To this end, however I do not recommend that as an entrepreneur that you go back to school and get a degree in accounting or to become a CPA. You task as a business owner is daunting enough in the daily and strategic planning of your business. However, I do believe that periodically getting a second opinion for a CPA will do much to help ensure that you are on track. In fact, over the years, I have had several clients do this in an effort to learn what they can, while discovering that everything that legally could be done to keep their taxes as low as legally possible were already done. However, frequently a fresh face on the scene will do much to enlighten a taxpayer or business owner to learn of other valid options that are available to legally lower their taxes.

Examples of items a new CPA might discover include:

-The discovery of tax deductions that you previously missed.

-That you do not have the right retirement plan set up for your business to maximize qualified pension plan deductions for both you and your employers.

-That your present choice of entity selection is not the best suited to your business for both operational and tax issues. An LLC,  LLP, Partnership, C Corporation, S Corporation and Proprietorship all have substantive tax, operational and taxing nuances that are dramatically different. Knowing that your present choice remains the best is critical to sound financial management.

-That your own preparation of your internal financials is providing you with the data and information you need to make sound operational and management decisions.

These are just a few of the important and critical decisions that impact your taxes and business dramatically. Having a check-up or a consultation with a CPA who is independent of your business will do much to ensure your remain financially on track. Having served as a CPA for almost thirty years I have seen service levels of professionals at varying levels. Ensuring that you are receiving sound prudent professional services will save you money and headaches in both the short and long term.

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 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.