Accounting News and Notes

Duluth/Gwinnett/Atlanta CPA Reminds Atlanta Taxpayers that Personal Income Tax Returns are Due April 15, 2010

The initial due date for personal returns is April 15. For returns not filed by that date both the IRS and GA allow for a six month extension/IRS Form 4868. Please be reminded that there are no valid extensions after the October 15 final due date lapses. Please be reminded that an extension to file is not an extension to pay and that you are required by tax law to pay applicable taxes as the monies are earned or you will be subject to additional penalties and interest. 

Please be reminded that the mileage rate for 2009 is 55 cents per mile. For 2010, the mileage rate is 50 cents per mile. Please turn in an expense report monthly to get reimbursed for these and any other business expenses you might have paid personally. IRS tax rules require you to have a day by day log to support business miles. Please be reminded that extending the filing of a return does not delay the need to pay as you go as both the IRS & GA will bill you for penalties and interest if you do not pay your taxes during the tax year to which they relate. Below is a checklist that I encourage taxpayers to use to pull their personal income tax information together:

Atlanta CPA Prepares Tax Checklist to Prepare Your Personal Income Tax Returns:  

• Copies of all reported income forms, i.e. Forms W-2, 1099, brokerage statements, interest, dividends, etc.
• Summary of all medical expenses with copies of all individual items over $1,000.
• Summary of property taxes with copies of all individual items over $1,000.
• Summary of Ad valorem Taxes (property tax on cars) with copies of all individual items over $1,000.
• Summary of Mortgage Interest with copies of all individual items over $1,000.
• Summary of cash and property contributions with copies of all individual items over $1,000.
• Be sure to include any changes in address, dependents, filing status, or any other substantive changes from the prior year which would have impact on this year’s return.
• Please forward student loan interest, child care expenses, tuition, and any other miscellaneous deductions/income.
• Please be sure to let me know of any changes to the claiming of dependents, filing status, address, etc.
• If you are a new client to us please bring along for both corporate and personal a copy of your prior year tax returns. If a brand new corporation, please forward along a copy of your incorporation papers, Federal ID #, and your S Corporation acceptance.
• If you have had any independent contractor/proprietorship income you have earned, whether you have received a Form 1099 or not, please use this form (PDF) (Excel) to recap all revenue and expenses.
• Please be sure to let me know how much you received from the Economic Stimulus Plan during the year.
• All K-1s where you and an investment interest including an acknowledgment if you have sufficient basis to take the losses listed.

The initial due date for personal returns is April 15. For returns not filed by that date both the IRS and GA allow for a six month extension. Please be reminded that there are no valid extensions after the October 15 final due date lapses. Please be reminded that an extension to file is not an extension to pay and that you are required by tax law to pay applicable taxes as the monies are earned or you will be subject to additional penalties and interest.

James 1:17 Every good and perfect gift is from above, coming down from the Father of the heavenly lights, who does not change like shifting shadows.

I am looking to grow my business by adding key accounts like you with goals and aspirations just like yours.  So if you know anyone looking for a Good CPA, please let me know and to check me out at www.HISCPA.com  or our book ministry at www.John-Dillard.com Please be sure to allow 10 days for me to complete the returns.

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 

His CPA PC…A Christian Atlanta CPA Firm: Never Underestimate the Long-Term Benefits 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

Georgia LLC Corporations and Georgia LLP Corporation Returns are Due April 15, 2009

Georgia S Corporations and Georgia C Corporation Returns are Due April 15, 2009

-2009 Tax Deadline News by Atlanta Christian CPA, Speaker and Author

The 2009 Tax Deadline for filing of your 2008 Georgia Corporate LLC & Georgia LLP 2008 Income Tax Returns is  April 15, 2009. Therefore all calendar year corporations are due by that date. If for any reason you are not able to file your return by the due date both the IRS and state allows you to extend your return for six months. However don’t let the extension “fool you.” An extension to file is not an extension to pay as both the IRS and states require you to pay your taxes as you go. Corporate taxpayers, as well as individual ones, since World War II are required by tax law, to pay taxes as they make the money during the year. LLC’s and LLP’s are both “flow through” entities and as such the earnings from a Partnership Return/Form 1065 flows down to and is reflected on the individual returns on the owners. Therefore all of the tax planning issues, estimated tax payments to both the IRS and state, and any tax payment monies due with the extensions should be evaluated and considered at the individual owner/partner’s personal income tax return level.

If for any reason you cannot file your return by the original due date the IRS allows for an automatic six month extension, which must be filed by the original due date of the return. Taking care to ensure that you have paid all of the tax obligations that are due will help you avoid unnecessary penalties and interest in the future.

Other issues to be concerned about when doing the extension are for  each personal shareholder’s other income, itemizations, exemptions, etc. should be considered and carefully contemplated when extending LLC’s and LLP’s Partnership returns and their related owner’s personal returns. Keep in mind that the extension of the corporate return does not also automatically also extend the personal return which is due on April 15, 2009.

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 Acquisition/Sales, Forensic Accounting, Business Valuations and Bookkeeping.