Gwinnett CPA Provides Quick Correct Dependable Answers to Tax Questions for Atlanta Taxpayers…What Clients of John Dillard CPA Have to Say
Below is a sample inquiry we might receive from a client to address their tax planning issues for both 2009 & 2010. At His CPA PC we strive to provide quick, correct and dependable answers to that you might both pay your lowest legal possible tax and avoid unnecessary fines and penalties. The sample inquiry is regular font and my response in ALL CAPS:
Hello John,
First off, Happy New Year and thanks as always for your support. It’s much appreciated.
I see the payment arrived to you last year. I now have fully paid my 2008 taxes and have my US account balance ready to fund the next projects. Before I send you another payment, I ask that you give me an estimate to complete the following jobs therefore I can send you a payment that covers the jobs and / or decide to forgo certain items for later.
1. My income in 2009 was reduced by the economic crisis so that my earnings were actually less than in 2008. Can you estimate my taxes due for 2009 based on that lower income so I can start sending payments to the IRS (and perhaps re-do the form I should use and PDF it to me by email). THERE SHOULD HAVE BEEN IN THE PACKAGE WITH YOUR RETURNS THE IRS FORMS 1040ES TO PAY 2009, IF YOU HAVE NOT PAID THEM YET, THEN I SUGGEST ADDING ALL FOUR OF THE AMOUNTS AND PAYING IT BY THE 1-15-10 DUE DATE OF THE FOURTH 1040ES FOR 2009. IF FOR ANY REASON THEY WERE NOT IN THE PACKET OR YOU HAVE SET THEM ASIDE, GO TO IRS WEB SITE AND FIND FORM FOR 2009 AND PAY AT LEAST AS MUCH AS THE 2008 TAX BILL.
Next requests which I ask you to estimate rough costs.
2. I have stock options that will start to expire at the end of 2010 that of today are worth approximately $60K. I would like you to study my situation and recommend a tax strategy, noting that my goal when I exercise the options is to move the funds into some kind of retirement savings that would allow me to avoid taxes if possible. TAX LAW SAYS IF WE MEET CERTAIN TAX WITHHOLDING RANGES THEN THE IRS WILL NOT ASSESS A PENALTY. WE CAN LOOK TO WORK WITH A FINANCIAL ADVISER TO BEGIN TO SET ASIDE MONIES FOR YOUR RETIREMENT. LET ME KNOW SOMETIMES THAT WORK FOR YOU AND WE CAN ARRANGE A CONFERENCE CALL AND WITH YOUR PERMISSION I CAN SHARE WITH THEM YOUR RETURN DATA. PLEASE GET WITH YOUR EMPLOYER ON THE OPTIONS AND DETERMINE WHAT WILL BE THE TAXABLE AMOUNT. THOUGH TAX LAW MAY ALLOW YOU SOME EXCEPTIONS AND DELAY IN PAYING THE TAXES ON THE OPTIONS IN 2010, I RECOMMEND THAT WE PAY ALL OF THE TAX AS IT IS EARNED. IN THIS WAY YOU WILL NOT HAVE THE EXPOSURE OF ANY PENALTIES AND WE ALSO WILL NOT BE LULLED INTO A FALSE SENSE OF SECURITY IN YOUR BELIEVING YOU ARE CASH FLUSH WHEN IN REALITY MUCH IS STILL OWED, DUE AND PAYABLE TO THE IRS.
3 Clean up of the GA tax situation. It seems to me that the situation is just about cleaned up but I would also like that if my credit record is tarred by any liens issued against this illegitimate claim of back taxes, that the credit record gets duly cleaned up, or at least a note is added explaining that I never owed the money and it was a mix-up). I WILL BE HAPPY TO DO WHATEVER YOU WOULD LIKE FOR ME TO ATTEMPT WITH GA TO WORK TOWARDS WHAT ALL WOULD CONSIDER A FAIR AND JUST DETERMINATION.
AN ESTIMATE OF THE BILLING FOR #2 WOULD BE TWO HOURS AND ON NUMBER #3 WOULD DEPEND ON HOW LONG YOU WANT ME TO PURSUE AND HOW LONG THEY WILL TAKE TO ADJUST AND CORRECT. I WOULD HOPE THIS COULD BE DONE IN THREE TO FIVE HOURS.
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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