Accounting News and Notes

Duluth GA CPA Advises on Tax Return Preparation for Atlanta Business Owners 

Keeping tax payers informed is one of the key tenants of assisting business owners with successfully addressing tax issues. Below are excerpts from a sample letter that might be used to ensure that the best CPA advice we can provide is made available to each and every business client: 

This is to confirm that ASAP I suggest: 

-You pay as an estimated tax payment against your 2009 income taxes at least $10K to the IRS and $3K to GA, using 2009 IRS Form 1040ES & GA Form 500ES respectively as these monies are already due and you to not meet the exceptions for paying these monies with the filing of your personal return on 4-15-10. Please be reminded that if we do extend the date to file your personal return that an extension to file is not an extension to pay.

-File and pay your 2009 taxes. Please be reminded that both the IRS/GA are a pay as you go system and that both will add penalties for late payment and late filing in addition to any interest income accrued and owing.

-That you consider and evaluate setting up an S Corporation to protect your personal assets from Corporate liability.

Understanding How Georgia S Corporations Pay Taxes

There are no income taxes are paid with the corporate return. The profits of the business are reported on the personal tax return of the S corporation’s shareholders. As long as you pay yourself a reasonable salary, you may also take shareholder distributions out of the business that are devoid of FICA/Medicaid taxes.

Additional components of S Corporations is that if you have corporate losses, and you fund (you put the money in the business) those losses personally, then you can deduct those losses on your personal return. Any losses that are funded by the bank (a direct loan from the bank to the corporation) or by trade creditors are not deductible.

Often you can set up a loan so that the bank lends to you personally and then you could do a personal loan to the company, which will result in you having contributed basis/the dollars to the business, thus making any losses that you fund deductible

http://www.hiscpa.com/budgeting.html Duluth GA CPA Helps Reduce Unnecessary Spending: Budgeting 101 by Roswell CPA
http://www.hiscpa.com/article1.html Atlanta/Gwinnett CPA Illustrates Difference Between Planning & Historical Accounting by North Fulton CPA
http://www.hiscpa.com/article3.html Gwinnett/Duluth Georgia CPA Teaches Personnel Keys to Managing Business Growth
http://www.hiscpa.com/article6.html Alpharetta/Roswell CPA Teaches the Tax Effects of Entity Choice
http://www.hiscpa.com/marketing-efforts.html Norcross/Sandy Springs CPA on Tracking Marketing Statistics for Your Georgia Business 

And this is only some of the information available on our web site. You also have at our blog a host of other varied and timely tax and business management issues you can use. 

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  

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.

Suwanee/Buford CPA Provides Tax and Business Directory for Atlanta Business Owners

When was the last time you got any good FREE Business and Tax Management Information you can use 24 Hours a day & 7 Days a week.

http://www.hiscpa.com/irs-selection.html Atlanta/Marietta CPA Teaches How Audits Are Selected
http://www.hiscpa.com/irs-audit.html Gwinnett/Forsyth CPA Advises on How to Handle IRS Audits
http://www.hiscpa.com/working-with-the-irs.html Atlanta/Cobb Christian CPA on IRS Representation
http://www.hiscpa.com/paying-taxes.html Gwinnett CPA on Paying Your Taxes and Extensions
http://www.hiscpa.com/avoiding-audits.html Duluth/Cumming/Forsyth CPA on How to Avoid IRS Audits
http://www.hiscpa.com/offer-in-compromise.html Atlanta/Cobb CPA Advises on Offer of Compromise, Back Taxes and IRS Problem Resolution
http://www.hiscpa.com/comparing-tax-methods.html Gwinnett/Forsyth CPA on National Sales & Flat Tax
http://www.hiscpa.com/article6.html Gwinnett/Hall CPA Advises on Tax Effects of Entity Choice
http://www.hiscpa.com/about_us.htm Providing Accounting and Tax Services to Georgia Businesses for Over Thirty Years by Gwinnett/Atlanta CPA
http://www.hiscpa.com/irs-representation.html Georgia IRS Representation, Offers in Compromise and Back Taxes by Snellville/Lawrenceville CPA
http://www.hiscpa.com/testimonials.htm What Clients of John Dillard, (An Atlanta Christian CPA) Have to Say
http://www.hiscpa.com/tax-services.html Atlanta/Cobb CPA Tax Preparation and Planning Services
http://www.hiscpa.com/what_we_do.htm Atlanta/Northpoint CPA Financial Accounting Services
for Small Business and Individuals
http://www.hiscpa.com/small_business_plans.html Writing Georgia Business Plans for Over 30 Years by Johns Creek/Northpoint CPA
http://www.hiscpa.com/marketing_plans.html Johns Creek/Northpoint CPA Helps with Business Marketing Plans
http://www.hiscpa.com/management_plans.html Atlanta Johns Creek/Northpoint Christian CPA Helping with Budgets for Over 30 Years

And this is only some of the information available on our web site. You also have at our blog a host of other varied and timely tax and business management issues you can use. 

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/ 

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

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 

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.

Duluth GA CPA Provides Free Tax Information forAtlanta  Business Owners and Atlanta Entreprenuers

http://www.hiscpa.com/what_we_do.htm

http://www.hiscpa.com/irs-representation.html

http://www.hiscpa.com/irs-selection.html

http://www.hiscpa.com/irs-audit.html

http://www.hiscpa.com/working-with-the-irs.html

http://www.hiscpa.com/paying-taxes.html

http://www.hiscpa.com/avoiding-audits.html

http://www.hiscpa.com/offer-in-compromise.html

http://www.hiscpa.com/incorporating-guide.html

http://www.hiscpa.com/incorporating-guide.html

http://www.hiscpa.com/business-leadership.html

http://www.hiscpa.com/incorporating-details.html

http://www.hiscpa.com/Atlanta-CPA.html

http://www.hiscpa.com/monthend.html

http://www.hiscpa.com/stock-options.html

http://www.hiscpa.com/business-valuations.html

http://www.hiscpa.com/quality.html

http://www.hiscpa.com/article7.html

http://www.hiscpa.com/parttime-cfo.html

http://www.hiscpa.com/achieving-excellence.html

http://www.hiscpa.com/intellectual-property.html

http://www.hiscpa.com/non-compete.html

http://www.hiscpa.com/business-checklist.html

http://www.hiscpa.com/article4.html

http://www.hiscpa.com/internal-controls.html

http://www.hiscpa.com/forensic-accounting.html

http://www.hiscpa.com/article1.html

http://www.hiscpa.com/article5.html

http://www.hiscpa.com/pressrelease1.html

http://www.hiscpa.com/resume.html

http://www.hiscpa.com/marketing-efforts.html

http://www.hiscpa.com/incorporating-ga.html

http://www.hiscpa.com/incorporating-nv.html

http://www.hiscpa.com/depreciation-expense.html

http://www.hiscpa.com/independent-contratctor.html

http://www.hiscpa.com/payroll-tax.html

http://www.hiscpa.com/payroll.html

http://www.hiscpa.com/profit-maximization.html

http://www.hiscpa.com/business-tax.html

http://www.hiscpa.com/like-kind-exchanges.html

http://www.hiscpa.com/tax-top-ten.html

http://www.hiscpa.com/agi.html

http://www.hiscpa.com/maximizing-deductions.html

http://www.hiscpa.com/autos.html

Duluth CPA Advises on Bookkeeping Issues for Atlanta 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.

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.

What Clients of John Dillard CPA Have to Say…Helping Atlanta Business Owners Obtain Financing

CPA – “Never Underestimate the Value”

Helping Atlanta Business Owners Obtain Financing. We have helped Atlanta Business Owners Obtain Financing for:

-Business Acquisitions/Sales.

-Business Lines of Credit.

-Home Equity Lines.

-Factoring.

-Obtaining of Financing Proposals.

-Negotiation of Bank Loans, Terms, Payoffs, Amortization, Calls & Covenants.

Obtaining financing is both an art and a science. Part of the process requires good record keeping, good tax advice, the right entity set-up, proper tax returns, good internal controls and much, much more. No lender wants to be subject to the whims of an business owner who is not taking care of the basics and his own shop. Care should be exercised in all levels of business management to be sure sound and proper business decisions are being reached on a daily basis along with ensuring that job costing is done on each and every invoice and that profit margins are being obtained and achieved.

Care should be further exercised that you have a good standing with your customers, the business community, employees and are a contributing member to both the social and moral fabric of your community. No banker or lender will desire to lend to someone who is not presently paying their current obligations or who are not aware of the many business and economic issues facing their company.

We are much more than a CPA firm. For a CPA who We strive to do much more than just prepare your taxes. We look to understand your business from the bottom up, by looking at all facets of your business. We come alongside you in your endeavors to succeed as an entrepreneur. Though we do not expect it, some of our clients have invited us to treasured and special family events. However our long-term goal is that you life, your business and your retirement are all better off as a result of our business relationship.

At His CPA we work to retain the best CPA’s on our staff and whose desire is to serve the Lord, by serving You, our client. Our motto of “Serving Him…by Serving You, One Tax Return at a Time” is not just a watchword but a legacy. Serving clients by the “Golden Rule” is where the “rubber meets the road.” This is just part of a series of letters where we highlight just a few of the recommendations and client letters we have received. Call us today and put our staff to work for you making sure you pay your lowest legal tax, avoid unnecessary penalties and long range planning. We look to provide CPA and Tax Return Advice you can trust. Put an award winning CPA to work for you today as past winner of the Georgia Accounting Advocate of the Year Award.

Media Magic, Inc.

4536 Barclay Drive

Atlanta, GA  30338

December 11, 1995

Dear John,

Thank you for the financial consulting that you have provided my company.  Your initial suggestions 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.

Your financial consulting was very helpful and is appreciated.

Sincerely,

Scott J. Wilson, Ph.D.

President

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 and Bookkeeping.

Helping Atlanta Business Owners Obtain Financing as Their CPA for Decades

CPA – “Never Underestimate the Value”

Helping Business Owners Obtain Financing is an integral component of good financial advising. Working with a CPA who has the wisdom and insight to knowing what is in your best interests when looking to obtain financing. A good CPA/financial adviser will not necessarily help you obtain your dreams, but will do much to steer you towards financial options and considerations that will be best for you and your business

 Having served Atlanta business owners as a CPA and helping them obtain financing for some thirty years we have seen some trends in the financial community come and go along with good times and in bad. However there are tried and true business issues that never go out of style. First and foremost, do not get a loan you cannot afford to pay back. Loans, should only be for a limited purpose and time frame and should not be a lifestyle or consistent financial means of running your business. Whether you need financing for business Acquisitions/Sales, Business Lines of Credit, Home Equity Lines, Factoring, Obtaining of Financing Proposals or need help you Negotiation of Bank Loans, Terms, Payoffs, Amortization, Calls & Covenants, your CPA should be your first call to ensure wise financing decisions.

Obtaining financing is both an art and a science. Part of the process requires good record keeping, good tax advice, the right entity set-up, proper tax returns, good internal controls and much, much more. No lender wants to be subject to the whims of an business owner who is not taking care of the basics and his own shop. Care should be exercised in all levels of business management to be sure sound and proper business decisions are being reached on a daily basis along with ensuring that job costing is done on each and every invoice and that profit margins are being obtained and achieved.

Care should be further exercised that you have a good standing with your customers, the business community, employees and are a contributing member to both the social and moral fabric of your community. No banker or lender will desire to lend to someone who is not presently paying their current obligations or who are not aware of the many business and economic issues facing their company.

Work with a CPA who first looks to understand your business from the bottom up, by looking at all facets of your business. A prudent CPA should alongside you in your endeavors to succeed as an entrepreneur. A good CPA’s  long-term goal is that you life, your business and your retirement are all better off as a result of their business relationship with your company..

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.

“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 and Bookkeeping.  

2009 IRS Tax Filing Deadlines for Atlanta Business Owners & Individuals

Below is a recap of IRS Tax Filing Deadlines for Atlanta Business Owners and Individuals. You will want to refer here again and again to ensure that you do not run afoul of critical deadlines thereby avoiding unnecessary penalties and interest.

Form 1040/Personal Income Tax Return is due on April 15th, 2009. If the deadline falls on a weekend then the revised date is April 17th.

S Corporation and C Corporation Returns are Due March 15th, 2009. An automatic extension to file is available. Please note this is not an extension to pay. Fiscal year taxpayers due date will be the 15th of the third month following the close of the tax year.

LLC, LLP and Partnership Returns are Due April 15th, 2009. An automatic extension to file is available. Please note this is not an extension to pay. Fiscal year taxpayers due date will be the 15th of the fourth month following the close of the tax year.

1040ES and 500ES Estimated Tax Coupons. This are the quarterly forms used for taxpayers to pay their estimated taxes. I encourage all S Corporation owners to increase their payroll withholding to cover their estimated 2009 taxes rather than to also make these quarterly payments. These are due the 15th of April, June and September of 2009 and then January 15th, 2010.

Using an Atlanta Payroll Service. Payroll is the largest and most burdensome administrative responsibility for a business owner. Whether you have one employee or a thousand, both the IRS and your state has a myriad of payroll reports and deadlines for which you are required to complete. Unfortunately there is not a one-stop shop to pay and report all of the varying deadlines and taxes. However, there is a solution that makes the reporting of payroll dramatically more seamless than if you strive to go it on your own.

The easy part of preparing a payroll is the actual paycheck itself, but that is where the simplicity stops and the difficulty begins as there are a dramatic list of reports and varying deadlines to meet. To this end I have recapped below some of the reports and their significance.

Form 941 to the IRS: A quarterly report for payroll to report wages, federal withholding and FICA/Medicaid. These reports are due thirty days after the close of a quarter.

Form 940 to the IRS: An annual report for FUTA/Federal Unemployment. These taxes are paid based upon the first $7000 of an employee’s salary and are assessed at a rate of .007 up to a maximum of $56 per employee/per year.

Georgia Withholding: To report your Georgia withholdings, Georgia will assign you to a reporting cycle; be sure to carefully review the reports they send, as the due dates will be detailed on the forms.

Georgia Department of Labor: This is a DOL/quarterly report due thirty days after the close of the quarter. Employers are required to pay for SUTA/state unemployment taxes using this form. Please note that initially when your business starts the tax rate is statutory. It will adjust over time based upon your claims experience. Please be sure to look for this notice of your annual rate, which Georgia sends at the first of each year.

For those operating in other states you will want to contact the varying local authorities to ensure that you are aware of local tax laws. Please be advised that certain cities also have payroll taxes that should be assessed against wages.

Please note you should file all of the reports by their due date (I suggest filing as soon as you receive especially if you know you will have no payroll) as both the IRS and your state will assess a penalty for late filing. If you have no payroll you will still need to file these reports marking the reports zero in the amounts being sure to keep a file for your records.

Due to the complexity of payroll reports and payments, I suggest that all business owners, regardless of the number of employees, retain a payroll service to prepare and maintain your paychecks, payroll reports, and to ensure continued compliance with local state and other ordinances relative to your payroll requirements. In this way you will aptly delegate one of the more cumbersome aspects of your business to someone who handles payroll each and every day.

Navigating through this administrative nightmare is a critical hurdle that all business owners must overcome. By calling us today we can assist in making you aware of the myriad of the tax laws affecting your payroll responsibilities as well as to refer qualified payroll companies to assist in this important step in your long-term success.

To gain access to all IRS reporting deadlines visit http://www.irs.gov/publications/p509/ar02.html

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.