Duluth CPA Helps Georgia Businesses with Corporate Income Taxes
One of the first surprises many business owners face when incorporating their business is discovering a listing of the individual due dates associated with the filing of their incorporated entities and the requisite attendant returns. Although the IRS does allow for the proper extension of returns, there is little “wiggle room” for the prompt payment of all taxes. For nearly a century the IRS and states have been a pay as you go system requiring all legally incorporated entities and their respective members/owners/shareholders to pay their appropriate taxes thereon. Depending on your entity type as detailed below you will have listed the appropriate responsibilities thereon.
As there are many details to consider we have found it imperative to communicate in writing to ensure that all of the financial bases are covered to ensure that each and every taxpayer pays their lowest legal possible tax. The below is a sample letter we might use to ensure that all substantive tax issues are adequately addressed and correctly handled:
For your personal return please get to me how many months each child lived with you in your home.
Let me know how much of the 2010 and prior years state tax liability (not counting penalties and interest) were paid in 2010 so that I might itemize on your personal return the appropriate amount of state tax payments made.
In getting your data ready to prepare your corporate return please be sure to forward;
The year-end bank reconciliations showing what the checkbook balance is as tax law requires to reflect checks and deposits made/incurred by year end rather than solely those that have just cleared (which is reflected/is the bank statement balance).
Please be reminded I will need the amount of medical/dental insurance premiums paid on behalf of all of the company’s shareholders.
Below please find critiques to your July Internal Books
Please get to me just the General Ledger Pages for the general ledger accounts I referred to in my last e-mail so that I might review the changes.
Please post a Journal Entry to Debit Depreciation Expense on the Profit and Loss and Credit Fixed Assets – Accumulated Depreciation for $10,000 to record depreciation expense on the new items recently purchased.
Please take a look at the Journal Entry you did for wages as the Gross Wages does not agree to the year to date Payroll Report.
The Deposit to Sales Reconciliation Report does not fully tie (please be sure to list all deposits as I did when I prepared the prior report) to the total deposits, one of the bank accounts is not listed, and the account has $1000 as income when it appears per the bank statement that it is not. Please review/advise.
When convenient please send me a copy of the fully executed/signed issued stock certificate for my files and the S Corporation acceptance when it is received.
Please advise ASAP as I have not received copies of the Offer Submission after our last meeting of 7-10-10. I had understood when we walked away from the meeting that you would have forwarded a full set of the submitted Offer in Compromise to both the IRS and to me within a very few days of our meeting.
It is the recap sheet (see link below) being sure that your Beginning cash balance is per your prior return, That data by category is mathematically correct and that Ending cash balance is per your checkbook. To print out the form for your record and use visit http://www.hiscpa.com/recap.pdf
John Dillard, CPA of His CPA, PC (An Atlanta CPA firm) 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 http://www.hiscpa.com/ (All Rights Reserved) 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. To discover John Dillard’s Published Books and their vision.
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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.
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