Accounting News and Notes

Award Winning Alpharetta/Atlanta CPA Reminds 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. 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. When processing personal returns our primary concern is both accuracy and ensuring that ever taxpayer pays only their lowest legal possible tax. Below is a sample letter that we might send to encourage taxpayers to forward all of the necessary documents and information required to properly file the return:

In getting started on your personal return I did not see: 

-What you paid in estimated tax payments by date to both the IRS & GA for 2009. For 2010 I suggest we do tax planning (after you give me a net profit before distributions and salary to the owners) so I might advise you to adjust your withholding accordingly. I recommend all of my clients pay all of their taxes via payroll withholding as the IRS and GA will add tax penalties and interest for late payment. For all Business Owners I recommend you use a payroll service to help out with the burdensome administrative and reporting responsibilities of processing payroll. 

-I did not see the property taxes/ad valorem on your personal vehicles. 

-I need the purchase date of the stock you sold so that I can properly classify the gain between short and long term and capital gain.

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.

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!

Award Winning Alpharetta/Atlanta CPA Asks Does Your CPA Think “Outside the Box?” 

Ensuring That You Pay Your Lowest Legal Possible Tax. As a Atlanta Christian CPA I believe I have several key responsibilities including: 

1. Keeping Your Tax Bill as Low as Legally Possible.

2. Planning for Your Financial Future/Retirement.

3.Think Outside the Box.

4. Find Missed Tax Deductions.

5. Practice the Golden Rule.

6. Offer Excellence in Service at a Mid-Range Price.

7. Be Emphatic.

8. Be Fast, Accurate and Professional.

9. Be Bold in My Faith in Jesus Christ.

10. Good Returns: FAST 

Living out our faith as Believers requires all of us who follow and accept Jesus as our Savior to lean on Him during all times, boldly seek His will for our lives and to live expectantly as we seek to live in love. 

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

Atlanta CPA Takes Christianity Into the World…What Does Being a Christian CPA Mean

www.HisCPA.com

Frequently as Believers we make sharing a faith hard, while Jesus said that Christians would be known by their love. Whether you are Baptist, Episcopal, Methodist, or Presbyterian we are all united by our faith in Jesus Christ. Several years ago God laid on my hear that I should establish  a different kind of CPA firm — one that would bring the principles of Jesus Christ to the practice of Accounting.

During this time, his practice has been growing, as clients who are seeking a Christian accountant who believes in Christ’s principles take advantage of His CPA for their business accounting, personal financial planning, and tax preparation needs. My CPA practice is how I provide for my family. But our speaking engagements, our books, our mission work and our involvement in the pastoral relations committee is what we are. We are a part of the Body of Christ, made for a specific purpose and destined to be with Him forever.

Below is my testimony on how he was led to create a Christian CPA practice to serve business owners throughout Metro Atlanta, America and the World.

Managing my own successful CPA practice in Gwinnett County for over twenty years, I continue to feel God’s calling on my heart and his desire for me to be more about Him. I have always felt it was my mission to witness to those I came in contact with in both my business and social contacts, but God continued to lay it on my heart that He wanted much more.

Even though  I was willing to share my Christian faith with people to whom I came in contact with, God was calling and he wanted me to be much more overt, but loving, to share the love of God. Having practiced the Golden Rule in my CPA firm for years, God was calling to be the true center of my life and not just a major player.

With my new bride now of six years, we set out on a journey that has led us on mission trips, publishing books, changing Georgia law, and starting a new accounting firm, HIS CPA, P.C.

Though we wanted to start the company at the beginning of the year God made it necessary to start the firm immediately as He wanted it done then and not later. To this end we have been faithful and continue to spread the Good News of our faith and Christianity to anyone who would like to hear.

Our faith and our lives intersect. Though we still have much to learn to grow to be like Him, we have studied his word and continue to work in Bible studies to share his love with others. My CPA firm is committed to the One who made me and we act on this daily by “Serving HIM by serving You…one tax return at a time”.

John Dillard is an Christian Speaker/Author and Certified Public Accountant. 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 visit http://www.john-dillard.com/ or all John Dillard CPA today at 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!

Serving Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming. Serving New York, Los Angeles, Chicago, Houston, Philadelphia, Phoenix, San Antonio, San Diego, Dallas, San Jose, Detroit, Indianapolis, Jacksonville, San Francisco, Columbus, Austin, Memphis, Baltimore, Fort Worth, Charlotte, El Paso, Milwaukee, Seattle, Boston, Denver, Louisville, Washington D.C., Nashville, Las Vegas, Portland, Oklahoma, Tucson, Albuquerque, Long Beach, Atlanta, Fresno, Sacramento, New Orleans, Cleveland, Kansas City, Mesa, Virginia, Omaha, Oakland, Miami, Tulsa, Honolulu, Minneapolis, Colorado Springs, Arlington, and Beyond.

Atlanta CPA Provides Tax and Business Tips to Atlanta Business Owners & Entrepreneurs

The largest and most burdensome administrative responsibility for a business owner is payroll. 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. To learn more visit http://www.hiscpa.com/payroll.html

Keeping in mind on an ongoing basis as well as during an IRS audit of what is a legal tax deduction and the documentation thereof is essential to sound business management. To learn more about how you can best be ready visit http://www.hiscpa.com/business-expenses.html

Also it will be wise to consistently evaluate, as well as when preparing for an audit, to ensure that your workers are properly classified predominantly to ensure that there are no workers, who are truly employees, that you are in error classifying as employees. To learn more and to ensue your workers are correctly classified at http://www.hiscpa.com/independent-contratctor.html

Contact HIS CPA PC (A Christian Atlanta CPA Firm) today.

To learn more about addressing Atlanta IRS Tax Issues and Atlanta Back Tax Returns visit http://www.hiscpa.com/working-with-the-irs.html

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.

Tucker/Alpharetta/Atlanta CPA on Effective and Directed Communication to Address Atlanta IRS Tax Problems and Back Taxes

Dealing with the IRS in addressing tax issues requires several things including first a good CPA who is well versed in tax law, has a proven and well documented record of success in dealing with the IRS and a dogmatic pursuit of helping taxpayers ensure they pay their lowest legal possible tax. Below is a example of such a piece of correspondence geared towards addressing open and unpaid back taxes and developing pragmatic opportunities for all involved to resolve unpaid taxes:

Internal Revenue Service

Atlanta, GA 39901 

RE: Client_______________SS#_____________for the tax years___________

Enclosures: A Power of Attorney 

Dear Sir or Madam, 

I am following up to my previous letters to get a detailed record of account for the above referenced taxpayer detailing all of their payments and their outstanding balance. Please cease all garnishment efforts on the above referenced client. A garnishment will be a financial blow to the clients that I do not anticipate they will be able to recover from to address both their Georgia monies owed as well as the federal Offer of Compromise that is presently pending in the IRS Appeals Office. 

I am following up on the taxpayers open monies due Georgia and the IRS and to set up an Installment Agreement thereon. I have previously forwarded for your review a copy of the last piece of correspondence regarding their IRS Offer in Compromise. As you can see from the previously forwarded correspondence the taxpayer has no substantive assets, cash flow or funds of any type. This is the most they are able to commit to at this time. Accordingly, please cease all garnishment efforts while this Installment Agreement is being processed.  

I have previously forwarded Installment Plan Request Form 4506 for the above referenced taxpayer listing the most that they would be able to commit to on an monthly basis as $125 per month. In this package the client has been able to commit to having a $325 monthly payment. We sent this request to be confirmed in writing on 02-23-10 and to date have not yet received any confirming correspondence. Accordingly I have asked the client to send a check for the first monthly payment by 4-1-10 and to continue to pay monthly until the account balance is paid in full. The taxpayers are desirous to settling all of their tax debts and this will be a positive step in that direction.  

Please accept this Installment Plan as originally forwarded. 

Please do not hesitate to contact me if you have any questions or need any additional information.

Sincerely, John C. Dillard, CPA, PC, Partner in Charge

Contact HIS CPA PC (A Christian Atlanta CPA Firm) today.

To learn more about addressing IRS Tax Issues and Back Tax Returns visit http://www.hiscpa.com/working-with-the-irs.html 

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.

Atlanta/Gwinnett/Fulton CPA Addressing Tax Issues Successful Tax Representation for Atlanta Taxpayers for Decades… The IRS/Tax Representation Series

This is the Fourth article of the IRS & Tax Representation Series. Always be sure to tell the truth in all tax matters, audits and Offer in Compromise. 

Frequently I get questions that lead to some interesting conversations ranging from tax law to our faith and beliefs as Believers. Keeping Christianity Simple is what I believe Jesus came to teach and to share his message of love. But love, like all things of value can only be based upon the purity of truth. Recently I received this inquiry for a taxpayer who was undergoing an audit: 

I have a small business sole proprietorship and am being compliance audited on IRS Form Schedule C expenses. In preparing for the audit, I have discovered some mistakes I made when preparing my return in 2008 (double counting some expenses) and have lost some travel records for some trips I expensed. Should I mention this to the auditor or not?

A fellow Christian wants to know. Thanks! 

For whether you in the middle of an audit, submitting an Offer in Compromise, addressing back taxes or unfiled tax returns, putting your best foot forward requires one to deal in truth and truth alone. Though all taxpayers should aggressively work to get ever legal tax deduction they are allowed, they should always be grounded and interpreted under laws and statutes of tax code. You should absolutely mention this to the IRS agent and to ensure that this error is corrected and appropriate restitution is paid. To this end, I drafted the below in regards to the inquiry received: 

I would suggest always telling the truth. I also recommend you retain a CPA to help handle the audit as well as looking to incorporate your S Corporation for both tax savings and legal liability limitation. I will send you some information under separate cover.

Hope to meet you soon. 

In Him, John Dillard CPA, 770 814 9304

Paying Your Taxes – Withholding & Extensions for Metro Atlanta Taxpayers
Paying your taxes made easy. This section will enable you to quickly grasp the general guidelines of tax law requiring that you pay taxes as you earn money. As well, extensions and their uses and limitations are disclosed and discovered. Visit http://www.hiscpa.com/paying-taxes.html

How to Avoid an IRS Audit for Atlanta Taxpayers
Discover simple steps that you can do to help prevent an IRS audit. Though the tax code is at times very difficult to understand and comply, these basic simple steps will help you avoid an IRS audit. See http://www.hiscpa.com/avoiding-audits.html

Solving IRS Tax Problems: Submitting an Georgia Offer in Compromise
When all else fails and if you qualify, the IRS and Georgia both have a program which will enable you to work to solve the severest tax problems. Visit http://www.hiscpa.com/offer-in-compromise.html

Utilizing IRS Installment Plans for Metro Atlanta Taxpayers to Pay Your Past Due Taxes
The IRS has long been in the business of helping taxpayers get back into the system to ensure that taxpayers are able to pay their taxes over time. For those who do not qualify for an Offer in Compromise or to pay the taxes and interest in full, while seeking penalty abatement, an Installment Plan is a prudent and wise choice and alternative to get your past taxes due paid and current. See http://www.hiscpa.com/installment-plans.html

A Christian CPA Firm: Never Underestimate the Long Term Benefits

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.

Atlanta CPA Firm Presents Meredith Moore & Family Business Radio…Where Atlanta Small Business Discovers Tax & Financial Tips to Success

Greetings friends and colleagues. 

I successfully “aired” Family Business Radio for the first time yesterday.  Here is the showhttp://bit.ly/PremierFamilyBusinessRadio 

Moving forward, you can listen to the show at http://familybusinessradio.businessradiox.com/ on Thursdays at 1PM or wait for the podcast via e-mail each week.  Thematically, we will be having on a number of very successful local family business owners, their trusted advisors that work in this area and “family outsiders” that work in an executive capacity in this business.

I would HIGHLY encourage each of you to consider coming on the show or e-mail me about having one of your family business clients consider coming on.  It’s free press, as I incur all production costs.  You can market the podcast through social media, your website and database.  I have already booked out through most of May.   

You can get Family Business Planning, Strategic Advice and Tax Ideas on Atlanta CPA John Dillard’s Podcast at http://familybusinessradio.businessradiox.com/116

Meredith C. Moore, LUTCF, CLTC
10896-A8 Crabapple Rd
Roswell, GA 30075
Office: (770) 587-0281
Cell: (404) 697-5289
Fax: (770) 587-0283
http://www.moorewealthmgmt.com
moore@moorewealthmgmt.com 

“Coordinating the financial affairs for a select group in Greater Atlanta”

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.

Duluth/Atlanta CPA Advises Atlanta Business Owners on Preparing a Balance Sheet…The Atlanta Bookkeeping Series

How to Prepare a Balance Sheet

Preparing a balance sheet in good form will break out the assets and liabilities separating the long-term from the short-term items as well as a separate section for equity. Short-term items are those that are anticipated to be utilized/spent/collected/paid within the next twelve-month period. Long-term assets/liabilities are those whose ultimate disposition is to be addressed beyond the following year and not within it.

A Balance sheet begin with the current asset section with cash usually listed first and then with accounts receivable and inventory following next. Any other short-term items would also be included in this section with care given to presentation to ensure that like kind items and accounts are appropriately detailed and segregated.

Next the long-term assets of a business are listed, consisting of items that will be held by a business beyond the next twelve-month period. In this category you will find a company’s fixed assets such as equipment, furniture and fixtures, vehicles, and leasehold improvements along with their corresponding amortization. Other long-term assets might include any deposits the company has paid or other items anticipated to be an asset beyond the next year.

Subsequently  on a company’s financial/balance sheet you will find the current liabilities section, which will list all of the items a firm owes and believes it will need to address short term. This section typically will have included in accounts payable, payroll and sales taxes payable, customer deposits, and any short term portion of any notes payable (the long term principal portion of the note will appear on long term debt section which should immediately follow the current liability section).

A balance sheet ends with the equity/stock section which details a company’s stock, retained earnings/capital account, distributions/dividends, and the annual year to date net income (loss) of the business for which most accounting packages rolls forward from the profit and loss. Your distribution account should be closed at the end of each year to the retained earnings/capital account at the end of each year so that the net worth of a business might be tracked.

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!

Duluth/Atlanta CPA Presents to Atlanta Christians/Believers The Great Day of Service…March 27th…Feeding the Homeless of Atlanta…Taking Christianity Into the World 

Atlanta/Duluth GA  CPA Presents 7’s heart: Seeking to Serve Christ in All Ways…Taking Christianity Into the World 

Serving/Feeding the Homeless of Atlanta: Serving the Least, the Lost and the Last 

Word for the week: Strength In Weakness. Matt 20:20-28       

No one wants to be weak, so we find ways to appear strong. Some of us use the force of our emotions to manipulate people. Others use the force to control people, and some use intellect to intimidate. Although these create an illusion of strength, they are signs of weakness.  When we are truly strong, we have the courage to admit our limitations and to acknowledge our dependence on God. As a result, true strength looks a lot like weakness. When the apostle Paul prayed that an affliction would be taken from him, God answered, ” My grace is sufficient for you, for my strength us made perfect in weakness.” (Cor.12:9) Paul responded with these troubling words: “when I am weak, then I am strong.” Toward the end of Jesus’ earthly ministry, some of His disciples were striving for positions of prominence. Jesus used their argument as an opportunity to teach them that we willingly assume positions of weakness ( Matt 20:26). 

This is a hard truth. I prefer the illusion of strength to  the reality of weakness. But God wants us to realize that true strength comes when we stop trying to control people and start serving them instead. Whoever decides to become great among you, let him be your servant. Matthew 20:26 

I would like to thank all the volunteers that came out to the bridges Saturday. I was touched to see so many willing hearts going and serving the last, lost, and the least. I also want to say thank you to all the volunteers that help keep Gods ministry running.  There are so many blessings being poured out and so many prayers being answered inside the ministry. Glory be to God!!! 

Oswald stated that we should not look for God to come in any particular way, but do look for him. The way to make room for him is to expect him to come, but not in a certain way.  Let God surprise you!! Live in a constant state of expectancy. Every day that God  gives you,. allow him to guide you and trust in his word because he will fulfill his promises. We are expecting God each and every day to show up and show out inside of His ministry.  Don’t put boundaries on God, especially on what is already his. Thank you for your hearts, thank you for your support, and thank you for the continual love that you pour out for this ministry. May God Bless you. 

Love, Pastor 7

Pastor 7 with 7 Bridges to Recovery is doing great things to Feed the Homeless of Atlanta while spreading the word of God. I suggest you go down and see what he is doing on the weekends to take the message to the streets of Atlanta. I believe he would be a great speaker to the whole congregation and Discipleship Groups as people are looking for opportunities to get real with their faith by being the very Hands and Feet of Jesus Christ.    You can read about his Ministry at http://www.7bridgestorecovery.org/home_page.html   We are actively involved in going and supporting Pastor 7 and the great work he is doing to Serve the Lost, the Last & the Least.     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