Accounting News and Notes

Duluth/Johns Creek/Alpharetta CPA on Seeking God’s Power With All of Your Mind, Body & Spirit…Taking Christianity Into the World

When our family was first asked to lead a Family Mission Trip, we immediately began praying the prayer of Jabez and that God might allow us to have a dramatic impact on the reservation and in the heart and lives of the Navajo. 

Be Bold In Your Faith: Call on God for Miracles  

Jabez cried out to the God of Israel, “Oh, that you would bless me and enlarge my territory! Let your hand be with me, and keep me from harm so that I will be free from pain.” And God granted his request. 1 Chronicles 4:10   

This trip has grown from the first year to when almost fifteen of us went  five times that number going this year. God has done it all. All we have done is to be obedient to His calling  

I am reminded of the story in the Old Testament of the Bible in the book of 2 Kings. There we are told about a widow of a man who had deceased.  The widow called on the Prophet Elisha for help. Elisha promptly advise her go to all of her neighbors and to ask for empty jars and not just a few and then to take all of them home. Elisha told the widow to pour from the oil in her jar at home into all the jars that she had gathered. The widow however did only partially what Elisha had told her and stopped when she felt she had “enough” jars in so doing limited God’s blessings. 

Don’t Underestimate or Limit God  

She [the widow] left him and afterward shut the door behind her and her sons. They brought the jars to her and she kept pouring.  When all the jars were full, she said to her son, “Bring me another one.”  But he replied, “There is not a jar left.” Then the oil stopped flowing.  2 Kings 4:5-6   

Too frequently I believe we are like the widow and limit God. Frequently in life when we are at the precipice of our greatest victory that we begin to get afraid and tend to limit what God might want to do in our lives. I believe God calls us to live expectantly seeking all the more so that we might do more for the Kingdom.   

When Nehemiah heard about how the walls of Jerusalem lay in ruins he first was still as he fasted and prayed seeking to learn what God would have him do. He did not rush out but was well reasoned and organized. After confirming God’s calling on his life, Nehemiah called out to God seeking God’s favor and blessing for his journey ahead, for which he quickly learned God was blessing his obedience. Upon arriving in Jerusalem, Nehemiah was analytical in surveying the damage to the city walls,  insightful in his delegation and leadership and both wise and prudent in seeking out others of like mind.  

Then I [Nehemiah] said to them, “You see the trouble we are in: Jerusalem lies in ruins, and its gates have been burned with fire. Come, let us rebuild the wall of Jerusalem, and we will no longer be in disgrace.” I also told them about the gracious hand of my God upon me and what the king had said to me. They replied, “Let us start rebuilding.” So they began this good work. Nehemiah 2:17-18

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!

Atlanta CPA Presents Major Tenants of Mission Work, While Calling on God for Miracles…Taking Christianity Into the World

I appreciate all of the hard work that you do to support the work of  God throughout the world. We have been honored to serve Jesus Christ for the last five years in the desert of New Mexico as we serve our native Americans, the Navajo. As a Family Mission Trip I have watched families of one and families of many call on the power of Christ to change and redeem the lives of those we serve with and those we serve. When our family was first asked to lead this trip, we immediately began praying the prayer of Jabez and that God might allow us to have a dramatic impact on the reservation and in the heart and lives of the Navajo.

Be Bold In Your Faith: Call on God for Miracles

Jabez cried out to the God of Israel, “Oh, that you would bless me and enlarge my territory! Let your hand be with me, and keep me from harm so that I will be free from pain.” And God granted his request. 1 Chronicles 4:10 

This trip has grown from the first year to when almost fifteen of us went  five times that number going this year. God has done it all. All we have done is to be obedient to His calling. I feel that as long as God calls that I should do all that I might to make sure that all “find a seat at the table.”  We were uniquely blessed this past year we have had three members from the Reservation visit here, been asked to be the Godparents of one of those we serve, added adult Bible Study, deepened relationships with the seniors. expanded our construction efforts, working to develop team building with the Navajo on the reservation and watched God do much to bless our efforts both while we are there and since.  

We continue to have almost daily contact with the reservation. We often meet sometimes as many as three to four times a week with members of our team to cement our love of each other, to encourage our faith in God, and to develop strategies how we can best witness to each other and to the Navajo. Just this past week we have met with several families and the predominant thoughts of our talks are our journey on the reservation. Also this past week I met with John of Bugs 4 Christ to discuss the best way we could reach the Navajo youth as well as the adult men and women on the reservation. 

This year we plan to have a 5 p.m. dinner on the reservation at the Senior Center to meet on their turf, to cook out, to fellowship, to present the Volkswagen we are going to rebuild as we  present God’s word, while talking about how our minds our made to conform more and more to the image of Christ. John of Bugs 4 Christ has been a Youth Minister and adds much depth and spiritual insight to ways that we plan to reach out and to touch the lives of those we serve and those we serve with. 

I am reminded of the story in the Old Testament of the Bible in the book of 2 Kings. There we are told about a widow of a man who had deceased.  The widow called on the Prophet Elisha for help. Elisha promptly advise her go to all of her neighbors and to ask for empty jars and not just a few and then to take all of them home. Elisha told the widow to pour from the oil in her jar at home into all the jars that she had gathered. The widow however did only partially what Elisha had told her and stopped when she felt she had “enough” jars in so doing limited God’s blessings.

Don’t Limit God

She [the widow] left him and afterward shut the door behind her and her sons. They brought the jars to her and she kept pouring.  When all the jars were full, she said to her son, “Bring me another one.”  But he replied, “There is not a jar left.” Then the oil stopped flowing.  2 Kings 4:5-6 

Too frequently I believe we are like the widow and limit God. Frequently in life when we are at the precipice of our greatest victory that we begin to get afraid and tend to limit what God might want to do in our lives. I believe God calls us to live expectantly seeking all the more so that we might do more for the Kingdom.  

When Nehemiah heard about how the walls of Jerusalem lay in ruins he first was still as he fasted and prayed seeking to learn what God would have him do. He did not rush out but was well reasoned and organized. After confirming God’s calling on his life, Nehemiah called out to God seeking God’s favor and blessing for his journey ahead, for which he quickly learned God was blessing his obedience. Upon arriving in Jerusalem, Nehemiah was analytical in surveying the damage to the city walls,  insightful in his delegation and leadership and both wise and prudent in seeking out others of like mind.

Then I [Nehemiah] said to them, “You see the trouble we are in: Jerusalem lies in ruins, and its gates have been burned with fire. Come, let us rebuild the wall of Jerusalem, and we will no longer be in disgrace.” I also told them about the gracious hand of my God upon me and what the king had said to me. They replied, “Let us start rebuilding.” So they began this good work. Nehemiah 2:17-18

“He (God) Knows My Name.” This is to be our theme for this year’s mission trip. By reminding all on the reservation that the mighty God of the universe knows who each and every one of them are, giving a shirt along with these words and a Navajo style cross, we will do much to make God real in the lives of many who are not blessed to attend a church of any type. 

We have also discussed and would like for the Church to consider having for all missions a month before the first mission trip leaves a 3 Day Famine for Church Wide Missions. We would like to invite the world at large to join all people going on missions to join us in this endeavor, as we prepare our minds, hearts and souls as we prepare to be the very hands and feet of Christ 

This is a family trip for us and that we pour our entire hearts and soul into this trip striving to do all that we might to make it what God would have it to be. As the demands of a larger and larger group have encouraged us to seek out the godly, wise and most treasured help of our dearest friends to assist us in leading on this trip. Their insight and assistance has done much to bolster our faith, generate energy and to strive to do all that we might not to limit what God might want to do in the lives of others.  

With the $3200 plus additional monies raised last year along with the higher fees this year, I believe we are still remaining revenue/expense neutral in church monies for our trip, which remains our short and long term goal. I believe this is essential as our local churches need to be able to support and encourage both the congregation and the mission field in our own backyard. I believe all mission participants should seek to raise their own support (via support letters) that this would be an advantage to others to Take Christianity Into the World as all seek to tell friends, family and others about what we are doing in His name.

We have found that in serving the Lost, the Last and the Least that God’s redeeming power is poured out again and again into the lives of those who have served. I am committed to doing whatever I need to do to ensure that not one person is discouraged or limited from being allowed to serve the Kingdom of God.  I believe that all missions and in the life of our churches has done much to encourage those to walk in faith in action and indeed. 

I believe that the Navajo people and more specifically the people of Pueblo Pintado are ready for a revival in God’s word that is to be sparked by us. I believe that in so doing that we will all be more of what God wants us to be, both there, and in our daily lives. For it was from small groups that Jesus poured his life into and from which we are all enjoying still the fruits of his efforts. I believe that all that we are called and should serve others.  Seek God with all your heart and seek after him with all your might and call on His blessings in all that you do.

John Dillard, CPA of His CPA, PC (A Duluth GA 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!

Duluth/Johns Creek/Alpharetta CPA Advises Atlanta Business Owners on Preparing a Profit and Loss…The Atlanta Bookkeeping Series

How to Prepare a Profit & Loss

A well presented Profit & Loss will be broken out in the sales section, cost of goods sold, and general and administrative expenses. Many businesses will break out their sales and cost of goods sold accounts into several categories that might be useful for review and analysis.

In evaluating your company’s financial, it is usually best to review your profit and loss being sure to show the current period under review as well as the year to date totals. This will have the added advantage of reviewing specifically the most current operations for any significant variances or trends as well as contemplation of where you stand vs. your annual and year to date goals. Your financials are best reviewed and presented when you also add a column which calculates items as a percentage of sales which allows the reviewer to have a good grasp/rule of thumb of which to measure operational results.

Frequently financial statements are unduly cluttered with accounts that have no financial, operational, or tax significance. A company’s statement should be concise giving the business owner as well as the CPA meaningful information without unnecessary data. A financial statement, like a heart monitor in a hospital, is the barometer that measures the lifeblood of a business, giving its holder critical and insightful information that is needed for all short and long term operational and strategic decisions.

Understanding and analyzing your company’s financial statement is one of the most critical aspects to having information to properly manage your business. Our exhaustive experience in this field will help guide and direct you to understanding this critical aspect of your business.

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

Tucker/Gwinnett/Duluth CPA Firm Helps Atlanta Taxpayers Addressing Entity Selection Issues When Incorporating in Georgia

Utilizing tax law to your best legal advantage is the responsibility of all. When Jesus said we are to submit to Cesar what is Cesar’s this also required us as Believers and Christians to pay all of the taxes we legally owe. However He did not require us to pay more than tax law required or stated that we owed. Recently I received an inquiry off of my web site seeking to learn the tax advantages and nuances of different entity choices and below is their inquiry:

Below is my response:

Thanks for visiting www.HisCPA.com Generally speaking I would suggest you be an S Corporation but before we make a final decision I will forward you an article for your review.

Let’s talk tomorrow a.m. about your particular situation. However generally speaking an LLC will pay more in taxes because of the way it is taxed, business deductions are substantially identical and the only major nuances will be the implementation and set up of a retirement account based determined exclusively based upon how the IRS defines earned income.

Cheers, John Dillard CPA, 770 814 9304

 http://www.hiscpa.com/article1.html Atlanta CPA Illustrates Difference Between Planning & Historical Accounting by North Fulton CPA
http://www.hiscpa.com/article3.html Gwinnett/Duluth 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 

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.

Lawrenceville/Snellville/Duluth CPA Advises on Seeking Penalty Abatement

Failure to pay penalties occur when a taxpayer, whether an individual or a business, do not meet/pay their tax obligations as they become due. These penalties are in addition to the failure to file penalties and often result in the additional cost of collection rapidly increasing the original amount due. If you can show good cause, the IRS often will work with taxpayers in the considering an abatement of these penalties. The below is a sample letter we might receive from a taxpayer to address open tax issues, penalties and interest.

We got a letter from GA state on taxes we owe  2007 & 2008  we ignored letter over a year ago, it was $2500. Now it is $4000, I can pay the $2500 but no way I can do 12 month payments on $4000. Any way they would take an offer of compromise for original amount ( about what I will get back on state) ?  we called and ask if we could pay it and they did not care. Is it hard doing OIC or should an accountant do it and what is the cost. Thanks

Here is my response:

Thanks for visiting www.HisCPA.com  I would suggest retaining me as your power of attorney paying the amount in full along with the interest, while asking for penalty abatement. Frequently we have learned this a viable alternative to other more costly options. Even if you did qualify an Offer in Compromise would cost as much/more than you owe. If you would like to discuss further please give me a call. 

http://www.hiscpa.com/article1.html Atlanta CPA Illustrates Difference Between Planning & Historical Accounting by North Fulton CPA
http://www.hiscpa.com/article3.html Gwinnett/Duluth CPA Teaches Personnel Keys to Managing Business Growth
http://www.hiscpa.com/article6.html Snellville/Lilburn 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 

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/Duluth GA CPA Presents Men Step  Up…Taking Christianity Into the World

I wanted to let you know about something that has been going on for men in Gwinnett County for about 4 years. 

One of the things I have been looking for is a place to grow that is relevant to me as a man in the marketplace. I think I’ve finally found it in a forum called Men Step Up.  This is a weekly forum where men have an opportunity to look at real issues, step up to the truth, and personally interact with the Word of God and one another. 

A lot gets done in an hour (6:30am – 7:30am on Friday).  They serve coffee & doughnuts, followed by a brief opening that sets up a lie commonly held by most men, and the truth about that lie.  Then, there is 20 minutes of discussion with no more that 4 people at a table.  One of those 4 is a table leader who directs the conversation for the other 3 to be heard.  The most important thing that happens is each man takes the specific verse of the week and meditates on it and then discusses what jumps out to him.  Then the discussion is opened up to the room and a large group wrap-up takes place.  It is amazing what comes out of this simple approach. 

Men Step Up has been around for about 10 years with its origins in Alpharetta.  It now has a subscription based on line offering that is available to any man all over the world.  Check out www.menstepup.com 

Locally, Men Step Up – Gwinnett meets every Friday at California Dreaming at 6:30am (I-85 & Old Peachtree Rd. Exit 109). 

If you have any questions, call Casey Sanders at 404-918-5343 or email caseymatts@aol.com 

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!

Gwinnett/Duluth GA/Tucker CPA Advises Atlanta Taxpayers While Evaluating Whether or Not to Submit and Offer in Compromise

Staying on your “P’s & Q’s” with your taxes is essential but it is even more important when processing an Offer in Compromise to Address Back Taxes, IRS Representation & Submitting an Offer in Compromise. Below is a sample letter that I might sent a client to address such time sensitive tax planning issues:

I wanted to be sure you are aware of the issues at hand and correspondence to date: 

- I  originally forwarded to you the general rules of processing an Offer in Compromise detailing the urgency and details of submitting same.

-Then I filed my Power of Attorney asking for sixty days to file all of your returns and to file an Offer. If we are to meet this deadline I need your corporate and personal income tax data by this week. Then by the end of next week I will need a new Form 433A, Form 433B and Form 656, for you to give me an estimate of what your 2010 profits will be from each business so that we can tax plan for accordingly.

-Just this past week I sent you a e-mail detailing your commitment to file the 2009 corporate and personal income tax returns within ten days.

- I recently forwarded more correspondence to the IRS office asking that there be no collection efforts.

-Just yesterday I sent you data needed to properly prepare your returns.

-This will confirm our discussions that you are aware of the need to pay your taxes as you go or the IRS will not even consider an Offer in Compromise.

-This will confirm our conversations that I suggest that ASAP after we complete the 2010 tax planning above that you retain a payroll service to pay/keep your taxes current. 

I will send you under separate cover information about keeping your filings and tax payments current. 

If you fail to meet the deadlines above I believe the IRS ASAP will soon

-File Liens

-File Levies

-Seize Accounts/Assets

-Garnishment Income/W-2 wages 

http://www.hiscpa.com/article1.html Atlanta CPA Illustrates Difference Between Planning & Historical Accounting by North Fulton CPA
http://www.hiscpa.com/article3.html Gwinnett/Duluth 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 

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.

Lilburn/Tucker/Duluth GA CPA Answers the Question: What Can I Do to Serve on a Mission Trip?…Taking Christianity Into the World 

All too frequently Satan will put doubts into our minds about how we all can possibly do on a mission trip. I have learned over the years that for all that this is a natural and normal reaction to missions. Though it is by our overcoming our fears, leaning on God and resting in the faith of Him, that we can be most like him. 

God has a place for all to serve. Whether you greet people at the door, hand someone a sandwich or hammer a nail, God can use all to do His bidding and in so doing, fulfill our destiny. God has greatness designed for you and your life and He is calling you yet closer still. Below is a sample expert that I might use to share with those we serve with illustrating that if you can help coordinate and buy groceries for a mission trip, that your efforts will be invaluable to the overall efforts of the team: 

Just sitting here seeking to learn what God would have us do in the desert of NM and there is a great leadership role that you could make a huge difference. 

Might you consider arriving two days early on the trip to assist those who will be buying food for the entire group. Of course the menu would already be selected and even your involvement in the coordination of ensuring that the food suppliers in advance have our list, have the items pulled and ready.  

We have been buying most of the food the last two years from either the Costco in Albuquerque or the Wal-Mart in Grants and often both. 

In His Name 

To get a feel for our work on the Mission Field in Pueblo Pintado NM might I invite you to watch our video at http://bit.ly/QS0V9 If you listen and watch with an open heart, it will change your world. To gain a glimpse of our vision visit or if your church wants to get involved with our work visit   http://www.hiscpa.com/blog/2009/07/30/casting-a-vision-navajo-family-missions-taking-christianity-into-the-world/

John Dillard is an Christian Speaker/Author and a Duluth GA 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!

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.