Duluth GA CPA Offers Free Initial Consult to Gwinnett Business Owners, Taxpayers and Those Needing IRS Representation
If you are a Gwinnett/Metro Atlanta Business Owner and Need Help with:
-Corporate and Personal Income Taxes
-IRS Representation
-Bookkeeping and Financial Statements
-Virtual CFO
We offer a free initial consultation. All you have to do is show up!!!
With this free offer there is but one restriction, you have to show up.
John Dillard CPA of His CPA PC offers free initial consults because he believes there should be very few strings attached when meeting with a CPA for the first time. As with all firms we offer this because we care about our clients seeking to make you a friend for life. However, if you do not show up and fail to notify us in advance so that we might reschedule our time accordingly, there is a no-show fee. At His CPA we work hard to keep your tax bills as low as legally possible.
It is time to upgrade your CPA firms tax services today? John Dillard CPA…An Award Winning CPA. To read more about our qualifications, experience and talents see http://www.hiscpa.com/about_us.htmwww.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Alpharetta, Suwanee, Lawrenceville, Norcross, Atlanta, Gwinnett, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Snellville, Lilburn & Grayson as an Award Winning CPA
S Corporations Duluth/Gwinnett CPA: General Instructions for Filing as an S Corporation
IRS Form 1120S should be used to report the following things: income, gains, losses, deductions, credits, etc. for a domestic corporation as well as any other kind of entity in a tax year that has elected to be taxes as an S Corporation.
Who Has To File
here are a few reasons why a corporation or entity would have to file with Form 1120S, they are revealed below:
if the corporation claimed to be an S Corporation through Form 2553
the IRS accepted that election
and the claim and election remain in effect for tax the current tax year
Once you have filed Form 2553 the IRS will send you a note of confirmation that your election was received and that it is acknowledged and accepted. I suggest that you will want to keep this document permanently. A prudent place to store this would be along with copies of your business incorporation papers along with the EIN, Bylaws, Articles of Incorporation, Stock Certificates etc.
If you do not receive the IRS confirmation letter of your S Corporation request within two months you should contact the IRS and ask about your election letter by calling 1-800-829-4933. Form 1120S generally should not be filed for tax years before the election was made and accepted.
There is a possibility that if you failed to file Form 2553 on time, that the IRS may give you time for a late election. Instructions for late elections can be found on the instructions for Form 2553.
Duluth, Atlanta CPA: Understanding Authorized versus Issued Stock
As a Duluth GA CPA for decades we have helped file thousands of tax returns over the last twenty years. For our clients who Incorporate their new business in Georgia we frequently get asked to help them understand the difference between authorized and issued shares. The below is a sample letter we might send a client to seek to advise them accordingly. Be sure to work closely with your legal counsel when incorporating to ensure you make the correct entity selection for your business and understand the many nuances of incorporating:
When I looked at the incorporation papers you forwarded it showed that the company authorized 10,000 shares. The Authorized shares represent the amount of shares a company can issue.
Most always it is a good idea not to issue all of the authorized shares so that you will be able to issue more down the road if you so desire to add a partner etc. When your attorney incorporated you they should have actually issued stock certificates to you. Please follow up with your attorney to see how many shares they issued you.
Typically many attorneys will issue just 500 shares at a $1 each. This allows you the flexibility: -To add shareholders in the future. -To get repaid all of the money you loaned the business (i.e., if you gave the business $10,000 to get started, it could record the $500 as common stock (500 shares at $1each) and the rest of the money as a loan the business will repay you.
Getting Your New Georgia Business Incorporated Understanding many of the basics of the start of the incorporation process will do much to ensure that you are well-versed and able to make wise and informed decisions. As these issues will affect your business operations and finances during the lifetime of your business they are essential to getting started well see http://www.hiscpa.com/incorporating-guide.html
Duluth GA CPA Advises Gwinnett County, Georgia Business Owners on Filing of Business Personal Property Tax Returns and Freeport Exemption
Though many business owners throughout Georgia still do not know about the law, Georgia Business owners are required by law to report personal property/fixed assets (Equipment, furniture, computers etc.) that it owns as of January 1st of each year to their local government. The reports are then required to be completed and mailed to the respective county/city government by April 1st.
Though many business owners are not aware of the law, it does exists and many if not most all business owners will be subject to the reporting and the property taxes due each year as a result of the fixed assets a business owns. On Friday, January 13, 2012, Gwinnett County began mailing Personal Property Tax Returns forms. Whether or not you get the form, you are subject to the requirements and payments as required by law. You can gain a copy of the form if you are a Gwinnett business owner at http://www.gwinnettcounty.com/static/departments/financialservices/pdf/BUSINESS%20PERSONAL%20PROPERTY%20TAX%20RETURN-PT50P.pdf
Georgia Business owners in counties other than Gwinnett should contact their local county to obtain copies of the forms so they might ensure reporting and payment compliance.
If your business has inventory it is required to report this information as well on that form. Business owners who have inventory, file on time and qualify can reduce their tax liability by applying for the Freeport Exemption. Each county and municipality may elect to exempt the following types of tangible personal property:
Inventory of goods in the process of being manufactured or produced including raw materials and partly finished goods;
• Inventory of finished goods manufactured or produced within this State held by the manufacturer or producer for a period not to exceed 12 months;
• Inventory of finished goods on January 1 that are stored in a warehouse, dock, or wharf which are destined for shipment outside this State for a period not to exceed 12 months;
The percentage of exemption can be set at 20, 40, 60, 80 or 100 percent of the inventory value. Over sixty percent of Georgia counties and cities have adopted the Freeport Exemption at some level.
Application for Freeport Exemption should be made with the Board of Tax Assessor’s within the same time period that returns are due in the county. Applications filed after that time can receive a partial exemption for that year up to June 1.
John Dillard CPA has been an Atlanta CPA for decades, in Gwinnett since 1982 and in Duluth for the last fifteen years. At His CPA PC we focus our business on helping Gwinnett and Atlanta Business Owners succeed.
“Working with Gwinnett Entrepreneurs and Business Owners is the focal point of our practice. Put our talents to work for you today, being sure you get timely relevant financial information.” – John Dillard CPA
At His CPA PC we can help you with your bookkeeping ensuring that:
• Your financial statements are properly compiled
• Your bookkeeping gives a true picture of your financial position
• You gain financial insight you can use to make prudent business decisions
• Your charts of accounts are well organized for the tax and the “tax man”
• Your accounts are properly classified in the proper sections of your company’s Balance Sheet and Profit and Loss
• Your payroll and sales tax reports are prepared efficiently
• Your financial reports provide essential management information
“The best way to know where you are going is to know where you are.” -John Dillard CPA
We work hard on your financial statements so that you don’t have to. John Dillard CPA of His CPA PC provides Atlanta Business Owners with the option to outsource your bookkeeping needs. Whether you need light bookkeeping or help with the most difficult of management and financial statement issues, His CPA can help. Providing Virtual CFO services to Atlanta Business Owners for decades John Dillard CPA, “brings to the table” a varied and expansive resume of credentials, awards, community involvement and expertise. To read more about Bookkeeping Solutions For Your Metro Atlanta Business see http://www.hiscpa.com/bookkeeping-solutions.html
www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Alpharetta, Suwanee, Lawrenceville, Norcross, Atlanta, Gwinnett, North Fulton, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Snellville, Lilburn & Grayson as an Award Winning CPA
Gwinnett CPA Provides a Checklist for Small Businesses in Gwinnett and Georgia
As a business grows, eventually the need arises to hire and pay employees. Unincorporated sole proprietors may be able get by without employees by filing quarterly estimated taxes and paying the self employment tax at the end of the year with their form 1040. With an incorporated business entity, or when hiring other workers besides the owner, there are specific requirements for tax withholding and information reporting that must be filed.
How to Determine if your Workers are Employees or Independent Contractors
You may be tempted to classify the people that work for you as independent contractors. Unlike employees, you are not responsible for withholding taxes, making Social Security contributions, or paying unemployment tax for independent contractors.
However, the IRS has a very strict 20-point test that must be satisfied before an individual can be considered an independent contractor rather than an employee. For example, an independent contractor typically owns his or her own tools, and sets his or her own working hours.
If you classify a worker as an independent contractor, and the IRS later determines that the person should have been an employee, the officers of the company can be personally liable for the taxes that should have been withheld, along with penalties and interest.
The best advice is to consult with a certified public accountant or financial planner that is familiar with the law, and current standards being used by the IRS to classify workers. He or she will be able to provide the best, informed advice.
Before Your Hire Your First Employee
Before you hire your first employee — even if that employee is yourself, which it is likely to be if you own your own corporation — there are several things you may need to do to prepare. Here is a brief checklist:
How to Obtain a Federal Tax ID Number
You probably obtained a Federal Tax ID as part of setting up your company. (See our Small Business Getting Started Checklist for more information). You will use this ID number for reporting federal income tax and Social Security Withholding, and for paying the Federal Unemployment Tax.
How to Obtain a Georgia Unemployment Tax ID Number
The Georgia Department of Labor is responsible for administering the state’s unemployment tax system. New employers typically pay 2.7 percent of each employee’s gross wages, up to a limit of $8,500 per employee. The rate collected may vary based on a company’s unemployment claim history. Prior to hiring employees, employers should file DOL form 1-A, which sets up an account with the Department of Labor. The department also publishes an employer handbook that provides useful information on the process. You can get both from the Georgia Department of Labor Forms and Publications page.
Be Sure to Get Worker’s Compensation Insurance
If your company will have three or more employees (including officers), you are required to obtain Worker’s Compensation insurance. You may also be required to provide Worker’s Comp for independent contractors. This insurance is provided by traditional insurance companies, and is overseen by the Georgia State Board of Workers Compensation. Consult with your accountant, financial advisor, or insurance agent to determine who must be covered under this program.
Employee Forms Rules and Regulations
Prior to hiring an employee, there are specific forms that must be completed, and then kept on file. IRS Form W-4 must be completed by the employee, and indicates the number of dependents the employee claims for federal income tax purposes. The employee should also complete the matching Georgia Form G-4 to determine state tax allowances. The employer is responsible for completing Federal Form I-9 from the Immigration and Naturalization Service. This form confirms that the employer has examined documents provided by the employee to confirm identity and eligibility to work. Georgia also has a New Hire Reporting Program that requires employers to provide information on all new or re-hired employees within ten days of employment.
Complying with the Georgia New Hire Reporting Program
Georgia has a program call the Georgia New Hire Reporting Program. The Georgia law was passed to aid the state in ensuring two predominant issues:
• To assist in locating fathers who were either late or not paying their required child support
• To preclude and prevent employees from claiming unemployment who should not be
The law is a fairly straightforward one that requires Georgia employers to register with the state. Employees are then also required to register all new hires so that the state may be consistently updated on all of the new employees in Georgia. Other departments of the state government may then use this information as needed to assist in the effective enforcement of Georgia law.
Checklist Summary
The reporting and withholding requirements for employers can be daunting. Withholdings and taxes must be deposited with the Federal and state governments within specific time limits, and reporting forms must be filed by specific dates. Failure to accurately and completely submit this information can result in substantial penalties.
His CPA, Inc. has helped many companies in metro Atlanta, Gwinnett County, and Georgia prepare for hiring employees, and with filing returns properly. If you have any questions about what you see on this page, feel free to contact us for more information. A Faith based CPA firm serving Johns Creek, Suwanee, Duluth, Norcross, Tucker, Buford, Alpharetta, Lawrenceville, Snellville, Lilburn, Decatur, Grayson & Beyond.
Duluth GA CPA Presents: Jesus Will Not Un-friend You
How does it feel that the Lord of the Universe, the One who knows every star by name, who uses the earth as His footstool and scoops the oceans up into jars, wants to be your friend? He looked down upon our helpless state and while we were enemies with God, He reconciled us to Himself through the death of His Son. He saw you as worthy. He chose you. He will not un-friend you. Once you are His, you are His forever. He delights in you and considers you the apple of His eye! There is nothing that you could do to make Him love you less. Even on your worse days, His love for you remains the same. Through His Son Jesus, He sees you as perfect, holy, and righteous. It is no longer you who lives but Christ who lives in you(Galatians 2:20)!
He is not just your Master, your Savior, your Father…He is also your friend. May you walk in that closeness with Him this week. May you know you are not just loved, you are His BELOVED! We look forward to serving with you in February and living out Isaiah 58:6-8. Have a blessed and highly favored week and Lord willing, we will have another update next week!
Duluth GA/Atlanta/Johns Creek CPA… Thinking About Incorporating Your Georgia Business?
Are You Thinking About Incorporating Your Georgia Business On-Line?
Are You Going to Trust a Critical Legal Issue to a Web Site?
Are You Going to Be Partially or Fully Incorporated?
Perhaps the biggest mistake I see new business owners who look to start their new business seek to do it alone. MOST all of those do not properly complete the process for their or many more details than just the initial filing.
The below is a sample letter we might send to a client who has not properly completed the incorporation process.
Please mail the forms to me rather than fax so that I will have good clean copies.
Many on-line filing services give you menu options which allows for ones new business incorporation papers to be incomplete.
I suggest you forward all of them to an attorney or to complete them as the initial filing of the Articles of Incorporation and the notice from the Secretary of State is only the beginning of the incorporation process and not the end for there is much left to do such as:
Choosing an Entity Type for Your New Georgia Business
Your initial choice of entity is perhaps the most important tax, financial and legal decision you might ever reach. Being well versed in these areas is essential to a wise and prudent decision. See http://www.hiscpa.com/article2.html
Determining How Your New Georgia Business Will Be Taxed: Effects of Entity Choice
Carefully considering the tax effects of your entity choice is essential to getting your business off on the right foot. Being careful to avoid, if at all possible, the double taxation of C Corporations and then selecting the right entity for your business from both a tax and legal perspective is critical. Visit http://www.hiscpa.com/article2.html
Getting Your New Georgia Business Started
Understanding many of the basics of the start of the incorporation process will do much to ensure that you are well-versed and able to make wise and informed decisions. As these issues will affect your business operations and finances during the lifetime of your business they are essential to getting started well. Go to http://www.hiscpa.com/incorporating-guide.html
Determining Where Incorporate Your New Geogia Business
The decision of where to incorporate your business is a critical component of getting your business started. Learn what you need to know to make a well-informed decision. See http://www.hiscpa.com/incorporating.html
Georgia Corporation Forms and Registrations Checklist
Whether you are just incorporating or have been in business for years. This summary will enable you to quickly locate the forms and guidance you need to ensure your business maintains tax compliance. Visit http://www.hiscpa.com/checklist.htm
Incorporating Your Issues for Your New Georgia Business Leadership
Knowing who will lead your business, their morals, beliefs and work ethic are essential to success in your new business venture. Determining who should be at the helm and who should follow will do much to avoid needless delays and time lost in aimless decision making. http://www.hiscpa.com/business-leadership.html
Incorporating the Details for Georgia Business Owners
Learning the basics of incorporation will do much to ensure that you do not make a costly mistake. Discovering the details of what all is involved in your new Georgia business will much to ensure you avoid costly mistakes and blunders. http://www.hiscpa.com/incorporating-details.html
www.HisCPA.com A Christian Atlanta CPA Firm serving Johns Creek, Alpharetta, Lawrenceville, Snellville, Norcross, Dunwoody & Beyond as an Award Winning CPA: Never Underestimate the Long-Term Benefits Contact us today for a free initial consultation.
Duluth GA CPA…Biblical Insights on My Daily Bible Reading Ezekiel 10,11 & Ephesians 5, Isaiah 42
Ezekiel 10,11
-The glory of God is always before/above us. The Spirit of God will lift us up. God knows those who plot evil. God knows what is going on in the minds of evil and He will repay those do evil things. Those who are evil will fall by the sword and suffer the judgment when they do not follow God’s decrees. God sometimes may protect those who are evil to give them a second chance (but not a good idea to live this way).
Ephesians 5 (written by the Apostle Paul) If a Married/Man can Do Just this One Chapter They will Indeed be Doubly Blessed
-Live with God like His children. We must avoid sexual immorality and greed. No evil man will inherit the Kingdom of God. Do not be partners with those who are evil. God rests with those who seek truth and righteousness. Everything you do in secret will be revealed. Do well and Christ will shine on you. Live wisely and make the most of every opportunity. Do not be foolish but seek His will. Do not be drunk but be filled with Spirit. Always give thanks to God. Submit to one another out of reverence of Christ.
-Wives submit to your husband (this is much easier when the husband loves his wife as Christ loves the church). Husband is to be the spiritual leader of the home (so man you better lead) seeking to always to bring her closer to God. The husband is to seek to keep his wife faultless and blameless, loving her as much as he might his own body. The husband is to care for and love his wife. The wife is to respect her husband (as she should do to her).
Isaiah 42
-God will uphold His servants. He will not cry out but will do what is right regardless. He who developed the heavens and earth called us to live in righteousness and to live in obedience. God brings things into place and to occur for there are no accidents with God. He will triumph over all enemies, driving them all out. God will ride all the righteousness making the rough ways smooth. God knows we hear but often do not listen. We Need to listen. At some point we have gone too far and there will be no rescue so seek to live a life of faith that is worthy.
HIS CPA is headed by a Certified Public Accountant with more than 30 years experience providing business accounting, tax and financial advice to small and medium size businesses.
John Dillard
HIS CPA, PC
1940 Woods River Lane
Duluth, Georgia 30097
(770) 814-9304 Contact Us
