Christian CPA on Plain Talk for Your Tax Issues
Monday, June 21st, 2010Christian CPA on Plain Talk for Your Tax Issues
Find a CPA Who You Can Talk To & Understand
Even if you find the smartest CPA in the world, it will not help you much if they cannot communicate. My goal as a CPA is to be as technically competent as possible while also being a person of the people. A CPA who graduates at the top of their class, graduates with honors, passes the CPA exam early, has experience as a CFO for firms with tens of millions of revenue and hundreds of employees, cares about his community, is published, is involved in their church, is active in missions and is award winning are all things you might consider when looking to hire a CPA for your Atlanta business. The below is a sample of a letter we might receive from a client (What Clients of John Dillard CPA/His CPA PC Have to Say).
Dear Mr. Dillard: Thanks for everything yesterday. I will treasure the autographed book, A Voice of One that has gained you a nomination for the Georgia Author of the Year Award for the Second Year in a Row.
I submitted the payroll to Paychex. I like the adjustment for my base salary — it feels so different to be a business owner and to give myself a salary. No doubt, I will deserve it. My plan is to take out only the residual amount per pay period to compensate for the reduction in my previous salary as an employee. I do this only to maintain my monthly household responsibilities. Nevertheless –for my understanding — I will take this out as a shareholder distribution. Therefore, there are no further tax implications, as I am having enough withheld to cover my anticipated year end liabilities and to ensure that my gross pay is reasonable given position and profit. We have adjusted the payroll taxes for this shareholder distribution and are being sure that we pay a fair and reasonable salary given position and profit. I just want to be sure that I’ve got this all down. Thanks for being patient with me.
I also have attached a portable version of QuickBooks for my office. It has the P&L and balance sheets for your review. I could not figure out how to e-mail those reports individually so I sent the portable file of my company. If you can’t open it, I can fax you those reports. You can see how I entered things. I tried starting over again and created a file with a temporary new name. I still had difficulty journaling the way you said — I couldn’t find a way to enter the checks in the journal — so I sent what I had been doing for your review. I promise I won’t keep bothering you with this but I just wanted you to see what I’ve done and what that I may be doing wrong. This works for me but I want it work for you moving forward so that at tax time, my reporting will be the way we both needed it to be. Thank for your time.
The below is my response:
| Based upon your advice of your business netting $100K for 2010 (before salaries to you), you having essentially the same standard deductions and itemization’s in 2010 that you did in 2009, that you anticipate no other substantive deductions or income in 2010, and your advice of what a fair and reasonable salary is, and that you will have 26 pay-periods, I suggest that your bi-weekly salary should be sure to withhold Federal withholding of $1000 & State Withholding of $400 and FICA & Medicaid as required by tax law. |
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. “Dare to Attempt Something so Great for the Kingdom of God, that it is Doomed to Failure Lest God 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.
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