Atlanta CPA…How can a Virtual CFO Help Me Run My Business?

Friday, August 19th, 2011

Atlanta CPA…How can a Virtual CFO Help Me Run My Business?

A CPA who has experience in the running of organizations in the tens of millions can do much to help your business will all aspects of your business including issues well beyond the tax returns. The below is a sample letter we might send to a client who is looking to work on their business plan, when in reality there are much more important current issues to be addressed. Such as having a readily marketable profitable product. For often in life and in business, timing is everything.

I believe a business plan will only be a good one when….

We have a story of good history to sell.

Which will require a good track record of success.

Which will need a well polished and coordinated selling style.

Which ensures a good and fair profit.

Thus, I believe we still need to meet.

Then, and only then, might we be able to provide a more marketable business plan.

John Dillard, CPA of His CPA, PC, 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 www.HisCPA.com A Christian CPA Firm

Atlanta CPA: How to Use a Virtual Chief Financial Officer
http://www.youtube.com/watch?v=CAoS2L267qE

Gwinnett CPA: Bookkeeping Solutions for Atlanta Business
http://www.youtube.com/watch?v=1jIvMjOQ0Ks

Providing Virtual CFO Services to Atlanta Entrepreneurs for Decades

Monday, August 8th, 2011

Atlanta CPA….Providing Virtual CFO Services to Atlanta Entrepreneurs for Decades

Atlanta CPA, John Dillard CPA, has been providing Virtual CFO Services to Atlanta Business Owners & Entrepreneurs for Decades.  An Atlanta Virtual Chief Financial Officer in addition to helping your with your internal books and records, tax planning and your corporate taxes can help you with a variety of other issues such as:

Part-time CFO Solution
http://www.hiscpa.com/parttime-cfo.htmlLoan Application Assistance
http://www.hiscpa.com/banking-relationships.html

Providing management consulting services
http://www.hiscpa.com/parttime-cfo.html

Setting up a Limited Liability Company, S Corporation or Partnership or Converting your LLC to an S Corporation for tax purposes
http://www.hiscpa.com/incorporating-articles.html

These are just a small sampling of the articles that are available 24/7 at www.HisCPA.com Be sure you find a CPA who is continuing to challenge you and your business model so that business efficiency and profit maximization remain at the forefront of your short and long term business & strategic decisions.

Corporate & Personal Income Tax Returns

Wednesday, March 30th, 2011

Corporate & Personal Income Tax Returns

Corporate Income Tax Returns

Corporate Returns
Discover what type of returns your corporation is required to file and its corresponding due dates ensuring that you do not miss an important deadline resulting in unnecessary penalties and interest. Programs are useful to all entity types including Proprietorships, C Corporation, S Corporation, LLC (Limited Liability Company), LLP (Limited Liability Partnership) or Partnerships

Depreciation Expense
Decisions surrounding the claiming of depreciation expense confuse and conflict even the most seasoned entrepreneur. Obtaining a good base knowledge of the IRS’s guidelines of claiming and recording depreciation expense on returns will bode an owner well to ensure that only your lowest legal possible income tax is paid. Understanding Section 179 Depreciation.

Tax Basis Selection
The selection of a tax basis is one of the most critical decisions a new business owner will make. Learning many of the IRS guidelines and rules will help you make informed and wise business decisions. When what accounting method (cash or accrual) is an essential requirement for both filing correct corporate tax returns and keeping your tax bill as low as legally possible.

Atlanta Part-Time Virtual CFO 

http://www.youtube.com/watch?v=ZDEgIDuDv_g&feature=mfu_in_order&list=UL  

Need Help With Your Atlanta Financial Statements or Bookkeeping? 

http://www.youtube.com/watch?v=PhpMHlJ2Fbw  

Visit us online at www.HisCPA.com  A Christian Atlanta CPA Firm

What A Christian CPA Firm Can Do Serving as a Virtual CFO

Wednesday, March 23rd, 2011

What A Christian CPA Firm Can Do Serving as a Virtual CFO

Business Leadership

CPA To Teach Businesses Techniques For Survival
Learn how you can avoid the common pitfalls that befall many business owners so that you might join and remain amongst those who succeed. See http://www.hiscpa.com/article4.html

Fraud Detection
Discover how you can work to help prevent theft by forgery, altering of documents, or theft of your company assets. Learn some of the key “tell tale” signs of what to look for to both avoid fraud before it occurs and to quickly discover fraud before it becomes even more problematic. See http://www.hiscpa.com/internal-controls.html

Using Forensic Accounting Techniques in Case of Business Losses
Insurance and Business Interruption/Lost Profit claims are unwanted conversations to have, however this article will enlighten you in beginning the process of rebuilding after a loss. Visit http://www.hiscpa.com/forensic-accounting.html

Press Releases

John Dillard Chosen SBA’s Accountant Advocate of the year in Georgia
Community involvement from teaching at Emory, initiating law to protect Georgia’s children, helping to overturn Georgia law to shield workers from unscrupulous practices helping to maintain the state as a right to work state, teaching a Bible study at an elder care home, mission trips, and much more. See http://www.hiscpa.com/pressrelease1.html

Resume

Resume of John Dillard, CPA, Accountant
Read in detail the depth of the past experiences, accomplishments, and achievements of a CPA who takes Christ along with him each day to work. Studying tax law and by utilizing wise discernment are hallmarks of his past and future work. Visit http://www.hiscpa.com/resume.html

Atlanta Part-Time Virtual CFO 

http://www.youtube.com/watch?v=ZDEgIDuDv_g&feature=mfu_in_order&list=UL  

Need Help With Your Atlanta Financial Statements or Bookkeeping? 

http://www.youtube.com/watch?v=PhpMHlJ2Fbw  

Visit us online at www.HisCPA.com  A Christian Atlanta CPA Firm

Atlanta CPA….A Part-time Virtual CFO on Bookkeeping for Your Atlanta Business

Tuesday, March 22nd, 2011

Atlanta CPA….A Part-time Virtual CFO on Bookkeeping for Your Atlanta Business

This week at His CPA PC we…. Followed up with present and new clients alike to ensure that their tax returns are correct, their questions are answered and that all tax returns were prepared ensuring that only their lowest legal possible tax was paid. Reviewed back tax returns determining that amended tax returns need to be filed finding previously missed tax deductions saving $7000 as a result of an amended K-1 received from an S Corporation filing IRS Form 1120S, over a previously missed deduction. Met with prospective clients for free to evaluate their tax return preparation and the tax effects of entity selection when incorporating their new business. Re-prepared for free a tax return as a result in an error in original data supplied by a client. Reduced my annual fee on a client substantially to help them survive the continuing downturn in the economy. Followed up with several clients on tax planning issues as well as to get data to timely file their corporate and personal income tax returns. Evaluated for free tax returns filed by other tax preparers, noting opportunities for improvement. Continued monitoring of a clients Offer in Compromise that is presently with the IRS Appeals Office. Forwarded correspondence to a taxpayer address the tax options of an Offer in Compromise, Paying the taxes and interest in full or setting up an IRS Installment Plan.

Continued in encouraging a client company’s president encouraging them to liquidate rather than acquire debt while serving as a part-time virtual Chief Financial Officer. Filed several tax returns for Limited Liability Companies that had converted to an S Corporation for tax purposes. Continued to file Corporate Extensions for corporate clients as C Corporation returns or IRS Form 1120 & S Corporation returns or IRS Form 1120S are due March 15, 2011 for the 2010 tax year, while reminding them that an extension to file is not an extension to pay. Prepared several corporate tax returns for S Corporations/IRS Form 1120S for the 2010 tax year. Worked with several taxpayers to file for their entities to be an S Corporation by the filing of IRS Form 2553: Election by a Small Business Corporation being sure to follow the IRS Revenue procedures when the original deadline of March 15th is not met. Helped taxpayers with their tax planning issues for 2010 and 2011. Discussed Penalty Abatement Issues with a Taxpayer facing garnishment and a levy/tax problems. Met with a new client to help them with their personal tax return. Wrote articles for the Christian Post, an on-line Christian web site. Continued to work with a client needing to file several years of old back taxes for both their corporation and their personal income tax returns. Participated in a Bible Study studying the life of King David: A Man After God’s Heart. Finished all tax returns where complete data was present within 24 hours, some even faster. Assisted a taxpayer with issues for past amended returns. Helped a taxpayer to remind them to file in all states where they transact business. Filed numerous personal income tax returns helping taxpayers to ensure that every legal tax deduction is claimed. Worked with taxpayers to ensure that their internal financial statements are in order so that their corporate tax return may be prepared while being sensitive to client bookkeeping skills, talents and expertise. Took time to talk to someone struggling to make major life choices. Stopped whatever I was doing in the middle of tax season to give a word of encouragement. At His CPA, we believe your soul, heart and life are more important than work issues. Updated our web-site at www.HisCPA.com with nuances on our tax preparation issues and placed articles on our blog Posted several articles on www.LinkedIn.com Posted several articles on www.Twitter.com  Wrote funny e-mails to my wife :0) Took my wife’s car to the shop, even though she had taken it to her work being sure to drop off my car and keys.

Counseled my daughter on life/college choices.

At His CPA we believe God made us all to be much more than just someone with a job, someone going to school or a pew sitter. God made you in His image and is looking each and every day for you to be His very hands and feet. Seek to know what God wants you to do today for His Glory, Seeking His Will for you and your life while all the time, being Bold in Your Faith. His CPA PC believes that the best defense is a good understanding of tax law and having a CPA who anticipates your needs and works for your best advantage. Let’s get started today on planning your wise entity choices. Atlanta Part-Time Virtual CFO  http://www.youtube.com/watch?v=ZDEgIDuDv_g&feature=mfu_in_order&list=UL   A Christian CPA Firm: Never Underestimate the Long Term Benefits John Dillard is a Christian Speaker/Author and Duluth GA CPA. To See how he takes Christ along with him to work visit http://www.hiscpa.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, Incorporating in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Back Taxes, and Bookkeeping.

 

What Can a Virtual CFO Do For Your Business?

Tuesday, March 15th, 2011

Duluth CPA….What Can a Part-time Virtual CFO Do For Your Business?

This week at His CPA PC we….

Filed numerous personal income tax returns helping taxpayers to ensure that every legal tax deduction is claimed.

Worked with taxpayers to ensure that their internal financial statements are in order so that their corporate tax return may be prepared while being sensitive to client bookkeeping skills, talents and expertise.

Took time to talk to someone looking to make career choices evaluating focusing on either gaining their MBA or their CPA license

Stopped whatever I was doing in the middle of tax season to give a word of encouragement and to commiserate with someone who’s mother is dying. At His CPA, we believe your soul, heart and life are important.

Followed up with present and new clients alike to ensure that their tax returns are correct

Reviewed old past filed tax returns to evaluate if amended tax returns need to be filed finding previously missed tax deductions saving a taxpayer thousands of dollars.

Evaluated for free tax returns filed by other tax preparers.

Requested the IRS Appeals Office for a face-to-face meeting while working to process a  taxpayer’s Offer in Compromise

Helped a taxpayer address the tax options of an Offer in Compromise, Paying the taxes and interest in full or setting up an IRS Installment Plan.

Assisted a client company’s president encouraging them to liquidate rather than acquire debt while serving as a part-time virtual Chief Financial Officer

Filed several tax returns for Limited Liability Companies

Did Corporate Extensions for all of my corporate clients as C Corporation returns or IRS Form 1120 & S Corporation returns or IRS Form 1120S are due March 15, 2011 for the 2010 tax year

Helped a taxpayer finalize and submit an affidavit to request the IRS to abate tax penalties

Prepared five corporate tax returns for S Corporations/IRS Form 1120S

Worked with several taxpayers to file for their entities to be an S Corporation by the filing of IRS Form 2553: Election by a Small Business Corporation

Helped taxpayers with their tax planning issues for 2010 and 2011

Discussed Penalty Abatement Issues with a Taxpayer facing garnishment and a levy/tax problems

Left the lake to come home to support my wife at a family mission meeting she leads.

Filed tax return for LLC which had converted to an S Corporation for tax purposes

Met with a new client to help them with their personal tax return

Wrote articles for the Christian Post, an on-line Christian web site

Met with a new client needing to file several years of old back taxes for both their corporation and their personal income tax returns.

Participated in a Bible Study studying the life of King David: A Man After God’s Heart.

Finished all tax returns where complete data was present within 24 hours

Assisted a taxpayer with issues for past amended returns

Helped a taxpayer to file in all states where they transact business

Updated our web-site at www.HisCPA.com with nuances on our tax preparation issues and placed articles on our blog

Posted several articles on www.LinkedIn.com

Posted several articles on Twitterc.om

Wrote funny e-mails to my wife :0)

Called and offered encouraging note for someone struggling with life issues

At His CPA we believe God made us all to be much more than just someone with a job, someone going to school or a pew sitter.

God made you in His image and is looking each and every day for you to be His very hands and feet.

Seek to know what God wants you to do today for His Glory, Seeking His Will for you and your life while all the time, being Bold in Your Faith.

His CPA PC believes that the best defense is a good understanding of tax law and having a CPA who anticipates your needs and works for your best advantage. Let’s get started today on planning your wise entity choices.

Atlanta Part-Time Virtual CFO  http://www.youtube.com/watch?v=ZDEgIDuDv_g&feature=mfu_in_order&list=UL  

A Christian CPA Firm: Never Underestimate the Long Term Benefits

John Dillard is a Christian Speaker/Author and Duluth GA CPA. To See how he takes Christ along with him to work visit http://www.hiscpa.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, Incorporating in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Back Taxes, and Bookkeeping.

Duluth CPA: Keep Your Tax Bill As Low as Legally Possible

Monday, March 14th, 2011

Keep Your Tax Bill As Low as Legally Possible: Only You Can Prevent Undue Tax Burdens 

Reading the pulse of your business is essential to understanding you business information. Raw data, managed properly can do much to create relevant management financial information that a business owner can use to make corrective decisions, maximize efforts/efficiencies and to gain a competitive advantage in the marketplace. The below is a sample of the correspondence that we might utilize to assist business owners in ensuring that good financial information is both procured and utilized. 

Survival Tips 

Repay the $50,000 of Shareholder Loans to the Company ASAP. I suggest never taking monies out of the business that might impair the company’s going concern status or that the business might ever need back to continue operation and to pay its just debts. 

Substantially reduce all Owners Payroll until positive financial results can be achieved, and all operating losses eliminated. 

Cease all Shareholder Distributions/Loans to Employees, until cash balances exceed the amount of Unearned Customer Deposits. This will preclude the false illusion of taking out monies out of the business when cash appears “flush”, when otherwise in reality one would be taking monies out of the business that have not yet been earned. 

Change Pricing Structure to obtain a 20% Gross Margin, at a minimum today with the ultimate goal of a 35% Gross Margin by 9-30-10. 

Final Thoughts 

In the event that the above Survival Tips are not feasible/possible, that you close Business ASAP to mitigate further losses, capital erosion and future debt acquisition. 

Atlanta Part-Time Virtual CFO 

http://www.youtube.com/watch?v=ZDEgIDuDv_g&feature=mfu_in_order&list=UL  

Visit us online at www.HisCPA.com   A Christian CPA Firm 

Ephesians 5:1 Be imitators of God, therefore, as dearly loved children.

“Dare to Attempt Something so Great for the Kingdom of God, that it is Doomed to Failure Lest God be in it!”

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/    (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.

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.

Does Your CPA Bring Their A Game To Work For You?

Friday, March 11th, 2011

Does Your CPA Bring Their A Game To Work For You? 

Does Your CPA Bring Their A Game To Work For You? Too frequently we see tax returns where tax law was ignored and not utilized to a clients best legal advantage.  The goal should always be to Keep Your Tax Bill As Low as Legally Possible: Only You Can Prevent Undue Tax Burdens. Your CPA should look to serve as a part-time virtual CFO as they provide needed insight and guidance to assist with issues well beyond the tax return. 

The proper preparation, classification and utilization of a company’s internal financial statements is the best first be to ensure that your business both stays on track and maximizes your profit potential. The below is a sample letter we might send a client to highlight trends, point out areas of interest and to strengthen the quality of financial information procured: 

Overview Financial Thoughts 

In comparing your 2010 corporate income tax return to 2009, though your sales increased by approximately 20%, your cost of goods sold was consistent at 90% of sales, which was not sufficient enough to cover/pay for your operating/fixed expenses. 

Your company made a loan to you during the tax year of $25,000; I suggest your repay these monies to the business ASAP s the company needs these monies today to ensure economic survivability. I suggest never taking monies out of the business that might impair the company’s going concern status. 

When one compares your current assets to current liabilities, it creates a ratio called Current Ratio. This is calculated by dividing Total Current Assets by Total Current Liabilities. This ratio, based upon your 2010 corporate return is .60; I suggest all clients maintain a ratio of 1.5 and for more profitable clients 2.0. 

The Quick Ratio/Acid Test Ratio, is determined by subtracting your Total Cash from Your Total Current Liabilities. This is a measure of your company’s ability to pay its bills as they become due and payable. I recommend for all clients that this be at least 1.0 and for my more profitable clients 1.5.  As your cash balance at the end of 2009, per the return, was negative, this ratio could not be calculated. However, if you take your Total Cash and subtract from it your Total Current Liabilities it results in a  negative $ 50,000.  Though your sales increased by approximately 20% from 2009 to 2010, your Total Cash less your Total Current Liabilities at the end of 2010, is a negative $ 100,000. This means that you ability to fund your current/short-term obligations as they become due has become substantially more impaired from 2009 to 2010. Your Quick Ratio/Acid Test Ratio at the end of 2010 is $.40; please be reminded that I suggest a ration of at least 1.0 

Philippians 2:3  Do nothing out of selfish ambition or vain conceit, but in humility consider others better than yourselves.

“Dare to Attempt Something so Great for the Kingdom of God, that it is Doomed to Failure Lest God be in it!”

Atlanta Part-Time Virtual CFO 

http://www.youtube.com/watch?v=ZDEgIDuDv_g&feature=mfu_in_order&list=UL  

Visit us online at www.HisCPA.com  A Christian CPA Firm

Does Your CPA Give You Tax Advice You Can Understand?

Thursday, March 10th, 2011

Does Your CPA Give You Tax Advice You Can Understand? 

Put our CPA to work for you to make sure you pay only your lowest legal tax. We work hard helping with Advice on:

Entity Selection and Incorporating in Georgia  http://www.hiscpa.com/article2.html  

Tax Analysis of LLC vs. S Corporations        http://www.hiscpa.com/article6.html

IRS Representation/IRS Tax Problems      http://www.hiscpa.com/irs-audit.html

Offer in Compromise/Back Taxes    http://www.hiscpa.com/offer-in-compromise.html

CPA/Tax Services                                                http://www.hiscpa.com/

Financials/Financial Statements             http://www.hiscpa.com/what_we_do.htm

Bookkeeping/Accounting                   http://www.hiscpa.com/keeping-books.html

Corporate Income Taxes/Tax Returns        http://www.hiscpa.com/tax-services.html

Personal Income Taxes/Tax Returns          http://www.hiscpa.com/tax-top-ten.html

Retirement Planning                             http://www.hiscpa.com/retirement-planning.html

Financial Reporting                            http://www.hiscpa.com/attestation-services.html

Strategic Business  Checklist            http://www.hiscpa.com/business-checklist.html  

Atlanta CPA & Beyond                          http://www.hiscpa.com/tax-services.html

An Award Winning CPA                        http://www.hiscpa.com/pressrelease1.html

“Dare to Attempt Something so Great for the Kingdom of God, that it is Doomed to Failure Lest God be in it!”

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/ (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 visit  http://www.john-dillard.com/

Atlanta Part-Time Virtual CFO 

http://www.youtube.com/watch?v=ZDEgIDuDv_g&feature=mfu_in_order&list=UL  

Visit us online at www.HisCPA.com  A Christian CPA Firm

Atlanta CPA: There Should be No Accounting Surprises

Tuesday, March 8th, 2011

 Atlanta CPA: There Should be No Accounting Surprises

There Should be No Accounting Surprises. It should not be a motto. It should be a fact. Working diligently to ensure that your book and records are current and  up to date is essential to prudent business management. The below is a sample letter we might send to a client to assist and guide them with their internal bookkeeping issues:

Received your corporate data and had the below critiques… 

After you make these changes please resend the balance sheet and profit and loss. 

Please forward to me copies of W-2′s and W-3. 

Please re-title the insurance account to what type it is (i.e., life, disability, medical) 

Please move the tools (if less than $1000 each) to supplies and re-title account Supplies/Tools. If over $1000 please move to fixed assets. 

There were several accounts that did not change from last year such as A/R, Deposits in Transit, A/P and your Note Payable. Please review/advise. 

What happened to all of the fixed assets the business owned and what was the date.

What happened to all of the real estate the business owned and what was the date. 

You had listed a new vehicle. If this is titled in your personal name it should be coded to your loan account and to the extent you had mileage you should turn in an expense report. 

You had an Equipment Expense account. If over $1000 per item please move to fixed assets. If less than $1000 move to Office Supplies. 

Please move the monies in Dues & Subscriptions and Postage and Delivery to Office Supplies. 

Please advise the status of the Note Payable and if still due the amount due at 12/31/10. 

Are the unpaid sales tax and payroll tax amounts listed on the Balance Sheet correct? 

Journal Entry the Salary Advance, unless still due, to Gross Wages. 

The bank statement was approximately $6K higher than the balance sheet. Please review/advise. 

The balance sheet listed two bank accounts and you forwarded one bank statement. Please review/advise. 

Journal Entry the Opening Balance Equity account to the Due from Shareholder account. 

Are you using the business/corporation in 2011 or how are you presently conducting business? 
Feel free to call if any questions.
 

Atlanta Part-Time Virtual CFO 

http://www.youtube.com/watch?v=ZDEgIDuDv_g&feature=mfu_in_order&list=UL  

Visit us online at www.HisCPA.com  A Christian CPA Firm

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, Back Taxes, Business Acquisitions/Sales, Forensic Accounting, Business Valuations and Bookkeeping.