News for America's Business Owners: Understanding a LLC, LLP and Partnership When Newly Incorporating  

Having served as a CPA in Metro Atlanta for decades I frequently have the opportunity to sit down with a new business owner who had been blessed to be fairly profitable in a very short amount of time. However, for convenience when the business was originally incorporated they did not take the time to sit down with a Certified Public Accountant to discuss the tax nuances of different entity structures. Understanding these differences is essential to wise and prudent entity and tax choices.  

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Should You Convert Your New LLC to an S Corporation for Tax Return Preparation Purposes

As a CPA in Metro Atlanta for twenty eight plus years, we frequently help business owners each and every year convert their business over to an S Corporation for tax purposes. For the first two decades of my practice, this was predominantly limited to C Corporations converting to an S Corporation, as previous to that time, LLC statutes had not been passed. However tax law for many years has allowed an LLC to legally convert over to an S Corporation for tax purposes. Although being an LLC offers some flexibility (no Board of Directors/ease of formation), being an LLC will typically result in many businesses paying an higher tax bill on its earned income as all of an LLC's net income are subject to FICA and Medicaid taxes.

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Navajo Family Indian Missions Video...Taking Christianity Into the World

If you believe a picture is worth a thousand words then perhaps this is a Million Dollar Video. I invite you to see what God is doing with Navajo Family Missions as we Take Christianity Into the World.

I entreat you to pray before you watch, that you watch with a open heart, and then that you listen to the Lion of Judah, Our God, speaking to your heart. Perhaps your family, your church, your Bible study group might join our Family Missions Work to the Navajo as we call down the power of Almighty God as we Worship, Grow and Serve Jesus Christ. See God at work at http://bit.ly/QS0V9  If you listen and watch with an open heart, it will change your world.

We feel led to take Christ to the Navajo Nation (approximately the size of West Virginia). We are looking to take our model of service to the Navajo in Pueblo Pintado by partnering with churches, Bible Study Groups, Rotary, Chambers of Commerce and Kiwanis and then branching out to other locations on the reservation. We are looking for groups throughout America to speak to with the stated goal of:

-Encouraging Individual Family Involvement of Members of Your Group.
-Introductions to other Civic and Bible Study Groups, Rotary, Chamber of Commerce, Concerned Citizens and Faith Based Group.
-The prompting of the Holy Spirit (at one of our last Kiwanis Groups one of the men decided to staff the local High School with all of the football equipment they need to start a team.

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/

Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it! Read more

Improving Operational Efficiency

Atlanta CPA Teaches Business Clients Tax Law While Focusing on Operating Results

When a CPA does a tax return they are best suited to give useful financial advice that an owner can use to turn information into profits. Just as a doctor will give invaluable insight to their patient, a CPA should be a clients closest financial confidant. Below is a sample letter that might be sent to a client to assist both in ensuring future business profitability and adequate tax documentation for a corporate/business client:

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Changing People Through the Redeeming Power of Christ...Taking Christianity Into the World

When God allowed us the privilege the serving the Navajo people we immediately began to see what we might do to not only have a great week but to both change the community that we serve as well as the people who travel with us. I have watched God change people again and again as people serve the Kingdom by being the Hands and Feet of Jesus Christ.

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2009 Year End Tax Planning

It is that time of year again when we need to take a look at your financials to do some tax planning for the year. I have recapped below a list of the items we will need in order to properly evaluate and plan for your year-end taxes as well as address any yearend tax planning ideas.

As the end of calendar year 2009 approaches, it's time to think about what can be done to minimize the amount of taxes paid to the IRS by your business. Although tax planning should be a year-round process, there are several year-end strategies you can take, particularly if you are an S Corporation.

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Determining Where to Incorporate

Recently I received an inquiry about entity choice for an individual who was not a U.S. Citizen and was considering their varying options of what state would be best for them to incorporate. Careful consideration of your incorporation options will do much to eliminate unnecessary state filing fees, state returns, notices, and annual filing fees. Below is the inquiry:

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Bookkeeping for Business Owners

Having served as a CPA in the Metro Atlanta area for almost thirty years, the failure of a business owner to keep adequate books and records is perhaps the most common and perilous of all small business failings.

Whether your business is a million dollars in revenue or a start-up venture in your basement, learning to read your business's vital statistics is critical to your company's profitability and even its very survival. Financial statements act as a warning bell helping the entrepreneur who reads them to become aware of trends, aberrations, calamities and successes. An owner who is well versed in reading and reviewing financials will always have a leg up on those who do not.

The words of the Bible teach us not to lean on our own understanding as by ourselves we are much more probable to wallow because of our limits and our own ineptness and though we are exhorted as Believers to seek wise counsel we are not to unnecessarily lean on others for all of our wisdom. "Plans fail for lack of counsel, but with many advisers they succeed"- (Proverbs 15:22). If our vision is too limited, we are unnecessarily handicapped and need a broader view in order to converse with the very professionals we all so desperately need.

Though a CPA, as a trusted advisor and friend, will dramatically strengthen your decision making ability, having equipped yourself with sufficient knowledge will prove invaluable as you plot your business steps. Being able to avoid miscues that befall your competitors will protect the gift of your business, which God gave you to provide for your family. Having a well-organized and useful set of financial statements will do much to help you make wise and informed decisions that will positively impact the financial affairs of your business both short and long-term. Using the articles below will help you gain the added advantage of useful financial information that you will want to refer to again and again.

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Taking Christ with Us...Navajo Family Missions Series Day 8... Taking Christianity Into the World

This is Day 8 of the Navajo Family Mission Series of our Weekly Family Trip To Serve the Navajo People of Pueblo Pintado. It is about sixty people who for an entire week lay down their jobs, vacations and responsibilities to be the very hands and feet of Christ. This is their story. Jesus often withdrew to the solitude of the desert to pray and be strengthened. Come along side us and see the changes of hearts, passions and lives as God joins us on our journey To catch a further look at our vision for our work there visit http://www.hiscpa.com/blog/2009/07/30/casting-a-vision-navajo-family-missions-taking-christianity-into-the-world/  If you and your church are encouraged by our journey, join us as we look to revival for the Navajo People, by taking Christianity Into the World.

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The Audit Process: Sending Only Important & Requested Information Communicated to Your IRS Agent

Frequently during the process of an audit taxpayers are desirous of telling their IRS auditors everything. Though a taxpayer will want to tell the IRS the whole truth and nothing but the truth, often times a taxpayer will share information that is not germane to the completion of the audit and the closing of the audit file. To this end if at all possible I do not take any of my tax clients along with me to the meetings with the IRS meetings as well as I am sure to only include information that is necessary, required and appropriate to assist the tax auditor in the process. Enclosed is a sample letter one might use:

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Sharing Your Faith...Taking Christianity Into the World

In my night job I am a warrior for the Kingdom of God.

During the day I am a mild mannered CPA.

The Apostle Paul tells us to be bold in our faith. Though I strive to practice excellence in all things, as we are to do all things to the Glory of God. In it is my Walk With Christ, that I look to grow to be more like Jesus by conforming more to His image than that of the World.

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 Position Your Tax Obligations with the IRS to Ensure Successful IRS Representation

Letters and indeed all correspondence to the Internal Revenue Service should help the CPA, the IRS, and the taxpayer towards successful tax resolution of disputed tax items. Below is a sample letter a taxpayer might use when they are filing several back years tax returns and paying their tax obligations in full, while requesting the IRS abate penalties and stop IRS levy efforts.

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Navajo Missions: Franchising Opportunities Throughout the Reservation...Taking Christianity Into the World

What God has put on my heart through my business background is that we have created and are still tweaking ( I think adding the possibility of a week of youth "camp" is a great idea) an excellent template for not only a family mission trip to the Navajo but a family mission trip in general. I think that part of what we are being called to do is to put that template out there for others to utilize and to supply whatever level of support for that template that the groups require.

It appears to me that we have an excellent opportunity to test that with the other areas of the Navajo reservation that are not currently being served. To catch a glimpse of our vision for serving the Navajo and to see how churches throughout America can participate visit http://www.hiscpa.com/blog/2009/07/30/casting-a-vision-navajo-family-missions-taking-christianity-into-the-world/ Read more

God-like Service & Impassioned Living...Navajo Family Missions Series Day 7... Taking Christianity Into the World

"I am not saying this because I am in need, for I have learned to be content whatever the circumstances. I know what it is to be in need, and I know what it is to have plenty. I have learned the secret of being content in any and every situation, whether well fed or hungry, whether living in plenty or in want. I can do everything through him who gives me strength." Philippians 4:11-13

This is Day 7 of the Navajo Family Mission Series of our Weekly Family Trip To Serve the Navajo People of Pueblo Pintado. It is about sixty people who for an entire week lay down their jobs, vacations and responsibilities to be the very hands and feet of Christ. This is their story. Jesus often withdrew to the solitude of the desert to pray and be strengthened. Come along side us and see the changes of hearts, passions and lives as God joins us on our journey To catch a further look at our vision for our work there visit http://www.hiscpa.com/blog/2009/07/30/casting-a-vision-navajo-family-missions-taking-christianity-into-the-world/ If you and your church are encouraged by our journey, join us as we look to revival for the Navajo People, by taking Christianity Into the World Read more

IRS Representation Issues and Offer in Compromise

One of the most difficult parts of the IRS Representation process is ensuring that all parties involved are openly and frequently communicating to ensure that no enforced collections efforts such as a garnishment or levy occurs when an Offer in Compromise is being considered or a Form Installment Agreement signed and agreed to. Below is a sample letter one might send to affect and encourage open consistent communication while requesting that no enforced collection efforts be implemented:

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Addressing IRS Notices

Below is a sample of a notice I might receive from a taxpayer regarding their receipt of an IRS Tax notice detailing their concerns and questions. Addressing IRS notices and payroll tax issues are the bane for many taxpayers and the hiring of a competent payroll service is your best bet to ensure that you can work on your business rather than getting mired down in burdensome administrative details.

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Funding College Education Expenses

In the United States, attending college has shifted from a privilege for a relative few to an expected rite of passage to adulthood. An estimated 17.6 million U.S. students will attend college during the 2006-2007 school year. That's more than a 40 percent increase compared with 25 years ago.
So it follows that paying for a college education has become one of those financial milestones that most parents need to prepare for somewhere between buying the family home and saving for retirement.

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Missions: Putting Your Whole Heart In...Taking Christianity Into the World

As Believers we are called to practice excellence in all that we do from the most menial task to the most challenging. Also the Bible exhorts us to do our very best as we are told, "he who can be trusted with little, can be trusted with much." When I do life, I strive to be present in all conversations and to let God lead my words rather than those of my own, being sure to be God like in the moment and serving Him at all times and phases of my work, school, social and home time. Recently, as a result of our mission work we were asked to be the God parents of one the children we serve. I share this not to draw any attention to ourselves, as all of the glory is to God, but to encourage you to higher heights still, seeking to serve God with all your heart, all of your might, and all of your mind. Godspeed!

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Checklist to Prepare Your Personal Income Tax Return

Tax deadlines frequently cause people to panic and to make decisions too quickly. Though the October 15th filing deadline for Personal Income Tax Returns is here, it is wise not to rush and to be sure that you make financial and tax decisions that are valid. Also during the tax preparation process it is the best time to help educate clients on tax issues and rules as well as to ensure that all appropriate tax information is utilized. Below is a sample letter one might use to assist a taxpayer in that process:

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