Church, Ministry and Business Financing

Helping to lift the veil of business, church and ministry financing is a key concern and goal for all those concerned in pursuing the furtherance and good news of Jesus Christ. Keeping these basis tenants in mind will do much to ensure the your business or ministry's success, and in so doing will enable the spiritual goals of it as well. These considerations will help you along the way and to ensure that your plans are both achievable and achieved. Read more

Choosing an Entity Type Which is Best for your New Business Venture

It is often confusing for taxpayers to chose which entity type is best for their business when initially incorporating. This election is an all important first decision is critical to getting started off on the right foot. Understanding these differences and nuances will do much to give business owners and entrepreneur a "leg up" and the needed knowledge to help ensure that they make a wise and informed decision. Read more

Atlanta CPA on the Tax Effects of Entity Choice

Among the different ways of incorporating your business - C corporations, S corporations, and Limited Liability Corporations - there are practical reasons for choosing a given method, such as the number of shareholders or liability considerations. For many small businesses that are going to consider incorporating in Georgia, the tax advantage of the S corporation should not be overlooked.

Tax Advantages of S Corporations

As a LLC, LLP, partnership or sole proprietorship, you are subject to the 15.3% Self Employment/FICA tax on all of your net earnings. The S corporation, on the other hand, pays you a deductible salary (which is subject to FICA), and then the profits flow through your personal return via a Schedule K-1. This K-1 income allows for permanent deferral of the FICA tax. The S corporation allows small business owners to legally save taxes as long as they pay a fair and reasonable salary to themselves. Read more

 Georgia CPA on Evaluating Being an S Corporation vs. an Limited Liability Company/LLC

-Choosing an Entity Type Which is Best for You and Your Business.

 If you have just made the hardest decision of opting to go into business for yourself or if you have owned your own business for years, having a working knowledge of how your overall tax bill is determined can cost or save you thousands. Making the right decision for your business will be critical to both your short terms success as well as eventually how comfortable your retirement might be. To this end, setting up the right entity from day one is your best bet to ensure you pay no more taxes than are legally necessary. The job of your most trusted adviser, your CPA, is to assist and guide in this process being sure to ask questions and contemplate issues you might not have even known to be a concern. As a business owner or running your business, the options will appear to be daunting but these parameters will do much to "lift the veil' on whether you want your business to be an S Corporation or an LLC.

 Limited Liability Company. Limited Liability Companies/LLC's are legal in most, if not all, states where their respective legislatures approved them. LLC's allow for some flexibility options that are not allowed in some other entity selections as well as some liability limitations that are not otherwise available for professional service companies, those where professionals, such as physicians, are required to have a professional license in order to practice. Read more

Gwinnett CPA on Tips to Remember When Completing an S Corporation Return

Form 1120S: A Beginner's How to Guide

Lifting the veil behind the confusion of tax returns is an important part of the relationship with your CPA. The more a business owner knows about preparing corporate income taxes the better suited they will be in providing what will be needed. The initial step, in any well-thought out preparation process is to first obtain all of the information that will be required to complete the returns. For example on our web site www.hiscpa.com/newclient.html you will find a listing of all of the information that will be required to prepare the year-end corporate income taxes. The most critical part of this process is to obtain a Balance Sheet and Profit & Loss for the year being sure to include an adequate chart of accounts to properly reflect items on the tax return as well as to manage the financial decisions of the business. Read more

Atlanta CPA Provides Checklist to Ensure the Accuracy of Your Business Internal Financials

Helping clients in Metro Atlanta help themselves is one of the key operating tenants in which we help serve the Business Community. This simple and straightforward checklist will do much to ensure that you have performed an internal "gut check" on your corporations internal data before your Corporate, LLC, S Corporation or LLP return is prepared.

Before you send your Year-End Financial please be sure that:
• The general ledger balance agrees to your checkbook and your bank reconciliation.
• The Accounts Receivable balance agrees to your internal aging reports.
• The Accounts Payable balance agrees to your internal aging reports.
• You advise of any fixed assets that have been acquired or disposed of during the year.
• That ALL of the balance sheet and profit and loss accounts are correct.
• That you have only one retained earnings account.
• That as of January 1st of the prior year that you closed the shareholder distributions account to retained earnings.
• That the retained earnings account on your internal books equals or is reconcilable to the retained earnings to the last corporate tax return filed. Read more

Author John Dillard CPA to Present at WNIV (Atlanta Christian Talk Radio) at Pastor's Educational Workshop Series

WNIV, Atlanta Christian Talk, is set to begin their Pastor's Education Workshop Series. The series will be a quarterly workshop at will be held at the Petit Leadership Center next to "Walk Thru the Bible." The program will feature topics on Business Management for Ministry, Finance, Fund Raising and Family & Individual Counseling. At a recent Pastors Appreciation Breakfast nearly 500 pastors attended. The Pastors Educational Conference will be promoted on 970 & 1400am WNIV. Dates for the conferences are 2-5-09, 4-16-09, 8-6-09 and 11-5-09. The conference is being developed predominantly to support educate and encourage pastors, elders and ministry leaders. The event and the lunch afterwards is free to attendees but you must register by visiting http://www.wniv.com

John Dillard is an author and Certified Public Accountant (All Rights Reserved). To See how he takes Christ along with him to work visit http://www.hiscpa.com/ (a Christian CPA firm) and for his latest book Overcoming Life's 9/11's: Job's Journey visit http://www.john-dillard.com Read more

Not Using a CPA can Often Cost Much More than a Professional Fee  

Often Preparers who are not a CPA  and who have not been working as a full time CPA in the states may not have an understanding and nuances of tax law with some of them being potentially critical for you this and in future years. Although tax software has done much to make the preparation of corporate tax returns faster and mathematically correct, they alone do nothing to ensure that a return is both in compliance with tax law and results in your lowest legal tax being paid. To that end I suggest that for all Business Owners who have an S Corporation that they retain a CPA who has a good understanding of:  

-Section 179 depreciation, its calculation and limitations. Read more

Charleston Dawn
 John Dillard's Christian Romance & Murder Mystery

Christian Fiction Romance Charleston Dawn is set in the city of Charleston, South Carolina. The book is a murder mystery and relates to how its characters find God amidst real life issues. It speaks boldly about the Christian life and how God wants us to live. Combining Charleston's history about everything from homes to lighthouses, chase scenes, a hurricane and a tornado; Charleston Dawn keeps its reader on the edge of their seat as they turn its pages. Learn about the uniqueness of the city's past and the story's characters faith in God abounding despite and amidst life's trials and difficulties. Charleston Dawn combines ambiance, action and is completed by a spiritually uplifting revival offered by God's grace at its story's end. I pray that I have edified the Body of Christ in this writing and that through it that my family and others are brought closer to our Most High God! Read more

Overcoming Life's 9/11's: Job's Journey

God's Way of Overcoming Obstacles in Your Life
The First Volume of John Dillard's Inspiration Series
The walk of a believer is often fraught with trials and tribulations leading to both defeat and victory. Life's tragedies, your personal 9/11's come into our lives seemingly in waves as we face obstacles, which both challenge our confidence and test our faith. Time stood still as the towers fell on that fateful day on September 11, 2001 and lives all over the world were changed forever and the world as we knew it would never be the same. It is only by the power of an almighty God that we are to persevere.

As tragedy befalls our life, God shares his wisdom with us so we might overcome the world. By leaning on him in the darkness that befalls us, we are able to rise above circumstances that otherwise might cripple our lives. There will be times when you will feel abandoned by all those about you who choose to criticize rather than support and encourage you. We all need a "safe place to fall," a family member or a brother or sister in Christ who will comfort us in our time of need. Come along one man's journey as he loses it all becoming both mentally and physically challenged at every turn discovering God never leaves his side and indeed believes in him even during his darkest times. God has a unique calling on our lives and it is through Overcoming Life's 9/11's we are able to become more like him. Read more

In these troubling economic times being well armed is your best defense to ensuring that your business is well funded and ready for the future. Though a downturn in the economy can do much to create a stress on operating results, having the right financing already set up for your business will do much to help survive "tough financial times."  Conversely, constant care and due diligence should always be the watchword, especially when the economy turns or during high growth periods to have available cash and lending sources already set up to finance growth in personnel and financing of both receivables and inventory. The below menu of financing options will do much to get you ready for times ahead. Setting up needed lending resources well before they are needed is the only way to ensure that you will be adequately armed to deal with substantive drains on company resources. Read more

Though you cannot change the facts you can we well informed about the tax implications of selling a business and how best to be prepared for the tax consequences of selling your business. These issues are presented in a checklist for you review and to make you aware of many of the options and different tax treatments to which they are afforded. As your facts may dramatically vary it is most advantageous to consider all of these variables and to consult with a tax professional well before the transaction is finalized to ensure that any documents you agree and sign to fairly and adequately protect your interests as well as your tax positions. Read more

Atlanta accountant John Dillard CPA established a different kind of CPA firm - one that would bring the principles of Jesus Christ to the practice of Accounting.

Since that time, his practice has been growing, as clients who are seeking a Christian accountant who believes in Christ's principles take advantage of HIS CPA for their business accounting, personal financial planning, and tax preparation needs. Read more

Limited Liability Corporations (LLCs), Limited Liability Partnerships (LLPs) and General Partnerships are all taxed in the same manner. Choosing one of these types as a business entity would be a poor selection for a business such as a distribution business, as they will all result in higher taxes with no additional advantages for the distributor. Read more

There is no income tax paid by as S Corporation when the annual tax return is filed to the IRS. However, as a part of the corporate return which is prepared, a Form 1120S, there is an attached schedule which shows each owners respective ownership percentage and via a Form K-1 for which each shareholder should reflect on their personal return. K-1 profits, losses, and shareholder distributions are all required by tax law to be issued based upon the each shareholders ownership percentage. In order for losses to be deductible a shareholder has to have a positive tax basis which is a component of past profits, losses, and loans to and from the business. If a shareholder has no basis to cover losses reported on a K-1, they are by tax law considered to be "suspended losses" and can be rolled forward to future years when the shareholder has positive basis, which can be created by future years profits or the shareholder loaning money to the business. Read more

At His CPA PC we strive to do business the old fashioned way giving our clients much more than they thought they needed. In our ever changing economic times it is even more important to stay ahead of the power curve in addressing your business issues, trends, and tax planning. To that end we have dramatically improved our web-site.

Business Management and the whole of its many varied issues are a daunting issue for both the new and experienced business owner. His CPA P.C. has combined at their web site a litany of many varied issues, which has never before been available in such a succinct and well written format. John Dillard, CPA the firms founder desired to develop a firm which lived out the "Golden Rule" in serving both others and the community. By offering this information gratis, Mr. Dillard's desire is to heighten the understanding of his fellow business owners and to contribute back to the community in which he lives and works. Read more

Atlanta CPA Teaches How to Prepae the S Corporation Income Tax Return

A Guide How to Guide to Prepare a K-1 

Continuing to unlock the mystery of the practical aspects of preparing a Corporation Income Tax Return is critical to a business owner not only understanding the nuances of how the return works but also its tax consequences. Read more

What Does a Christian Business Owner and CPA Interface with Corporate Tax Returns

By first agreeing to submit to authority we are to honor the laws of our land. This means obeying our federal and state governments, our President, our elected and nominated officials, our police and all others who stand in the position of authority. Jesus did not say to obey those in authority when we felt like it, when it benefited our interests, or when it was convenient, he stated that we should do it all the time.

Matthew 22:21
"Caesar's," they replied. Then he said to them, "Give to Caesar what is Caesar's, and to God what is God's."

As a Christian CPA

As a Christian CPA my first responsibility is to God and my faith, then my family and friends, and then to my work. In fact I have had on my office door for almost a year now signage denoting this order both in terms of order but also in size the order of how I understand God's truth and desire for our lives. Below Family on this list and in equal importance is school, work and friends for there are times when each should take priority depending upon age, importance and time issues. And then below these issues I believe our hobbies, interests, and volunteering should be placed. Read more

I am often torn myself with what to do when it comes to collection issues in my business and how best I can help others to be able to avail themselves of my CPA firms services. To this end I continually strive to work with clients rather than against them to help resolve collection and billing issues. To this end I believe that:

As a Business Owner

I should do everything that I might to help keep my fees as low as possible while offering a superior service while charging a midrange profit level/billing rate. I strive to be in the top ten percent of my peers in offering excellence in service, good communication skill and prompt and friendly service while maintaining a mid-range hourly rate. Read more

For the savvy business owner there is much to be gained as there are recaps of payroll forms and how they are utilized, clarification of how to properly classify workers as either independent contractors vs. employees, and a checklist on how to come a new employer in Georgia. For those who have run afoul of the IRS and are dealing with tax issues, there are words of wisdom to successfully resolve your tax problems, how to pay your taxes on a timely basis by properly utilizing withholding, estimated payments, and extensions. You will also be able to discover the general guidelines and rules of how to qualify for and process and Offer in Compromise, which is where the Internal Revenue Service and Georgia both will reduce your bill to what you and afford to pay, based upon detailed tax rules and regulations. Read more