Readying Your Business's Internal Financials Ready for an Audit, IRS Representation Issues or Submitting an IRS Offer in Compromise

Although it is tempting to address a crisis only when it arrives, it is much more prudent to be aware and ready for events before they come issues for failing to prepare, is preparing to fail. However it is often when a client has been called to task on an audit or is considering submitting an Offer in Compromise when a CPA can especially be invaluable in readying for the tasks at hand. Like a good general, the first task of a CPA in representing a corporate or personal tax return is to assess the damage, understand the whole of the tax environment and nuances thereof, control the communication with the IRS/taxing authorities, and to plan a strategy that works best for the client. Care needs to be exercised to ensure that a well-thought out plan needs to be tailored to that particular client to ensure a successful IRS audit experience. Below is a sample of a letter that might be sent to a client to coordinate the many and varied tax issues to ensure no important items are missed or ignored.

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Sunday: Honoring the Sabbath...Navajo Family Missions Series Day 2... Taking Christianity Into the World

"He must become greater; I must become less." John 3:30

This is Day 2 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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Incorporating Your New Business

Understanding the many nuances of the incorporation process if not for the meek of heart or for the unprepared. It is always prudent to first talk with a CPA in a face-to-face meeting to ensure that you pick the legal operating entity that is best for you business, its operating goals and to keep your tax bill as low as legally possible. Although your state will be different, there on the Georgia Secretary of State web-site is a variety of information that is available 24/7 to help guide you in the process. However I would never recommend that a taxpayer never incorporate themselves so that they might ensure that the incorporation is done correctly and completely. To help guide new business owners for example on the your Secretary of State Website and working with a local professional to help you with the process. For example, on the Georgia Secretary of state web-site you can find information on:

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Walking the Walk...Navajo Family Missions Series Day 1... Taking Christianity Into the World

I chose to fight the good fight and to further to kingdom of God.

This is Day 1 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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Preparing Your Internal Books for Your Entrepreneurial Business

Many business owners struggle with the preparation of their own internal financial statements. It is widely believed that if a CPA can help a client keep their own internal books current and correct that a business owner will help mitigate CPA fees as well as having more reliable internal data, from which to run their business. Having served as a CPA and a Believer/Christian for decades it is essential to help clients to the best of the customer's advantage and having reliable internal books is the best first step in that direction. Below is a sample of the critiques a business owner might receive to help guide in the preparation of their own internal bookkeeping:

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Serving God... Navajo Family Missions Series Introduction...Taking Christianity Into the World

Serving the One True God in the Desert of the Navajo

This is first of the Navajo Family Mission Series and the introduction to 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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Utilizing Financial Statements for Your Recently Incorporated S Corporation or LLC

When I am working with a client to help them understand the many business and tax nuances associated with preparing their own internal financial statements, it is the best time to help a client understand both the financial and tax impact of business decisions reached. Below is a sample of a letter that I might accordingly send a client.

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Incorporating and /Flow Through Entities: S Corporations vs. LLC's...Not all Entities Are Created Equal

For the most important tax issue you will ever make you will want to be sure to seek out wise counsel who can best guide you through which entity type will be best tax-wise for your business. Though you are not locked into any selection forever, your obstacles and nuances in changing is something you would rather get right the first time than have to re-visit the issue at a later date. Frequently while serving as a Georgia CPA, I have personally witnessed dozens to hundreds of business owners incorporate as a GA LLC who should have opted to be a GA S Corporation.

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IRS Tax Representation 101

Meeting all of our clients face-to-face both initially and for all strategic meetings is a critical component of a successful IRS Representation experience. Keeping our hands on the pulse of the work flow, being attentive to every important and essential detail and a keen awareness both of your facts and IRS tax law are essential to having a good IRS experience. Serving as an Atlanta CPA for decades, these nuances are essential for you and your business as well as when we:

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Critiquing Corporate & Personal Income Tax Returns

When your CPA is preparing your corporate and personal income tax returns, it is at this point that a teaching CPA has the best opportunity to teach and educate clients. It is at this time when a client ask many specific questions relative to their corporate and personal income taxes, expenses, and deductions where a CPA can do much to help educate and therefore elevate a clients understanding of how potential tax deductions affect and influence their return. Having served a CPA to Atlanta business owners for decades, it has proven again and again that taking the time to teach a client will pay both short and long term benefits for both the client and the tax preparer. CPA's who 'hurry through" to prepare the return lose this valuable opportunity to truly server their client. Below is a sample letter that might be used.

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100%/Civil Penalty When Addressing IRS Representation Issues & an Offer in Compromise

When you are readying yourself for IRS Representations Issues, Getting an Installment Plan Established, or when submitting an Offer in Compromise it is prudent to be aware of have already assessed to the taxpayer any and all 100%/Civil Penalties so that your Taxpayer Advocate/CPA does not have to handle critical and essential tax issues twice. Below is a sample of a letter that might be used to have the IRS assess the responsible taxpayer penalty to ensure that all monies "are on the table" and that otherwise addressable issues do not spoil an otherwise positive IRS representation experience. For example, finding there are other unpaid taxes will void an Offer in Compromise, Installment Plan and a payment strategy to address otherwise potentially solvable issue.

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Free Tax Information for American Business Owners & Entrepreneurs

152,000 Visitors to www.HisCPA.com (A Metro Atlanta CPA Firm) in 2009

So far this year 151,778 visitors have been to www.HisCPA.com to gain needed tax advice salient to a wide variety of tax issues. These visitors have not only gained critical tax advice but have also spent a total of 632,408 minutes on www.HisCPA.com That's a total of 10,540 hours or 439 days and nights.
By visiting www.HisCPA.com you will find a wide host of subjects (listed below) that will keep you coming back again and again. We desire to serve our fellow man and we look to provide current and up to date business and tax information that will have you coming back for more and more. Bookmarking www.HisCPA.com may be the best decision you reach all year.

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Tax Nuances/Deductibility of Fringe Benefits of S Corporations or LLC's That Have Elected to be Taxed as an S Corporation

For S Corporations or LLC's who have been elected to be taxed as an S Corporation there are certain tax nuances for all those owners who own more than two percent of the company. Tax law has long held these rules, though their application has varied somewhat over the years:

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Addressing 9/11...Taking Christianity Into the World

Our life is full of challenges and Facing each and every one of our 9/11's is essential to overcoming this world, being a Believer, and our Christian Walk.

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Tax Forms Available for Individual Taxpayers On-line

For taxpayers who have to file old tax returns the IRS has forms available 24/7 at http://www.irs.gov/formspubs/article/0,,id=98339,00.html for the tax years 1980 to 2008. There you can find tax forms to prepare your corporate and personal income tax returns. Also many states have tax forms available for your ready use such as the Georgia Department of Revenue has available on their website at
https://etax.dor.ga.gov/inctax/individual_income_tax_forms.aspx  tax forms that individual taxpayers and use/print out when preparing past unfiled and unpaid returns. There on the site you can find returns to assist in the preparation of your returns and to get compliant with years that you have not previously filed. Below is a partial list of the personal/individual income tax returns you will find:

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What Would You Do With $8,000? Utilizing the First-Time Home Buyers Credit

What if the government decided today that, instead of bailing out Wall Street, it was going to give every American $8,000? What would you do with the money?

For most Americans, paying off credit card debt would be a great way to use the free money. According to a Nilson Report released in April 2009, the average credit card debt per household in the US was $8,329 at the end of 2008. That money from the government would almost wipe out your debt completely. Imagine being completely debt free.

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Understanding Tax Benefit of C Corporations vs. the Tax Savings Afforded by S Corporations

For the past several decades as an Atlanta CPA I have been bombarded by new business owners seeking to understand the tax benefits of a C Corporation versus the permanent income tax savings afforded an S Corporation. To this cause, I recently received this inquiry off of my website:

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Determining if You Should Convert Your LLC Over to a S Corporation

One of our past inquiries to our web site was regarding entity selection issues and their judicious application. Below is the inquiry we received:

I am starting a new Georgia S Corp (changing from a Georgia LLC) and need to gain a business bank acct and make sure many of my forms are filled out correctly. Also need to find an accounting way to invoice clients. Also, will need to file for sales tax collection as we are soon to have retail sales. Feel free to call me any time.

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