Being a Follower of Jesus Christ...Taking Christianity Into the World

If we are indeed a follower of God then we will look to honor his last words before He/Jesus Christ ascended into Heaven. Go tell the world about me. Jesus did not ask us to think about it. He did not say maybe we should do it one day. He did not suggest that it was only for the pastor, deacons or elders but it was for all Believers to tell other the Good News of Salvation. As such we are all ordained for a mission, set aside for a special purpose and intended to do great things in God's name. In fact, like Nehemiah in the Old Testament we are all Lay Ministers to who God has a divine mission for us to accomplish. Be it globally or locally, God wants to do great things through you: the church. Gods people the church consists of many attributes:

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Helping Taxpayers File Back Tax Returns for Decades

Back Taxes 101

When addressing old back taxes and getting old returns filed and addressed, installment plans are great options for taxpayers who are not able to either qualify to submit an Offer in Compromise or to pay the tax in full, while asking the IRS for penalty abatement. Though these are often much better financial options, as they frequently result in a lower cash outlay, I have learned during the thirty years I have served Metro Atlanta Taxpayers that frequently the least expensive option is to pay the taxes and interest in full, while requesting abatement of previous tax penalties assessed. This option is for those who do not either meet the rules, guidelines and procedure for submitting an Offer in Compromise.

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Protecting Yourself from Identity Theft

No one can doubt the immeasurable benefits of the information revolution. Today, thanks to e-mail and the Internet, many of us are more productive, informed and connected than ever before. Unfortunately, as a result, we are also more vulnerable. The statistics are startling. According to a 2006 survey conducted by The Better Business Bureau and Javelin Strategy and Research, nearly nine million people were victims of identity theft, costing a total of approximately $56.6 billion.

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Addressing IRS Back Taxes During IRS Tax Audits

Tax audits are selected based upon prescribed criteria including random selection, a statistical test (checking potential audit exposure based upon income/deductions claimed) called a Dif test, and for those industries where the IRS has determined there are potential non-compliance issues. Though your audit is more than likely a pure random selection being sure you are ready and that all of your audit exposures are adequately addressed in advance, by an independent party/your CPA, will do much to ensure that when the audit occurs you are ready. As John Wooden was quoted "Failing to Prepare is Preparing to Fail" so being sure to retain a CPA as your Power of Attorney as soon as possible. While serving as a CPA in Metro Atlanta for thirty years, this is the single largest mistake I see taxpayers make during the performance of an IRS audit.

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Addressing Unpaid/Unfiled Back Taxes

For those taxpayers who have not filed their tax returns for the past several years the filing of these old back returns is often the easiest and quickest way to assess the obligations and correct the records of IRS tax assessments/calculations. In the review of past taxes that were either filed or assessed by the IRS, a CPA can learn of missed deductions and to legally amend past filed tax returns. This is one of the first and most important steps in the tax review process to ensure that our tax obligations to the IRS include only monies that are legally owed and do not include any tax bill amounts that are not legally owed. Our tax system expects taxpayers to pay only what they owe and it is up to CPA's and their clients to ensure that only their just tax amounts are listed as due and payable. Having served as a CPA in Atlanta for over 28 years, the non-filing of old tax returns is one of the quickest ways to find yourself in increasing tax trouble, financial difficulty, liens, levies and garnishments.

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Tax Posturing When Submitting an Offer in Compromise

The rules of submitting and the processing a successful Offer in Compromise require an understanding of tax law, the Offer Process and the wisdom and discernment of motivation, tactical issues and perseverance. When working through these issue with the IRS it is best to diligently keep these ideas in front of both the client and the IRS to both manage expectations and to ensure a successful IRS experience/victory. Below please find a sample letter that can be used to affect the process positively.

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Time Critical: Processing an Offer in Compromise/Addressing Back Taxes with the IRS

Usually one of the main issues that causes an Offer in Compromise is a taxpayer not filing and paying their taxes on a timely basis, in essence, their inability/lack of desire to address their tax obligations and filings as they become due. Thus, one of the biggest obstacles for the CPA/Tax Advocate is to help the taxpayer to get motivated. To this end, most all tax representation work requires the CPA to help the taxpayer change their paradigm going forward and to address all strategic tax issues before they become problematic and even more expensive resulting in undue fines and penalties, levies and garnishments. To this end I help taxpayers understand both the specifics and the applications as they relate to them and the generalities of the process as detailed at http://www.hiscpa.com/irs-representation.html

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 Preparing for and Surviving an IRS Audit

Surviving a IRS Audit or one from the Department of revenue begins with receiving an audit letter. Before you do anything to respond to the notice yourself to the State of Georgia or the Internal Revenue Service be sure to retain as your Power of Attorney as Certified Public Accountant/CPA. An audit is an extremely stressful process but a CPA who is well versed in such issues. Even if you have done nothing wrong, the retention of successful experience CPA will do much to ease your stress, allow you to focus on your business/job and to have someone in your corner. A CPA/Power of Attorney will deal aggressively to both protect your interests and to ensure you pay your lowest legal possible tax. Having served as a CPA in Metro Atlanta for decades, the largest failure that I see business owners and individual taxpayers make is the failure to retain a Power of Attorney "Day 1" when the IRS audit is received.

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Incorporating can Help with IRS Tax Issues and Addressing an Offer in Compromise

Frequently I am invited in to address a tax situation where a taxpayer has either filed their own tax returns or has a CPA who has not yet addressed all of the tax nuances associated with not using the best entity choice for their business to this end I focus on in the Initial Meeting, preparation and forwarding of Power of Attorney, forwarding of rules to submit and Offer and Compromise and tax savings of incorporating your business as an S Corporation. For tax and legal protection issues I would suggest setting up an S Corporation for their business ASAP, as all of the tax savings and liability protection is prospective and not retroactive. Also, it is prudent to also address and correct what is the cause of a tax problem and not wait for a situation to worsen. To read more about how being an S Corporation can benefit your business review the article and example at http://www.hiscpa.com/article2.html  Having served as a CPA in Atlanta for decades the failure to incorporate is perhaps the most common error business owners fail to consider as they begin their new company.

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Nuances of Incorporating You Ministry as an S Corporation, LLC or Non-Profit

Frequently I get called to help those setting up a new entity striving to learn whether their ministry should be a 501(c) or S Corporation. A recent statistic indicated there were approximately 640,000 of active domestic entities in Georgia and 58,000 which are foreign (incorporated in other states). Of those, 303,000 of the domestic corporations are for profit, 65,000 are non-profits, and 246,000 are Limited Liability Companies. LLC's continue to be very popular since their becoming possible in Georgia approximately fifteen years ago and continue to be used more than ever before. Due to their ease of formation, the lack of a need for a formal Board of Directors, and that there is no requirement for owner/active members to take a salary, the administrative burden of operating an LLC makes it an attractive choice when considering corporate structure.

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Internal Revenue Service Tax Advocate Office

For years the IRS has had an Tax Advocate Office for taxpayers who are need a little additional help in having their answers satisfactorily addressed with the Service. Before you reach the point as an individual or corporate taxpayer you will have wanted to be sure to have retained the needs of a CPA who is well versed in taxpayer representation issues with a history of success with the IRS. Care should be exercised at every level of the representation process to ensure that effective and concise correspondence it utilized so that the process is furthered along the way, rather than unduly hindered. The below letter is a sample of what might be sent to the IRS along with the attendant correspondence to ensure fair, just and effective communication:

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Helping Your Entrepreneurial Business Grow Using a Part-Time Chief Financial Officer/Virtual Controller

A CPA who is well versed in Business Issues can be much more than just a tax return preparer. If you are a business owner, run and do not walk to the nearest and best CPA you can find. Utilizing the services of a CPA with a divergent track able and proven history of success is essential to long-term success as an entrepreneur in Atlanta and throughout America. Below are just a few of the items a CPA can do to help you with more than just your tax returns.

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Filing Old Tax Returns: Turning and Repenting...Taking Christianity Into the World

Recently I received the attached letter from a taxpayer looking to address their unfiled and unpaid back taxes. The fear and the sin is not in the repenting but from not doing so. Our faith is centered and based upon forgiveness to all who honestly seek it and turn from their past and look to live in the light of Jesus Christ. The below highlighted paragraph is the letter received and the next several paragraphs my response. Believers who are seeking to better themselves and to walk closer with Christ need our support and our prayer and not our judgments and condemnations. Look at those around you in your family, work, school, neighborhood and church whom you can lovingly guide back to our Lord and Savior.

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How to be Sure Your Internal Bookkeeping is Correct

Below is a list of items you might use to critique to your internal books. Each and every company should prepare one that is specifically designed to their business to ensure that their financial results are carefully monitored and operating integrity retained. Serving as an Atlanta CPA for over thirty years, I have learned that both having and referring to a "well-kept" set of internal books is a sign of all successful entrepreneurs. The attached checklist will be a good start to ensuring that your own company's books are correct:

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Getting Ready for the Rest of Your Life: Planning for Retirement  

1. What will I do when I retire?
2. What will my lifestyle be like?
3. Can I afford to retire?  

If those questions are plaguing you as you get ready to retire, please know that you are not alone. I speak with individuals all of the time who are contemplating their retirement without knowing the answers to these questions. As an investment advisor, I am often times able to help people formulate strategies to invest what they do have today, so they have a safe and secure tomorrow.I specialize in a different type of asset. In fact, most people don't really think of it as a retirement solution. Let me give you an example. Let's say that you had $500,000 in your IRA. Because it's more than likely invested in the stock market, the IRA could be worth $500,000 today and worth $10,000 tomorrow. "Impossible", you say. Would You Risk Your Retirement Monies?

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How to Save Money on Health Care  

Whether you buy your healthcare coverage through your employer or independently, you need to look at your coverage the same way cost-cutting entrepreneurs do. Buying coverage in the future won't stop at finding the best price - what you pay increasingly will involve how well you personally manage your health. According to a report last year by benefits consultant Watson Wyatt, nearly half (47 percent) of the 453 large U.S. employers currently offer a consumer-directed health plan (CDHP), a high-deductible plan offered with a personal account that can be used to pay a portion of medical expenses not covered under the plan. It's the same concept as the pairing of a high deductible health plan (HDHP) with a health savings account (HSA). Also, don't be surprised if your employer or insurer is going to get tougher about you losing weight or quitting smoking.  

Here are some ideas to help you take the first step in monitoring these costs: 

Change your negative healthcare behavior: Losing weight will not only have immediate health benefits, it will also make your health insurance options and potential out-of-pocket costs more affordable over time. A Stanford University and Rand Corporation study reported that lifetime medical costs related to diabetes, heart disease, high cholesterol, hypertension and stroke among the obese are $10,000 higher than among the non-obese. It added that lifetime medical costs could be reduced by $2,200 to $5,300 following a 10 percent reduction in body weight.   Read more

Loving Others Through Difficult Times...Taking Christianity Into the World

Just recently I received the attached letter (which of course was sterilized to protect all parties concerned) from a Believer who was seeking to be obedient to God's word. Perhaps the most difficult verse of all in the Bible is Philippians 2:3 which calls us to respect and consider others better than ourselves even though, perhaps intellectually, the facts suggest otherwise. The letter is as follows:

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Tax Garnishments, Collection Issues, and Offers in Compromise

Often when the tax man cometh, he does so with an iron fist and a hammer. Frequently in striving to address tax issues, situations frequently worsen before they can get better as it takes time for items to be "worked through the process." This is a sample letter that might be used when the state is pursuing aggressively collection methods including a garnishment. Working with a CPA is your best course to ensuring that you pay only the taxes that you owe while ensuring that any penalties that might be abated are done so, using your rights as a taxpayer to your advantage.

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Tips to Keep Vacation Spending in Check  

As the economy continues its climb out of recession, many families might be thinking twice about what they spend on the annual summer vacation. But there are ways to preserve the tradition by being smart about spending. Some ideas:  

Get on the mailing list: For any possible destination you can think of, go to their Web sites early and get on their mailing list. You might get plenty of endless chatter from the hotels, amusement parks and other destinations you.re interested in, but you might also find coupons to those locations and other linked businesses that could save you money. Also go to travel magazines to see whether signing up might deliver similar money-saving offers. Most important, go to the tourism Web sites of the states you.re planning to visit to take advantage of coupons and specials. You might also find events and activities to attend that aren't publicized anywhere else. Read more