Atlanta Virtual CFO
Tax Mitigation / Compliance / Management Reporting / Strategic Planning / Profit Maximization
These articles and news pieces will do much to help guide you in understanding the many variances of tax law affecting small business entrepreneurs in America today and one you will want to book mark and return again and again for meaningful and relevant tax guidance and information.
To get a feel of the varying resources and depth of talents and offerings we offer as a Virtual CFO see how a virtual CFO can help your business, arranged by subject.
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 offense consisting of 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 Virtual CFO advises on tax mitigation, compliance and reporting detailing the “Top Five Ways a Virtual CFO Guides Your Business Economic Engine.”
Yes you can have a CPA advise you solely with tax preparation issues and tax compliance but there are avenues for tax savings and exposure that a Virtual CFO can guide and direct as your business grows and mature.”
Top 5 Ways a Virtual CPA Guides Your Business Economic Engine
- Anticipation. Many tax preparers are historical in their view, focusing on the past that is already over. Having blazed trials of rapid growing companies in the past, a Virtual CFO is already planning a company’s future steps.
- Business Savvy. A Virtual CFO of importance will have decades of experience and wisdom to rely upon when making short and long term strategic decisions. Business intelligence in terms of developing all types of agreements including non-competes, compensation plans, business acquisitions and sells agreements are just a few of the varying contractual types a Virtual CFO will have providing the needed depth and breadth and actual know how to get the job done.
- Business Law. Though a Virtual CFO will never replace an attorney in terms of drafting legal documents he will “know the ropes” in order to best advise a course of action that is the most appropriate in the circumstances. This will do much to avoid miscues while focusing on long term strategic operatives.
- Financial Interrelationships. Financial dynamics are at play in your business 24/7. A Virtual CFO is “at home” in understanding and applying tactical opportunities to your advantage. Seeing “through to the other side in both reaction and consequence” are the Financial DNA of a Virtual CFO.
- Uncle Sam. A Virtual CFO can help guide in the prudent application of Best Practices to assist and guide in Tax Mitigation, Tax Compliance and Reporting ensuring “your business can focus on the issues of doing business”. A Virtual CFO can also help in easing the economic and energy required should an issue outside the norms require tax advocacy and representation.
A typical week while serving as an Atlanta Virtual CFO 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 consult to evaluate their tax return preparation and the tax effects of entity selection when incorporating their new business.
- Reduced my annual fee on a client substantially to help them survive the continuing downturn in the economy.
- Advised a prospective business owner in evaluating a proposed business purchase and business entity structure.
- Followed up with several clients on tax planning issues as well as to get data in order to timely file their corporate and personal income tax returns while reminding them that all refunds filed three years after their original due date (including extensions) per tax law are not refundable.
- Evaluated tax returns filed by other tax preparers, noting opportunities for improvement to prospective client at no charge.
- Continued monitoring of a client’s Offer in Compromise that is presently with the IRS Appeals Office.
- Forwarded correspondence to a taxpayer to 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 for the prior 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 current and past tax years.
- 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 the current and future tax years.
- Discussed Penalty Abatement Issues with a Taxpayer facing garnishment and a levy/tax problem.
- Met with a new client to help them with their personal tax return.
- Wrote articles www.ChristianPost.com, 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.
- Assisted a taxpayer with issues for past amended returns while advising of the IRS ten year statute for collection of monies owed on returns after the later of an IRS assessment or the date the returns are filed.
- 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.
- Updated web-site at www.HisCPA.com with nuances on tax preparation issues and placed articles on our blog
- Posted several articles on www.LinkedIn.com
- Posted several articles on www.Twitter.com
- Finished all tax returns where complete data was present within 24 hours, some even faster.
- 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 our daughter on life/college choices.
- At His CPA, we believe your soul, heart and life are more important than work issues.
“It is VERY difficult to do one thing well.” These are words spoken to me several years ago that I will never forget. Complexity in business management for America’s entrepreneurs continues to become a way of life for today’s business owners. Working with a Virtual CFO will do much to help guide you through costly trial runs at success and help guide you ever closer to profit maximization and long-term success.