| Greetings!
Well the regular tax season for 2012 has come and gone. Everyone at Joshua Wilson CPA PC would like to personally thank you for your business. It is because of clients like you that make our business a success. We are constantly on the look out for ways to keep our services above and beyond your expectations. We are always open to suggestions and would love to hear from you so feel free to contact us anytime with ideas.
We have packed this April & May issue of our newsletter with some helpful tips. Let us know if there are any topics you would like to see covered.
We did notice a few positive trends looking at our clients 2011 year end results. We have a wide range of industries represented by our clients and it appears that for the most part across the board things are starting to look up. Hopefully this is a good sign for our economy and all of our clients.
Thanks!!
~We appreciate your business! We look forward to providing you with great service and consistently exceeding your expectations!~
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KNOCKING OUT DEBT
Wouldn't you like to do this?
Debt has become the "normal" way of life for everyone. We live in a society that has to have everything now and debt has become the solution to that craving. So many people look at knocking out debt as something that is impossible to do. If you would like to learn more about knocking out debt Read on....
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LLC CONVERTING TO AN S-CORPORATION
Should your LLC convert to an S-Corporation?
In the beginning phases of a business getting setup the owner(s) had to make the decision of what type of entity their business would be. They made this decision while setting up the legal entity and while obtaining their Federal ID#. In this article we will discuss those that chose to be an LLC and the fact that they have the option of filing an S-Corporation election in the initial setup or converting to an S-Corporation at a later date. If you would like to learn more about how to switch, whether your LLC should switch, or the benefits of converting to an S-Corporation please Read on...
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MAINTAINING CORPORATE MINUTES
Does your business keep up with Corporate Minutes?
Along with the many other things that a business owner needs to keep up with for their business, there is the need to keep up with the business Corporate Annual Minutes. Just as the name suggests, they should be kept up with once a year. Minutes are a legal paper trail way of showing the decisions the company made. Whether it be electing a new officer or many other decisions, the minutes help legally document what occurred. A lot of business owners think that they need only to file their annual registration with the Secretary of State each year to keep their business legal. Corporate Annual Minutes are needed in order to keep the business a legal entity as well. The Minutes are not required to be sent in to any agency, but are needed to be maintained in the business records. Below are some basic items that are included in Corporate Annual Minutes.
Some Important Items In Corporate Minutes
- Company Name.
- Date & Time Of The Meeting.
- Directors & Shareholders Present For The Meeting.
- Corporate Actions Taken And Decisions Made At The Meeting.
- Date & Time Of The Next Meeting.
Under a Tax audit the Corporate Minutes could be requested from the IRS. There may be something on the tax return that they would want to see if the decision was properly documented and made to support the tax position taken. Having proper Minutes that support a tax position, certainly helps you out. Hopefully by reading this article it will get you thinking about your business Corporate Annual Minutes. Please contact us if you have any accounting, tax, or business needs and we would be happy to help you out.
****Although the list above shows the basics and should serve most business Minutes, you might want to consult with an attorney for major decisions to be sure they are documented properly as this article is not intended to be legal advice but to stress the importance of maintaining Minutes.****
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