Huntersville, NC CPA / DUNCAN CPA ASSOCIATES, PC

If you are starting a new business or planning to in the future, the New Business Kit can provide you with answers to your questions about finance, tax, and accounting. If you are already a business owner, this book can provide you with a tool for running your business.

The text of this book is for sale for a low price of $49.99. The price of the book will be deducted from the initial billing if you engage us to provide you with our accounting services. The following page shows the Table of Contents from the New Business Kit. Here is an excerpt from Chapter 1: Selecting a Legal Entity:

One of the first major decisions you will have to make as you start your new business is the form of legal entity it will take. To a large degree this decision may be dictated by the way you have organized your operations and whether you intend to work on your own or in conjunction with others.

The form of entity you choose can have a significant impact on the way you are protected under the law and the way you are affected by income tax rules and regulations. There are five basic forms of business organizations. Each has its own benefits and drawbacks and is treated differently for legal and tax purposes.

Sole Proprietorship

A sole proprietorship is typically a business…….

Table of Contents

CHAPTER 1: SELECTING A LEGAL ENTITY
Sole Proprietorship	.......................................................	1
Partnership	.......................................................	1
Corporation	.......................................................	2
S Corporation	.......................................................	2
Limited Liability Company	.......................................................	3
CHAPTER 2: REGISTERING WITH THE TAX AUTHORITIES
Internal Revenue Service	.......................................................	4
Business License	.......................................................	4
Tax Calendar	.......................................................	5
CHAPTER 3: ACCOUNTING AND BOOKKEEPING
Chart of Accounts	.......................................................	6
Cash or Accrual Accounting	.......................................................	7
Accounting Records and Record-Keeping	.......................................................	8
A Word About Computers	.......................................................	8
Internal Control	.......................................................	9
Illustrative Chart of Accounts	.......................................................	10
CHAPTER 4: PAYROLL TAXES
Available Publications	.......................................................	12
Tax Deposit Requirements	.......................................................	12
Federal Unemployment Taxes	.......................................................	13
State Unemployment Taxes	.......................................................	13
Supplemental Wages	.......................................................	13
Fringe Benefits	.......................................................	13
Other Tax Requirements	.......................................................	14
Tax Rates	.......................................................	16
CHAPTER 5: SELECTING A YEAR-END
Which Month to Choose	.......................................................	17
How to Make the Election	.......................................................	17
Changing the Year-End	.......................................................	18
CHAPTER 6: INCOME TAXES
Income Tax Forms	.......................................................	19
Estimated Tax Payments	.......................................................	19
Due Dates	.......................................................	20
Extensions	.......................................................	20
First Corporate Return	.......................................................	21
Tax Planning	.......................................................	21
State Taxes	.......................................................	21
Conclusion	.......................................................	22
CHAPTER 7: CASH PLANNING AND FORECASTING
Starting the Analysis	.......................................................	23
Cash Collections	.......................................................	23
Disbursements	.......................................................	24
Projected Statement of Cash Flow	.......................................................	27
CHAPTER 8: OBTAINING CREDIT AND FINANCING YOUR OWN BUSINESS
How Do I Get the Money	.......................................................	28
Financing Alternatives	.......................................................	29
Debt Financing Sources	.......................................................	29
Equity Financing Sources	.......................................................	30
CHAPTER 9: INSURANCE
Required Policies	.......................................................	32
CHAPTER 10: SELECTING PROFESSIONAL ADVISORS	.......................................................	34
CONCLUSION	.......................................................	35
EXHIBITS
Form SS-4 : Application for Employer Identification Number	.......................................................	36
Form SS-4 : Instructions	.......................................................	38
Form NC-BR : Registration Form for Commercial Employers	.......................................................	39
Form B-202A : NC Application for State Privilege License	.......................................................	40
Form W-4 : Employee's Withholding Allowance Certificate	.......................................................	42
Form I-9 : Employment Eligibility Verification	.......................................................	43
New Hire Report : State of North Carolina New Hire Reporting	.......................................................	44
Form W-2 : Wage and Tax Statement	.......................................................	45
Form W-3 : Transmittal of Wage and Tax Statements	.......................................................	46
Form W-9 : Request for Taxpayer Identification Number and Certification	.......................................................	47
Form 1096 : Annual Summary and Transmittal of U.S. Information Returns	.......................................................	48
Form 1099-MISC : Miscellaneous Income	.......................................................	50
Form E-500 : NC Sales and Use Tax Return	.......................................................	51
Form NCUI 101 : Employers Quarterly Wage and Tax Report	.......................................................	52
Form 941 : Employer's Quarterly Federal Tax Return	.......................................................	53
Form 940 : Employer's Annual Federal Unemployment (FUTA) Tax Return	.......................................................	55
Form 1040 : U.S. Individual Income Tax Return	.......................................................	58
Form D-400 : North Carolina Individual Income Tax Return	.......................................................	64
Form 1040-ES : Federal Estimated Tax Payment Vouchers	.......................................................	68
Form NC-40 : North Carolina Estimated Tax Payment Vouchers	.......................................................	71
Form 1065 : U.S. Return of Partnership Income	.......................................................	72
Form D-403 : North Carolina Partnership Income Tax Return	.......................................................	77
Form 1120 : U.S. Corporation Income Tax Return	.......................................................	81
Form 4626 : Alternative Minimum Tax - Corporations	.......................................................	86
Form CD-405 : North Carolina Corporation Income Tax Return	.......................................................	88
Form 1120S : U.S. Corporation Income Tax Return	.......................................................	94
Form CD-401S : North Carolina S Corporation Income Tax Return	.......................................................	98