Partnerships:
Basic information:
1. Your previous year’s federal, state, and local tax return
2. Your Employer Identification Number (EIN)
3. List of states and their ID numbers where your business has reporting requirements
4. Your partnership or operating agreement, bylaws and any amendments you’ve made
5. Estimates of all your state and local tax payments and the date paid
What each partner needs to provide:
1. Names, addresses, and the SSN/EIN of each partner for the tax year
2. Partner reports for owner contributions, withdrawals, and loans
3. Partner reports for guaranteed payments, compensation and benefits
Government forms (if applicable)
1. 1099 forms
2. Schedule K-1 Partnership and Estate Trust Income
3. Granted credit certificates issued by federal or state taxing authorities
Financial records
1. Trial balance, income statement, and balance sheets
2. Statements from bank and credit cards
3. State and local payroll tax paid
4. Summary or copies of all 1099s issued
5. Summary or copies of all W-2s issued
6. Summary or copies of all federal unemployment, social security, and Medicare taxes paid (Form 940 and 941)
What to give your bookkeeper
If you work with a bookkeeper, here’s what you’ll need to give them, so they can prepare tax-ready books for your CPA
1. Trial balance from your previous bookkeeping solution (only if this is your first tax season with your current bookkeeper)
2. Last year’s tax return – this helps your bookkeeper create and accurate balance sheet
3. CPA adjusting journal entries from last year – this also helps your bookkeeper create an accurate balance sheet
4. Lastly, notify your bookkeeper of any upcoming CPA meetings and deadlines – this helps them prepare your Year End Financial Package on time
This checklist is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor or tax advisor with respect to matters referenced in this post. RL Mohl and Associates assumes no liability for actions taken ins reliance upon the information contained herein
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