Basic information
1. Your previous year’s federal, state, and local tax returns
2. Your Employer Identification Number (EIN)
3. List of states and their ID numbers where your business has reporting requirements
4. Your articles of incorporation or bylaws, including any amendments
5. Form 8832 if a check-the-box election was filed
6. Estimates of all your state and local tax payments and payment dates
7. Each individual or entity owning 2% or more of a corporation’s stock, and their information (name, address, TIN, and percentage owned)
Government forms (if applicable)
1. 1099 forms
2. Schedule K-1 Partnership, S-Corporation, and Estate Trust income
3. Granted credit certificates issued by federal or state taxing authorities
Financial Records
1. Trial balance, Income statement, and Balance sheet
2. Statements from bank and credit cards
3. Summary or copies of all 1099s issued
4. Summary or copies of all W-2s issued
5. Summary or copies of all federal unemployment, social security, and Medicare taxes paid (form 940 and 941)
6. State and local payroll taxes paid
7. For multi-state businesses: report sales, payroll, and property values for each state
8. Schedule of carryover losses, deductions, and credits from prior year tax returns
9. Cost of goods sold / cost of service for the year
10. Ending inventory, valued at cost
Asset records (Your CPA will likely provide this)
1. Prior year depreciation schedules that include: asset cost, date of acquisition, prior depreciation, and business use percentage
2. All assets acquired in year with: date of purchase, cost, trade-in allowances, and business use percentage
3. Sales proceeds from any assets disposed of during the tax year, along with date of purchase, cost, trade-in allowance, expenses of the sale, and accumulated depreciation
4. Mileage logs for owned and leased vehicles (business and total use
5. Gas and maintenance costs of vehicles owned and leased.
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 CPAs
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 an 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 in reliance upon the information contained herein.
If you need assistance, please fill out this brief webform and we’ll get right back to you.