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End-of-year Checklist

End of year organization is critical for a successful, timely filing. January will be extremely busy across all CPA firms and we may be at rush, premium rates, so the time to get this organized is now. Please reply directly to this email if you need assistance with any of the below:

For non-business owner clients:

  • Contributions to retirement plans must be made for employees. Our recommendation is the maximum at $18,500. Please see us for guidance pertaining to Roth Conversions
  • Tax forecasting – for taxpayers that are employees with habitually under-withheld taxes, please calculate and set aside your forecasted tax amounts. See us for assistance
  • For clients that have recently been paid on 1099-MISC as a contractor or on K-1s from a partnership, please see above point. The IRS expects that you make estimated tax payments throughout the year and not just byApril 15th.
  • For clients with general consulting needs or any other tax questions, the time to reach out is now.

For clients that own a business or have started one since we last spoke, please note the below tasks that should be addressed now:

  • End of year bookkeeping review: Even though it is November, most of the months are over. Have your bookkeeper go over the year-to-date P&L and Balance Sheets to make sure they make sense.
  • 1099 contractors: if you have paid anyone over $600 in the year, you must filea 1099. Please email us for the 1099-filing checklist.
  • Payroll: if you are a Subchapter S corporation and you do not have payroll, remember that payroll is mandatory per Federal IRS guidelines for this entity type. It may not be too late to full fill this requirement.
  • Retirement plan contributions: for clients that own a business, this is the time to plan amounts of contribution & plan type. Email us for options based on your business type.
  • For clients with general consulting needs or any other tax questions, the time to reach out is now.

Need some help? Please fill out the form below and one of our specialists will get back to you immediately.

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