
For clients engaged for monthly accounting or accounting review services
To ensure the accuracy of your data, your Accountant in Charge (AIC) will manage your Tax-Ready Business Return Checklist.
When verification of any item is required, your AIC will contact you.
For clients who manage their own books
To ensure the accuracy of both your Balance Sheet and P&L, you will need to verify the following before our team can prepare your business return.
Balance Sheet
- Reconcile all bank and credit card accounts through 12/31
- Upload an EXCEL document with a tab for each of the following reports:
- P&L
- Comparative Balance Sheet (compares current tax year to previous tax year)
- General ledger
- Upload your December bank reconciliation report and verify that any outstanding checks are correct and will not be written off or reissued
- If you have inventory, do a physical count as close to 12/31 as possible and verify the amount on your balance sheet
- Verify the following via email or by uploading a statement:
- Current Asset amounts are correct
- If you have Accounts Receivable, verify amounts are collectible
- Current Liability amounts are correct
- Any outstanding checks are correct and will not be written off or reissued
- Upload a list of all new assets that cost $2,500 or more, including a detailed description of each item (ex: Dell Latitude laptop for reception)
- Review all expense accounts for purchases greater than $2,500 and move them to a fixed asset account
- Review all fixed asset accounts for purchases less than $2,500 and move them to an expense account
- Upload a list of all asset sales or disposals, listing the sale price for any asset that was sold
- Upload any December loan statements or verify via email that any Long-Term Liabilities are correct
- Include all loan amortization schedules
Profit and Loss Statement (P&L)
- Upload any 1099-MISC and 1099-NEC forms issued to you
- Upload W-2s (including officers) and W-3s
- Document sales by state
- If you have business vehicles, send in both total and business mileage for the year
- If you have a home office, supply the following:
- Total square footage of your home
- Square footage used exclusively for business purposes
- Verify that all entertainment expenses (tickets, golf fees, etc.) have been separated from meals as they are no longer deductible
- Separate 100% deductible meals from 50% deductible meals:
- 100% deductible meals: promotional business development events, office parties, and meals provided as cost of services to clients
- 50% deductible meals: meals/beverages with clients, vendors, or employees at restaurants to discuss business matters, or food and beverages at the taxpayer’s business premises for employees
- Note any business expenses paid with personal funds that are not already included in your books
- Explain the nature of any unusual transactions during the year
- If you received any COVID-related loans, grants or ERTC credits, upload all relevant details
- Upload details of any ownership changes:
- Name, address, and SSN for any new shareholders, along with the number and price of purchased shares
- Address updates for any current shareholders