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Tax Preparation Checklist for Businesses
As an Enrolled agent I am ethically bound to help you pay the lowest tax you are legally required to pay. This list will help us do our job. It is a concise, though not exhaustive, outlines of some of the documents we will need when we meet with you.
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A copy of last year's Federal and State tax returns.
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Articles of incorporation, partnership agreement, etc.
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Copy of current period balance sheet, income statement, trail balance and general ledger
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Copy of all bank or asset statements for all accounts used by the business.
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Prior year financial statements
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List of all business owners including:
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Name, social security numbers, address, % of ownership, date ownership acquired and detail of distributions
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Schedule of owner fringe benefits received
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Schedule of loans to/from owners including loan agreements
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Details of any related party transactions
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Copies of all payroll forms and 1099 forms for the year
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Amounts of any estimated tax payments
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Listing of interest and dividend income
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Vehicle information and use including vehicle leases
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Information on any employee benefit plans including retirement plans, health insurance, etc.
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Details of meals and entertainment expense
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Any Internal Revenue Service and Department of Revenue correspondence received during the year
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List of any activities in other states
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Copies of the prior year fixed assets and depreciation schedules
Be sure to consult a Tax Professional if you think any of the matters discussed here concern you or your business: this is not intended to be the complete story. Also, be sure your tax advisor is one of your area's many qualified Certified Public Accountants or Enrolled Agents. Last year only 3% of the tax preparer penalties assessed by the Internal Revenue Service was given to C.P.A.'s or E.A.'s, the balance, 97%, was assessed on so-called independent "tax preparers." Be smart, entrust this very important job to a qualified professional.
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