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A Clear Perspective


Tax Time Basics

IT'S TAX TIME AGAIN...

Your mailbox should be filling up with tax information you will need to get the job done.

This page is full of information to help you gather your tax documents we need in preparing your tax returns so that you will pay only the tax that you rightfully owe.

Corporation, S Corporation or Partnership Checklist

  • Your entity information, such as business code, start date, incorporation date
  • Principal Shareholders or Partners and their Tax ID numbers
  • If this is your first year of existence:
  • A copy of the state incorporation or partnership agreement
  • A copy of the letter received from the IRS after filing SS-4 showing Entity EIN number & official name
  • If an S-Corp, the filed IRS Form 2553 - Election, & copy of IRS acceptance letter allowing S-Corp status
  • Prior year Income Statement and Balance Sheet
  • Income Statement – All statements must consistently apply cash or accrual accounting method
  • Balance Sheet – Corporation -if receipts or assets greater than $250,000; Partnership – if Assets greater $250,000 or Receipts greater than $1,000,000
  • Shareholder/Partner Basis- Prior year reports and balances by person
  • Shareholder/Partner Contributions – current year
  • Shareholder/Partner Capital/Cash Distributions – current year

If Applicable provide the following information or statements:

  • Final bank account statement or listing of bank checking and savings balances – Cash on the balance sheet should be the cash on books not cash in bank
  • Bank loan Form 1098 with principle, interest & RE tax detail or statement of loan information
  • If you have inventory, provide beginning balance, purchases, expenses and ending balance
  • Assets disposed/ sold and additions
  • For shareholder or partner loans, provide details by person to include beginning and ending balance plus principal and interest paid
  • If you use personal credit cards for business expenses, provide a summary of separate business and personal total with proration of interest
  • Prior year shareholder Basis report from tax return or a separate statement – details on each shareholder or partner showing beginning, contributions, distributions and ending balances
  • Payroll W3 statement – Provide 941 and 940 forms if W3 not available
  • Corporation - A breakdown of Gross Wages for officers and /or shareholders
  • Provide details on federal and state unemployment payments
  • If employee benefits, provided break out of employer payments by type
  • Partner health insurance – break out details by partner
  • Provide information on meals and entertaining, separating employee and client amounts.
Collect all documents that apply to your business:
  • Asset additions and changes
  • Notes, Loans and mortgages held either in assets or liabilities
  • Capital/Cash contributions to the business by shareholder or partner
  • Capital/Cash distributions to shareholders or partners
  • Non-standard contributions or distributions
  • Employer and officer payroll information
  • Final Bank statement or bank reconsolidation showing cash in bank
  • Real property loan and real estate information
  • If the business employed independent contractors or made payment to unincorporated services/suppliers, provide copies of 1099-Misc issued.
  • If any shareholders or partners are residents of states not where business located or reside outside the US, provide details. There may be withholding requirements.
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