HIS CPA - Checklist for Year-End Taxes

It is certainly that time of year again. Please be reminded that corporate returns are due March 15. If we want to file by the due date, I will need to receive your data in next few weeks so that I will have an ample amount of time to file. As always, I will file for the automatic six-month extension in the event I do not get the data in time. Please be reminded that an extension to file is not an extension to pay and that both the IRS and the state expect you to pay your taxes as you earn the monies.

To process your corporate return, please forward your balance sheet and your profit and loss and copies of any W-2's the corporation might have issued. If you have not yet done so, please be reminded that 1099's should be issued by the end of January; your payroll service will handle this if you get them the information. Before you send the current years financial please be sure to always review the prior years balance sheet on the tax return and ensure that your internal books equals the return while being sure to make any appropriate adjustments. That way you will be assured of starting the year off with a clean set of records which will otherwise distort you current years operating results.

To complete your corporate return, please forward your year to date Balance sheet, Profit & loss, Year end Bank Statements and Bank reconciliations, Aged Accounts Receivable, Year end Inventory, Aged Accounts Payable, Year to Date Payroll Records by Employee, Notes Receivable and Payable Balances at Year end, copies of new Notes, and the amount of medical insurance paid for each shareholder. If your company is new, please forward copies of the incorporation papers.

This is to confirm that you are aware are handling all of your payroll and independent contractor/1099 needs, of the need to have a business license, to pay the annual registration fee, to have your annual Board of Directors and Shareholders Meeting, and to file the county property tax report (please be sure to claim the Freeport Exemption on your inventory if you qualify as this can substantially reduce the amount owed). Please note that if you have not yet set up a retirement plan or have a formal financial plan, that I suggest that we sit down together soon to get the right plans in place to help ensure your long-term financial success!

This is to confirm that I suggest that you formally tax plan at least twice annually.

To process your personal return, please forward:

Copies of all reported income forms, i.e. Forms W-2, 1099, brokerage statements, interest, dividends, etc.
Summary of all medical expenses with copies of all individual items over $1,000.
Summary of property taxes with copies of all individual items over $1,000.
Summary of Advalorem Taxes (property tax on cars) with copies of all individual items over $1,000.
Summary of Mortgage Interest with copies of all individual items over $1,000.
Summary of cash and property contributions with copies of all individual items over $1,000.
Be sure to include any changes in address, dependents, filing status, or any other substantive changes from the prior year which would have impact on this years return.
Please forward student loan interest, child care expenses, tuition, and any other miscellaneous deductions/income.
Please be sure to let me know of any changes to the claiming of dependents, filing status, address, etc.

Please be reminded that the mileage rate for 2007 is 48.5 cents per mile and that it is 50.5 cents per mile for 2008. Please turn in an expense report monthly to get reimbursed for these and any other business expenses you might have paid personally. Please be reminded that extending the filing of a return does not delay the need to pay as you go as both the IRS & GA will bill you for penalties and interest if you do not pay your taxes during the tax year to which they relate.

I am looking to grow my business by adding key accounts like you with goals and aspirations just like yours. So if you know anyone looking for a Good CPA, please let me know and to check me out at www.HISCPA.com or our book ministry at www.John-Dillard.com

Please be sure to allow 10 days for me to complete your returns after I get all of the information needed.