Corporation checklist to file a tax return
Corporation checklist to file a tax return
- Tax Organizer
- Prior year tax returns – minimum of 3 years
- 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