december2021 - 8
FEATURE
Checklist for End-of-Year
Activities with Clients
By Bhairavi Parikh, CPA
AS WE MARCH toward the end of another challenging year,
the question remains, are we prepared for a glitch-free wrap
of the business year? Along with tax and accounting, there
are some tax, compliance, legal, information technology, and
HR-related tasks that are necessary to be completed for a
smooth transition into the new financial year.
TAX:
To ensure stress-free financial
close, here is a compilation of checklists
to be reviewed with your clients.
CREATE AND REVIEW THE TAX
PREPARATION PACKAGE
* Once financial statements are reviewed
and finalized,
it is essent ial
to compi le a
package with
standard and customized
reports, along
with workpapers for tax
preparation.
* Review tax package needs with
your clients to identify deductible
and nondeductible expenses.
* Retirement plans, charitable contributions,
capital gains, and distributions,
are some of the other items to be
considered for tax preparation.
PREPARE FOR REPORTING 1099s
* Collecting W-9s and W-4s for vendor
and employee setup is an activity that
needs to be performed continuously
throughout the year. Most tax pros
and accountants start data scrubbing
activities by mid Q4 to ensure smooth
reporting of 1099s. Review each vendor
setup for any missing information
required for determining eligible
payments for reporting purposes.
COLLECT SUPPORTING
DOCUMENTS/RECEIPTS
Review and collect any missing supporting
documents by year-end to
8 DECEMBER 2021 ■ www.CPAPracticeAdvisor.com
verify the accuracy of accounting
treatments and prepare the books for
any audits.
COMPLIANCE:
REVIEW LICENSE RENEWAL
REQUIREMENTS
* Business licenses, such as sales tax,
city licenses, and any other industryspecific
specialty licenses or permits
can require renewals. Review any
such requirements with your clients
to confirm compliance.
* Educate your clients about patents,
copyrights, and trademarks to help
them create and protect intellectual
properties.
FILE ARTICLES OF AMENDMENT
* Based on business structure, there may
be annual requirements to file articles
of amendments in case of any changes
to a business address, name, purpose,
and/or members during the year.
FILE AN ANNUAL REPORT
* Based on business structure, there
may be annual requirements to file an
annual report and hold board meetings.
Remind your clients about this to
ensure compliance.
FILE FOR ENTITY CONVERSION
* The past couple of years have been
economically challenging for most
business owners and required them
to change their entity structure. Any
changes in business structure require
careful consideration. Every state has
specific documentation and filing
requirements from the compliance
perspective.
http://www.CPAPracticeAdvisor.com
december2021
Table of Contents for the Digital Edition of december2021
From the Editor: Your Personal Enrichment Schedule for 2022
Evaluating the "New" Tax Season Normal for Tax Advisors
Gearing Up for Tax Season
Checklist for End-of-Year Activites with Clients
Calm Down - It's Only Taxes
How to be Proactive vs. Reactionary as a Tax Pro
From the Trenches: Client Experience for Today and Tomorrow – Ten Ideas for Your Playbook
Let's Build a 2022 Q1 Marketing Plan for Your Firm
Commemorating 100 Years of Black CPAs and Looking Forward
Why Your Firm Needs Gated Content
Dancing in the Dark: 2022 Will See Shifting Tax Regulations in the U.S. and Abroad
The Labor Law Advisor: Preparing for an OSHA Inspection
The Millennial Advisor: Avoiding the Inevitable
Accounting Meta Influencers Discuss Trends, Provide Actionable Insights
The Leadership Advisor: COVID-19 Taught Us the Importance of Slowing Down
Apps We Love: Apps for Charitable Giving
The ProAdvisor Spotlight: Integration of QuickBooks Online and Mailchimp Create Personalized Marketing Campaigns
The Staffing & HR Advisor: How a Learning Culture Can Transform Your Practice
Getting Paid by Venmo or PayPal? The IRS Will Know
AICPA News: A round up of recent association news and events
Bridging the Gap: 6 Tips for Managing Technostress
december2021 - 1
december2021 - 2
december2021 - 3
december2021 - From the Editor: Your Personal Enrichment Schedule for 2022
december2021 - Evaluating the "New" Tax Season Normal for Tax Advisors
december2021 - Gearing Up for Tax Season
december2021 - 7
december2021 - Checklist for End-of-Year Activites with Clients
december2021 - 9
december2021 - Calm Down - It's Only Taxes
december2021 - How to be Proactive vs. Reactionary as a Tax Pro
december2021 - 12
december2021 - 13
december2021 - From the Trenches: Client Experience for Today and Tomorrow – Ten Ideas for Your Playbook
december2021 - 15
december2021 - 16
december2021 - Let's Build a 2022 Q1 Marketing Plan for Your Firm
december2021 - Commemorating 100 Years of Black CPAs and Looking Forward
december2021 - 19
december2021 - Why Your Firm Needs Gated Content
december2021 - Dancing in the Dark: 2022 Will See Shifting Tax Regulations in the U.S. and Abroad
december2021 - The Labor Law Advisor: Preparing for an OSHA Inspection
december2021 - The Millennial Advisor: Avoiding the Inevitable
december2021 - Accounting Meta Influencers Discuss Trends, Provide Actionable Insights
december2021 - 25
december2021 - 26
december2021 - 27
december2021 - The Leadership Advisor: COVID-19 Taught Us the Importance of Slowing Down
december2021 - Apps We Love: Apps for Charitable Giving
december2021 - The ProAdvisor Spotlight: Integration of QuickBooks Online and Mailchimp Create Personalized Marketing Campaigns
december2021 - The Staffing & HR Advisor: How a Learning Culture Can Transform Your Practice
december2021 - Getting Paid by Venmo or PayPal? The IRS Will Know
december2021 - AICPA News: A round up of recent association news and events
december2021 - Bridging the Gap: 6 Tips for Managing Technostress
december2021 - 35
december2021 - 36
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