General Check List for Corporations, LLCs (Partnerships) and Sole Proprietorships
These are the items requested for your tax appointment:
- Complete set of books (balance sheet and income statement) print out from accounting package
- Cash Receipts and disbursements summary if this method is used
- Checking account bank statement as of December 31
- Savings account bank statement (if any) as of December 31
- Have all monthly bank statements handy in one folder
- Detail of fixed asset purchases (vehicles, equipment)
- Proceeds from any sales of assets noted (include what was sold)
- Real estate settlement sheets, if any
- Copies of quarterly 941s
- Copy of W-3 transmittal
- Stock ownership changes
- Inform us of any dividend distributions
Questions:
- Whether your corporate minute book is up to date?
- County or city property tax returns to be filed?
We will follow up with an exhaustive list of questions during preparation time.
Checklist for Contractors:
- Label any construction projects in progress
- Amount of billed unreceived revenue/unpaid expenses at year end (A/R & A/P)
- What is the status of contracts at year end?
- Any in process of completion?
- If so, what is the amount of revenue and expense that have been recorded so far if not complete?
- We will need to make an entry for deferred revenue if a contract is not complete at year end.
Record Retention Schedule:
| Copies of tax returns |
forever |
|
Paid vendor invoices |
3 years |
| Tax/legal correspondence |
forever |
|
Employee payroll records |
3 years |
| Contracts and leases |
forever |
|
Depreciation schedules |
forever |
| Real estate records |
forever |
|
Property tax returns |
forever |
| Bank statements |
6 years |
|
Copies of paid loans |
forever |
| Accounting records/books |
6 years |
|
Canceled checks |
3 years |
| Employee expense records |
3 years |
|
|
|
