It’s the end of the season and you don’t want to miss any of the games on TV, but we’re into the New Year and there’s business to take care of. With the aid of a laptop you may be able to be productive while enjoying your favorite pastime, but be careful when you jump out of your chair to cheer a big play! 

There are certain steps you need to take to close your books for the year and get all the annual tax returns complete by the due dates:

Closing the Books

• Enter all transactions in your accounting system
• Reconcile bank and credit card accounts
• Compare year-end loan balance statements to amounts in accounting system
• Make year-end adjustments or accruals
• Review fixed asset purchases and make copies of fixed asset receipts to send to your CPA
• Review fixed asset list prepared by CPA and note any assets you no longer own
• Receive depreciation expense from CPA and enter into accounting system
• Print income statement and balance sheet for the year
• Compare income statement and balance sheet to figures on tax return
• Make backup of computerized accounting system

Due Dates for Tax Forms

• Prepare W-2s for employees by January 31^st
• Prepare 941 and State UTC-6 4^th quarter reports by January 31^st
• Prepare annual 940 FUTA report by January 31^st
• Issue 1099s to subcontractors by January 31^st
• Send W-2s and W-3 to IRS by February 28^th
• Send 1099s and 1096 to IRS by February 28^th
• Complete corporate tax return by March 15^th (for 12/31 year end) or file an extension
• Complete and send county tangible return by April 1^st or file an extension

If you have any questions regarding the information above, give us a call at (904) 396-5400 or email us at office@CPAsite.com.

Filed under: Accountants by Adam Robinson