Year-End Tax Tips and Reporting Checklist - Tax Reporting Checklist

One of the most important ways you can lower accounting and tax fees is being proactive in providing year end information to your CPA.  The following is a checklist of important year end items:

Has this information been reported?

•    All in-house payroll
•    Voided checks
•    Employee pension information
•    Group term life adjustments
•    Tax deposits made for an amount other than the amount on the deposit notice
•    Tip allocations for TEFRA
•    Compensation adjustments paid to employees that need to be included on employee Form W-2 (i.e., charitable contributions, union dues)
•    Other amounts in Form W-2, Box 14
•    Any premiums for health and accident insurance paid by an S corporation on behalf of 2 percent shareholders/employees
•    Taxable cash and non-cash fringe benefits (i.e., personal use of a company car)
•    Third-party sick pay insurance benefits
•    Educational assistance reimbursements
•    Any dependent care services provided to employees under an employer-sponsored program
•    Identification numbers for every tax agency

Has this information been verified?

•    Employees’ names and addresses
•    Employees’ social security numbers (SSNs)
•    1099 payees’ SSNs or taxpayer ID numbers
•    Identification numbers for state and local agencies on each return

The items in these lists may seem basic, but year after year, we see that not reporting or providing inaccurate information for one or more of these items results in some of the most commonly made mistakes and creates time consuming work for the CPA; which can be avoided