Tax Appointment Essentials

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ASAP works in tandem with many CPA's to help small business with their accounting needs.  For those looking to get organized and save time prior to their tax appointment; you should ask your preparer for a list of items they would like you to gather ahead of your appointment.  Here is a generalized list we have put together for example:

General Tax Preparation List

  • Legal Name of the entity
  • Tax ID's: FEIN, Colorado Revenue account number and/or Colorado Dept. of Labor account number
  • A description of the business you operate
  • Current business physical and/or mailing address
  • All bank account and credit card accounts reconciled for the tax year 
  • Income statement for the year that shows all sources and types of income and expense separated and summarized by category (Sample categories below): 
    • Gross receipts (ALL income you receive)
    • Returns/refunds
    • Cost of goods sold
    • Advertising
    • Auto expenses
    • Commissions and fees
    • Contract labor
    • Employee benefit programs
    • Insurances by type
    • Interest expenses by type
    • Legal and professional services by type
    • Office expenses
    • Pension and profit sharing plans
    • Rent or lease of office
    • Rent or lease of vehicles, machinery, equipment
    • Repairs or maintenance
    • Supplies
    • Taxes and licenses
    • Travel (transportation, accommodation)
    • Travel meals and entertainment
    • Local business meals and entertainment
    • Utilities on business property
    • Wages paid to others
    • Telephone expense (business portion, never a first line into your home)
    • Dues and memberships/subscriptions
    • Other itemized/categorized expenses
  • Expenses related to rental properties: 
    • Advertising o Auto/travel
    • Cleaning and maintenance
    • Commissions paid
    • Insurance
    • Legal/professional fees o Management fees
    • Mortgage interest
    • Repairs
    • Supplies
    • Property and rental unit taxes
    • Utilities you pay
    • Improvements
    • For depreciation - basis information
  • Balance sheets as of the end of the current year and prior year
  • Information on any assets acquired during the year - including description of asset, date and cost
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S-Corporations

  • Date of incorporation 
  • Effective date of S-election
  • List of shareholders, including full name, full address, Social Security number
  • List by shareholder of number of shares owned
  • List by shareholder of whether passive investor or active participant
  • Information on any changes during the year to shareholder(s) and/or shares owned (with specific dates of changes)
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C-Corporations

  • Date of incorporation
  • Identification of fiscal/accounting year
  • List of shareholders, including full name, full address, Social Security or employer ID number
  • List by shareholder of number of shares owned
  • List by shareholder of whether passive investor or active participant
  • List by shareholder of country of citizenship
  • Information on any changes during the year to shareholder(s) and/or shares owned (with specific dates of changes)
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LLC's

  • Date of organization
  • Tax treatment - sole proprietor, partnership, C-corporation, S-corporation
  • If S-corporation, effective date of S-election
  • List of members, including full name, full address, Social Security number
  • List by member of percentage membership/ownership
  • List by member of whether passive investor or active participant
  • List by member of country of citizenship
  • Information on any changes during the year to members and/or percentage of membership/ownership (with specific dates of changes)
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Partnerships

  • Date of organization
  • List of partners, including full name, full address, Social Security number or employer ID number
  • List by partner of percentage partnership
  • List by partner of whether passive investor or active participant
  • List by partner of country of citizenship
  • Information on any changes during the year to partners and/or percentage of partnership (with specific dates of changes)
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Tax Exempt Organizations - Gross Receipts (Income) Generally less than $50,000

  • Date of incorporation
  • Identification of fiscal/accounting year
  • Grand total revenue for the year (from all sources and types)
  • Value of total assets at year end (money, computers, furniture, etc)
  • Full name, address, phone, email address, and title of principal officer
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Tax Exempt Organizations - Gross Receipts (Income) Generally greater than $50,000

  • Date of incorporation
  • Identification of fiscal/accounting year
  • List all board of directors/officers who served at any time during the reporting year:
    • Full name and title (title at end of year)
    • Average hours worked/volunteered per week
    • Total of compensation received (W-2 or 1099, not reimbursements)
  • Identification of who will sign the return
  • Number of volunteers who provided service during the year
  • List of donors of $5,000 or more during the year: full name, address, and amount given
  • Program service accomplishments - how many people helped/served and in what way
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