Year End Checklist for Businesses

Checklist

2013 is almost over and there are some important tasks to take care of before the end of the year. Acting now will help you later when the tax deadlines begin in 2014 for businesses. Save yourself time and stress, and start your checklist now!

  • 1099 Miscellaneous Forms: Review vendors paid during 2013 for possible 1099s to issue. Make sure you have a completed W-9 form on file with the name, address and taxpayer identification number. 1099s are required to be filed for an payment for services to any unincorporated business or individual whose payments equal $600 or more during the year. Count your required forms and order your 1099s forms now. Information on requirements for additional 1099 forms for other types of payments can be found on irs.gov
  • W2 Forms: Send a reminder to all your employees to check their address on their next paycheck. Ask them to contact you with any address changes prior to year end so the address will be correct on their year end W2 statement. Remind the ladies who may have gotten married or divorced their name on file should agree with their social security card at December 31st. If you process your own payroll, be sure to order the necessary W-2 forms you will need for all employees paid during 2013. If you have a payroll services, be sure to complete their year end payroll processing package to insure your services are complete and accurate.
  • Business License: Don’t forget to renew your business license for your county and/or city by December 31st when most expire. If you haven’t received your renewal package in the mail, contact them to get your information. Plan ahead since some require specific information to renew such as notarized signatures or sales revenue numbers from your accounting.
  • Asset List: Update your asset list for any disposed or new assets. Typically your accountant will have this list and can supply it to you. It is a good time to review your assets to determine if you have any need to purchase any new assets before year end. If cash flow allows, you may want to make purchases now to allow you take depreciation deductions against profits. Discuss your options with your accountant.
  • Calendar: I recommend you update your 2014 calendar for all deadlines you have for all business operation activity such as payroll, payroll tax deposits, payroll tax returns, business license renewals, corporate registration renewals, insurance renewals, income tax payments, income tax returns, sales tax returns, rental agreement renewal, etc. Schedule your reminder on your calendar in advance of the deadline and reference the deadline date. The period of time for the advance notice can be a week or more to allow you time to work on the tasks needed to meet the deadline. Planning ahead will keep your stress level reduced and keep you on track for the new year.
  • Bookkeeping: If you haven’t already done so, be sure to get your bookkeeping current so you can be ready to file your tax return. Now is the time to contact your accountant to discuss variances in your business income or expenses as compared to the prior year to determine if you need to make any changes prior to year end.
  • Payroll: If you process your payroll internally, be sure you have renewed your payroll software subscription prior to year end so it can be installed prior to processing your first payroll in the new year. Check with the IRS and your state for the current addresses to mail payroll tax returns if you do not file electronically since they sometimes change from year to year.

Keep this list handy and check it twice so you can make the transition to the new year stress free!

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