Accounting

1) Business Tax Returns 1065

1. Financial statements and general ledger for the year
   
1. Business checkbook
2. Daily summary of cash receipts
3. Monthly summary of cash receipts
4. Check disbursements journal
5. Depreciation worksheet
6. Employee compensation records
2. Prior year accumulated adjustment account reconciled to current year
3. Depreciation and amortization schedules
4. Complete final year end bank reconciliation
5. Copy of Previous year tax return
6. Partnership agreement or deed showing the share of each one to prepare Sch K1
7. copy of form 3115 if change of accounting period

If this is the first year of business then

Gross receipts: You should give us supporting documents that show the amounts and sources of your gross receipts


1. Cash register
2. Bank deposit slips
3. Receipt books
4. Invoices
5. Credit card charge slips
6. Forms 1099-MISC


Purchases: Your supporting documents should show the amount paid and that the amount was for purchases.


1. Canceled checks
2. Cash register receipts
3. Credit card sales slips
4. Invoices


Expenses are the costs you incur (other than purchases) to carry on your business.


1. Canceled checks
2. Cash register tapes
3. Account statements
4. Credit card sales slips
5. Invoices
6. Petty cash slips for small cash payments

Balance sheet profit and loss account or trial balance
Travel, Transportation, Entertainment, and Gift Expenses
Employment record of your business that we need

• Your (EIN) employer identification number.
• Amounts and dates of all wage, annuity, and pension payments. (total wage summary)
• Amounts of tips reported.
• The fair market value of in-kind wages paid.
• Names, addresses, social security numbers, and occupations of employees and recipients.
• Any employee copies of Form W-2.
• Dates of employment.
• Periods for which employees and recipients were paid while absent due to sickness or injury and the amount
• Weekly rate of payments you or third-party payers made to them.
• Copies (Forms W-4, W-4P, W-4S, and W-4V).
• Dates and amounts of tax deposits you made.
• Copies of returns filed. (940-941-943)
• Allocated tips records.
• Records of fringe benefits provided

2) CORPORATION TAXES CHECK LIST

• Income and deductions of a corporation are reported on the basis of the annual accounting method and period used by the corporation in keeping its books (IRC Section 446). There are two general methods of accounting, the Cash Basis and the Accrual Basis.


• If your corporation uses the Cash Basis Method of Accounting, it should report income in the tax year it was received and deduct business-related expenses in the tax year it was paid. If your corporation uses the Accrual Basis Method of Accounting, it should deduct business-related expenses in the tax year those expenses accrued.
  
  
1. A copy of the last corporation tax return filed with the IRS, state, & city.


2. The filing receipt you received from the state where the business was incorporated.


3. The corporation's federal Employer Identification Number (EIN) obtained from the IRS and the State Identification Number from the state where it was incorporated.


4. Documents filed and accepted by the IRS and the state if the corporation has elected to file as a subchapter S corporation


5. A copy of your state sales tax certificate