Business Year End Checklist 2012
The following is a list of items
for your consideration in preparing for a clean year-end. Once 12/31/12 is over, it will be too late to
incorporate or change many of the accounting details that are important to your
business. If you have any special needs, concerns, or questions, please contact
us right away so that we can provide maximum service to you.
1. Mileage Logs need to be updated and retained.
2. Notify
Paychex/ADP that health insurance premiums paid by the company for the officers
for full year 2012 need to be included on W-2, Box 1. You must notify Paychex/ADP with the amount before
the last payroll of the year.
3. Report
any IRA or 401k payments to Paychex/ADP or whom-ever is your Payroll Processor.
4. 2013
Rate Sheets from Washington State Department of Labor and Industries and
Washington State Employment Security Department must be sent to Paychex/ADP
right away so that the first payroll of 2013 will be accurate.
5. Advise
us of any asset purchases during 2012.
Accelerated depreciation of these capital purchases may help your tax
liability.
6. If
you have any out-of-pocket expenses for the business during 2012, please
itemize them so they can be incorporated into your books if you have NOT
already provided this to us.
7. Take
a look at your Corporate Minute Book to be sure that you have documented the
required minutes of your meetings. If you do not have a Corporate Minute Book
please contact us and we can let you know where you can purchase one from.
8. Payments
of $600 or more to individuals or companies that are not incorporated must
receive IRS form 1099-MISC no later than 1/31/2013 for Services. Be sure you have your vendor fill out Form
W-9 completely with name, address, Taxpayer Identification No. The IRS will assess penalties for every 1099
that does not have a correct Taxpayer Identification No or is not filed. We have attached a W-9 should you need one please
have it filled out including a date and signature and return back to our office
ASAP so that we can file accurate 1099’s to the IRS and send your vendor copies
to you to mail out. We are not
responsible for your failure to provide us with an accurate listing.
9. Please
make sure that if you carry Inventory for Resale that you take an Inventory
Count by December 31, 2012 so that we can accurately calculate your Cost of
Sales accurately. This is the law.
10. In
addition to the above, be certain that your accounts payable, accounts
receivable, and loans have accurate balances. Update each employee file with a current and
complete W-4 and I-9. A new W-4 should
be filled out for every employee by January 1st, 2013 and given to
your payroll processor.
Please note that this is NOT an
Exclusive list but just some main items that we feel are overlooked by clients.
If you have specific requirements or reports that need to filed it is your
responsibility to file these reports or make arrangements with our office to
have these filed
Please call us right away with
any questions, so that we can provide you with a clean cut-off at year end.
