Ask An Accountant: Organizing Year End Data

It’s November and we have gotten a lot of questions concerning what information you need to be prepared for tax season.  Below is a 10 point checklist for information to gather & organize for your accountant. 

My husband is an experienced accountant and will be answering question sent to him at with the subject line “Ask An Accountant”. You can see previous questions/answers by clicking on “Ask An Accountant“.

   __ Copies of any new bank loans obtained during the year,
__ Copies of any federal or state tax correspondence received during the year,
__ Copies of any equipment purchase invoices over $500,
__ Loan payoffs, by loan number, of all business loans at December 31,
__ Copies of your year-end bank reconciliation(s),
__ 12/31/11 Year End Balances of: Accounts Receivable $___________, Cost of Inventory on Hand $________, Unpaid 941 Deposit for December $__________, Unpaid State(s) Withholding deposits for December $____________________, Unpaid Sales tax for December $_____________, Unpaid wages earned thru 12/31/11 $__________
__ Year end summary of business activity-back up or hard copy (Quickbooks back-up, trial balance, etc.),
__ Sales breakdown by state and city if applicable
__ Information on any changes in ownership, stock holding, locations or number of stores.
__ All Forms 1099-K received

*Please keep in mind this post is for informational purposes only and answers given are very general. Do not rely on this column for definite tax answers as many things depend on individual circumstances. Please contact your personal accountant or financial advisor for your particular situation.

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