End of Year Checklists & Deadlines

Are you frantically trying to complete your financial and accounting year end tasks for your business and personal finances to ensure you can enjoy the holidays? Once again we are facing uncertainty as Congress has yet to act on provisions that expired at the end of 2014 so tax planning is a bit uncertain.Unknown

Here a a few helpful tax checklists to help you ensure you don’t miss anything so you can enjoy your holidays.

For Business –

  • Accounting Today lists some tax-planning tips for businesses at Year-End including discussions about what tax provisions are expiring and actions you can take now. Click here for more information.  Tax-Planning Tips for Businesses at Year-End

For Individuals –

  • Deloitte’s 2016 essential tax and wealth planning site offers many valuable considerations to assist in your tax planning as trends unfold and personal circumstances change.   This year’s guide discusses: the current legislative environment -Still waiting for tax reform; Income tax -Planning is always important; and Wealth transfer tax -uncovers opportunities to utilize new provisions. Deloitte 2016 essential tax and wealth planning guide
  • Grant Thornton LLP offers 10 tax tips for the end of the calendar year 2015. Top 10 Year-End Tax-Planning Tips Your Clients Shouldn’t Ignore

For Financial Planning-

For Small Business –

New business / 1st year Financials –

Tax Credits and other Resources –

  • Business USA also provides a quick wizard tool (click below) to show you tax credits and other resources in which your business may be eligible. Taxes and Credits Tool

Payroll Year-End Checklist –

Under the Affordable Care Act (also known as ObamaCare), employers with 50 or more full-time employees and equivalents are considered Applicable Large Employers (ALEs). ALEs are required to comply with two mandates:

  1. Offer insurance to qualifying full-time employees and their dependents (this is known as the Employer Shared Responsibility Payment Mandate), and
  2. Report to the IRS on the insurance coverage offered (or not offered) to those qualifying full-time employees* (this is known as the Employer Information Reporting Mandate)
  • 50-plus.png
    Affordable Care Act ALE Report
    Determining whether you’re an ALE (Applicable Large Employer) under Obamacare is easy when you have TSheets! Now you can find out your ALE status with one touch from your TSheets’ reporting dashboard.
  • Intuit also offers a checklist on the Affordable Care Act: Employer mandates to help determine ALE status and to determine employee status. ACA: Employer mandates
  • ADP provides a list to organize all aspects of your year-end procession and obligations for payroll. Click here for link to checklist. Payroll Checklist

Don’t forget the following Deadlines –

  • Annual Corporate Reports (date varies by corporation)
  • Licenses Renewal (See applicable state licensing webpage for dates)
  • IRS Federal and State Payroll Returns
    • Annual Jan 31, Quarterly 4/30, 7/31, and 10/30
  • Quarterly Tax payments (1099 individuals)
    • Quarterly 1/31, 4/30, 7/31, and 10/30
  • K-1 -Annual Jan 31
  • 1099 -Annual Jan 31
  • W-2 -Annual Jan 31
  • Form 1095-C, Employer Provided Health Insurance Offer and Coverage – Annual February 29, 2016, or March 31, 2016, if filing electronically
  • IRS and State – Corporate Annual Tax Returns – 3/15
  • IRS and State – Personal (1040; Sch C, Sch E, Sch F)Annual Tax Returns – 4/15

And if you thought you were done don’t forget the new filings necessary to be made under the ACA.

Extra things for Tax Professionals…

  • Remind your clients that it’s now the time to begin planning to take full advantage of their employer’s health flexible spending arrangement (FSA) during 2016.
  • If your clients need health coverage, visit www.HealthCare.gov to learn about health insurance options that are available for you and your family, how to purchase health insurance, and how you might qualify to get financial assistance with the cost of insurance.
  • Taxpayers born before July 1, 1945, generally must receive payments form their  individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31.
  • Perform a Periodic Check of Your EFIN Status. Check EFIN Status
  • Renew you PTIN PTIN Renewal

Other Essentials at Year End…

  • Record keeping and compliance
  • Revisit goals
  • Review your finances and financials
  • Review your business structure
  • Review your insurances
  • Review past due receivables
  • Review your inventory
  • Expiring or renewing leases
  • Organize tax documents
  • URL renewals
  • Close any inactive business
  • Create next year’s budget, goals, & business plans
  • Hold annual meetings for corporations or LLCs
  • Assess or change business structure
  • Download statements and cloud files
  • Record end of year mileage
  • Backup your phone
  • Backup and secure your files
  • Keep up to date with upcoming year tax changes
  • Beware of tax refund scams
  • Review estimated tax payments for 2014 to avoid underpayment or overpayments to adjust final quarterly tax payment if necessary
  • Change the batteries in your smoke detectors

About HDA Consulting, LLC

HDA Consulting LLC provides a variety of accounting services including; forensic & litigation consulting, fraud & embezzlement investigation, payroll & tax. http://hdaconsultingllc.net. Try TSheets https://www.tsheets.com/#a:hdaconsulting
This entry was posted in accounting, ALE, Business Tax, Checklist, Finance, Individual Tax, IRS, Payroll, Planning, tax tips, TSheets and tagged , , , , , , . Bookmark the permalink.

One Response to End of Year Checklists & Deadlines

  1. Pingback: End of Year Checklists & Deadlines | Let's talk tax!

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