While we are all thinking of presents and sugar plums (what are sugar plums anyway), it’s easy to forget about all those taxes, statements, and other fun mandatory filing requirements that come at the end of the year.
Here’s are just a few of the items for your “to do” list:
- Gather information for 1099’s – That means sending a form W-9 (here’s the link IRS form W-9) to all your vendors who perform services for you. Common examples of these are landscapers, cleaning folks, graphic designers, accountant, lawyers, etc. Any vendor that your pay $600 or more during the calendar year who is unincorporated gets a 1099. They are due to the recipients by January 31st, so get that information now! Having trouble sleeping? Here’s a link to the IRS Instructions for Form 1099.
- Check all your employee information for accuracy – W-2’s are due to employees by January 31st and 4th quarter payroll forms are due by January 15th. You should make sure that you have up to date address information and information on benefits (if you are required to report them) so that this process will go smoothly. Also, start gathering new withholding forms from employees and check to make sure that all the employee files are up to date (I-9’s completed, correct emergency contact information, etc.)
- Make estimated tax payments for the 4th quarter – Unless you are a non-profit, remember to make your 4th quarter estimated tax payment by January 15th. In most cases, you must have paid in at least 90% of your total tax liability by this date in order to avoid underpayment penalties.
Non-profits have additional reporting requirements like sending out annual giving statements (officially called “gift acknowledgement”) so you might have to add this to your list if you run this type of organization. Have questions about what is required for this? Here’s another fun IRS publication for late night reading.
Quickbooks has many tools to help with these tasks and make your life a little easier. If you need help, be sure to contact us or your accounting professional. It’s better to ask us for help now so we can make sure you are on track to meet all your filing requirements and not incur penalties!