Business Tax Preparation Checklist

The following is a checklist of information all professionals will need in order to file their business income taxes. Taxpayers will need to compile this information for their professional businesses whether incorporated or operating as an unincorporated entity (eg.1099).

1. Business information needed if Krishnan Company did not process the incorporation or if you are a new client of Krishnan Co

   a) Full Name of business (with any d/b/a)
   b) Address
   c) Federal ID #
   d) State Withholding ID# if any
   e) State unemployment ID # (DOL#)
   f) Sales Tax ID# and certificate copy if applicable
   g) Certificate and Articles of incorporation
   h) Form 2553 “S” Corp Election and acknowledgement received from the IRS (If applicable).
   i) Type of business
   j) Names, address, SS# and percentage of stocks/membership interest of all stockholders/partners/members

   
   

2. For clients whom Krishnan Company processes Financial Statements

   a) Check stubs
   b) Bank statements & returned checks
   c) Corporate credit card statements, if any
   d) List of personal expenses paid for business (Summarize this in detail)
   e) Payroll summary reports (If we do not process payroll and payroll taxes)
   f) Sales tax returns (If we do not process sales tax returns. For retail clients)
   g) Cash purchase summary (For Retail businesses)
   h) Inventory details (For retail clients)
   i) Gas Purchase Summary (For Gas Stations only)
   j) Details of Lotto Commissions, ATM commissions, Game Machine income and other rebates (Typically for retail clients)
   k) Loan details from bank (detailing the interest and principal paid)
   l) Any other details (List in as much detail)

   
   

3. For clients who process their Financial Statements in house with a software

   a) Backup copy of the software if using QuickBooks
   b) If using other software (Other than QuickBooks), please provide a copy of the PL, BS, General Ledger and Bank reconciliation
   c) If using excel download the worksheet from our website at www.krishnanco.com
   d) Bank statements & returned checks
   e) Loan details from bank (detailing the interest and principal paid)
   f) Payroll summary reports (If we do not process payroll and payroll taxes)
   g) Sales tax returns (If we do not process sales tax returns. For retail clients)

4. Other Documentation

   a) If the previous year’s corporate tax returns were not prepared by our firm, we will need a copy of last year’s tax returns

   b) Copies of prior year business personal property taxes

   c) Loan closing documents for business and real estate if any (For purchase or sale transactions)

   d) Copies of other documents received such as 1099s, Bank interest/dividend, stock transactions, bank interest payments on loans, closing documents on new property/loans/refinance if applicable

   e) Copies of any new minutes indicating changes in ownership (If there is any ownership change, please also provide the Names, address, SS# and percentage of stocks/membership interest of all new stockholders/partners/members and date they bought into the company)