A Clear Perspective

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Corporation, S Corporation or Partnership Checklist

  • Your entity information, such as business code, start date, incorporation date
  • Principal Shareholders or Partners and their Tax ID numbers
  • If this is your first year of existence:
    • A copy of the state incorporation or partnership agreement
    • A copy of the letter received from the IRS after filing SS-4 showing Entity EIN number & official name
    • If an S-Corp, the filed IRS Form 2553 - Election, & copy of IRS acceptance letter allowing S-Corp status
  • Prior year Income Statement and Balance Sheet
  • Income Statement – All statements must consistently apply cash or accrual accounting method
  • Balance Sheet – Corporation -if receipts or assets greater than $250,000; Partnership – if Assets greater $250,000 or Receipts greater than $1,000,000
  • Shareholder/Partner Basis- Prior year reports and balances by person
  • Shareholder/Partner Contributions – current year
  • Shareholder/Partner Capital/Cash Distributions – current year

If Applicable provide the following information or statements:
  • Final bank account statement or listing of bank checking and savings balances – Cash on the balance sheet should be the cash on books not cash in bank
  • Bank loan Form 1098 with principle, interest & RE tax detail or statement of loan information
  • If you have inventory, provide beginning balance, purchases, expenses and ending balance
  • Assets disposed/ sold and additions
  • For shareholder or partner loans, provide details by person to include beginning and ending balance plus principal and interest paid
  • If you use personal credit cards for business expenses, provide a summary of separate business and personal total with proration of interest
  • Prior year shareholder Basis report from tax return or a separate statement – details on each shareholder or partner showing beginning, contributions, distributions and ending balances
  • Payroll W3 statement – Provide 941 and 940 forms if W3 not available
  • Corporation - A breakdown of Gross Wages for officers and /or shareholders
  • Provide details on federal and state unemployment payments
  • If employee benefits, provided break out of employer payments by type
  • Partner health insurance – break out details by partner
  • Provide information on meals and entertaining, separating employee and client amounts.

Collect all documents that apply to your business:
  • Asset additions and changes
  • Notes, Loans and mortgages held either in assets or liabilities
  • Capital/Cash contributions to the business by shareholder or partner
  • Capital/Cash distributions to shareholders or partners
  • Non-standard contributions or distributions
  • Employer and officer payroll information
  • Final Bank statement or bank reconsolidation showing cash in bank
  • Real property loan and real estate information
  • If the business employed independent contractors or made payment to unincorporated services/suppliers, provide copies of 1099-Misc issued.
  • If any shareholders or partners are residents of states not where business located or reside outside the US, provide details. There may be withholding requirements.