Getting ready to visit your CPA or tax preparer? Not sure what reports to send?

First thing you need to do is determine if you file your taxes on a Cash Basis or Accrual Basis. Take a look at last year’s tax return or give your tax pro a call…they can tell you which basis applies to your business.

QuickBooks allows us to print reports in either format, so you can easily print the reports your tax professional needs (and save money if you send the properly formatted reports). Simply select the Modify button inside the report onscreen and change the basis from Cash or Accrual as needed….easy! A report that doesn’t have that option is not affected by the Basis.

Here’s a list of the reports you should take to that meeting. (Cash Basis and Accrual Basis if you are not sure):

• Profit & Loss Standard for the tax reporting period from the Company & Financial report listing (Cash and/or Accrual Basis)

• Balance Sheet Standard for the tax reporting period from the Company & Financial report listing (Cash and/or Accrual Basis)

• Payroll Summary for the Calendar Year ending on December 31st

• Payroll Summary for the Fiscal Year if your tax reporting year ends on any date other than December 31st

• Accountant’s Trial Balance for the tax year from the Accountants Report listing (Cash and/or Accrual Basis)

• General Ledger (I make a PDF of this one because it is so large and send it on a cd) from the Accountants Report listing (I generally only do an Accrual Basis if I print this report, however if you are sending PDFs, go ahead and do both basis reports)

• W-2, W-3, 1099 & 1096 forms – send copies, never originals

• Quarterly payroll reports – send copies, never originals

• 12/31 Inventory Valuation report if your company has inventory

• 12/31 Aged Payables Summary

• 12/31 Aged Receivables Summary

• Updated Asset listing

• Sales Tax Report – December 31st report – copy, not original

You may want to contact your Tax Preparer in advance or fax a copy of this list to make sure there is nothing else required. The most important step is to determine the TAX REPORTING BASIS before you process any reports. Save your money and your tax professional’s time by sending the proper reports!

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