2022 Business (Non S-Corp) Critical Year-End Action Items

2022 Business (Non S-Corp) Critical Year-End Action Items
Business (Non S-Corp) year-end action items need to be processed before the end of 2022. Please read and respond carefully to each question below. Even if you do not need our help, it is important for you to complete this form.

If we do not hear from you by FRIDAY, NOVEMBER 18th, we will assume you do not need our help with the end of year action items this year.

As a business owner/manager, there are several critical year-end items that need to be considered, to make sure you are in compliance with federal and local laws. We have listed many of these below, to make sure that you are considering them for 2022 year-end, and to determine whether you need our assistance with any of them.
Business Name:*
Owner/Manager Name:*

First NameLast Name
1. Payroll Filings
Do you need our assistance to process your 4th quarter or year-end forms in January (Federal 941 and 940, state withholding, state unemployment, W-2, and W-3)?

YesNoMy business did not have payroll in 2022
2. Retirement Plan
Have you made any contributions to a business retirement plan (401 (k), Simple, or SEP) for 2022 or do you plan to by the due date? This does not include personal traditional or Roth IRA’S.

YesNoI don't have a retirement planI would like to discuss a retirement plan
3. 1099-NEC Forms (Replaces 1099-MISC)
The IRS requires businesses to issue a Form 1099-NEC to any non-corporate vendor to which you pay at least $600 during a calendar year for services. This includes payments made for services to any attorney, even if they are incorporated. (Note: If a business pays for services using virtual currency, this is subject to the same 1099 reporting requirements as if it was paid by cash). You will be required to answer a question on your signed income tax return whether any 1099’s were required, and if so whether you filed all required forms. Do you need our assistance in preparing and filing your 2022 1099-NEC forms?

YesNo
4. Other Informational Returns
Other returns may be required, such as 1099-INT for interest paid to individuals, 1099-MISC for rents paid to non-corporate vendors, 1099-DIV for dividends paid, or 1098 Mortgage Interest issued by any lender receiving mortgage interest from non-corporate borrowers. Do you need our assistance in preparing and filing other information returns?

YesNo
5. Local Tax/Regulations
Due to a recent U.S. Supreme Court decision that vastly increased the complexity of interstate sales tax rules, we have determined that we no longer have the expertise or the capacity to prepare sales tax returns for our clients who sell any products outside of Colorado.

There are several other types of local business taxes/regulations for which you may be liable, as described in our Annual Business Checkup. Please indicate whether you need our assistance with any of the following:
City, County, or State sales tax (only for sales within Colorado).

YesNo
City, County, or State use tax (only for purchases within Colorado).

YesNo
Larimer County (or other county) business personal property tax declaration.

YesNo
6. Employee Use of Business Vehicles
When driving a company car, the employee can generally use that car for both business use and personal use. The value of the personal miles driven will be a fringe benefit wage. Do you need assistance with accounting for employee personal use of business vehicles?

YesNo
7. Tax Extension
Are you planning on extending the business's 2022 income tax return (note that extending the business return also will necessitate extending the owners' personal return)?

YesNo
Comments
Should be Empty:

2022 Business (Non S-Corp) Critical Year-End Action Items

1. Payroll Filings

2. Retirement Plan

3. 1099-NEC Forms (Replaces 1099-MISC)

4. Other Informational Returns

5. Local Tax/Regulations

6. Employee Use of Business Vehicles

7. Tax Extension