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  • The Accounting Office of Lauryn Charles, MBA EA

    461 E Hillsboro Blvd Ste 200, Deerfield Beach, FL 33441 t: 954-933-1558 f: 888-680-8909
  • www.AFSGConsulting.com

  • Business Tax Return Checklist - 2020 Tax Year

    Tax Return Checklist for Corporate Tax Returns (ie Form 1120, 1120S, 1065)
  • IMPORTANT LAW CHANGES - H.R.1 - Tax Cuts & Job Act, passed December 2017 made significant changes to tax law for tax years 2018 - 2025. Click Here for details on the individual and business law changes.

    Five Coronavirus related tax laws were passed in 2020. Click here to read our blog post outlining all of them.

    FORM INSTRUCTIONS

    UPLOADING DOCUMENTS NOTE - This form uses a secure server allowing us to access your uploads by avoiding emailing sensitive tax documents. There are upload buttons throughout this checklist grouped by category and necessity. If you already have all documents scanned into one PDF, use the upload button at the end of the checklist. If you are missing any documents, make a note at the end of the checklist so we know what documents you/we are waiting on.

    TO SAVE OR SUBMIT CHECKLIST- The bottom of this form allows you to save a draft and/or submit when complete. You can also print all questions using your web browser's print option.

    • SECTION I: Corporate Information  
    • New clients to AFSG - Complete this section in its entirety.  

      Existing Clients - Please fill in the required fields and for changes to business address, contact, or business industry. 

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    • SECTION II: Corporate Ownership  
    • New clients to AFSG - Complete this section in its entirety.  

      Existing Clients - Please fill in the required fields and for changes in owner's address, contact, or ownership changes. 

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    • SECTION III: Subcontractors & Employees  

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    • SECTION IV: Accounting & Bookkeeping  

    • 3. Since you do not use QuickBooks, please provide us your business financials using the uploader below.

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    • SECTION V: Corporate Income Tax, State & Local Taxes  
    • This section asks yes/no questions with tax advice based on your answer. It is not required for existing clients to answer all questions.

      New Clients - please answer all questions to the best of your knowledge.


    • 1a. NOTE - If needed, Click Here to use our Rental Property Worksheet to provide the appropriate rental income and expense schedules per property for your tax return preparation. If you have provided us your QuickBooks file then this step is not necessary.



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    • SECTION VI: Interest Paid  
    • This section asks yes/no questions with tax advice based on your answer. It is not required for existing clients to answer all questions.

      New Clients - please answer all questions to the best of your knowledge.

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    • SECTION VII: Charitable Contributions  
    • Charitable Contributions made from a
      “C” Corporation are generally deductible.
      S-Corporations and Partnerships that
      donate money to charity will pass the tax
      deduction through to the owner.
      The charitable contribution will be written
      off on Schedule A of their personal tax
      return. The TCJA requires additional
      documentation for charitable contributions.
      Please provide all receipts or letters from
      the organization. 

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    • SECTION VIII: Fixed Assets, Vehicles, & Real Estate  
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    • SECTION IX: Business Use of Automobile Worksheet  
    • Fill in the worksheet and we will
      calculate the deduction for you.
      This worksheet is for personal
      automobiles used in and/or paid
      for by your business.

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    • If Section IV directed you to SECTION X, please continue, otherwise skip to SECTION XI.

    • SECTION X: Financial Statement Worksheets  
    • This Section is only for businesses who do not have
      QuickBooks or separate bookkeeping records
      for the tax year.

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    • Coronavirus Related Loans & Tax Credits  
    • Tax Code Sect. 199A Qualified Business Income Deduction  
    • THIS SECTION PROVIDES INFORMATION ONLY
      FOR S-CORPORATIONS & PARTNERSHIPS.

      Eligible taxpayers may be entitled to up to a 20 percent deduction from Qualified Business Income, thus lowering their taxable income and federal tax due. This law was passed to help some small business entities receive a similar tax break as the “C” Corporations are receiving. Below is a general guide to your eligibility for the deduction and for informational purposes only.

    • DEFINITIONS RELATING TO SECTION 199A:

      • Specified Service Business
        • Specified service trade or business (SSTB), includes a trade or business involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, investing and investment management, trading, dealing in certain assets or any trade or business where the principal asset is the reputation or skill of one or more of its employees.

      • Qualified Business Income (QBI)
        • The pass-through net income of the business that may be subject to the 20% deduction.
      • Partial Deduction
        • The deduction will decrease as the income increases to the phase-in limit. When the income hits the limit then the deduction is zero.
      • Not Eligible / No Deduction
        • You will pay ordinary tax rates with no Section 199A deduction.
      • Wages Paid
        • Total W-2 wages paid by the business.
      • Unadjusted Basis Immediately after Acquisition (UBIA)
        • UBIA is the Unadjusted basis immediately after acquisition of qualified business property (prior to depreciation)
    • NOTES & UPLOADER  
    • Please update us with any changes!

      • New Address, New Phone Number, New E-mail Address.
      • Bank Account Routing & Account Number or voided check (if needed)
      • Events: Moving office, buying/selling assets, change in employees, increase in business, decrease in business, etc.
      • Remember that the tax preparer is responsible for the forms & calculations listed on the tax return, but it is the taxpayer’s responsibility to provide back-up documentation to the IRS for all income, expenses, credits, and other items claimed on an income tax return. Timely & accurate filing is ultimately up to you.
      • Record Keeping: Keep all tax records and backup documentation for at least 7 years. For major purchases (such as real estate or vehicle), keep paperwork with proof of purchase date and price for the life of the asset or for up to 3 years after date of sale or disposition.

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    • AFSG Tax Preparation Rates and Terms for Tax Year 2020  
    • You will only be charged for forms necessary to complete your tax return or within the terms listed here. If additional time is required to prepare your return, you will be notified. By properly completing this checklist and providing all necessary paperwork in a timely manner, additional time should not be needed.

    • Thank you for your business!

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