Business Tax Return Checklist

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.
BUSINESS NAME *
FEIN
Email *
example@example.com
BUSINESS PHYSICAL ADDRESS

Street Address

Street Address Line 2

City State / Province

Postal / Zip Code
BUSINESS MAILING ADDRESS (IF DIFFERENT)

Street Address

Street Address Line 2

City State / Province

Postal / Zip Code
NEW CLIENTS ONLY - Please provide a copy of your 2018 & 2019 Business Tax Returns.

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Form 1120, 1120S, or 1065 Cancel of
1. Which income tax form does your business file? CHOOSE ONE

Form 1120 (“C” Corporation) Form 1120S (S-Corporation) Form 1065 (Partnership) OTHER - Please Contact our Office for a Different Checklist
2. Do you receive 1099’s from your customers or banks?

Yes, use uploader below No, continue to Question 3.
Upload Forms Here

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Form 1099NEC/1099Misc/1099K/1099INT/DIV Cancel of
3. Are any owners of this business a corporation, LLC, or trust?

Yes No
4. Brief Description of Business:
5. Main Industry and Type of Product or Services Provided:

Industry Products or Services?

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.
Owner 1 Legal Name

First Name Last Name
Owner 1 Title & Last 4 of SSN

Title SSN % of Ownership
Owner 1 Address

Street Address

Street Address Line 2

City State / Province

Postal / Zip Code
Owner 1 Email
example@example.com
Owner 1 Phone

Area Code Phone Number
Owner 2 Legal Name

First Name Last Name
Owner 2 Title & Last 4 of SSN

Title SSN % of Ownership
Owner 2 Address

Street Address

Street Address Line 2

City State / Province

Postal / Zip Code
Owner 2 Email
example@example.com
Owner 2 Phone

Area Code Phone Number
Owner 3 Name, Contact Info, % of Ownership
Owner 4 Name, Contact Info, % of Ownership

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.
1. REAL ESTATE - Does your business own commercial or residential real estate?

Yes, my business paid Real Estate Property Taxes on owner-occupied commercial real estate for the 2020 tax year. Yes, my business paid Real Estate Property Taxes on property I own and rent out for the 2020 tax year. See Note 1a. No.
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.
2. Tangible Personal Property Tax – This is assessed by the County. You may have received a document by mail or a tax assessor may come to your business asking that you file the form. We can help file this for you, but you must provide the document received with the account number assigned by the County.

Yes, I received the form and filed it myself in 2020. Yes, I received the form and need your help filing this document. I understand AFSG charges $150 for preparation. No, I did not receive the form but I know I need to pay. I understand I need to call the County and request the information. No, I am not familiar with this tax or am not required to pay this (note: home offices, certain leased offices, and businesses with under $25,000 in assets are often exempt).
3. ANNUAL REPORT FILING - In what state(s) is your business registered (i.e. Registered with the Secretary of State, Sunbiz, or states you file corporate state tax returns in)?
3a. Failure to file an Annual Report will result in the loss of your "Active" status with the state. Do you need help filing your Annual Report in those states?

Yes, I understand AFSG charges $65.00 for Florida Registerd Agent service. No.

4. 2020 Quarterly Corporate Estimated Tax Payments, **C- CORPORATIONS ONLY**:

FEDERAL AMOUNT

FEDERAL DATE

STATE AMOUNT

STATE DATE

STATE NAME

April 15th, 2020

June 15th, 2020

Sept 15th, 2020

Jan 15th, 2021

Additional

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.
1. Did you make Charitable Contributions from your business during the year?

Yes No, skip to SECTION VIII.

2. Please describe the donations below. DO NOT duplicate these on your personal tax checklist.

Name of Charity

Type of Donation

Date

VALUE of Donation

Receipt Received

Upload Proof of Donation or Payment Receipt Confirmations. Gifts under $250 can be supported by a canceled check, credit card receipt or written communication from the charity. Gifts of $250 or more must be substantiated by the charity.

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Donation Receipts Cancel of

SECTION VIII: Fixed Assets, Vehicles, & Real Estate
1. IMPORTANT - During 2020, did your business purchase new/used or improve machinery, equipment, computers, furniture, vehicles, vessels, or real estate?

Yes, continue to Question 2. No, skip to SECTION IX.

2. If you provided us your QuickBooks file or QB Online, this is optional. If not, please list the new business assets below.

Name of Item

Type of Asset

Date Purchased

Date in Use/Completed

Total Cost

For vehicles and real estate, upload the bill of sale and closing documents.

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Fixed Assets 2020 Cancel of

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.

VEHICLE INFORMATION

Vehicle 1

Vehicle 2

Make & Model

Date placed in service

Type of Vehicle (Sedan, Truck, SUV, Hybrid, or Plug-in)

Total Number of Miles Driven in 2019

Of the total, how many Business Miles Driven

Of the total, how many Commuting Miles Driven

Of the total, how many Other Personal Miles

Personal Use * Answer all 3 questions

Vehicle 1

Vehicle 2

Is another vehicle available for personal use?

Was the vehicle available for personal use during off-duty hours?

Was the vehicle used primarily by an owner or related person?

Actual Expenses

Vehicle 1

Vehicle 2

Gasoline, Oil, Repairs, Car Insurance, etc

Vehicle Registration & Licenses, (excluding property taxes)

Vehicle Lease Payments (total paid in the tax year)

Parking Fees & Tolls

Vehicle Purchase Info - for owners not lessees.

Vehicle 1

Vehicle 2

Date of Original Purchase

Original Purchase Price

Previously Depreciated Vehicle? Type Yes or No

Previously used mileage deduction? Type Yes or No

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.

BALANCE SHEET ITEMS- fill in applicable line items:

As of December 31, 2020

REQUIRED - Ending Balance in all Business Bank Accounts

Cost of Inventory on Hand on December 31st

Fixed Assets (Enter total amount of new assets purchased)

Credit Card Balances owed in total on December 31st

Lines and Loan Balances owed on December 31st

Balance owed to the Business Owner on December 31st

Amount of funds withdrawn for personal use during the tax year (distributions)

REVENUE - Total income received in the tax year.
This is your business's Gross Revenue

EXPENSES - Use these Categories as a Guide. In the table below, provide the total spent per category for the tax year if applicable. Do not use “Misc”. Add additional lines if needed. Do not list any personal expenses. Any major purchases of capital assets (computers, office furniture, etc.) or leasehold improvements (office painting, flooring, electrical work, etc.) over $500.00 must be listed separately with a description and date of purchase. Go back to SECTION VIII Question 2 to list Fixed Asset Detail.

Jan - Dec 2020

Direct Materials (COGS)

Direct Labor (COGS)

Inventory Purchased (COGS)

Advertising and Promotion

Automobile Expenses: See SECTION IX

Bank Service Charges

Business Licenses and Permits

Charitable Contributions

Client Gifts ($25/gift)

Computer & Internet Expenses

Continuing Education

Dues and Subscriptions

Equipment Rented

Insurance - Liability

Insurance - Health for Employee

Janitorial

Meals - Businses Meals Only

Office Expenses/Office Supplies

Payroll Wages

Payroll Taxes

Payroll - Employee Benefits

Postage and Delivery

Printing and Reproduction

Professional Fees

Rent- Office

Samples (Product)

Small Tools & Equipment

Subcontractor Expense

Supplies

Telecommunications

Telephone Expense

Travel

Uniforms

Utilities

Website

Other

Total Expenses (may change based on tax law limitations)

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.
NOTES TO YOUR ACCOUNTANT:
Additional Files, or Single PDF for all Documents

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Misc. Tax Records Cancel of

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.
I have read and understand the tax preparation rates and terms. I will pay the tax preparation rate upon completion of my tax return.

Yes
Thank you for your business!

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The Accounting Office of Lauryn Charles, MBA EA

Business Tax Return Checklist - 2020 Tax Year

New clients to AFSG - Complete this section in its entirety.

New clients to AFSG - Complete this section in its entirety.