January is a busy month for accounting services and the business owners that they serve. There are lots of deadlines: annual and 4th quarter payroll tax reports and 1099s by January 31st. Most CPAs want all the information for your business income tax returns at least 30 days before tax filing deadlines, so that means February 15th for corporations. Everything seems to come so fast that it really keeps you hopping!

Some things to remember:

  • Don’t miss the deadlines – the penalties and interest add up really fast
  • Even if you can’t pay your taxes, make sure you get the reports in on time
  • Do a thorough general ledger review to catch any errors before filing reports
  • Make adjusting journal entries as needed
  • Review the changes to 1099 regulations – there are some significant ones
  • Discuss tax law changes that apply to your business with your CPA

If you need help, get it from the experts. For a recommendation for an income tax preparer, contact us. We know lots of great CPAs who can help you!

And let us know if our team of highly-skilled accountants can help get you ready!

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