2017 Tax Questionnaire Corporate

Transcription

1 2017 Tax Questionnaire Corporate Thank you for completing this questionnaire completely and accurately. This is a very important step in analyzing your tax position for the year. By doing so, you provide us with critical information to maximize your deductions. We recommend that you review last year s tax return to ensure you are providing us with complete information and have not missed items that were included on prior year returns. You can access your prior years tax returns and last year s questionnaire through the secure client portal. Legal Name of Corporation: Contact Person: Preferred address: Did the address of the corporation change during the year? Yes No CHECKLIST FOR INFORMATION TO PROVIDE Recommended method of delivery is via our secure portal - do not docu or information containing sensitive information Sent Item Sent Signed engagement letter (available at our website ). This signed and completed Questionnaire. For QuickBooks Online: Let us know when your file is complete and ready for us to work on. If you are using QuickBooks Online, verify info@cfcpas.com is set as your accounting firm. o o Click on the gear icon and select Manage Users. In the accounting firm section verify info@cfcpas.com is invited or select invite accountant and invite info@cfcpas.com. If you have a mid-month bank stmt or need to void/delete transactions, do not reconcile until all transactions or adjust have been entered for December. Do not reconcile subsequent stmts until return is completed. For QuickBooks Desktop: Identify the QB Version (Year) you are using: and provide QB password: Make sure all December bank state are reconciled and send us file transfer per the instructions at the end of the Questionnaire. Copy of December 2017 bank state Receipts for assets purchased costing over $2,500 (see attached capitalization memo) Copy of shareholder(s) W-2(s), if not prepared by Caufield & Flood Business credit card state for Dec.2017 & Jan.2018 with expense categories noted for each expense not in QuickBooks by December 31, Company owned vehicle questionnaire, if applicable. (Form is available at Minutes of Shareholders meetings and/or Board of Directors meetings Additional Information as needed per questions below Tax preparation will begin once all information is received. It is most efficient to send in all information at the same time. Client copies of completed tax returns will be available through our secure portal. If completing this form by hand, please complete using black or blue ink only NO RED INK OR PENCIL PLEASE. *If additional information is required in questions with an asterisk, space is provided at the end of the questionnaire. Documentation or details must be provided in order for us to begin preparing your return. Thank you! 2017 Corporate Questionnaire 1

2 Shareholder & Officer Information: YES NO 1. Were there any changes to the shareholders in 2017? If yes, please provide details.* Were there any changes in the shareholder s ownership percentages in the Corporation 2. during the year? If yes, please provide details.* 3. Were there any changes to the officers? If yes, please provide details.* Have you provided us with any updated address, phone numbers, addresses, etc. 4. for shareholders and/or officers? Did any shareholders contribute additional capital, or make a loan to the Corporation 5. during the year? 5a If yes and more than $10,000, please provide the written loan agreement.* Did the Corporation repay a loan from the shareholder during the year? 6. If yes, please provide details.* Did the corporate shareholders hold an annual meeting as evidenced by corporate 7. minutes? If yes, please provide.* General Information: YES NO 8. Were there any significant changes in the Corporation s business or operations during the year? If yes, please provide details.* 9. Please confirm the prior year end QuickBooks or other software balances agree with Caufield and Flood final balances that were provided with the 2016 tax return. 10. Was the corporate Annual Report filed with the State of Illinois or other applicable state for 2017? If other than IL, name of State 11. Did the corporation receive any federal or state tax notices? If yes, please provide.* 12. Did the corporation make any pay in 2017 that would require it to file Form(s) 1099? (See separate information sent on 1099 require). 12a If yes, did the corporation file required Form(s) 1099? 13. At any time during the year, did the corporation receive a distribution from, was the grantor of, or transferor to, a foreign trust? 14. Did the corporation have an interest in, or a signature or other authority over a financial account in a foreign country (such as a bank account, securities account, or other financial account)? 15. Did the corporation have customers, employees, or contractors performing services outside of the state where it is registered to do business? If yes, please provide details.* 16. Are you aware of the corporation participating in an abusive tax shelter? 17. Does the Corporation have a written and signed Capitalization of Fixed Assets policy in place for 2017? (This is required to be done annually. See See Capitalization Memo at May the Internal Revenue Service discuss questions about the Corporate return with us? Health Insurance, Benefits, Affordable Care Act YES NO 19. How many employees does the business have? 20. How many of the total employees were part-time employees? 21. Did the company pay health, dental, long-term care, specific disease, or supplemental insurance for any employees? If no, please skip to #22. 21a If yes, was the plan purchased as part of SHOP plan? What type? 21b Were the pay for a group plan? 21c Were the pay made directly to the insurance company? 21d Were any employees reimbursed for insurance pay they made themselves? 22 Were Health Savings Account Contributions made on behalf of employees or shareholders? If no, please skip to #23. 22a Were these pay included on each employee(s) W-2 form(s)? 2017 Corporate Questionnaire 2

3 23. Were fringe benefits paid to shareholders and employees included on their Form W-2? 24. Did the company pay health insurance for any shareholders? If no, please skip to #25. 24a How many shareholders? 24b Were the pay for a group plan? 24c Were the pay made directly to the insurance company? 24d Did the company reimburse the shareholder for pay they made themselves? Other Insurance: YES NO 25. Did the corporation pay life insurance and/or disability premiums for any shareholders or employees? If no, please skip to #26. 25a Who is the beneficiary of the policy? 25b Please provide a copy of the policy for any employees or shareholders that the company is the beneficiary of. If the company is the beneficiary and the policy was purchased after 8/17/2006 provide employee consent for employer-owned life insurance policy. 26. Was there a change to any existing life insurance policies, or a new policy issued in 2017? If yes, provide details. 27. Has the corporation reviewed its insurance needs for general insurance, professional, liability, workers comp, etc.? Accounting: YES NO 28. Were any corporate expenses paid individually and not reflected in the accounting system? If yes, please provide details.* 29. Have personal expenses of shareholders been paid with corporate funds? If yes, please provide details.* 30. Did the corporation give any gifts (other than charitable contributions) over $25 to any one individual or entity? 31. Are all travel, entertainment and meal expenses substantiated by adequate records? (Documentation for each separate expense includes date, business purpose, names and occupations of those present, locations, and type of entertainment.) 31a Were the travel and entertainment expenses ordinary and necessary for the circumstances? 32. Did the corporation purchase any assets other than inventory, such as equipment, computers, furniture, vehicles, etc., over $2,500 (see attached Capitalization memo) to be used in the business? If yes, please provide receipts.* 32a If yes, is the purchased asset ready and available for use? 33. Did the corporation dispose of, sell, or trade any fixed assets? If yes, please provide details.* 34. Does the corporation have adequate support for all charitable contributions? - Monetary donations of less than $250 each require a receipt, cancelled check or written acknowledgement. Monetary donations of $250 or more to any one recipient require a written acknowledgement including the organization's name, date and amount of the donation, and written acknowledgement as to whether any goods or services were received in exchange for the donation. The acknowledgement must be received by the filing date of the tax return or the extended due date of the return, whichever is earlier. Non-monetary donations less than $250 require a receipt or reliable written records including a description of the donated items, fair market value (generally garage sale or thrift shop price, see date and location of donation, name, and address of donee. Non-monetary donations of $250 to $500 require written records as noted above for 2017 Corporate Questionnaire 3 YES NO

4 less than $250 donations and a written acknowledgement from the charity including a statement as to whether any goods or services were received in exchange for the donation. If non-monetary over $500 please discuss with us. 35. If the corporation uses a home telephone, were those expenses incurred on a separate, dedicated business telephone line? 36. Did the corporation have any non-business cell phone lines in the monthly cell phone expense? 37. Did the corporation enter into any new lease agree in 2017? If yes, provide copies of lease agree.* 38. Did the corporation take out any new loans in 2017? If yes, please provide copies of the loan docu and an explanation for use of the funds.* 39. Did the corporation have any non-shareholder debt that was canceled, forgiven, or had the terms modified so as to reduce the principal amount of the debt? 40. Did the corporation receive any 1099K forms? If yes, please provide.* 41. Does the corporation have a retirement plan? If no, please skip to #42. 41a What type of plan? 41b Were any changes made to the corporation s retirement plan? If yes, please provide details.* 41c Was a form 5500 filed for the retirement plan? 41d Did the corporation make any pension, profit sharing or other deferred compensation contributions for the year? 42. Did the corporation have inventory on hand at the end of the year? If no, please skip to #43. 42a Was inventory valued at a method other than cost? 42b Was a physical inventory taken at year end? If yes, please provide the detail.* 43. Did the business take inventory counts during the year on any materials and supplies used (other than goods sold directly)? Use Tax Illinois law requires you to pay Illinois Use Tax on purchases you made for use or consumption in Illinois and on which you did not pay Illinois Retailers Occupation Tax (sales or use tax) to the seller. Illinois is aggressively focusing on collecting this tax. Illinois gathers sales information from other states and foreign countries and bills Illinois residents for unpaid tax, penalties, and interest. (If you are located out of state, most other states have similar policies) 44. Did the corporation have a policy in place to identify purchases that require use tax to be paid? 45. Did the corporation make out of state, mail order and internet purchases? 45a If yes, did the corporation pay the required sales and use tax of 6.5% on all these purchases? Vehicle Expenses YES NO 46. Does the corporation own or lease any vehicles? If yes, please complete the attached Company Owned-Vehicle Questionnaire found at disregard all of question Does a shareholder use a personal vehicle, not owned/leased by the corporation, for business? If yes, please complete the following questions: 47a Was the shareholder reimbursed by the business for miles driven or for actual costs? 47b Does the corporation pay actual expenses for auto repairs, insurance, etc.? 47c Does the shareholder have a log documenting all business usage including date of each trip, mileage for each business use, destination, and business purpose? 2017 Corporate Questionnaire 4 YES YES NO NO

5 47d Vehicle Expenses cont'd: Please provide the following 2017 mileage (note that commuting miles to and from the office in most cases will be personal mileage) : Business Personal Total Authorized Signature: Print Name: Date: Title: If you used the fillable version of this form just save it to your desktop and upload to your portal. This form and all others forms and docu may be scanned and uploaded to your secure portal. They will be saved there for your convenience. Do not any information that contains social security numbers or other sensitive information. Please drop off the docu, mail with a tracking option or use your secure portal. Please remember if you answered yes to any of the questions above that all documentation or details (in the order they are listed on this questionnaire) must be provided to us before the preparation of your return will begin. Question # Notes: Details or Addl Documentation Sent 2017 Corporate Questionnaire 5

6 TO SAVE A BACKUP Save a regular backup of your Quickbooks file (not an accountant s copy) to a location you can find it again (ex. desktop). In QuickBooks go to: File Backup Company Create Local Backup - The file should have a *.QBB filename extension. TO UPLOAD YOUR FILE TO YOUR SECURE PORTAL Go to our website Go to the Client Center: Enter your login and password, and click Login. Click the File Exchange link, click the folder with your Company name, and click Upload. Click Select Files, and browse to the QuickBooks backup file you created, select open, and click Upload. For additional help you may click on Using File Exchange in the Client Center for a step by step how to video Corporate Questionnaire 6