Kallenz S Corporation Tax Organizer The S Corporation Tax Organizer has been designed to help collect and organize the information that we will need to prepare your business income tax returns in the most efficient and timely manner possible. Because this is the information we will be using to prepare your tax returns and sending to the IRS, please verify it is complete and accurate before submitting. In addition to completing the organizer, there are additional documents we'll need to complete your taxes. Below is a list of items we will need before we can prepare your taxes: Completed Organizer (see below) Prior Years Tax Returns If you are a first time tax client, please provide a copy of the corporation's tax returns for the past 3 years (Federal and State). Bookkeeping Records If you use a Quickbooks or Excel, you can provide us with a year end income statement, balance sheet and statement of cash flows rather than completing the income and expense information below. If you would like us to prepare a business profit and loss for you, please provide the following documents (booking fee applied) Business bank statements for all the months of the year Checkbook register (identify all checks by entering an expense category in the memo section Credit card statements for business credit card Receipts for cash purchases To minimize errors, whenever you transfer funds between your corporate and personal accounts Identify a personal withdrawal of funds from your business account as ' Distribution' Identify a deposit of personal funds to your business account as ' Contribution' Employee Information If you have employees, please include a copy of the following docs: Form W-3 (This form is filed with W-2s to report total annual payroll) Federal Form 940 (FUTA) - for the tax year Federal Form 941 (FICA) quarterly reports for periods ending 3/31, 6/30, 9/30 and 12/31 of tax year State quarterly reports for periods ending 3/31, 6/30, 9/30 and 12/31 of tax year 1099-MISC Forms - If you issue forms 1099-MISC, provide copies of the forms Additional Items - Although the organizer is fairly comprehensive, there may be items that are pertinent to your taxes that are not addressed. Please include these documents with your organizer.
S Corporation General Information Legal Name of S Corporation EIN # Date of Incorporation State of Incorporation Date of S-Election S Corporation Address Email Address Phone State Tax ID# Check all that apply: Initial Return Final Return (is the business closing?) Name Change Address Change If necessary, can we discuss your return with the IRS? Yes No Tax Matters Individual Title Phone Principal business activity Principal product or service Yes No Was the primary purpose of the S Corporation s activity to realize a profit? Accounting Method: Cash Accrual Other (Specify) Yes No Does the corporation file under a calendar year? (If no, what is the fiscal year?) S Corporation Specific Questions Yes No Did the corporation hold an annual meeting with shareholders with a record of minutes maintained? Yes No Was the corporation a C corporation before it elected to be an S corporation? Yes No Is any shareholder in the corporation a disregarded entity, a partnership, a trust, an S corporation, or an estate? Yes No Did the corporation own directly 20% or more, or own, directly or indirectly, 50% or more of the total stock issued and outstanding of any foreign or domestic corporation? Yes No Did the corporation own directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital in any foreign or domestic partnership or in the beneficial interest of a trust? Yes No Did the corporation have any outstanding shares of restricted stock at the end of the tax year? Yes No Did the corporation have any outstanding stock options, warrants, or similar instruments at the end of the tax year? Yes No Did the corporation have any non-shareholder debt that was cancelled, forgiven, or had terms modified to reduce amount of principal? Yes No Was the corporation s S election terminated or revoked during the year? Yes No At any time during the year, did the corporation have an interest in, or signature authority over a financial account in a foreign country? Yes No Was there a distribution of property or a transfer (by sale or death) of a shareholder interest during the tax year? Yes No Does the corporation satisfy the following conditions? The corporation s total receipts for the tax year were less than 250,000. The corporation s total assets at the end of the tax year were less than 250,000. Yes No Did the corporation pay 600 or more to any individual? If yes, include a copy of Form 1099-MISC for each. Yes No Was the corporation involved in rental real estate activity during the year?
s Ownership Information Name/Title (Enter information for all shareholders who owned shares at any time during the year) Tax ID# (SSN or EIN) Address Owne r- ship % # of shares owned at start of year # of shares owned at end of year Dates of share ownership change (if any) Sharehol -der stock basis US Citizen s: Provide the following information for any shareholder who was an officer or 2% or more owner of the corporation during the year /Off -icer Name Wages paid to the /Officer Health Insurance Premium paid for Capital Contributi on made by the sharehold -er Distribution s made to loans to corporation Loans repaid by corporation to the shareholder
S Corporation Income (include all Forms 1099-K received) Gross Receipts or Sales Dividend income (include all 1099-DIV Forms) Complete Capital Gains Worksheets on Page What portion of gross sales listed above was refunded or returned? Interest income (include all 1099-INT Forms) Complete Interest/Dividend Worksheets on Page XX Other income (loss) (include a statement) XX Capital gain/loss (include all 1099-B Forms) Complete Capital Gains Worksheets on Page XX Gross receipts from rental property owned by the Corporation. (Do not include rental income in gross receipts for the business activity) S Corporation Cost of Goods Sold (for manufacturers, wholesalers, and businesses that make, buy, or sell goods) Yes No Do you manufacture or produce a product for sale to customers? Yes No Do you operate a wholesale or retail business where you maintain an inventory of goods? What was the opening cost of inventory on the first day of the year? What was the cost of purchases of product (less cost of items withdrawn for personal use)? Cost of labor related to sale or production of goods held for sale Materials and supplies used in manufacture or sales production Other costs of goods not listed above (list these on separate detail worksheet) Closing inventory at end of year S Corporation Expenses Advertising Management Fees Annual corporation fees Professional education & training Auto (Complete auto worksheet, Rent (office, leasehold, storage) page 5) (1099-MISC to unincorporated payees required) Bank fees and charges Rent or lease (vehicles, machinery, and equipment) Bad Debts Repairs and maintenance Business Licenses Organization Costs Cell phone (100% of cost) (x Business use %) = Salaries & Wages (W-2s issued to employees) Provide copies of W-3, Annual 940 & Quarterly 941 reports filed.) Commissions and fees Software (Enter on depreciation worksheet page 6) Contract labor Office Supplies and small tools (You must issue a 1099 Misc to any unincorporated entity to whom you paid 600 or more for the year) (Do not include equipment purchases) Computers, equipment, furniture Taxes - Local & business licenses (Complete the Asset Depreciation Worksheet on page 6) Compensation of Officers Taxes - Payroll (941, 940)
Dues and Subscriptions Taxes - State Employee benefit programs Taxes Property Health Insurance (employee) Taxes Sales Health Insurance (shareholder) Telephone expense (Do not include cost of main home phone line) Insurance (other than health) Travel (Complete Travel Expense Worksheet on Page 7) Internet service Utilities (Do not include home office) Interest Mortgage (business) Pension and profit sharing plans - employees Interest Business credit cards Pension and profit sharing plans - shareholder Interest Business loans/credit Other Expense line Laundry/cleaning/janitorial Other Expense Legal and professional services Other Expense Local (in-town) meals Other Expense (Enter travel meal expense on Page 7) Entertainment Merchant credit card fees Office expense (Do not include equipment purchases) Parking & tolls Postage & shipping Business Use of Automobile Reporting Requirements (use a new form for each vehicle) The IRS closely scrutinizes business use of automobiles. Documentation must be kept to prove business use of Corporation owned or shareholder owned vehicles. If a shareholder or an employee used his or her automobile for active conduct of Corporation business: The Corporation can provide reimbursement for actual operational expenses of the vehicle or it can reimburse using an allowable standard mileage rate. A written log or other record must be maintained and submitted to the Corporation. For each shareholder or employee for whom the Corporation paid auto expenses reimbursements during the year, the Corporation should maintain a written record of the expenses incurred and the reimbursements paid. The Corporation may claim actual operational expenses incurred for vehicles that are owned by the Corporation. Proof of business use in the form of a mileage log or a written calendar must be maintained unless it can be shown the vehicle was 100% business use. If the business provided a vehicle for employee use, complete Section B below. For any vehicle that was used by a 5% or more owner of the business, additional information must be reported to the IRS. Complete Section A shown below. Vehicle 1 Section A Provide the following information for each vehicle used by a 5% or more owner of the business Make/Model/Year Date vehicle was first used in your business Purchase Price Interest paid on auto loan Yes No Was vehicle Yes No Is another personal-use auto available? available for personal use? Yes No Was vehicle used primarily by a 5% or more shareholder of the corporation? Yes No Did you trade in your car this year? Cost of trade-in Trade-in value Yes No Do you have evidence to support this deduction? Yes No If yes, is the evidence written?
Vehicle 1 Section B Additional Questions for Corporation Providing Vehicles for Use by Employees Yes No Does the Corporation maintain a written policy prohibiting all personal use of company vehicles? Yes No Does the Corporation maintain a written policy prohibiting all use except commuting? Yes No Does the Corporation treat all use of vehicles by employee as personal use? Yes No Does the Corporation provide more than five vehicles to employees and keep records? Vehicle 1 Actual Expenses/Mileage Generally, you can use either the standard mileage rate or actual expenses to figure the deductible costs of operating your car for business purposes. However, to use the standard mileage rate, it must be used in the first year the car is available for business. In later years, you can then choose between either the standard mileage rate method or actual expenses. Mileage Total miles for the year Business mileage Commuting mileage Other mileage Actual Expenses (provide these expenses if corporation is NOT claiming standard mileage) Garage Rent Repairs Gas Tires Insurance Tolls Licenses Registration Fees Oil Other Expenses (List): Parking Fees Lease Payments Asset Depreciation Worksheet You must report the purchases and disposition of all assets you used in your business during the year For each asset bought or sold, provide the following information: Assets Purchased During the Year Assets Sold or Disposed of During the Year Description Date Bought Cost Used/New Description Disposition Date Sales Price
Travel Expense Worksheet Meal Per Diem: For each day a 2% shareholder of the company traveled away from home for business outside the metro area, the Corporation may claim the actual cost of shareholder lodging and meals. For meals only, the Corporation may reimburse the shareholder a daily per diem amount instead of actual costs. For each day a non-shareholder employee of the company traveled away from home for business outside the metro area, the Corporation may choose between claiming the actual cost of employee meals and lodging; or it can reimburse the employee a daily per diem amount for meals and lodging. The daily per diem amount varies depending on the city and country the employee traveled to. To calculate the per diem amount the Corporation is entitled to reimburse, provide a detailing of each city the employee travelled to for business during the year and the number of days in each city. The Corporation can alternate between actual expenses and the per diem method for each business trip; however it may not use both per diem and actual for the same business trip. The Corporation may reimburse a partial per diem if an employee or shareholder traveled outside metro area for less than a full day. City visited (for per diem) # of days in city City visited (for per diem) # of days in city Travel Expenses Airfare Other Travel Bus, train, taxi Entertainment Meals actual expenses (Do not include cost of meals where you are claiming the daily per diem rate) Lodging Parking & Tolls Interest and Dividend Income Worksheet Please attach copies of all interest and dividend statements the Corporation received for the year. If the Corporation received interest payments under a seller financed mortgage, we will need the name, address and SSN or EIN of the party making payments. For each payer of interest or dividends, enter the total interest or dividend amount received. Yes No Do you have money in or ownership over a bank account in a foreign country Yes No Does the Corporation have ownership or control over a foreign financial account or trust? If yes, provide the name(s) of the foreign country and maximum account values for the year Name of Bank or Payer Interest Received Name of Corporation Dividends Received
Corporation Balance Sheet If the Corporation gross receipts and/or assets at the end of the year were greater than 250,000 the following information must be provided to the IRS. Even if the Corporation is not required to provide this information, we request you provide it if possible. Assets at year end Debts and Equity at year end Bank account end of year balance Accounts payable at year end Accounts receivable at end of year Payables less than 1 year Loans to s Payables more than 1 year Mortgages and loans held by Corp. Capital Stock Stocks, bonds and securities Loans from shareholders Other current assets (describe) Retained Earnings Business Use of Home Yes No Did you use a portion of your home for regular and exclusive business use? If yes, please provide the following information: Total purchase price of home Cost of major improvements to home since you purchased it Value of the land your home is built on Area of home used regularly and exclusively for business (Sq ft) Total Area of Home (Sq Ft) Yes No Did you claim office in home expenses last year? Deductible mortgage interest paid (for entire home) Real estate taxes paid (for entire home) Insurance paid (for entire home) Rent paid (for entire home) Repairs and maintenance (for entire home) Repairs and maintenance allocable directly to business use area of home only Utilities Other expense: Describe Date you first used your home for business Month Year Yes No Did you live in the home all year? If no, enter the date you lived in the home to S Corporation Business Credits (if answered Yes for any of the below, please provide a statement with details) Yes No Did the corporation pay expenses to make it accessible by individuals with disabilities? Yes No Did the corporation pay any FICA on employee wages for tips above minimum wage? Yes No Did the corporation own any residential rental buildings providing qualified low-income housing? Yes No Did the corporation incur any research and experimental expenditures during the tax year? Yes No Did the corporation have employer pension plan start-up Total number of employees costs? Yes No Did the corporation pay health insurance premiums for Total number of employees employees? Yes No Did the Corporation purchase a plug-in electric vehicle this year? Yes No Did the Corporation pay wages to any employees who were members of a targeted group? Yes No Did the Corporation provide for or reimburse employees for childcare expenses during the year? Yes No Did the Corporation make energy-efficiency improvements? Yes No Did the Corporation manufacture or build a product inside the United States? If so, the following additional information will be needed to complete the Corporation s return: Gross receipts from sales of domestically produced product Cost of domestically produced goods Expenses, deductions or losses directly allocable to the domestic product Expenses, deductions or losses indirectly allocable to the domestic product. Wages paid for the year.