Getting On The Right Track For Year-End

Now that we’re in Q4 and year-end is quickly approaching, it’s a good idea for small business owners to touchbase with their CPA or tax professional to make sure their business is on the right track for year-end closing.

Hopefully, you’ve been keeping your CPA or tax professional in the loop on any major changes (if applicable) to your business and its operations over the course of the year which may materially affect tax reporting and liability. If your CPA or tax professional is up-to-date, they should have provided the necessary guidance to ensure there aren’t any surprises at year-end or tax time.

Your CPA or tax professional may ask you to provide some preliminary financials like a balance sheet and income statement through the most recent closing period to see how you are tracking versus the previous year and should advise if any adjustments or changes are needed before year-end.

This is also a good opportunity to review any upcoming changes to the tax laws or regulations which may materially affect the business and/or its owner(s) and allow you to take steps to mitigate any adverse effects.