Workflow Templates: Corporate Tax Preparation Checklist

Compile the year-end balance sheet and income statement

Reconcile all bank accounts and credit card statements

Review and adjust journal entries for accruals, depreciation, and amortization

Collect documentation for all sources of income, including sales revenue and interest income

Gather evidence of business expenses, such as rent, utilities, and payroll records

Review and categorize expenditures for tax-deductible expenses

Identify potential tax deductions specific to the industry and eligibility for tax credits

Prepare documentation for deductions such as equipment purchases, business travel, and education expenses

Ensure proper documentation for any charitable contributions made by the company

Review all 1099s issued to contractors and verify taxpayer identification numbers (TINs)

Ensure compliance with local, state, and federal tax requirements, including estimated tax payments made during the year

Check for any changes in tax laws that may affect the company's tax liability

Conduct a thorough review of the tax return for completeness and accuracy

Obtain executive sign-off on the final tax return

File the return with the appropriate tax authority, keeping proof of submission and confirmation

Corporate Tax Preparation Checklist