EP20 - The Great S Corp Clean-Up 5 Things To Fix Before Filing скачать в хорошем качестве

EP20 - The Great S Corp Clean-Up 5 Things To Fix Before Filing

EP20 - The Great S Corp Clean-Up: 5 Things To Fix Before Filing Essential S Corporation Cleanup Tasks for Tax Season Success In this episode of Let's Get Fiscal, hosted by Anastasia Aiello and Myiesha Fisher from Coterie Tax, the focus is on the critical cleanup items every S Corporation owner needs to address before filing taxes. They discuss the five key areas that can cause major delays and complications if not properly handled: bank reconciliation, expense categorization, payroll processing, accountable plan documentation, and overall financial accuracy. The hosts emphasize how these issues, if left unresolved, can lead to filing extensions and unexpected tax liabilities. They provide practical guidance on identifying and fixing common bookkeeping errors, the importance of early preparation, and when to seek professional help. The episode aims to help creative business owners avoid the costly pitfalls of poor financial record-keeping and ensure a smooth tax filing process. 00:00 Introduction to S Corp Tax Preparation 00:40 The Busy Season Reality Check 01:03 Common Issues That Delay Tax Filing 01:58 The CPA's Financial Review Process 02:51 Understanding Audit Readiness 03:33 Tax Payment Deadlines and Extensions 04:20 Essential Item #1: Complete Transaction Records 04:43 The Importance of Bank Reconciliation 05:46 Common Bank Feed Issues 07:04 Double Income Recording Pitfalls 08:01 Essential Item #2: Proper Expense Categorization 10:15 Avoiding the "Ask My Accountant" Trap 11:21 Essential Item #3: Payroll Processing for S Corps 13:31 Understanding Officer Compensation Requirements 15:01 Essential Item #4: Accountable Plan Documentation 17:07 Tracking Personal Expenses Paid for Business 18:44 Essential Item #5: Financial Accuracy Verification 20:38 The Payroll Triangle Check 23:25 Getting Professional Help Early 24:36 Year-End Action Items 25:06 Overcoming Financial Vulnerability 27:01 Breaking the Tax Payment Hamster Wheel 28:30 When to Seek Professional Assistance 🔗 Helpful Links & Resources Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast... Listen on Spotify: https://open.spotify.com/show/08AjRNf... Watch on YouTube:    / @letsgetfiscalpodcast   📬 Got a question for the show? Submit it here: https://www.coterietax.com/qa 🎧 Want to listen to more episodes? Catch the latest episodes at: https://www.coterietax.com/podcast 📊 Need personalized help with your business finances? https://www.coterietax.com