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/lets-get-fiscal/id1831050448

Listen on Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11 

Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast 

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