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 FilingEssential S Corporation Cleanup Tasks for Tax Season SuccessIn 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 Preparation00:40 The Busy Season Reality Check01:03 Common Issues That Delay Tax Filing01:58 The CPA's Financial Review Process02:51 Understanding Audit Readiness03:33 Tax Payment Deadlines and Extensions04:20 Essential Item #1: Complete Transaction Records04:43 The Importance of Bank Reconciliation05:46 Common Bank Feed Issues07:04 Double Income Recording Pitfalls08:01 Essential Item #2: Proper Expense Categorization10:15 Avoiding the "Ask My Accountant" Trap11:21 Essential Item #3: Payroll Processing for S Corps13:31 Understanding Officer Compensation Requirements15:01 Essential Item #4: Accountable Plan Documentation17:07 Tracking Personal Expenses Paid for Business18:44 Essential Item #5: Financial Accuracy Verification20:38 The Payroll Triangle Check23:25 Getting Professional Help Early24:36 Year-End Action Items25:06 Overcoming Financial Vulnerability27:01 Breaking the Tax Payment Hamster Wheel28:30 When to Seek Professional Assistance🔗 Helpful Links & ResourcesListen on Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448Listen on Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11 Watch on YouTube: https://www.youtube.com/@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?