Businesses that are successful have one important financial management policy in common – a future-focused set of processes for closing the current year in a timely manner. Use this list to schedule ahead and be ready for 2024!

1.      Tax & Accounting Data Needs Gathering

Establish a list of documents needed for closing your accounting system, to support the preparation of financial statements and tax returns. Tax filings and third-party financial reporting will require timely submissions by certain dates.

2.      Key Tax Due Dates

1/31/24 for Information Returns, including all Forms 1099:

3/15/24 for S Corporations, LLC’s, and Partnerships;

4/15/24 for C Corporations, Individuals, and Fiduciary tax returns.

3.      Document Management and Cybersecurity

Cybersecurity and document security are top priorities – protecting your data minimizes the risks of ID Theft or data breaches. Document exchange with third parties, including all financial and professional services providers should be digitized for privacy and accessed only by authorized recipients. Emailing documents should be minimized, never displaying SS#’s or TIN#’s, or important personal or business names and sensitive financial information.

4.      Final Steps for Tax Filings and Document Delivery

Be sure to schedule ahead for key due dates, to ensure the accurate and timely filing of tax returns and financial statements. Allow time for the review and approval of all financial statements, tax returns, and other related documents before filing. Tax filings require several e-file steps to confirm acceptances with IRS and State tax departments. Tax payment options should be planned in advance to manage cash flows.

5.      Early Planning for 2024

While wrapping up tax filings and financial reporting for 2023, it is important to look ahead to 2024. Preparing an early forecast of your 2024 results supports the initial setup of 2024 estimated tax payments and can serve as a baseline for mid-year and year-end tax and financial planning next year.