Year-End Accounting Checklist: Key Deadlines and Actions for 2024

As we approach the end of 2024, Your Accounting is here to help you navigate important year-end requirements and deadlines that may impact your business. Staying informed and proactive is essential to avoid fines and ensure compliance. Here’s a quick rundown of critical tasks to complete before the year ends:

1. Beneficial Ownership Information (BOI) Filing – Due 1/1/2025

The Financial Crimes Enforcement Network (FinCEN) now requires all corporate entities to submit annual BOI filings. Failure to comply by January 1, 2025, can result in severe fines. Ensure your business completes this mandatory filing to remain in good standing.

 Learn more: FinCEN.gov

Action Required: Contact us if you need assistance with preparing your BOI report or have questions regarding the process.

2. Payroll and S-Corps – Officer Compensation Reporting on W-2s

Accurate reporting of officer salaries and wages on Form 1120-S is crucial for S-Corporations. As an owner or officer, this information must be correctly reflected on your W-2s to meet IRS standards and avoid discrepancies.

Reminder: Verify payroll data for officers to ensure compliance with IRS regulations.

3. 1099s and W-9s – Collect Information Now!

To meet the January 31, 2025, deadline for sending out 1099s, it’s vital to gather and verify W-9 information from your vendors and contractors now. This preparation will streamline the process and prevent last-minute issues.

Pro Tip: Double-check that you have up-to-date information for all applicable payees.

4. Year-End Tax Planning – Review Financials for Accuracy

A successful year-end tax strategy starts with accurate financial records. Schedule a review of your books to identify potential deductions, adjust entries, and ensure your financials align with tax expectations. Preparing now means fewer surprises when filing your 2024 tax return.

Next Steps: Reach out to us to schedule a consultation and discuss year-end tax planning.

Your To-Do List:

• Confirm BOI filing requirements for your entity.
• Ensure officer compensation is correctly reported on W-2s.
• Gather and update W-9s for timely 1099 filings.
• Review and update financial records with your tax preparer before year-end.

At Your Accounting, we’re dedicated to supporting you through these crucial steps and helping you close out the year with confidence. Contact us today to schedule a year-end review or for assistance with any of the above tasks.

Thank you for trusting Your Accounting with Your Accounting. Here’s to a successful end to 2024 and a prosperous new year!