Year-End Bookkeeping Checklist + Small-Business Tax-Season Calendar
- Close books with a 6-step checklist (bank/CC recs, AR/AP tie-out, 1099 vendors, fixed assets, inventory, equity).
- Jan 31: deliver/file W-2 (SSA + employees) and 1099-NEC; Form 940 (FUTA) due Jan 31 or Feb 10 if deposits were timely. (Social Security, IRS)
- Mar 15 (typical): 1120-S and 1065 (calendar-year filers). Apr 15: most individuals/C corps. Always confirm weekend/holiday spillovers. (IRS)
- Keep a single source of truth: P&L, Balance Sheet, GL, AR/AP agings, bank recs, 1099 report, asset roll-forward.
Why this matters before tax season
Clean, reconciled books cut prep time, reduce CPA billable hours, and prevent reprints of W-2/1099. It’s also your best defense if the IRS asks how a number landed on the return.
The 6-Step Year-End Bookkeeping Checklist
1) Reconcile every cash/bank/credit card
- Match statements to GL through 12/31.
- Lock prior periods to prevent drift; export final reconciliation reports.
2) Tie out AR/AP
- AR: clear unapplied credits; write off immaterial balances with approvals.
- AP: accrue unpaid bills, reverse duplicate vendors, and match 1099-eligible suppliers.
3) 1099 vendor file
- Collect W-9s; mark NEC/non-employee vendors.
- Prep 1099-NEC (due Jan 31 to IRS + recipient). (IRS)
4) Payroll year-end pack
- Verify names/SSNs/addresses, fringe benefits, and bonuses.
- W-2 to employees and file with SSA by Jan 31. (Social Security)
5) Fixed assets & inventory
- Post asset additions/disposals; update depreciation; count and adjust inventory; book shrink and capitalization thresholds.
6) Equity roll-forward
- Reconcile draws/distributions, owner contributions, and retained earnings; make year-end JE adjustments approved by your CPA.
Tax-Season Calendar (high-impact due dates)
- Jan 31:
- W-2 to employees and SSA (Form W-3 transmittal). (Social Security)
- 1099-NEC to recipients and IRS. (IRS)
- Form 940 (FUTA) due; if deposits were timely, you may file by Feb 10. (IRS)
- Feb/March (information returns):
- 1099-MISC (non-NEC boxes) generally Feb 28 paper / Mar 31 e-file. IRS
- Mar 15 (typical for calendar-year):
- 1120-S (S-Corp) and 1065 (Partnership) returns or Form 7004 extension. IRS
- Apr 15 (typical for calendar-year):
- Individuals (1040) and C-Corps (1120); extensions allowed, payments still due. IRS
Dates shift to the next business day if they land on a weekend/holiday; disaster relief can also extend deadlines-always confirm current notices. (IRS)
Reports your CPA will actually use
- Final P&L and Balance Sheet (12/31), General Ledger (YTD), Trial Balance, AR/AP agings, bank/CC recs, fixed-asset register, inventory valuation, 1099 vendor list.
Gen-AI assist (how we cut errors)
- Pre-file checks for duplicate vendors, outlier payee totals, missing W-9/SSN/EIN.
- Anomaly scans on period-end balances vs. trends.
- “Pre-flight” pack for your CPA: TB + lead schedules + JE log.
Serving Miami, Florida 33101 and all 50 states-Bookkeeping you can hand to your CPA without cleanup.
FAQs
What’s due on Jan 31?
W-2 to SSA/employees; 1099-NEC to IRS/recipients; 940 filing. (Social Security, IRS)
When are S-Corp/Partnership returns due?
Typically Mar 15 (calendar-year). (IRS)
Can I e-file 1099-MISC later than Jan 31?
Yes-generally by Mar 31 if e-filing (non-NEC boxes). (IRS)
What pack does my CPA want?
TB, GL, P&L/BS, AR/AP, recs, asset/inventory, 1099 list.
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