Year End Checklist for Business Owners
So, 2022 is almost here! But have you wrapped up everything you need to in your business? Here’s a checklist to help you close out strongly.
1. REQUIRED ANNUAL MEETING: If you haven’t yet conducted your Annual Board of Directors Meeting or haven’t had a meeting of the members of your LLC, do so immediately. This is typically a requirement of your state and is a point on which the IRS could question the validity of your business, operations or management, if the need were to arise.
2. ENTITY DISSOLUTION OR RESTRUCTURING: This is also the time to dissolve your entity or change business structure to get the tax advantages or legal protections, as applicable. Remember that your state likely has processing times, so plan accordingly.
3. COMPLIANCE: Address Annual Reports or other required deliverables by year end.
4. TAXES: Ensure that all of your quarterly or periodic tax payments have been made, including those that were estimated. Reach out to your tax professional or CPA for filing your business taxes.
Gig workers in particular, should be collecting all business receipts, ensuring that issuers of 1099s have your tax information. Be familiar with those expenses and items that are customarily deductible for your business.
5. ONBOARDING & PAYROLL: Have your hiring processes in order if you’re hiring new employees, ensuring that you are compliant with all HR/I-9 Employment Eligibility protocol.
6. RETAIL: As it relates to retail entities, complete your physical or digital inventory. Consider retail inventory software for 2022 and/or other software for inventory management.
7. TECHNOLOGY: Review current technology for every aspect of your business, from email, to marketing, combatting cybersecurity, HR or software for your industry.
8. MARKETING/SOCIAL MEDIA: It doesn’t matter if you have the best pizza if no one knows about you. Do you need to get a website? Professionally branded businesses and email stand apart from those who don’t have these. Hire a savvy intern or college student to manage your social media and update your presence regularly.
9. SWOT Analysis: Year end is a perfect time to your company’s strengths, weaknesses, opportunities and threats. It’s also a time to assess your own as they relate to running, managing or expanding your business. Especially if you’re seeking an increase in market share or growth..
10. STARTUP/EXPANSION: Congratulations on your startup. Whether a sole proprietor, partner, member of an LLC or incorporating a business, you’ve joined the ranks of business owner, risk taker and entrepreneur!
If you have any questions, need to start or expand a business, or need assistance with year end close out, feel free to reach out to Sirius Tax Group!
