It has been quite a year, a declared pandemic, multiple rounds of government-injected stimulus packages and nationwide closures have completely changed the way we currently do business. Only three years ago, we were just beginning a conversation about major tax reform. Now, many of those historical tax changes have been rolled back or deferred in an effort to help taxpayers survive the COVID-19 pandemic and resulting economic collapse.

As the end of the year approaches, it’s imperative that we begin to review the new provisions coupled with Paycheck Protection Program Loan forgiveness and deductibility of related expenses.

We want to be proactive by estimating your future tax liability and the considerable complexities involved in applying these new rules to you and your business. The process will involve preparing revenue, expense and tax projections to the end of the year. To establish your liability, we will need to request some of your most recent financial records for your business or businesses. Also please keep in mind due to the many changes we may need to request additional data.

If you give us a copy of your QuickBooks Data File, we should be able to extract most the items we need and prepare our analysis for your review.

Alternatively, you can generate the following reports and send them to us:

  • Balance Sheet
  • Income Statement
  • Listing of all assets purchased, sold, disposed of, or traded
  • Inventory values change, if any

If you are not sure what we need or how best to send it to us, please call or email our office and we will be glad to assist you.

Thank you for choosing Wall Titus.

Investment Advisory Services provided by Wall Advisors, Inc a Registered Investment Advisor. The opinions expressed herein are those of Wall Advisors, Inc and Ned David Research and are subject to change without notice based on market conditions and economic changes. This commentary is for educational purposes only and should not serve as financial advice or an offer to sell any product.

Tax PlanningYear-End Tax Planning