October & November 2019
If you have an IRS or
State of Michigan tax
issue that you would
like to discuss give
my office a call at
Michael Franskoviak, CPA President
20 Quick Takes to Get Organized with this Year End Closing Checklist
It is getting close to end of 2019 and what better way to start off 2020 than to be organized! Here is a simple checklist of items that you can start now and make your year end close go much smoother. And don’t worry if you don’t know how to perform some of these tasks, that’s what we are here for.
- Catch up on your books, especially if you do them only once a year. By doing it now you will be able to get to your accountant faster this time of year and they will appreciate getting the work done ahead of their crunch time.
- Catch up on bank reconciliations in case they aren’t up to date. Don’t forget your savings accounts and Pay pal accounts. Void any old uncleared checks if needed.
- Review unpaid invoices in accounts receivable and get aggressive about collection. Clean up any accounts that don’t reconcile and write off any invoices that are no longer collectible.
- Confirm employees and vendors addresses and SSN’s. Send W-9’s to any contractors that you will need to send a 1099 to.
- If you have vendors not paying sales tax make sure to collect exemption certificates from them.
- Decide if you are going to pay employee bonuses before year end.
- Inventory, if you carry inventory you will need to take an inventory. The books will need to be adjusted accordingly.
- Bank statements and payroll reports should be boxed up and stored in a safe location.
- Make sure to properly adjust any loans and record any interest expense properly.
- If you are a cash basis business, try and pay as many bills as possible before year end.
- Get an idea of what your profit will be for 2019. If you need more deductions to reduce your tax liability, consider purchasing equipment, delay invoicing or making retirement plan contributions.
- File important papers in a safe place; business contracts, leases, and employee payroll records.
- Prepare a budget for 2020 and enter it into your accounting system. Review it periodically.
- Review your products and services pricing and decide if you need to make any changes for 2020.
- Make sure to update your payroll system with new unemployment tax rates.
- Contact your payroll service company before year end if any fringe benefits need to get added such as health insurance.
- Review all balance sheet accounts and adjust as necessary.
- Determine employee holidays schedule for 2020.
- Setup a time with your accountant to review 2019 results and get ideas for year end tax planning and how to meet financial goals for 2020.
- Lastly, remember to celebrate the new year and be charitable with your family, friends, church and others less fortunate during the holidays. Try and gain insight and perspective on the upcoming year and be hopeful.
Start 2020 with a bang and this year end checklist, and feel free to call us if we can help with anything. Call us at 248-524-5240.
The Franskoviak Team Proudly Attended the IRS Tax Problem Resolution Super Conference
In October, A few members of the Franskoviak Team, including, Linda Franskoviak, EA, John Foran, EA, and Michael Franskoviak, CPA, recently attended the annual, “IRS Tax Problem Resolution Super Conference”, held at Lake Las Vegas Nevada.
The attendees included a large, diverse group of attorneys, CPA’s and Enrolled Agents from around the country that were there to learn the latest rules and regulations regarding tax issues.
There were top speakers from industry and government including two representatives from the IRS, Darren Guilott Deputy Director for Small business self-employed, and Lou Ann Kelleher Manager of Field Examination Small Business Self – Employed.
A variety of topics were covered at the 3-day super conference. We gained some very relevant information that will prove to be extremely useful to our team, keeping us ahead of the game and on top of the latest key current issues, to help us better service our clients.
If you have any questions or thoughts please don’t hesitate to contact our office.
Rate Our Services
“Every time you borrow money, you’re robbing your future self.”
~ Nathan W. Morris
“Our tax issues were overwhelming and very tressful.
My husband’s business owed back payroll taxes and we have been battling the IRS for several years.”
We decided to hire the Franskoviak team, based on the recommendation of our CPA. They settled our debt with an Offer in Compromise.
I believe Mike and his team truly cared about doing a good and effective job for me as their client.
I appreciated their responsiveness, when I called or emailed I could always expect a quick response, it helped minimize my anxiety.
For example, I recently received a letter from the IRS; when I went to my email to contact John Foran about it, I was very happy to see that he had already sent me an email explaining the letter. Pretty cool.”