Accounting & Bookkeeping

Meeting with your CPA? Here are top things to do


At year-end you are planning to meet your CPA, here are some things which you should take with you for Accounts Finalization:

  • Financial Statements
    • Balance Sheet
    • Profit & Loss
    • Cash Flow Statement
  • Form 1099 issued ( For US-based business)
  • Sales tax returns filed during the year
  • Business Expenses you paid from the personal bank account
  • Previous year tax returns
  • Form W2 for all your payroll liabilities
  • All payroll returns filed
  • Mortgage Interest Paid
  • Home Office Expenses.

Meeting with your CPA

Finances! It’s no easy task to manage financial accounting, considering all the details that go along with it. Whenever you plan to meet your CPA or accountant, it’s always good to be prepared with all the details, so that the whole process gets easier and efficient. And hence, you want to have a clear understanding of what to expect and how much to expect.

The first requirement that is an absolute essential is to have all your financial statements up-to-date. The balance sheet, the profit and loss details and the cash flow statement should have all the regular updates of the whole financial year.

The requirements of Form 1099 which is specifically issued for US-based business should be mandatorily filled so that there are no consequences. Other additional details include a copy of the sales tax return filed during the year, business expenses paid from the personal bank account, previous year tax returns, form W2 for all your payroll liabilities, complete details of payroll returns filed, mortgage interest paid details and home office expenses.

Other than the above mentioned, it’s a good idea to discuss any specific accounting and tax-related issues to your business and make sure in the initial meeting itself that your accountant knows of them and hence can address your concerns properly.

It’s also important that you prepare prior to questions that you may have with your accountant or CPA. This will not only ensure that you have your questions answered, but it will also build a solid foundation for the relationship that you will share with your accounting firm.

While meeting your CPA, one needs to discuss the following questions:


Tax deductions: One of the important questions for asking accountants pertains to whether I have used all the tax deductions. One may make the assumption that one has, however, why doesn’t one owe oneself to ask? Your accountant has offered you with certain questions to finish. However, there are various things which do not get answered, for example, what we need for the future.
 Corporate retirement plans: In one is self-employed, one needs to be asking questions pertaining to corporate retirement plans. You should talk to your accountant about various corporate retirement plans in case you are self-employed. This is so because your accountant will be able to help you with this.
 Gifting family members: You have to ask your accountant regarding how best it is to provide gifts to family members in case one is thinking of allocating one’s assets for it.

 Donations: In case one is planning on giving donations, how would one be doing this? What would be the methods of offering donations having appreciated mutual fund stocks?

 Tax bills: What would be the best methods of lowering tax bills? One of the important methods of lowering tax bills relates to reducing the income which is taxed, ensuring that one is making maximum contributions to the 401K plan. One’s accountant would have various other advice on this.

To know more contact Meru Accounting today!


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