By: Thomas Law Group On: December 18, 2019 In: Business/Employment Comments: 0

Where did the year go?  Before you get too caught up in planning for next year, don’t forget to wrap up those loose ends in 2019.  Here are a few things to remember to keep your business in order and ready for the New Year:

Recordkeeping

Did you hold an annual meeting in your company?  Did you record the results of that meeting in annual minutes?  Normal business updates like hiring a new associate, taking out a line of credit, or re-upping your building lease should be recorded in those annual minutes.
Did you print all your profit and loss statements and balance sheets? Finish reconciling? Not only will your accountant need this information, but ending the year with all of your records in order is good practice.

Taxes

Did you review all of your employee’s and 1099 worker’s paperwork so everything is ready to be filed and submitted at the beginning of the year? Your accountant will need this information in order to issue W-2s and 1099s.

Did you assess your estimated tax payments?  Make sure you haven’t overpaid or underpaid, and make sure you meet the deadlines!

Human Resources

Did you offer bonuses to staff or other incentives?  Dispersing bonuses at the end of the year or in January impacts your taxes and your profit reports.

Did you have great success in your company this year? Share it with your employees! They will appreciate hearing how they contributed to the success of your company. Recognizing outstanding employees (accolades, monetary rewards) can help with employee retention and prevent turnover.

The attorneys at Thomas Law Group can assist in your day-to-day business needs as well as end-of-year planning, working with you and/or other advisors to keep you on track and successful every year.  Call us to discuss how we can help keep you on track.