What Information Do I Need to Provide to My Accountant to Close Out the Year?
The end of the year is approaching. What information do I need to provide to my accountant to close out the year? Some items that need to be handled prior to the end of the calendar year are: Taxable Fringe Benefits: These are items that would need to be included on form W-2. 1. Personal use of company owned or leased vehicles. The Internal Revenue Service requires that employers keep adequate records of the personal and business use of company vehicles. These records must be kept for virtually all cars and light trucks including leased vehicles. 2. Medical insurance premiums for S corporation’s “share-holder employees”. 3. Tuition reimbursements. Tuition paid for an employee in excess of $5, 250 per year must be included on form W-2 as income. 4. Life Insurance premiums. Life insurance premiums on group term life insurance over $50, 000 must be included on form W-2 as income. 5. Dependant Care benefits.
