Preparing for the End: 4th Quarter Tasks for 2020
The year that felt like the end of the world is now ending! Check out these items that you need to think about as this year comes to a close.
1099s:
It is already time to start thinking about accurate 1099 filing for your business and the subcontractors you hired in 2020. The deadline for submitting the IRS filing and mailing out all 1099s to contractors for 2020 is January 31, 2021. You will receive a list of missing W-9s for your contractors from your Account Manager by October 31, 2020.
Please click this link or contact your Account Manager if you would like for Business by the Book to handle processing your 2020 1099s. We will be sending out a few more reminders regarding 1099s. As always, please contact your Account Manager if you have any questions.
Year-End Prep:
As 2020 comes to a close, we will be assisting you with closing out the year. Your Account Manager will be following up on any Uncategorized Income, Unassigned COGS, and Uncategorized Expenses.
Year-End Reviews:
All of our bookkeeping packages include year-end review calls with your Account Manager. These calls will be scheduled for January & February. Please be on the lookout for more information in late November.
This year, we are offering a new Year-End Service. Sherry will be offering 2020 Review + 2021 Prep calls. These calls will include detailed analysis of your 2020 books, outlined areas of improvement, and suggestions for streamlining your finances. We will be sending out more information about this new service in late November.
PPP Forgiveness Application Reminder:
If you received a Paycheck Protection Plan loan this year we hope it sustained your business and helped you to weather this crazy year. If you had planned to use the funds within 8 weeks, it is now time to file your Forgiveness Application. Please check with your bank to see if they have their own form or if you can use the standard or EZ forgiveness form from the SBA. For those who chose the 24 week option, you should also be able to file for forgiveness soon.
We have provided information and reports that you may need for the forgiveness application process in your Smart Vault folder, but if you are unsure where to begin or what is required, Business by the Book can assist you. Contact us today for a quote.
