S-Corps,etc. and Year-end

[JG EA]

How much do you do at the end of the year for entities. I send an offer with my newsletter to come in for a year end consultation.

For bookkeeping clients I try and figure out what their taxes will be this coming year and make suggestions by phone or mail if they do not come in for a session.

But for ones that are not bookkeeping clients and I don't have a clue what their situaltion will be this year, do you do more than just make an offer for a planning session?

Another question, do you send them a reminder to prepare minutes if they are not bookkeeping clients?

[Jiggers]

Year-end reviews

My office is open for anyone wanting year-end tax reviews, whether 1120, 1120S, 1065, or sole proprietors.

For monthly bookkeeping clients, they receive a copy of their monthly bookkeeping showing the net P & L. Some ask questions during the last month or two of their tax year.

For all corporate clients I attach an instruction sheet for corporate minutes to the taxpayer copy of the tax return. It is printed on bright yellow paper, kind of hard to overlook. It reminds them to review their minutes, get them current, and have an annual shareholder and directors meeting. I also mention items that should be covered in the minutes such as related party transactions, loans and major purchases, salaries and bonues of officers and directors, accumulated retained earnings and the ARE tax, fringe benefits, vehicle use, T & E and reimbursements.

[ChEAr$]

year end work for corporations

is all finished in January, usually by the 20th. And that is because I don't do corporate
returns, 1120 ( for C corporations!) or 1120S unless I have maintained the records on a monthly basis.
Thus in December I make sure everything's up to date through November leaving only
loose ends from Dec to deal with in January.

The only entity excepted is a husband/wife partnership and he furnishes info year's end.

And since I operate as a sub S, MY return is always ready by January 3rd! (grin)

Insisting on monthly maintenance for corporate clients makes it possible for me to re do
the quarterly estimates for those whose tax returns I prepare, and come to think of it,
that's all of the stockholders except two maybe of the corporations.

[JG EA]

Thanks, So maybe it would be a good idea to send out reminders, but next year I'll do what you do Jiggers and attach the sheet when the return is done and be done with it.

I know what you mean by doing them all yourself Chears but I have a client or two that does a very good job of bookkeeping . One tells me I don't have to remind them of minutes, because they do it anyway.

[geekgirldany]

I usually give them a call to ask if they would like for me to look over their bookkeeping. I try to give them a rough estimate of what their taxes will be like. I use to offer this as a free service but I started charging because it took up so much of my time.

Jiggers do your customers actually do the minutes? I remind mine but they always want me to do them. I do have some software that will prepare minutes of meeting but I am not sure if I should get involved. I have a couple of customers who have not even got their corporate books (seal stamper, stock certificates, etc.)

[Jiggers]

Just covering myself on corporate minutes

Jiggers do your customers actually do the minutes? I remind mine but they always want me to do them. I do have some software that will prepare minutes of meeting but I am not sure if I should get involved. I have a couple of customers who have not even got their corporate books (seal stamper, stock certificates, etc.)

I hope so. I do this just to protect myself when the auditor of the corporation asks for them and that way they can't say "You didn't tell me about doing them."

I have just started incorporating a reminder statement in my cover letters also. Just to CMA.

And auditors do ask AND read them. Been there and done that. Luckily the corporation "found" all of them just before the auditor showed up.

I do prepare them for clients that request them. I do this as a secretarial service and advise them to see competent legal advice for interpretation and review in the cover letter that is attached to them.

[ChEAr$]

minutes

Thanks, So maybe it would be a good idea to send out reminders, but next year I'll do what you do Jiggers and attach the sheet when the return is done and be done with it.

I know what you mean by doing them all yourself Chears but I have a client or two that does a very good job of bookkeeping . One tells me I don't have to remind them of minutes, because they do it anyway.

You know what? I actually had one 1120s client like that once upon a time. She
actually did annual minutes about mid March after signing the 1120s. The minutes
were all handwritten on any scrap of paper she had handy, but at least she did have
minutes.
Other than her, I can't think of any other instance of contemporaneous recording of corporate minutes.
Hmm, that reminds me......!

[ChEAr$]

corporate organization

I hope so. I do this just to protect myself when the auditor of the corporation asks for them and that way they can't say "You didn't tell me about doing them."

I have just started incorporating a reminder statement in my cover letters also. Just to CMA.

And auditors do ask AND read them. Been there and done that. Luckily the corporation "found" all of them just before the auditor showed up.

I do prepare them for clients that request them. I do this as a secretarial service and advise them to see competent legal advice for interpretation and review in the cover letter that is attached to them.

Dany, a corporation is not required to actually have one of those fancy lawyer provided
corporate books or a metal seal, neither in Georgia or Alabama. I don't even have one
for my own.

Also agree there's nothing wrong with our typing up minutes of a meeting for officers to sign. Best of course not to back date it on a Sunday. (grin

[geekgirldany]

I really don't think many of mine are doing the minutes. This might just be the year to start reminding them and offering to do it for them. I had a customer audited that took their corporate book to a lawyer and he had all the minutes filled out for all the past years. The auditor did ask for it.

I am looking at some new corporate minutes software. This I have is pretty old. Don't even think they make it anymore. Some of them are expensive.

Well I didn't know that about the corporate book. I thought they had to have one. Well learn something new

[ChEAr$]

Minutes

When we offer to type up the minutes for the corporate clients, think of it as
a "revenue enhancer". (grin

And you don't really need software to do the job. Get hold of as many minutes
of meetings you can, and copy them. Then you have a good idea of what goes into
them. In short, they record what actions the board of directors (NOT officers)
discussed and what decisions they made at the meeting. Then copy each paragraph
into a master document and when called upon to write up minutes, you'll have
boiler plated numbered paragraphs to copy and paste. Just like IRS does when
composing those letters you know.

All annual minutes should of course cover acceptance of the tax return you just prepared.

[Gretel]

I have so few corporations that I can not look at anyones minutes. Is anyone of you willing to share what you have. It's highly appreciated.
Thank you. (Now I have said "thank you" already, now you can not say "no", right?)

[ChEAr$]

sample minutes

Let's see now, if I can attach a file.

Hey! it worked!

[Lion]

Thank you

Thank you, Harlan. Those will come in handy.

[geekgirldany]

Yes thank you so much for posting it. I searched google for some software programs. All are over $200. More than I am wanting to pay.

[veritas]

Well I hate to be the contrarian

but,

It seems to me you are practicing law. I don't know what the rules are in your state but we not only have a stockholders meeting we have a directors meeting.

Find an attorney to take care of it. They need one for wills and so on anyhow.