#WakeUpWednesday #TMG – Yearend Checklist and 2017 Planning with Managing Partner, Paul Talbert

As the New Year is upon us and Talbert & Talbert clients are readying for yearend, Managing Partner Paul Talbert answered some questions offering his insight, advice and recommendations.

Q. Is there anything I or my company should be doing to better prepare for our yearend tax obligations before reviewing with Talbert & Talbert?

A. Once you have closed your books for the yearend, you should start by running a vendor report and identify all vendors that require a 1099. This should be an easy task provided that your Accounts Payable Manager has obtained a W-9 Form from all vendors that your business has paid out during the calendar year. If there are any missing W-9 Forms, you should request immediately, so that you are able to prepare your 1099-Misc and or 1099-Int before the due date of January 31st. In addition, if you are a C-Corp for tax purposes “file an 1120 Form” you should also prepare your 1099-DIV Form for all the dividends issued to your shareholders for the calendar year by January 31st. Upon completion of your 1099 Form filing, you should immediately start to prepare your 1096 Form filing to the IRS. This is a combined annual report of all the 1099 Forms of any one type that you have sent out to vendors and or shareholders that is due by February 28th.

If you have any questions please feel free to email us at [email protected]. In addition, below are a few web-links from the IRS with instructions of how to prepare for your 1099 and 1096 filings..

Q. What are you most looking forward to speaking with your clients about in 2017?

A. I am excited with the possibly of growth in the US economy for the coming 2017 year. There has been quite a bit of speculation coming out that with the possibly of a decrease in regulatory and tax burdens on US businesses suggests that the US economy will grow faster than many have expected. With this in mind businesses and individuals can start to project additional funds that may become available for investments, which in turn could create additional growth and tax benefits.

See below a list of a few investments that could spur growth and tax benefits;

  • Capex “Capital Expenditures” (with the investment in certain types of Capex for your business this could help your business run more efficiently and could allow for additional depreciation “Sec. 179 and or Bonus Depreciation” that can help reduce your annual income tax expenses).
  • Captive Insurance (with the investment in the creation and or the increase of funding set aside for the self-insurance of risk that your business takes on, this could result in additional revenue opportunities, cost saving and or tax saving benefits).
  • Expansion Opportunities (with the investment in opening additional offices and or business worksites, this could result in the creation of additional revenues from new customers, new partnerships, reduction of business costs and possible tax savings).

Please feel free to contact us at [email protected] for further information.

Q. What challenges should we expect to face in 2017?

A. I believe that a few of the big challenges we face in 2017 are the following;

  • A Protectionist President (with a New President Elect Trump in office and his constant indication that he want to change the way we trade with our global partners, the threats to withdraw from the North American Free Trade Agreement and his commitment to build a wall between US and Mexico, these will create global economic challenges that we don’t really know what the true effect will be on our economy).
  • Brexit and European instability (with the exit of the UK from the EU it is too early to tell what the effects will be on the global economy).
  • Monetary policy reaches its limits (with the four largest central banks reaching a total around $18 trillion on their balance sheet, it has been speculated that monetary policy will start to tighten and the effects of this tightening on short term market liquidity could be very challenging for global economy).

Please feel free to contact us at [email protected] for further information.

As uniformly mentioned, please don’t hesitate to reach out with any questions you might have during this time.  With an extensive network and boots on the ground in 3 offices across the United States, the Talbert team is excited to help you reach your goals.  We hope you were able to find some of this information useful and look forward to continuing in educating our clients this New Year!

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