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Managing the Tax Planning Process to Avoid Unpleasant Surprises
The year-end tax planning process involves projecting year-end results, setting expectations with partners, developing a strategy to meet those expectations and communicating action plans. The tax planning process not only dictates the tax strategy and results, it also affects the partners' individual tax situations, compliance with bank covenants, financial reporting goals, the budget for 2011 and long-term business goals such as ensuring there is sufficient capital. The payoff for putting sufficient time, thought and energy into the year-end planning process is avoiding unpleasant surprises at the beginning of 2011. The following is a step-by-step process to ensure a smooth year-end tax planning process.
Step 1: Projecting Year-End Results and Potential Adjustments
The first step in managing the tax planning process is projecting year-end results. In order to do this, you need to use a clean starting point and project out results through the end of the year. Review your financial results through Nov. 30 of this year and make any adjustments that need to be made to report accurate financial results. Are there items on the balance sheet that have yet to be reconciled? Are there expense items or large miscellaneous balances that must be reclassified? Once you feel comfortable that the November month-end results are accurate, project out cash basis income and expenses for December to arrive at a year-end projection.
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