Year-end & tax
Closing your year, taxes and working with your tax preparer.
By Emily1 author16 articles
- Year-End Hub: What We Need to Close Your BooksWalk through how we close your books in Finaloop and what we need from you + all the guidance you need along the way.
- Switching your books from cash to accrualFind out how Finaloop Core switches your books from cash to accrual at the start of a year, what it costs and how long it takes, so your books keep…
- Accounting policies and important notes for Finaloop tax customers
- Year-End Tax Guide: Adjusting Accrual Books to Cash BasisYear-end journal entries your CPA or tax preparer can use to convert accrual-basis Finaloop books to cash basis for tax filing, without changing your books.
- Opening balances explained for third-party tax preparersShow your tax preparer how Finaloop built your opening balances and how to handle any difference from last year's tax return.
- Year-End Sales Tax ReviewConfirm or correct the sales tax you owe in the Year-end Hub, your year-end checklist in Finaloop Core, so your year-end balance sheet matches what you owe the states.
- How to categorize payroll and owner pay at year endCheck that only payroll you run through a payroll provider is categorized as salary, and use Contractor payment, Owner's draw and other categories for everything else, so your year-end books,…
- How to determine if you file taxes on a cash basis or accrual basisFind whether last year's business tax return was filed on cash or accrual, so you pick the same accounting method in Finaloop Core.
- Does Finaloop cover sales tax?Understand more about what aspects of sales tax we cover for you
- U.S. tax requirements for a foreign-owned single-member LLCLearn which IRS filings a US single-member LLC owned by a non-US person must make, and how your Finaloop books support them.
- How to track mileageLearn how Finaloop helps you track your mileage so you get the best tax deductions you can
- How to: Report your C corporation's equity opening balances
- How to: Report your Partnership's equity opening balances
- How to: Report your S corporation's equity opening balances
- What's included in Finaloop's tax services?See which business and personal tax filings you can get done with Finaloop's tax services, and how they're prepared from your Finaloop books.
- Do I still need to file a beneficial ownership (BOI) report?Find out whether your company still has to file a beneficial ownership information (BOI) report with FinCEN, so you can skip filings you no longer need.