The Sheehan CPA Checklist is a comprehensive workflow for effective tax planning, preparation, submission, and future financial strategy development.
1
Gather client's financial records
2
Review tax documents
3
Complete preliminary financial analysis
4
Approval: Preliminary Financial Analysis
5
Meet with client to discuss tax strategy
6
Prepare income tax return
7
Review projected tax liability
8
Approval: Projected Tax Liability
9
Research new tax laws and regulations
10
Discuss any changes with the client
11
Make necessary adjustments to tax plan
12
Finalize tax return
13
Approval: Final Tax Return
14
Submit tax return to the IRS
15
Archive client financial data
16
Prepare monthly financial statements
17
Send financial statements to client
18
Approval: Monthly Financial Statement
19
Assess the need for any adjustments to financial strategy
20
Plan for next year's tax season
Gather client's financial records
Collect all necessary financial records from the client, such as bank statements, investment statements, and receipts. These records will provide crucial information for the tax preparation process. Make sure to clearly communicate the importance of accurate records and explain how they will impact the final tax return. Use the form field below to record the client's name.
Review tax documents
Thoroughly examine all tax documents provided by the client, such as W-2 forms, 1099 forms, and any relevant schedules. Check for accuracy and completeness, and take note of any discrepancies or missing information. Use the form fields below to record any issues found and communicate them to the client. Additionally, indicate whether any additional information or documents are needed.
Complete preliminary financial analysis
Conduct a preliminary analysis of the client's financial situation to identify potential deductions, credits, and tax planning opportunities. This analysis will lay the groundwork for creating an effective tax strategy. Use the form fields below to record any significant findings or observations.
Approval: Preliminary Financial Analysis
Will be submitted for approval:
Complete preliminary financial analysis
Will be submitted
Meet with client to discuss tax strategy
Schedule a meeting with the client to discuss the preliminary financial analysis and develop a personalized tax strategy. During the meeting, explain the proposed strategy, address any concerns or questions the client may have, and obtain their approval. Use the form fields below to record the meeting date and time, as well as any specific concerns or questions raised by the client.
Prepare income tax return
Utilize the gathered financial records, reviewed tax documents, and approved tax strategy to prepare the client's income tax return. Take into account all applicable tax laws, regulations, and deductions. Make sure to double-check calculations and ensure the accuracy of all entered information. Use the form field below to upload the completed tax return for review.
Review projected tax liability
Analyze the prepared income tax return to determine the client's projected tax liability. Compare this liability to previous years and discuss possible tax-saving strategies or adjustments with the client. Use the form fields below to record the projected tax liability and any proposed strategies or adjustments.
Approval: Projected Tax Liability
Will be submitted for approval:
Review projected tax liability
Will be submitted
Research new tax laws and regulations
Stay up-to-date with the latest tax laws and regulations that may affect the client's tax situation. Research changes, updates, or potential deductions that can be utilized to optimize the client's tax plan. Use the form fields below to record any relevant law changes or deductions found.
Discuss any changes with the client
Schedule a meeting with the client to discuss any changes or updates to their tax plan resulting from the research conducted. Explain how these changes may affect their overall tax situation and obtain their approval or feedback. Use the form fields below to record the meeting date and time, as well as any feedback or concerns raised by the client.
Make necessary adjustments to tax plan
Based on the client's feedback and approved changes, update their tax plan accordingly. Ensure that all adjustments align with applicable tax laws and regulations. Use the form fields below to record the specific adjustments made and any additional notes or considerations.
Finalize tax return
Review the completed tax return, including any adjustments made, to ensure its accuracy and completeness. Verify that all necessary signatures, supporting documents, and disclosures are included. Use the form field below to upload the finalized tax return for submission.
Approval: Final Tax Return
Will be submitted for approval:
Finalize tax return
Will be submitted
Submit tax return to the IRS
File the client's tax return with the Internal Revenue Service (IRS) by the appropriate deadline. Ensure that all required documents, schedules, and payment information are included. Use the form fields below to record the submission date, confirmation number (if applicable), and any additional notes or considerations.
Archive client financial data
Organize and securely store the client's financial records, tax documents, and any related information for future reference and retrieval. Make sure to adhere to any applicable data protection guidelines and retention policies. Use the form fields below to record the details of the archived data, such as the storage location and any relevant notes or considerations.
Prepare monthly financial statements
Generate monthly financial statements for the client based on their financial records, accounting data, and any other relevant information. These statements provide an overview of the client's financial performance and can help identify areas for improvement or potential tax strategies. Use the form fields below to record any specific requests or details related to the financial statements.
Send financial statements to client
Distribute the prepared monthly financial statements to the client. Clearly communicate the insights and analysis provided within the statements, emphasizing any key findings or recommendations. Use the form fields below to record the date of distribution and any relevant notes or considerations.
Approval: Monthly Financial Statement
Will be submitted for approval:
Prepare monthly financial statements
Will be submitted
Assess the need for any adjustments to financial strategy
Review the client's financial statements and performance to assess the need for adjustments or modifications to their financial strategy. Consider any changing circumstances, goals, or market conditions that may warrant changes. Use the form fields below to record any recommended adjustments and related insights or considerations.
Plan for next year's tax season
Initiate the planning process for the client's tax obligations in the upcoming year. Consider potential changes in tax laws, the client's financial situation, and any proactive tax-saving strategies that can be implemented. Use the form fields below to record any planning considerations, key dates, or important details for the next year's tax season.
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