Sheehan CPA Checklist

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.