Masterlist

Stay on top of your tax obligations and avoid costly penalties or interest charges. This checklist helps you catch problems early, ensures you're paying the right amounts, and keeps all necessary documentation organized in case of an audit.

• Verify Sales Tax/VAT Collection and Remittance
  Make sure you're collecting the right amount of sales tax or VAT from customers and paying it to the government on time. Check that you used correct tax rates and filed all required reports.

  • Check Tax Collection
    Review your sales records to make sure you added the appropriate sales tax or VAT to customer invoices. This is the extra percentage you charge customers that goes to the government.
  • Verify Tax Rates
    Confirm you're using the correct tax percentage for each sale. Tax rates can vary by city, state, or country, so double-check you applied the right rate based on where the sale occurred.
  • Confirm Return Filed
    Check that you submitted your tax report to the government for the last quarter. This report shows how much tax you collected from customers during that period.
  • Verify Payment Submitted
    Make sure you actually paid the tax money you collected to the tax authority before the due date. Check your bank records to confirm the payment went through.
• Review Payroll Tax Status
  Confirm you're handling employee taxes correctly by withholding the right amounts and making required employer contributions. Verify all payroll tax reports are filed and workers are properly classified.

  • Check Withholdings
    Verify you took out the right amount of tax from each employee's paycheck. This includes income tax and social security contributions that you're required to deduct.
  • Confirm Employer Contributions
    Check that you paid your company's share of payroll taxes on time. As an employer, you must contribute additional amounts beyond what you withhold from employee paychecks.
  • Review Tax Reports
    Confirm you submitted all required payroll reports to government agencies. These reports detail how much you withheld from employees and how much your company contributed.
  • Verify Contractor Classification
    Review whether people working for you are properly classified as employees or independent contractors. Misclassification can lead to penalties and back taxes.
• Confirm Income/Corporate Tax Obligations Current
  Ensure your quarterly tax payments on business profits are made on time. Review your earnings estimates and check for any penalties or missed deadlines.

  • Check Estimated Payments
    Verify you made your quarterly tax payment on your business profits. Most businesses must pay taxes four times a year rather than waiting until year-end.
  • Review Quarterly Estimates
    Calculate approximately how much profit your business made this quarter to determine if your tax payments are on track. Adjust future payments if needed.
  • Verify Payment Deadlines
    Make sure the next quarterly tax payment due date is marked on your calendar. Missing deadlines results in penalties and interest charges.
  • Review Penalties
    Check if you've been charged any late fees or interest for missed or late tax payments. Address any issues immediately to prevent them from growing.
• Verify Business Tax Registrations Active
  Check that all your business tax registrations and identification numbers are current and valid. Update any changed business information with tax authorities to avoid compliance issues.

  • Check Tax ID Numbers
    Confirm your business tax identification number (like EIN in USA or company registration number in EU) is still valid and hasn't expired.
  • Confirm Sales Tax Registration
    Verify your business is still registered to collect and remit sales tax or VAT. This registration may need periodic renewal depending on your location.
  • Verify Employer Registration
    Check that your registration as an employer is active and up to date. This is required to legally hire employees and process payroll.
  • Update Business Information
    If your business changed address, ownership, or legal structure, make sure you notified the tax authorities. Outdated information can cause compliance problems.
• Ensure Tax Documentation Complete
  Organize and verify all tax-related paperwork is properly saved and complete. This includes invoices, receipts, employee forms, and certificates needed to prove your tax compliance if audited.

  • Check Invoices and Receipts
    Verify all invoices you sent to customers and receipts for business purchases are organized and saved. You need these as proof if audited.
  • Review Expense Documentation
    Make sure every business expense you're claiming has proper documentation showing what was purchased, when, how much, and for what business purpose.
  • Confirm Tax Forms Collected
    Check that you collected required tax forms from all employees and contractors, such as W-4s, W-9s, or equivalent forms in your country.
  • Review Withholding Certificates
    Verify you have valid certificates on file that authorize you to withhold taxes. These documents protect you from liability if withholding amounts are later questioned.