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Compliance Checklist Critical Records Gather all 2025 financial statements. Secure W-2 and 1099 forms. Verify 1099-NEC for every contractor paid over $600. Reconcile all business bank accounts. Audit digital wallet transactions for business use. Catalog all capital asset purchases. Store physical receipts for five years. Review 2025 tax returns for carryover losses. Deadline Management March […]

Essential Checklist Stay compliant. Follow these steps. Avoid IRS penalties. Documentation Requirements Collect all 1099-NEC forms. Gather 1099-K records from payment processors. Verify W-2 data for all employees. Secure payroll records for 2026. Archive receipts for expenses over $75. Download bank statements. Reconcile digital ledger accounts. Deadlines 2026 January 31: Mail 1099s and W-2s. March

Permanent Extensions Big Beautiful Bill (OBBB) signed. Tax Cuts and Jobs Act (TCJA) sunset averted. Key provisions now permanent. QBI Deduction Section 199A confirmed permanent. Deduct 20% of qualified business income. Eligible: Sole proprietors, LLCs, Partnerships, S-Corps. Benefit: Up to 20% reduction in taxable business income. Limit: Lesser of 20% QBI or 50% W-2 wages.

1. Permanent QBI Deduction Claim the 20% Qualified Business Income (QBI) deduction. Legislation made this permanent. Note the new minimum: taxpayers with at least $1,000 in business income qualify for a $400 deduction. This applies even if income exceeds standard phase-out limits. Verify eligibility for S-Corps and LLCs. 2. Standard Deduction Increases Apply new thresholds.

Essential 2026 Deadlines Monitor these dates. Avoid penalties. Date Requirement Entity Type Jan 15, 2026 Q4 Estimated Tax Sole Prop, LLC, Individuals Jan 31, 2026 Send W-2s to Employees All Employers Jan 31, 2026 File 1099-NEC All Businesses Mar 15, 2026 Form 1065 / 1120-S Partnerships, S-Corps Apr 15, 2026 Form 1040 / 1120 Individuals,

Claim QBI Permanent 20% deduction. Section 199A remains. Applies to sole proprietorships, partnerships, LLCs, S-corps. File Form 8995. Verify qualified business income. Check 2026 thresholds. $203,000 single. $406,000 married filing jointly. Monitor LLC compliance for new updates. Avoid phase-out traps. Check SALT Higher cap active. One Big Beautiful Bill (OBBBA) increased limits. $40,400 cap for

Organize Records Collect all 2025 federal tax returns. Gather all state business tax returns. Retrieve current depreciation schedules. Identify tax carryovers from previous years. Confirm Employer Identification Number (EIN). Verify state tax identification numbers. Check local business license account numbers. Update Beneficial Ownership Information (BOI) with FinCEN. Reconcile all business bank accounts monthly. Match credit

OBBBA Overview Obtain the One Big Beautiful Bill Act (OBBBA) summary. Review new tax legislation effective January 2026. Apply updated codes to current fiscal planning. Ensure compliance with federal mandates. Identify specific industry impacts. Analyze revenue thresholds. Assess legislative intent for small firms. Asset Depreciation Apply 100% bonus depreciation. Deduct full purchase costs. Include machinery.

Bonus Depreciation Restore 100% bonus depreciation. Apply to new machinery. Apply to used equipment. Apply to computers. Apply to business furniture. Deduct full cost immediately. Place asset in service. Avoid 5-year schedules. Maximize year-one write-offs. Purchase qualifying vehicles. Document purchase dates. Keep delivery receipts. Record serial numbers. Verify usage percentage. Claim Section 179. Limit: $2.5