Close of the Year Checklist

  • Is your employee handbook updated? There were substantial changes to employment laws in 2021 with more being implemented in 2022.
  • Are your corporate filings up-to-date and are your records current? Are you aware of new federal reporting requirements for 2022 and prepared to comply with the new rules?
  • Have you considered the California state and local tax (SALT) deduction limitation work-around and what steps you need to take to maximize the tax savings available for tax years 2021 through 2025?
  • Do you know what your taxable income is going to be for 2021? Have you exhausted all available avenues to lower your tax bill? Do you have a plan going into 2022?
  • Is there a plan in place to use up the current high lifetime exclusion from estate tax by gifting assets before a lowering of the lifetime exclusion to avoid estate tax?
  • Are you mining your intellectual property to not only identify it and protect it, but to maximize tax savings? In what structure are you housing your intellectual property and does that structure allow you to not only save in taxes, but eliminate estate tax?
  • Is your asset protection plan current? Is the capitalization of your company sufficient to deter an alter ego claim? Are your trusts properly funded to avoid creditor claims? Is it time for an asset protection audit to make sure everything is protected? Are you aware of the new homestead exemption laws and how to protect excess equity in your primary residence?
  • Is your succession plan on track? Do you have a meaningful succession plan that is not only current, but in line with your tax, asset protection and estate plans? Is your EBDITA tracking a financial plan which allows for retirement?
  • Do you have low basis assets and if so, do you have a plan to avoid excessive taxation on those assets once gain has to be realized? When is the last time you reviewed your asset mix, how those assets will be taxed upon liquidation and how to avoid unnecessary taxation?
  • Is your estate plan the way you want it? Is your estate plan funded properly? Have you provided your trustee with guidance so that your intent in delivering your estate to the next generation or generations is fulfilled? Is it time to walk through your estate plan to make sure it will implement your desires?

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  • Is your employee handbook updated? There were substantial changes to employment laws in 2021 with more being implemented in 2022.
  • Are your corporate filings up-to-date and are your records current? Are you aware of new federal reporting requirements for 2022 and prepared to comply with the new rules?
  • Have you considered the California state and local tax (SALT) deduction limitation work-around and what steps you need to take to maximize the tax savings available for tax years 2021 through 2025?
  • Do you know what your taxable income is going to be for 2021? Have you exhausted all available avenues to lower your tax bill? Do you have a plan going into 2022?
  • Is there a plan in place to use up the current high lifetime exclusion from estate tax by gifting assets before a lowering of the lifetime exclusion to avoid estate tax?
  • Are you mining your intellectual property to not only identify it and protect it, but to maximize tax savings? In what structure are you housing your intellectual property and does that structure allow you to not only save in taxes, but eliminate estate tax?
  • Is your asset protection plan current? Is the capitalization of your company sufficient to deter an alter ego claim? Are your trusts properly funded to avoid creditor claims? Is it time for an asset protection audit to make sure everything is protected? Are you aware of the new homestead exemption laws and how to protect excess equity in your primary residence?
  • Is your succession plan on track? Do you have a meaningful succession plan that is not only current, but in line with your tax, asset protection and estate plans? Is your EBDITA tracking a financial plan which allows for retirement?
  • Do you have low basis assets and if so, do you have a plan to avoid excessive taxation on those assets once gain has to be realized? When is the last time you reviewed your asset mix, how those assets will be taxed upon liquidation and how to avoid unnecessary taxation?
  • Is your estate plan the way you want it? Is your estate plan funded properly? Have you provided your trustee with guidance so that your intent in delivering your estate to the next generation or generations is fulfilled? Is it time to walk through your estate plan to make sure it will implement your desires?