A year-end bookkeeping checklist for a Las Vegas business has three parts. Reconcile every account through December 31, review the financial statements for errors, and prepare for the federal and Nevada filings due in January. Finishing these steps in December and early January gives your CPA clean books and gives you an accurate picture of the year.
What should a Las Vegas business reconcile before year end?
- Every bank account, through the December statement
- Every credit card account
- Loan balances, matched to the lender’s year-end statement
- Payroll liabilities, matched to your payroll provider’s reports
- Sales tax collected, matched to the returns filed with the Nevada Department of Taxation
- Merchant and point-of-sale deposits, matched to the bank
What should you review on the financial statements?
- Accounts receivable. List invoices older than 90 days and decide which to collect and which to write off.
- Uncategorized transactions. Clear every item sitting in an uncategorized or suspense account.
- Owner draws and personal expenses. Move personal spending out of business expense accounts.
- Fixed assets. List equipment and vehicles bought or sold during the year for your tax preparer.
- Inventory. Count it at year end and adjust the books to the count.
- Prepaid expenses and deposits. Confirm they are still accurate.
Which Nevada and federal filings come due in January?
| Filing | Who files | Typical due date |
|---|---|---|
| Forms W-2 to employees and the Social Security Administration | Employers | January 31 |
| Form 1099-NEC to contractors and the IRS | Businesses that paid contractors $600 or more | January 31 |
| Federal Form 941, fourth quarter | Employers | January 31 |
| Nevada Modified Business Tax return, fourth quarter | Nevada employers | January 31 |
| Nevada unemployment contribution report, fourth quarter | Nevada employers | January 31 |
| Nevada sales and use tax return for December or the fourth quarter | Businesses that collect sales tax | January 31 |
| Fourth quarter federal estimated tax payment | Owners who pay estimated tax | January 15 |
Two Nevada filings follow their own calendars. The state business license and annual list are renewed with the Nevada Secretary of State by the end of the anniversary month of your filing. The Commerce Tax return covers the state fiscal year from July 1 to June 30, is due in mid-August, and applies only to businesses with more than $4 million in Nevada gross revenue.
What should you gather for your CPA?
- Profit and Loss statement and Balance Sheet for the full year
- General ledger
- Bank and loan statements for December
- Payroll reports for the year
- A list of equipment purchases with dates and amounts
- Forms W-9 for every contractor paid during the year
- Mileage log, if vehicles are used for business
What should you decide before December 31?
Some choices only count if they happen before the year closes. Talk with your CPA about the timing of equipment purchases, retirement plan contributions, year-end bonuses, and whether to collect or delay any large invoices.
A simple schedule
| When | Task |
|---|---|
| First half of December | Reconcile through November and clear uncategorized items |
| Second half of December | Meet with your CPA about year-end decisions and collect missing Forms W-9 |
| First week of January | Reconcile December and count inventory |
| By January 31 | File payroll forms, Nevada quarterly returns, and Forms W-2 and 1099 |
| February | Send year-end financial statements to your CPA |
Common questions
Start in early December. Reconciling through November first leaves only one month to finish in January, when filing deadlines arrive quickly.
No. Nevada has no corporate or personal income tax. Nevada businesses still file federal income tax returns and state returns such as sales tax, the Modified Business Tax, and in some cases the Commerce Tax.
Books that are behind can be brought current through catch-up bookkeeping. The missing months are recorded and reconciled so year-end statements and tax filings rest on accurate numbers.
In general, a business sends Form 1099-NEC to each contractor it paid $600 or more during the year for services. Your CPA can confirm which payments qualify.
If your books are behind, see our catch-up bookkeeping service or our bookkeeping services in Las Vegas.
This article is general information for Nevada business owners. Filing rules and deadlines change, so confirm the requirements for your business with the agency involved or with your CPA.
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