Corporation or Partnership Tax Return Preparation Checklist

Preparing personal income taxes can be stressful, but doing business tax returns can be even more confusing. This checklist will help Corporation or Partnership owners collect everything they need for a smooth tax season.

Here’s what you need to prepare a Corporation, S Corporation or Partnership tax return for the current year.


woman organizing paperwork

  • Tax Organizer
  • Prior year tax returns - minimum of 3 years
  • Prior year Income Statement and Balance Sheet
  • Income Statement – All statements must consistently apply cash or accrual accounting method
  • Balance Sheet – Corporation -if receipts or assets greater than $250,000; Partnership – if Assets greater $250,000 or Receipts greater than $1,000,000
  • Shareholder/Partner Basis- Prior year reports and balances by person
  • Shareholder/Partner Contributions – current year
  • Shareholder/Partner Capital/Cash Distributions – current year

If Applicable provide the following information or statements:

  • Final bank account statement or listing of bank checking and savings balances – Cash on the balance sheet should be the cash on books not cash in bank
  • Bank loan Form 1098 with principle, interest & RE tax detail or statement of loan information
  • If you have inventory, provide beginning balance, purchases, expenses and ending balance
  • Assets disposed/ sold and additions
  • For shareholder or partner loans, provide details by person to include beginning and ending balance plus principal and interest paid
  • If you use personal credit cards for business expenses, provide a summary of separate business and personal total with proration of interest
  • Prior year shareholder Basis report from tax return or a separate statement – details on each shareholder or partner showing beginning, contributions, distributions and ending balances
  • Payroll W3 statement – Provide 941 and 940 forms if W3 not available
  • Corporation - A breakdown of Gross Wages for officers and /or shareholders
  • Provide details on federal and state unemployment payments
  • If employee benefits, provided break out of employer payments by type
  • Partner health insurance – break out details by partner
  • Provide information on meals and entertaining, separating employee and client amounts

About the Author

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