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Fall is in full swing, and the holidays are approaching. Now is the time to start planning for year-end, as 2024 will be here before we know it. Here are five key planning topics to think about to get organized and ready for the 2024 filing season.

Recordkeeping and Financial Statements

  • Plan on a detailed review of your financials in November. Ensure all accounts are reconciled and discuss any issues or unknown items with your CPA. Addressing accounts now will make it easier to wrap up December financials.
  • Understand your requirements for financial reporting with your bank or bonding companies.
  • If you’ve taken on any new debt in 2023 or the size of your business has grown, you may have new requirements to provide CPA-prepared financial statements.

Employee Benefits and Payroll

  • Work with your HR team or payroll provider to ensure all employee benefits are properly reported.
  • Important fringe benefits to consider are personal use of company autos, achievement awards (including cash and gift cards), discounted access to services or memberships, reportable tuition reimbursements, etc.
  • Keep in mind owners of the business and their relatives are not eligible to participate in the company’s Section 125 plan to provide pre-tax deductions for health insurance.
  • Obtain Form W-9 from all vendors. This provides the information necessary to file the required 1099s.
  • Beginning in 2024, an organization filing more than ten returns in total is required to file all 1099s electronically.  

Tax Planning and Estimated Taxes

  • If you are a DHJJ client, your team will reach out to discuss year-end and planning. This is a great time to recap year-to-date results and discuss expectations for the rest of the year and into 2024.
  • Putting together a list of 2023 asset additions and disposals allows us to update depreciation schedules and consider the benefit of additional purchases before year-end. We can use this information to prepare tax projections and adjust estimated taxes, plan for additional taxes or overpayments on the projected 2023 tax return, and discuss bonuses to pay in additional taxes or maximize retirement contributions.

State and Local Tax Compliance

  • Have you hired any remote employees or picked up a significant customer in a new state? You may have additional state tax filing requirements.
  • We recommend a state and local tax analysis each year to ensure you are not missing any required returns. We will review your sales, payroll, and fixed assets/inventory by state to determine if there are any new state filing requirements for the 2023 tax year. The states also continue to update tax regulations that change the filing requirements for a state you have not filed in the past. DHJJ’s SALT team can also recommend voluntary disclosure or amnesty programs for any missed filing requirements in the past.

Financial Planning for 2024

As you make sure your financial records are in order, get a head start on planning for next year.

  • Consider creating a budget or forecast based on your strategic plans and operational goals for the upcoming year.
  • It’s also important to consider a cash-flow budget.
  • Look at the investments required in equipment, staffing, or expansion plans that may require additional cash or financing. This not only helps document the expectations, but it may also identify areas of additional opportunity or areas that require additional resources.
  • DHJJ’s fractional CFO team can assist in creating forecasts or KPIs to track your performance compared to expectations.

DHJJ Can Help

DHJJ helps business clients take advantage of year-end planning and savings proactively. If you’d like to learn more about how our team can help your business prepare for the New Year, click the link below to connect.


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Have questions? Want to learn more about DHJJ Fractional CFO Services can help you and your business? We’d be happy to discuss your situation.

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