The reason for this is to inform them of the importance of carrying out a 2024 tax pre-close and to review some deduction requirements that must be met before the end of the year.
ASPECTS TO CONSIDER
A well-structured tax pre-closure not only prevents errors and penalties, but it also contributes to financial planning, and helps estimate annual income tax.
Suggested activities to consider include the following:
- Verification of income in interim payments. Recall that the income from the annual return is fueled by the income declared in the interim payments for the year.
- Review of income and expenses with your correct tax receipt. It is important to remember that the cancellation of tax receipts can be made up to the date of filing the annual return.
- Reconciling and purging accounts.
- Reconciling employee payroll vs payroll receipts and accounting records.
- Preparation of financial statements, such as the balance sheet and income statement.
- Advance working papers for asset depreciation, annual adjustment for inflation, etc.
- Calculation of deferred taxes.
- Estimate the amount of the PTU to be paid to workers.
- Review tax withholding, for example when it comes to payments abroad, withholding income tax is done when the transaction is due or at the time of payment, whichever comes first.
- Estimate the dates and times for inventorying the merchandise and determining the cost of sales.
- Review of some requirements for authorized deductions such as:
- Submission of the notice for the loss of fixed assets, deadline of December 31 of the year in which the deduction is intended to be made.
- Submission of the notice to deduct payments for the temporary use or enjoyment of a house room and investments in dining rooms, planes and boats.
- Review of providers on the SAT blacklists, since if there are payments to such taxpayers, it must be demonstrated that the transactions are real or, where appropriate, the expense must not be deductible.
- Verify the obligation to submit Tax Situation Information, or ISSIF, since it must be submitted together with the annual return, until March 31.
We hope that the information provided will be useful. We are at your disposal for any questions or clarifications in this regard. For any additional questions, do not hesitate to contact Juan Ignacio López Domínguez through the mail [jilopez@glzabogados.com].
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