End of the Year Reminders for Business Owners

As we approach the 2017 Holiday Season filled with family, friends and food, it’s also an important time of year for business owners to make sure they close out the year on the right foot. Here are a few quick reminders on annual tasks which should be completed by all business owners:

  1. Annual Business Renewals with the Minnesota Secretary of State’s Office. This is required for all businesses and the deadline for filing these is December 31st. If not renewed timely, you risk your business going into inactive status with the Minnesota Secretary of State’s office.
  2. Estimated Tax Payments for Minnesota Revenue and IRS are due January 15th. However, it is advisable to pay the State payment by December 31st in order to get a deduction for 2017. You can handle this a couple different ways; one is to run extra payments through payroll or by sending a check with a payment voucher.
  3. Corporate Franchise Payment with Minnesota Revenue. The deadline for filing and paying this is also December 31st.

If you have any questions or need assistance on completing these tasks, you may contact our office at consult@prudentaccountants.com or by calling us at 612-605-3178.

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