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Managing the Tax Planning Process to Avoid Unpleasant Surprises

By K. Jennie Kinnevy

The year-end tax planning process involves projecting year-end results, setting expectations with partners, developing a strategy to meet those expectations and communicating action plans. The tax planning process not only dictates the tax strategy and results, it also affects the partners' individual tax situations, compliance with bank covenants, financial reporting goals, the budget for 2011 and long-term business goals such as ensuring there is sufficient capital. The payoff for putting sufficient time, thought and energy into the year-end planning process is avoiding unpleasant surprises at the beginning of 2011. The following is a step-by-step process to ensure a smooth year-end tax planning process.

Step 1: Projecting Year-End Results and Potential Adjustments

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