What you can expect from anyone reviewing your tax documents:
* To be treated with respect during the review process and absolute confidentiality concerning your documents. Tax documents should never leave the review site unless you are bringing them to your tax preparer.
* An expectation of confidentiality extends indefinitely.
* To only be asked for documents directly related to your tax preparation.
Although many child care programs hire a professional tax preparer to complete their quarterly and yearly taxes, it is a wise administrator/director who is knowledgeable regarding taxes and takes the time to thoroughly review all tax documentation prior to signing it.
Click on any of the documents below to open. These are simply here as a visual reference to the tax documents referred to in this tutorial. Save to your computer or consider printing if you would like. These documents do not open in a new window, so you will have to click on the 'back arrow' in the upper left corner of your computer screen to go back to the tutorial. These are all PDF files; therefore, they are not electronically fillable.
Quarterly Payroll Tax Documents
|
|
Federal Income Tax Return Documents
|
|
|
|
State Payroll Tax Document
|
Questions to consider...
Consider how you would answer these questions - use your answers to develop and implement financial practices and policies that will help support the financial health of your program.
1. Are our Tax Records completed accurately and do we review them regularly?
2. Do we fill out our Quarterly payroll tax report (941 or 944) accurately and on time?
3. Do we fill out a State payroll tax reconciliation return (WT-7) accurately and on time?
4. Do we fill out the Federal Income Tax return accurately and on time?
1. Are our Tax Records completed accurately and do we review them regularly?
2. Do we fill out our Quarterly payroll tax report (941 or 944) accurately and on time?
3. Do we fill out a State payroll tax reconciliation return (WT-7) accurately and on time?
4. Do we fill out the Federal Income Tax return accurately and on time?
YoungStar Requirements
Under the Business and Professional Practices section of YoungStar, group centers are required to complete timely and accurate tax documents. This can be documented by having signed or electronically filed copies of all of the following:
- Copy of last 4 Quarterly 941's or 944's
- Copy of last year's Federal Income Tax Return (Form 1065, Form 1120, Form 1120s, or form 990)
- If the program has employees, a Copy of last year's State WT-7 or W3 if they don't file WT-7 because the employees are exempt from paying taxes
What you can expect from Rating Observers and Technical Consultants regarding Tax Documents:
* Documents may be reviewed by the Rating Observer or Technical Consultant while not in the presence of the provider/director as part
of the review/technical consulting process.
* Rating Observers and Technical Consultants will at all times maintain confidentiality in regards to any and all contents of the reviewed documents.
* Rating Observers and Technical Consultants responsible for reviewing tax documents will at all times protect documents during the review/consultation in such a way that no unauthorized party is able to access the documents.
* In preparing your tax documents for a YS review, you have the right to protect your privacy. You may black out social security numbers on any tax documents. In addition, Group Child Care Programs filing as a corporation may black out any amounts on tax forms 1065, 1120, 1120s, or 990. Program name and signature needs to be available on these documents for verification.
- Copy of last 4 Quarterly 941's or 944's
- Copy of last year's Federal Income Tax Return (Form 1065, Form 1120, Form 1120s, or form 990)
- If the program has employees, a Copy of last year's State WT-7 or W3 if they don't file WT-7 because the employees are exempt from paying taxes
What you can expect from Rating Observers and Technical Consultants regarding Tax Documents:
* Documents may be reviewed by the Rating Observer or Technical Consultant while not in the presence of the provider/director as part
of the review/technical consulting process.
* Rating Observers and Technical Consultants will at all times maintain confidentiality in regards to any and all contents of the reviewed documents.
* Rating Observers and Technical Consultants responsible for reviewing tax documents will at all times protect documents during the review/consultation in such a way that no unauthorized party is able to access the documents.
* In preparing your tax documents for a YS review, you have the right to protect your privacy. You may black out social security numbers on any tax documents. In addition, Group Child Care Programs filing as a corporation may black out any amounts on tax forms 1065, 1120, 1120s, or 990. Program name and signature needs to be available on these documents for verification.
Disclaimer: Materials and links provided by WECA on this tutorial do not constitute legal, accounting, tax or finance advice. Participants seeking professional business advice about specific aspects of their program should consult a professional such as a lawyer, accountant, etc.