Business Tax Preparation

Corporate

Our tax preparation services include:
• Preparation of individual and business tax returns for federal, state and local taxing authorities.
• Electronic filing of tax returns
• Representation with tax authorities, as needed
• Prepare communications in response to taxing authority’s notice
• Calculate estimated payments, as needed
• Tax planning

S Corporations

S corporations are corporations that elect to pass corporate income, losses, deductions and credit through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. S corporations are responsible for tax on certain built-in gains and passive income.

To qualify for S corporation status, the corporation must meet the following requirements:

  • Be a domestic corporation

  • Have only allowable shareholders

    • including individuals, certain trust, and estates and

    • may not include partnerships, corporations or non-resident alien shareholders

  • Have no more than 100 shareholders

  • Have one class of stock

  • Not be an ineligible corporation i.e. certain financial institutions, insurance companies, and domestic international sales corporations.

In order to become an S corporation, the corporation must submit Form 2553 Election by a Small Business Corporation (PDF) signed by all the shareholders. Instructions for Form 2553

Filing Requirements:

Chart 1 – S Corporation

If you are an S corporation then you may be liable for… Use Form… Separate Instructions…

Income Tax

1120S (PDF)

1120S Sch. K-1 (PDF)

Instructions for Form 1120S (PDF)

Instructions for Form 1120S Sch. K-1(PDF)

Estimated tax

1120-W (PDF) (corporation only) and 8109

Instructions for Form 1120-W (PDF)

Employment taxes:

  • Social security and Medicare taxes and income tax withholding

  • Federal unemployment (FUTA) tax

  • Depositing employment taxes

941 (PDF) ( 943 (PDF) for farm employees)

940 (PDF)
8109

Instructions for Form 941 Employers QUARTERLY Federal Tax Return (PDF)

Instructions for Form 943 Employers Annual Federal Tax Return for Agricultural Employees (PDF)

Instructions for Form 940 Employers Annual Federal Unemployment (FUTA) Tax Return (PDF)

Excise Taxes

Refer to the Excise Tax web page

 

Chart 2 – S Corporation Shareholders

If you are an S corporation
shareholder then you may be liable for…

Use Form…

Separate Instructions…

Income Tax

1040 and Schedule E (PDF)

Instructions for Schedule E (Form 1040)Supplemental Income and Loss(PDF)

Estimated tax

1040-ES (PDF)

 

FAQs

A business strategic plan defines goals, objectives, and targets for a company and outlines its resources will be allocated in order to achieve them. When a strategic business plan is in place, it allows each generation an opportunity to chart a course for the firm. Setting business goals as a family will ensure that everyone has a clear picture of the company’s future.
A strategic plan is long-term in nature and focuses on where you want the business to be at some future date.