US Business Tax Preparation & Filing Services

Scope of Work:

Provide comprehensive tax preparation and filing services for C Corporations (C Corps), S Corporations (S Corps), Partnerships, and Limited Liability Companies (LLCs). The service includes gathering financial data, ensuring compliance with IRS regulations, preparing tax returns, and electronically filing the returns.

Services Included:

1. Business Tax Return Preparation

✅ C Corporation (Form 1120)

• Analyze financial records, including income statements, balance sheets, and general ledger.
• Prepare and optimize deductions, credits, and estimated tax payments.
• Calculate corporate tax liabilities under federal and state tax laws.
• Review and file Form 1120 with required schedules (e.g., Schedule G, Schedule K, Schedule M-1/M-2).
• Assist in compliance with state corporate income tax and multi-state filings if applicable.

✅ S Corporation (Form 1120-S)

• Validate shareholder information and ownership structure.
• Allocate income, deductions, and credits per ownership percentages.
• Prepare Form 1120-S, including Schedule K-1 distributions to shareholders.
• Ensure compliance with pass-through entity tax laws.
• Assist with payroll tax reconciliation, if required.
• File state tax returns for S Corps, if applicable.

✅ Partnerships (Form 1065)

• Verify partnership agreements and profit/loss allocations.
• Prepare Form 1065, including Schedule K-1 for partners.
• Ensure compliance with partnership tax laws and self-employment tax considerations.
• Reconcile partner capital accounts and liabilities.
• Assist with state partnership tax filings.

✅ Limited Liability Companies (LLCs) (Single & Multi-Member)

• Determine tax treatment (Single-Member LLC taxed as Schedule C or Multi-Member taxed as Partnership Form 1065).
• Prepare necessary federal and state tax forms.
• Ensure compliance with self-employment tax rules.
• Review tax-saving opportunities, such as electing S Corporation status if beneficial.

2. IRS & State Tax Compliance

• Verify compliance with federal and state tax laws.
• Ensure timely submission of quarterly estimated tax payments (if applicable).
• Apply for any applicable state franchise tax or local business tax filings.
• Review tax elections and filings for accuracy.

3. Tax Deductions & Credits Optimization

• Identify and maximize eligible business tax deductions, including:
  • Depreciation (Section 179, Bonus Depreciation).
  • Business expenses (utilities, rent, advertising, payroll, etc.).
  • Qualified Business Income Deduction (QBID) for pass-through entities.
  • R&D tax credits, Work Opportunity Tax Credit (WOTC), and other credits.

4. E-Filing & Submission

• Electronically file federal and state tax returns for faster processing.
• Provide clients with filing confirmations and payment vouchers if taxes are due.
• Track the status of the filed return and manage any IRS/state correspondence.

Deliverables:

• Completed & filed business tax returns (Forms 1120, 1120-S, 1065, and applicable schedules).
• E-file confirmations for federal and state tax agencies.
• Schedule K-1 statements for S Corp shareholders and partners (if applicable).
• Tax summary reports and recommendations for next year's tax planning.

Timeline:

• Tax return preparation: Typically 5-10 business days after receiving all required documents.
• Filing deadlines:
  • March 15 – S Corporations (Form 1120-S) & Partnerships (Form 1065).
  • April 15 – C Corporations (Form 1120) & Single-Member LLCs (Schedule C).
  • Extensions available if needed (Forms 7004 & 4868).

Required Documents:

To begin tax preparation, clients must provide:
✅ Financial Statements (Profit & Loss, Balance Sheet, Trial Balance).
✅ Bank statements & reconciliations.
✅ Payroll records & W-2s/W-3s (if applicable).
✅ 1099 forms received and issued.
✅ Prior-year tax returns.
✅ Fixed asset purchase details (for depreciation).
✅ Business expense documentation.
✅ IRS correspondence (if applicable).

Pricing & Engagement

• Quote will be shared based on the information provided.

Why Choose Our Tax Services?

✅ Certified Tax Experts with deep knowledge of business tax law.
✅ Accurate & Efficient Filing with tax-saving strategies.
✅ IRS & State Compliance Assurance for peace of mind.
✅ Dedicated Support for tax planning & post-filing assistance.