Preparation of S corp Tax Returns
Why Choose Us?
In short: we will help you avoid costly mistakes, prevent penalties, and eliminate accounting stress.
1. Our Focus: Business Tax Returns
Federal Business Forms:
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Form 1120-S – Used by S-Corporations to report income, deductions, and credits to the IRS.
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Schedule K-1 –Provides shareholders/partners with information on their share of income and deductions that go on their personal return.
California State Forms:
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Form 100S – California’s version of Form 1120-S for S Corporations.
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S Corporations in California must make estimated payments, including the $800 minimum franchise tax.
We are also well versed in individual tax returns and prepare them for our business clients as well.
2. Base Your Decisions on Solid Financial Data.
S-Corporations must file their federal tax returns by March 15 each year. If you need more time, we can request an extension on your behalf, which gives additional six months to file the return. Remember, this extension only applies to filing, not to paying any taxes owed. If you don't extend your return and file your tax returns later, you will be subject to the late filing penalties.
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For 2023 tax year, the federal penalty for S Corp's late filing is $235 per month per shareholder, up to 12 months. This means that if the S-Corp has two shareholders, the penalties will double, if it has three - the penalties will triple. Of course, the IRS offers the first time penalty abatement option, but the abatement is not always granted. States have their own penalties for late filing. Our firm sends deadline reminders to help you stay on track and avoid costly penalties.
3. Keep Good Records to Make the IRS Happy.
Preparation of business tax returns is complex, but at our CPA firm, we handle all the work. We have over 10 years of tax experience working exclusively with small business owners.​​​​​​​​