Corporate Tax Preparation Services
I can assist you in preparing and filing your corporate tax returns.
S-Corporations – As an S-corp. your corporation is treated, for federal tax purposes, as a pass-through entity. As such, most income and loss items are passed through to the shareholders individual income tax return. Unlike a regular C-Corp., there is no double taxation. As a result, there’s just one level of federal tax to pay. Most small corporations elect to become S-corps. In order to take advantage of this benefit.
An important task of each shareholder in an S-corp. is to keep track of Stock and Debt Basis. As a shareholder it is your responsibility to do so. It’s important to know this as you must have adequate stock and/or debt basis in order for losses and deductions to flow through to your personal return.
As your accountant I calculate the confusing task and keep track of your basis. Failure to do can have negative consequences.
C-Corporations – C-Corporations are generally larger than S-Corporations and usually don’t qualify for S-Corporation status. Unlike an S-Corp., C-Corps. are an entity that is taxed separately from its owners. C-Corps. pay taxes at the corporate level and also face the possibility of double taxation if corporate income is distributed to owners in the form of dividends.