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FORM-1120-S

S-Corporation Tax Preparation (FORM-1120-S)

 

The S Corporation has a responsibility to file an informational income tax return each year as well as a range of other IRS forms. In fact, S corporation must always file its annual tax return by April 15th. At EJ Tax, our professionals are well equipped and knowledgeable of all tax regulations and laws. Our specialized team are held accountable of providing utmost and quality services to clients and reduce their tax liability by applying all the credits and deductions that the company are entitle to and allowable by law.

However, An S corporation is a “pass-through” entity, meaning that profits and losses from the corporation are reported on the tax returns of individual shareholders who are also responsible for paying the tax on it. Therefore, the S corporation still has a responsibility to file an informational income tax return each year as well as a range of other IRS forms that relate to various other taxes it withholds from the wages it pays to employees.

If the S corporation pays wages to employees, then the company is responsible for withholding federal income tax as well as Social Security and Medicare taxes from their paychecks. This requires the S corporation to file an IRS Form 941 each quarter to report the aggregate amount it withholds and must remit to the IRS. The form is due four times a year on Jan. 31, April 30, July 31 and Oct. 31.

 Indeed, at EJ Tax & Immigration Services, our teams can help you to get you through all the step needed to file your taxes with such accuracy without putting our clients on the loop of being audited by the IRS.

The business is responsible for reporting all financial activity on Form 1120S and attaching a Schedule K-1 for each shareholder. These Schedule K-1s report each shareholder’s share of the business’ taxable income so they can report it on their personal returns.

At EJ Tax & Immigration Services, we help you to file your annual S Corporation tax return on Form 1120S and its schedule such as K-1. The S corporation provides Schedule K-1s that reports each shareholder's share of income, losses, deductions and credits. The shareholders use the information on the K-1 to report the same thing on their separate tax returns.

If the S corporation is unable to file by April 15, our firm has expert that can assist you to obtain an automatic six-month extension of time to file by filing IRS Form 7004. The shareholders who pay tax on the corporate income are subject to the same deadlines the IRS imposes on individual taxpayers, which in most cases is April 15 every year.

Reminder: 2016 S Corporation Tax Return is Due on

March 15th, 2017

Completed     Missing Info
Completed     Missing Info
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Basic Information

 

Identify business return type for filing as registered with the IRS (Form 1065, 1120, or 1120S). If not sure, contact the IRS Business help line at 1-800-829-4933.

 

Employer Identification Number (EIN) as registered with the IRS. If you don’t have an EIN, apply online at IRS.gov

 

List of states and state ID numbers in which your business has nexus or a presence that requires reporting.

 

Copy of articles of incorporation or bylaws including any Amendments.

 

Copy of the IRS acceptance letter of S election, or previously filed Form-2553.

 

Copy of Form 8832 if a check-the-box election was filed to be taxed as a corporation.

 

Last year’s federal, state, and local tax returns.

 

All amounts and dates for federal, state, and local estimated tax payments made.

 

Shareholder Information

 

Name, address, and SSN/EIN of each shareholder during the tax year.

 

List of each shareholder’s stock ownership.

 

Reports for all shareholder’s capital contributions, withdrawals, or loans.

 

Reports for all shareholder’s compensation and benefits including cost of medical and life insurance.

 

Reports detailing any change in ownership during the tax year.

 

Forms/Documents Received

 

All Forms 1099-B, 1099-DIV, 1099-INT, 1099-K, or 1099-MISC received (or other records for dividends, interest, or business income).

     

Schedule K-1 received from entities that your business owns (lower tier entities).

 

All granted credit certificates issued by federal or state taxing authorities

 

Business and Financial Records

 

Trial balance report from company books.

         

Bank and credit card records to support interest and other day-to-day business expenses.

 

Copy or summary of all Form 1099 and W-2 issued

                                   

Reports detailing all federal unemployment, Social Security, and Medicare tax paid (Forms 940 & 941).

                                               

Reports of state and local payroll tax paid

 

If business was conducted in multiple states, compile a report of sales, payroll, and property values for each state that you have nexus with.

                                   

Schedule of carryover losses, deductions, or credits from prior year tax returns.

 

Reports for inventory including cost of goods or materials purchased for resale or manufacture and the total value of goods or materials at the end of year.

 

Asset Business Records

 

Prior year depreciation schedules detailing asset cost, date placed in service, prior depreciation, and business use percentage.

 

Date of purchase, cost, trade-in allowance, and business use percentage for all assets acquired during the tax year.

 

Date of purchase, cost, sales proceeds, trade-in allowance, expenses of the sale, and accumulated depreciation for all assets disposed of during the tax year.

 

Mileage log for each owned or leased vehicle (business use and total use)

 

Reports for business use percentage and actual expenses for each owned vehicle (gas and maintenance costs)

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