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Corporate & Partnership Taxation

Corporate & Partnership Taxation

Effectively managing your business’s tax obligations is essential for both compliance and financial optimization. Our tax professionals provide comprehensive corporate & partnership taxation services tailored to meet the needs of various business structures, including Partnerships, S-Corps, C-Corps, and LLCs. Here’s how we can assist you with your federal tax filings.

Partnerships

If your business has more than one member and isn’t incorporated as an S-Corp or C-Corp, you will need to file a partnership return. Report income, deductions, and credits on Federal Form 1065 and, if needed, on specific state schedules. Here’s what you need to know about partnership taxation:

  • Federal Filing: Use Form 1065 to report the income, deductions, and credits of a partnership. Each partner receives a Schedule K-1, detailing their share of the partnership’s income, deductions, and credits.
  • State Filing: Depending on the state where your partnership operates, additional state schedules may be required. We support filings in all 50 states.
  • Default Classification: The IRS automatically classifies a business entity with more than one owner as a partnership unless you elect to be treated as a corporation.
  • LLC Partnerships: Multi-member LLCs are treated as partnerships for tax purposes unless you choose a different classification. This includes multi-member LLCs, equity partners, and members.

We ensure you complete and submit all necessary forms on time, minimizing penalties and maximizing deductions.

S-Corporations (S-Corps)

An S-Corp is a popular small business corporation structure recognized by the IRS. It offers the benefit of decreased self-employment taxes on individual returns. Key aspects of S-Corp taxation include:

  • Federal Filing: S-Corps file their taxes using Federal Form 1120-S, which reports the income, deductions, and credits of the corporation. Each shareholder receives a Schedule K-1, detailing their share of the corporation’s income, deductions, and credits.
  • State Filing: Depending on the state, additional state schedules may be required. We provide support for all 50 states.
  • Election Process: You must apply for S-Corp status and receive approval from the IRS, as S-Corps are not a default classification.
  • Tax Savings: One of the primary benefits of an S-Corp is the potential for significant tax savings by reducing self-employment taxes. This can be particularly advantageous for businesses with substantial annual net income.

We assist with the application process for S-Corp status and ensure your annual returns are filed accurately and promptly.

C-Corporations (C-Corps)

A C-Corp is a separate taxable entity that pays taxes on its income. Larger businesses and startups, especially those incorporated in Delaware, commonly use this structure. Here’s an overview of C-Corp taxation:

  • Federal Filing: C-Corps report their income, deductions, and credits on Federal Form 1120. The corporation pays taxes at the corporate tax rate.
  • State Filing: Depending on the state, you may need to file additional state schedules. Our services cover all 50 states.
  • Default Classification: If you incorporate your business with the state or register your EIN as a corporation, it is automatically classified as a C-Corp unless you elect a different status.
  • Shareholders: C-Corps can have an unlimited number of shareholders, making them ideal for businesses seeking to raise capital through the sale of stock.

We guide you through the complexities of C-Corp taxation, ensuring compliance and identifying tax-saving opportunities.

Limited Liability Companies (LLCs)

LLCs are flexible business structures with state-specific filing requirements. For federal tax purposes, LLCs can be classified in various ways:

  • Single-Member LLCs: As the sole owner, you report your LLC as a disregarded entity on Federal Form 1040 Schedule C, including the income and expenses on your personal tax return.
  • Multi-Member LLCs: With multiple owners, your LLC operates as a partnership and files Federal Form 1065, unless you choose to be classified as an S-Corp or C-Corp.
  • State Filing: Each state sets its own filing requirements for LLCs. We handle LLC filings across all 50 states.

 

Our Offerings

Our team of experienced tax professionals provides top-tier corporate and partnership tax accounting services. Here’s why you should choose us:

  • Expertise: We handle complex tax situations with ease, drawing from years of experience helping thousands of businesses.
  • Comprehensive Support: We ensure your business complies with both federal and state tax regulations in all 50 states.
  • Tailored Services: We tailor our services to meet the specific needs of your business, whether you are a partnership, S-Corp, C-Corp, or LLC.
  • Timely Filing: We complete and submit all tax filings accurately and on time, reducing the risk of penalties and interest.
  • Proactive Advice: We provide proactive tax advice to help you make informed decisions and maximize tax savings.

 

Contact Us

Contact us today for all your corporate and partnership tax accounting needs. Our team is ready to assist you with expert guidance and comprehensive support. Whether you need help with filing your annual returns, applying for S-Corp status, or meeting state-specific requirements, we are here to help.

Rely on us for professional tax services you can trust. We take the stress out of tax season, allowing you to focus on growing your business. Reach out to us anytime to learn how we can assist you with your corporate and partnership taxation needs.