Tax service
Business returns
For a company that files its own return. The work covers the entity return, the schedules that attach to it and the K-1 for each owner.
The firm files about 150 business returns a year.
What is included
The work is the entity return and the records that support it. The form follows the entity.
The form that fits the entity
Form 1120 for a C corporation, Form 1120S for an S corporation or Form 1065 for a partnership. The form follows the entity.
The schedules and statements
The schedules and statements that attach to the return, prepared from the trial balance for the tax year.
A K-1 for each owner
The return produces a K-1 for each owner. The owner uses it on a personal return.
The depreciation schedule
The fixed asset list and the depreciation schedule are checked against the return.
The prior-year carryovers
The carryovers from the prior return are checked against the current year. A loss or a credit is carried from one year to the next.
A copy for the entity
A copy of the return and the schedules for the entity's records.
How it runs
The work runs from the books to the signed return.
You send the records
The trial balance, the prior return, the ownership records, the fixed asset list and the loan statements.
We prepare the return
The return is prepared from the records. The questions the records raise come to you before the return is signed.
You review and sign
You review the return and the K-1s. You sign the return before it is filed.
The return is filed
The return is filed after you sign it. The K-1s go to the owners for their personal returns.
The entity and the owner
The entity return and the owner's personal return are two returns. The K-1 is the link between them.
The entity return reports the company's income and deductions. The K-1 reports the owner's share. The owner's Form 1040 uses that share.
Due dates
The dates below are the federal dates for a calendar-year entity.
- March 15
Form 1120S and Form 1065
The return is due March 15 for a calendar-year S corporation or partnership. An extension moves the filing date, not the tax.
- April 15
Form 1120
The return is due April 15 for a calendar-year C corporation. An extension moves the filing date, not the tax.
- September 15
Extended 1120S and 1065
An extension moves the filing date to September 15. The tax is still due on the original date.
- October 15
Extended 1120
An extension moves the filing date to October 15. The tax is still due on the original date.
A fiscal-year entity has different dates. The dates above are the federal dates.
How we work
You will know where your return stands, and what the books say.
One person owns your file, from the first call to the filed return.
Every answer we give you is in writing, so you still have it next year.
Common questions
- Which form does my company file?
- The form follows the entity. A C corporation files Form 1120, an S corporation files Form 1120S and a partnership files Form 1065.
- What records do you need?
- The trial balance, the prior return, the ownership records, the fixed asset list and the loan statements.
- What if the books are not ready by the due date?
- An extension moves the filing date, not the tax. The return is prepared when the records are ready.
- Do you prepare the owners' personal returns?
- The K-1 from the entity feeds the owner's Form 1040. The individual returns page covers that work.
- Do you file the return?
- The return is filed after you sign it. You get a copy for your records.
Next step
Start with the entity and the year. The records the return needs come next.