S-Corporation Income Tax Services

Summary of S-Corporation Services

We provide income tax return preparation and tax planning services for S-Corporations and its shareholders.

An S-Corporation starts as a regular C-Corporation. An IRS election is made to treated the C-Corporation as an S-Corporation. As an S-Corporation, the corporation reports its income on an S-Corporation income tax return (IRS Form 1120S). The S-Corporation income flows-through to its shareholders via a Schedule K-1. The shareholders report their share of the S-Corporation income on their individual income tax returns (IRS Form 1040). As such, S-Corporation income is not subjected to double taxation as a C-Corporation income is.

Below, we present a few brief points of interest and the services we offer to S-Corporation owners.

S-Corporation Possible Concerns

S-Corporation working shareholders / officers may have to take out a reasonable salary at some point. Therefore, the S-Corporation and its employee owner will be subject to the employer and employee sides of payroll taxes.

S-Corporation are normally required to use a calendar year-end which limits tax planning options with chosing a fiscal year-end that may delay income tax payments for the shareholders of the S-Corporation.

S-Corporations have limits as to the numbers of onwers / shareholders and the type of shareholdesr. Presently, S-Corporations are not allowed to have more than 100 shareholders (U.S. citizens or residents) who are natural persons (although certain types of trusts and estates may qualify as a shareholder).

A full discussion of S-Corporation is beyond the scope of this summary. For there are many factors that can affect the decision to make an S-Corporation election and the operation of an S-Corporation. Below, we present some of the ways that we assist S-Corporations and their shareholders.

Ways We Assist S-Corporations with Income Taxes

We assist S-Corporations and its shareholders in the following ways:

We assist in the structuring and formation of S-Corporations.
We train owners / shareholders and officers in the operation and use of S-Corporations.
We provide bookkeeping services to S-Corporations.
We assist with tracking and keeping up with shareholders' basis in the S-Corporations.
We assist shareholders with buying and selling S-Corporation shares.
We prepare S-Corporation income tax return.

We issue Schedule K-1's (K-1's) to shareholders of the S-Corporation.
Wa assist the individual shareholders with preparing their individual income tax returns.
We assist with dissolving and winding up S-Corporations.
We provide tax planning to S-Corporation and its shareholders.
We assist working shareholders of an S-Corporation to determine a reasonable salary.
We work with and assist S-Corporation attorneys in accomplishing specific objectives with S-Corporations and its shareholders.

For prices for our S-Corporation income tax servcies, please visit our price section.