FEDERAL RETURN
Form 1120-S preparation
We prepare the federal S corporation return using your books, payroll records and supporting documents.
Port Washington, New York
S corporation tax preparation.
Form 1120-S, shareholder K-1s and clear guidance for small business owners.
Form 1120-S & shareholder K-1s
Your business return and personal return are connected.Business and personal returns, connected.
We prepare the S corporation return, provide each shareholder’s Schedule K-1 and explain what carries to the owners’ individual returns.
SHAREHOLDERS
Schedule K-1 reporting
We prepare shareholder K-1s and coordinate the information needed for each owner’s individual tax return.
NEW YORK & OTHER STATES
Applicable state filings
We identify state returns and elections that apply based on where the business operates and its owners live.
YEAR-END RECORDS
A return built from complete books
We review your financial reports and follow up on missing or unclear items before the return is finalized.
S corporation details
More than entering numbers on a form.
We look at the records that make an S corporation return different: owner compensation, distributions, shareholder basis information and changes in ownership.
We explain questions in plain English and coordinate business and personal tax preparation when both are needed.
Owner compensation and payroll
We compare shareholder wages and payroll records with the company’s books and tax documents.
Contributions, distributions and loans
We review owner activity recorded during the year and ask about items that may need clarification.
Fixed assets and major purchases
We identify equipment, vehicles and other major purchases that may require depreciation reporting.
Common questions
S corporation tax questions, answered.
What should I prepare before the consultation?
Before your appointment, please upload the following through our secure client portal so we can prepare for the meeting.
- Your prior-year business return and S election confirmation, if available.
- Recent financial reports and information about owner pay, distributions or ownership changes.
We will request any additional records needed for the work after you decide to proceed. If a listed item is unavailable, contact us before your appointment.
How are fees determined?
Complexity varies with bookkeeping condition, payroll, ownership activity, state filing requirements and filing history. We review the scope before quoting the return.
What tax return does an S corporation file?
An S corporation generally files federal Form 1120-S. Shareholders receive Schedule K-1 showing their share of income, deductions and other tax items for their personal returns.
Can you prepare both the S corp and owners’ personal returns?
Yes. We can coordinate the business return with individual tax preparation. Personal returns are quoted separately so you know what is included.
Do S corporation owners need payroll?
An S corporation must pay reasonable compensation for services performed by a shareholder-employee before making non-wage distributions to that shareholder. We review owner pay and payroll records and explain any items that need attention.
What if my bookkeeping is behind?
We can discuss catch-up bookkeeping or cleanup first. That work is separate from tax preparation and will be quoted before we begin.
Can you help me switch tax preparers?
Yes. We review prior returns and current records, then confirm what is needed to prepare the upcoming filing.
Let’s talk about your S corporation.
S corporation tax preparation for Port Washington and nearby small business owners.