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Corporations and Subchapter S Corporations

Have you filed articles of incorporation or articles of organization? Is there more than one shareholder invested in the corporation, member invested in the limited liability company (LLC) or professionals invested in a professional association? Are their concerns with how yo​ur business income is to be taxed by the Internal Revenue Service upon filing articles and investing in a business? My firm can provide advisement with the filing and/or upon the filing of articles with the state of your choice. Such advisement includes a determination of whether it would be most beneficial to file an election to be taxed as a Subchapter S Corporation. 


If articles of incorporation are filed and no election is made, my firm provides services associated with the preparation of your corporation’s U.S. Corporation Income Tax Return (Form 1120). In addition to the preparation of your Form 1120, my firm's services include projections and quarterly estimates of your federal and state income taxes on an as needed basis. The goal with projections and estimates is to make sure you cover your annual tax liability owed to the federal and state governments while making sure that they are not holding on to too much of your company’s money. Advisement is also provided to best avoid the dreaded double taxation associated with corporations.

Subchapter S Corporations

Upon the filing of an election to be taxes a Subchapter S Corporation, my firm provides services associated with the preparation of your company's U.S. Income Tax Return for an S Corporation (Form 1120S) and associated state tax returns. In addition to the preparation of your Form 1120S, my firm assists with the determination of reasonable compensation for the shareholders, members or professionals and a cost and benefit comparison of being taxed as a Subchapter S Corporation versus a corporation, partnership or single member LLC (disregarded entity).

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