Partnerships
Got more than one member in your business but you choose not to go with the S-corp or C-corp structure? You should be filing this return! It’s usually reported on Federal Form 1065 and some other state schedules as may be applicable.
We do this, of course, across all 50 states. It’s a default classification that you get once you apply for your EIN involving a business with more than one owner. You also get this default classification once you register your LLC with more than one member, owner, or equity partner under your state.
S-corp
A small business corporation allowed by the IRS, S-corp is commonly reported on Federal Form 1120-S and some other state schedules. It’s not a default classification– rather, you must apply for it and be approved by the IRS. This leaves you needing professional assistance, which we happily render throughout all 50 states.
What’s in it for you? You get reduced self-employment tax on your individual return which may be a significant amount based on whatever your business’ annual net income is.
Got further inquiries on key areas? Kindly contact us.
C-Corps
With a C-corp, you have a business entity that still gets to pay taxes. Tax filings are being reported on Form 1120 and where applicable, a few other state schedules. We offer filing services throughout all 50 states.
The C-corp structure is a default classification you file with the IRS once you file as a business entity under your state or upon registration of your EIN as a business entity under the IRS
With experience helping many businesses in this area over the years, we can help you process your application and get you the results you need.