S-corporation filings (Form 1120-S)
The most common entity in our practice. We prepare the 1120-S, calculate reasonable owner compensation, track shareholder basis, and produce the K-1s that flow to each owner's personal return.
Partnership filings (Form 1065)
Multi-member LLCs default to partnership taxation unless they've elected otherwise. We prepare the 1065 and all partner K-1s, handle special allocations, and track partner capital accounts.
C-corporation filings (Form 1120)
C-corps pay their own federal tax at 21%, plus state corporate tax where applicable. Less common in small business, but relevant for specific situations including venture-backed startups and businesses planning to retain significant earnings.
Multi-state filings
Any entity with a nexus in more than one state files composite returns, state-specific returns, or both. We coordinate the state filings with the federal and handle apportionment.
What we need to prepare the return
Year-end books (or nothing extra, if we keep them), the prior-year return, asset purchases and disposals for depreciation, loan statements, payroll reports, and any ownership changes during the year. Clean books cut preparation time roughly in half, which is why most entity clients pair the return with monthly bookkeeping.
Common questions
- When is the S-corp or partnership return due?
- March 15 for calendar-year filers. Extensions are available with Form 7004 to September 15.
- What's a reasonable salary for an S-corp owner?
- The IRS expects S-corp owner-employees to be paid what a comparable employee would earn for the same work. Paying too little is the most common S-corp audit trigger.
- Can you take over from another accountant mid-year?
- Yes. We do onboarding transitions regularly. We need a copy of the prior year return and current-year books; the rest we rebuild from source documents.
- Do you prepare the owners' personal returns too?
- Yes, and it's the better arrangement. The K-1 lands on our desk instead of in your inbox, and the entity and personal returns get coordinated as one engagement.
Related
Sales Tax Planning
Florida sales tax registration and multi-state nexus filings. We handle monthly DR-15 returns and correspondence with the Florida Department of Revenue.
Business Tax Planning
S-corp reasonable salary analysis, entity elections, retirement plan structuring, and Section 179 and bonus depreciation planning for small business owners.
Monthly Bookkeeping
Monthly, quarterly, and annual bookkeeping with bank reconciliations, a profit-and-loss report, and balance sheet within ten business days of month-end.
Other services we offer
Small Business Payroll
Quarterly and annual payroll filings: Forms 940, 941, UCT-6, W-2, and 1099. We calculate, file, and make the tax deposits so owners can focus on growth.
QuickBooks Setup & Support
QuickBooks setup, cleanup, and monthly reconciliation for small businesses. Chart of accounts, bank feeds, and monthly reports that match the tax return.
Payroll Verification Letters
Payroll verification and earnings letters for mortgages, leases, and immigration. Signed on firm letterhead, with most letters out within two business days.
IRS Audit Representation
Herman Viglione, EA, represents taxpayers in IRS and state audits. Correspondence, office, and field audits handled remotely for clients in any state.