Corporate Tax Preparation

Corporate Tax Preparation Simplified

Using corporate tax preparation software without the help of a professional could put your business in jeopardy. That’s because a lot goes into filing corporate taxes properly, which includes making sure that you get the biggest refund possible.

This means assembling all of the right information and filing it properly to reduce the likelihood of an audit. Even the most organized companies can experience an audit, so planning for this possibility is an important part of any corporate tax planning strategy.

Assembling all the right information

With corporate tax preparation, it all comes down to making sure you’ve assembled the right information. In combination with corporate tax preparation services, corporate tax planning and corporate tax accounting services may also be options, depending on your unique needs.

Documentation that you will need includes:

  • Your previous year’s filed return
  • The filing receipt from the state where the business was incorporated
  • The corporation’s federal Employer Identification Number (EIN)
  • A copy of your state sales tax certificate
  • Gross income received from all sources
  • Interest earned on various accounts
  • Expenses and capital expenditures
  • And more

Proper filing for peace of mind

When it comes to filing taxes, filing them properly will ensure your peace of mind. No matter how big or small your business, it’s possible to file your taxes the right way, as long as you have the right support.

Schedules that may be applied to your situation include:

  • Schedule B
  • Schedule C
  • Schedule D

These schedules may apply to corporations, partnerships, LLCs, LLPs, and nonprofit foundations.

Support in the event of an audit

Even the most detailed returns can result in an audit. Unfortunately, businesses are more likely to be audited than ever before, so it’s important to prepare your taxes with the understanding that it is a real possibility.

It all starts with understanding your particular situation and working through it step by step. Depending on the complexity of the audit you’re facing, a tax audit extension may be needed in order to assemble all the necessary information.

To learn more about all the ways we can support you through the corporate tax preparation process, give us a call.

Corporate tax preparation FAQ

Exactly what forms are required to be filed by my corporation?

When filing individual taxes, a single form is usually all that’s needed. Things are definitely a bit more complicated when it comes to corporate taxes.

Forms that will likely need to be filled out include:

  • Federal 1120 tax form
  • State corporate tax form
  • Income distribution filings
  • Elections and treaty considerations and filings

These forms are in addition to the schedules listed above. However, every corporation is different. Speaking with a professional will ensure that all the proper forms are filed, which includes less common forms that aren’t listed here.

How much does corporate tax preparation cost?

Cost is always an important factor to consider, especially when you’re trying to run a lucrative business. Unfortunately, corporate tax preparation varies widely depending on exactly how much support you need. You may pay as little as a few hundred dollars, or as much as thousands of dollars. It’s best to schedule a consultation with your Long Beach tax professional to get a better idea of exactly how much it will cost based on your particular situation.

How likely is it that my business will be audited?

Filing corporate taxes can be a real pain, but proper filing can help reduce your risk of being audited. However, no matter how accurately you file your taxes, an audit is still possible. Exactly how likely is any one particular business to be audited?

The rate of audits has increased over the last few years by as much as 145%. The IRS has even announced its interest in auditing a larger number of businesses as each year passes. That means your business is more likely to be audited than ever before. With professional corporate tax preparation, if you do get audited, you and your tax professional should be able to find a solution fairly quickly.