Help With Corporate Tax Return Preparation
Preparing corporate tax returns can be complex and time consuming. In fact, if you are interested in finding out exactly how long it takes to prepare a federal tax return, you can do so by reading the bottom of any of IRS tax form. Near the end of the instructions of IRS form 1120, for example, you might notice that the average time it takes to do the bookkeeping function alone is 62 hours and 10 minutes. That does not include the time it takes to learn about the law, to prepare the form, or to make copies, assemble, and finally send the form off to the appropriate IRS Service Center. Focusing all this time and energy on preparing one form often leaves business owners and executive officers with little time to keep up with other responsibilities. When it comes to corporate tax preparation, we, at Strategic Direction, Inc., can help. Outsourcing corporate taxes to the right firm will reduce the headache of doing them yourself and will allow you to maintain your focus.
Various Forms that Businesses File
Yes, the kind of tax form you use matters. The IRS requires different forms from different entities, so it is important to know exactly which one (or ones) you need. The most common entity types and their accompanying IRS tax forms include the following:
- Sole proprietorships and one member Limited Liability Companies (LLC) use form 1040 along with Schedule A and Schedule C.
- Partnerships and Limited Liability Companies with more than one member file form 1065.
- C-Corporations use form 1120.
- S-Corporations file form 1120S and 1040 along with schedules for individual shareholders.
Franchise Tax Board Evaluations
The state of California created the Franchise Tax Board in 1950 for the purpose of administering the California Bank and Corporation Franchise Tax Act. The Board collects personal and corporate income tax information, and imposes a tax on all businesses that operate in California. It is estimated that the Franchise Tax Board collects more than $10 billion in corporate income tax every year. So, in addition to federal and state tax returns that corporations are required to file, businesses operating in the state of California are also required to file a return and pay the Franchise Tax Board. At Strategic Direction, Inc., we are highly trained, and educated to prepare corporate taxes, as well as providing Franchise Tax Board evaluations right along with corporate tax returns.
Contact Us Today
At Strategic Direction, Inc. we are dedicated to preparing your tax return with precision so you can focus your energies on other areas of the business that need your attention. We can also provide Franchise Tax Board evaluations that can help you determine if you are paying too much or too little in franchise tax.
Contact Strategic Direction, Inc. at (818) 937-0888.