Corporate Taxation

There are three main types of business entities that require federal tax filings. Partnerships, C-Corps, and S-Corps. We specialize in business tax – contact us for assistance with any of these structures. We will discuss the two main types of corporations below: 

S-Corp

An S-Corp is a small business corporation structure allowed by the IRS. It is reported on Federal Form 1120-S and (if applicable) certain state schedules. We support all 50 states. 

This is not a default classification – rather, you must apply for it and be approved by the IRS. Contact us for assistance with your s-corp election, if you have not yet elected s-corporate status. 

The appeal of this classification is that it allows for decreased self-employment taxes on your individual return. These tax savings may be substantial, depending on the annual net income of your business. Please contact us for more details or to file your annual return.

C-Corps

A C-Corp is a taxable entity that pays taxes in its own right. It is reported on Federal Form 1120 and (if applicable) certain state schedules. We support all 50 states. This structure is the default classification you must file with the IRS after you file as a corporation with your state or after registering your EIN as a corporation with the IRS. The C-Corp structure allows many shareholders and is the common classification for many Delaware startups and larger businesses. 

Less-common corporation types

We have countless clients that file corporate HOA returns, non-profit returns, or foreign corporation returns. These are specialty items that our senior team works with daily. Contact us below for assistance. 

A Comment on LLCs

An LLC often has state filing requirements. We support all 50 states. However, for federal purposes, you would be filing your LLC on your individual returns if it is a single-member LLC. If you have a multi-member LLC, you would file as a partnership. You can also elect s-corp treatment for your LLC. Contact us for assistance with any of these. 

Please contact us anytime regarding any of these entity types as we have helped thousands of businesses of various size over the years.