Corporate Tax Preparation
As you are winding down another year, there’s always that one thing lingering in the back of your mind if you are a business owner: corporate tax preparation. Businesses that are required to file a tax return start the new year off scrambling to meet strict deadlines imposed by regulatory agencies. Accuracy and timeliness are critical, otherwise you may be faced with stiff fines and penalties. Don’t let corporate tax preparation get the best of you. JS Morlu is here to help with your every need.
What are Corporate Taxes?
A corporate tax return is the annual return a business files to report income and loss. Just like with an individual tax return, certain corporations are required to pay taxes at the business level. Understanding your legal entity type will help you determine if you need to file corporate taxes. Businesses set up as a Single-Member LLC or Sole Proprietorship will report income on the individual tax return with no formal corporate return needed. However, if your business is set up as a Multi-Member LLC, Corporation or Nonprofit, you will need to file a separate business return each year. A Multi-Member LLC and S-Corporation will pass the income down to the shareholder, who will then pay taxes at the individual level. Nevertheless, a corporate tax return is still required to be filed.
What are the Deadlines for Filing Corporate Taxes?
Corporate taxes come with earlier deadlines compared to individual tax returns. Business returns are due March 15 of every year. This includes forms 1120s and 1065. If you aren’t able to meet this deadline, a six-month extension can be requested, however, any tax due must be paid in by the March 15 deadline. Whether you are looking to file your returns by March 15 or need a little extra time, JS Morlu has you covered.
Businesses have other return obligations beyond corporation tax preparation. If you have any employees or independent contractors, you are required to file 1099s and W-2s by January 31. This deadline rapidly approaches once the new year begins, which is why contacting JS Morlu before year-end is a great idea. Additionally, regulatory agencies have the ability to automatically check the accuracy and completeness of the information filed, meaning these documents need to be accurate. JS Morlu has a strong track record promoting accuracy and timeliness, which might be just what your company needs.
What Services Does JS Morlu Offer?
JS Morlu offers a comprehensive list of services that extends beyond corporation tax preparation. Preparing corporate taxes involves multiple components working together, all of which flow into your corporate tax return. We don’t limit our services, but instead find innovative ways to adapt to your business needs, ensuring all your needs are met. Among the list of services we offer include:
- 1099 Preparation Services – From 1099-MISCS to 1099-NECS, we handle it all. We offer a quick turnaround time to be sure your business is filing by the required date.
- Payroll Filings – Year-end payroll tax form and W-2s need to be done by January 31. We help you navigate what forms need to be filed. In addition, we can help you issue proper W-2s with benefits reported correctly.
- Sales Tax Filings – Whether you file sales tax monthly or on an annual basis, JS Morlu can take this burden off your plate.
- Corporate Tax Preparation – Timely filing of corporate tax returns is essential, especially if income is passed down to your personal return. The quicker we get your business returns filed, the sooner you can cross your individual return off your list.
- Financial Statements – As your company begins to grow, a simple tax return preparation service might not cut it. JS Morlu offers compilation, review, and audit services to fit the assurance level your business needs.
- Corporate Tax Planning – Putting together a tax projection not only gives you a clear picture of where your business stands, but it can also help you navigate your individual taxes. JS Morlu can provide you with a tax plan on a yearly basis all the way down to monthly, ensuring you have the tools needed for success.
Our mounting list of services supports our mission to serve you. If you don’t see a service you need on the list, reach out today to put together a personalized service package. Whether you are looking for corporate tax preparation or 1099 preparation services, JS Morlu is your trusted tax preparer.
How Can JS Morlu Benefit My Business?
JS Morlu can benefit your business in tremendous ways. The first way is through reduced stress surrounding meeting strict filing deadlines. We have a fully staffed team of tax experts ready to take your corporate tax filing burden off your plate. With JS Morlu by your side, you can rest assured that your corporate tax filings will be completed timely and with the highest level of accuracy. Furthermore, meeting all the deadlines and requirements laid out by regulatory agencies can promote business growth through reduced fines and penalties. Late and incomplete filings rack up significant amounts of interest, which can be determinantal for your business.
Another benefit of working with a qualified accountant like JS Morlu is greater tax savings. Businesses are able to take credits and deductions to reduce taxable income at the corporate and individual level. Through effective tax planning, we can help you properly claim credits and deductions that you are entitled to take. Moreover, building a relationship with JS Morlu gives you a trusted tax return preparer to turn to whenever questions arise throughout the year. Whether that’s consulting over the purchase of a large piece of equipment to write off for tax purposes or filing additional state returns, we can work alongside you to make sure you fully understand the tax implications.
Why is JS Morlu Qualified to Handle My Corporate Taxes?
JS Morlu’s expertise goes well beyond corporate tax preparation. We retain knowledge on anything and everything related to running your corporation, from 1099s to W-2s. This allows us to give you a comprehensive service package to ensure every detail of your business is functioning properly. As a certified IRS tax preparer, we can assure you that all of our employees are properly licensed to prepare your taxes. Additionally, we retain certified tax preparers who specialize in complex areas of business taxation, such as international tax. Moreover, we pride ourselves on continuing education to catch the latest tax law changes that effect your business. We pass this information down to you through our tax return preparation services, giving your business the most favorable tax outcomes. Our tax return preparers are also familiar with contacting regulatory agencies in the event you do receive a letter. We stand behind our results and will support you through any inquiry regulatory agencies may have.
What Kinds of Credits and Deductions Does JS Morlu Claim?
Staying on top of legislative changes allows us to take credits and deductions that benefit your corporate and individual tax return preparation. If your business had a great year, we can help minimize your tax burden through planning strategies and credit computations. On the other hand, if your business sustained a loss, JS Morlu walks you through the impact on this year and future year tax returns, ensuring all of the loss will be absorbed. Some common credits and deduction we help our clients claim include:
- Qualified Business Income Credit – A 20% reduction of taxable business income claimed on your individual return. The inputs on the corporate tax return affect the credit level.
- Section 179 & Bonus Depreciation – Immediate expensing of assets placed in service during the year. There are specified rules that need to be precisely followed to properly claim the deduction.
- Research and Development Credit – A credit for new product development and testing. New reporting requirements were placed in service during 2021, making full compliance necessary with regulatory bodies closely monitoring the credits claimed.
- Manufacturing Credits – A credit for qualifying manufacturing activities. Detailed information is needed to accurately claim this credit.
- Employee Retention Credit – A payroll credit passed with COVID relief; many businesses can take advantage of reduced FICA taxes for qualifying wages. The credit is non-taxable in the year it is claimed; however, wages need to be properly offset.
- Paycheck Protection Program Forgiveness – Many businesses saw loans infused into their company with COVID Relief. Forgiveness needs to be properly applied for to be tax-exempt. This loan increases your basis in the company but needs to be reported in a specific way.
- Dividends Received Deduction – If your business receives dividends from investments, you can claim a dividends received deduction directly on the tax return for up to 50% of the dividend amount.
For credits and deduction specific to your corporation, reach out to JS Morlu for a consultation.
What if I Need Other Financial Services to Prepare My Corporate Tax Return?
JS Morlu offers financial services to aid in corporate tax preparation. Depending on your business size, a preparation engagement might not be enough assurance for investors and lenders. As a result, your corporation may be required to have a compilation, review, or audit. Reviews and audits need to be conducted by an independent third party, like JS Morlu, because an opinion is expressed. We can provide you with a compilation, review, or audit in accordance with professional standards and with a quick turnaround time. Our report will include financial statements, applicable notes, schedules, and a report letter. These financials can then be used to prepare your corporation taxes. For all inquiries on the level of assurance your business needs, contact one of our knowledgeable accountants.
What If I Need More Time?
The tax deadline for businesses quicky approaches each year. As a result, many businesses are not able to meet the March 15th deadline. When this happens, we work with you to extend your return and pay any corresponding taxes, ensuring no fines and penalties will be imposed. Having a professional assist with the extension minimizes the risk of mistakes, as each state has different rules. This is especially important if you have sales in multiple states with no nexus.
Corporate tax preparation involves multiple different steps, each of which must be meticulously followed to stay in compliance with regulatory agencies. If you aren’t up to date with the current tax code, you could be missing out on credits and deductions that reduce your tax liability. This is where JS Morlu comes in. We are your go-to tax experts. Our staff stays current on all legislation changes, ensuring you are getting the most out of your business. In addition, we work with you to get your corporate return done timely and accurately. Don’t chance an online software. Instead, place your trust in our IRS certified preparers to handle your corporation taxes. You will have peace of mind knowing your corporate taxes are done right. Reach out today to schedule your consultation.