Corporate & Partnership Taxation Services

Pay Attention to Unique Tax Considerations of Partnerships Unlike corporations, partners in a partnership do not directly pay income taxes. Instead, profits and losses flow through to individual partners, and that income is reported on their individual tax returns. We help partnerships by preparing the forms and making sure that each partner’s share is calculated correctly and reported on time.

Here is a list of what we offer through our partnerships:

• K-1 Preparation: We make sure each partner has an accurate Schedule K-1 form that properly reflects their share of income, credits and deductions.
• Partner-Level Tax Planning: Advising on network tax positioning for partners dependent on partnership allocations. 
• Recordkeeping Assistance: We help Partnerships maintain the proper financial records that will support correct tax filings and minimize the chances of mistakes and subsequent audits.

S-Corporations Taxation

The S-Corporation is a common choice for many small businesses. It first has limited liability and also allows profits to be passed through directly to shareholders, avoiding double taxation. But the tax rules governing S-Corps can be a little complicated, particularly with respect to shareholder wages and distribution.

We do several things with S-Corporation taxation:

• Tax Election Guidance: We help businesses make the S-Corp election and conform with IRS guidelines.
• Salary vs. Distribution Planning: We provide professional consultation on reasonable compensation for shareholders in order to comply with the regulations and minimize payroll taxes.
• Quarterly Estimated Tax Payments: We help out the S-Corps with calculations and payments to make sure they’re compliant quarterly.

C-Corporations Taxation

Double taxation occurs in C-Corporations. The profits are taxed on the corporate balance sheet once and taxed again when the profits are distributed as dividends to the shareholders. There are some advantages to forming your business as a C-Corp, such as double corporate taxation, the capacity to retain earning years and providing a full spectrum of benefit options to employees.

Our approach to C-Corporation taxation includes:

• Preparation and Filing of Corporate Tax Return: We handle the preparation process of Form 1120 by taking all deductions and credits into account appropriately.
• Tax Planning for Retained Earnings: We offer the most effective ways to achieve a minimum total tax burden with your retained earnings.
• Maximized Deductions: We recognize and maximize deductions. Unique Deductions: Charitable Contributions and Fringe Benefits (C-Corps Only)

Limited Liability Companies (LLCs) Taxation

Limited Liability Companies (LLCs) are pass-through entities and can be taxed at different levels—either as a corporation or as a partnership/sole proprietorship. This leniency is what makes LLCs so popular amongst many business owners. However, there are some tax implications to keep in mind.

Hereʼs our approach to LLC taxation:

• Tax Classification Consultation: Above service helps single member LLCs to prepare tax returns as a disregarded entity (if they wish) or as a partnership or corporation (if they choose depending on certain financial situations).
• Multi-Member LLC Filings: We prepare the partnership filings for multi-member LLCs and ensure the income of each member is properly reported.
• Quarterly Estimated Taxes: LLC owners are required to pay quarterly estimated taxes so we crunch the number and keep them on track to not have surprises during tax season

• Maintain Detailed Records: Regardless of the business type, maintaining detailed records is the key to successful tax preparation. Monitor all income, expenses and distributions.
• Review Your Entity Type Regularly: The need of the business changes over time as do the tax structures. There may be a better tax structure you can apply to your business and having regular reviews is one of the best ways to keep optimized.
• Plan for Estimated Taxes: Many business entities including S-Corps and Partnerships require the owners to pay estimated taxes on a quarterly basis. Regular economic reminders, as well as working with a CPA who specializes in these types of deadlines for businesses can assure that clients meet these deadlines.

We know that each business is unique. At Wasserman CPA our tax professionals take into account the individual needs of our clients, as well as industry requirements and businesses financial objectives. For more than 30 years, we have dealt with everything from start-ups with their first year of taxation to large, long established corporations who require restructuring for tax efficiency.

Corporate & Partnership Tax Services at a Glance

• Professional Tax Preparation: Whether you require forms 1120s or K-1s prepared and regulatory requirements need to comply, we know how.
• Customized Tax Planning: We assist each category of business entity with strategies and ensure minimized tax burden and maximized benefits.
• Quarterly Tax Management: We provide support with your quarterly estimated taxes and help you keep up with your obligations throughout the year.
• Assistance in Entity Selection: If you are unsure of whether you need an LLC, S-Corp or partnership you can get advice from us on the best structure for your business.

At Wasserman CPA together with our business accountants, you are not just paying for your tax return to be completed; you are paying for a partner that wants to see you succeed. We can help you meet your corporate or partnership tax obligations with confidence.

Get in touch with us today to find out more and to see how we can help your business.