Filing your corporation Income tax return is a critical element of being a business owner. You want a knowledgeable and experienced tax preparer to guide you and your business. FACT Professional, Inc. prepares tax returns for over 700 businesses across the country in numerous industries. Our tax preparers stay up to date on Federal, State & Local regulations so you are getting the best benefit for your taxes.
Do I need to file a Corporation Income Tax Return If there wasn’t activity?
Even if you had no activity under an entity the tax return still must be filed on time every year. If you choose not to file, the tax return your corporation is subject to penalties, interest, and possible suspension of the entity. Our firm may charge a reduced price for entities that have no activity.
Do I need to file a tax return if I had a loss?
Regardless of whether you had no activity, positive net income, or negative net income, you must file a corporation income tax return annually.
What do I need to send FACT Professional Inc. to file my Corporation Income Tax Return?
Our firm has a checklist of all documents needed for tax filing under the “Checklists” bar. This checklist specifies all documents required for preparing and filing your corporation’s income tax return.
However, if you have not prepared your main financial statements (Income Statement and Financial Statement) it is critical to start there. If you are unsure of how to prepare the necessary financial statements or need bookkeeping services please contact our office for recommendations on the best next steps.
Do I have to come into the FACT Professional, Inc. office to file my taxes?
Our firm is all about flexibility and saving time. While we always enjoy meeting clients in person, you have the option to book an in-person or a video appointment to review and finalize your corporation’s income tax return.
What is our process?
If you are new to tax filing with our office the outlined process below will assist in prepping accordingly:
- Collect your income tax documents and prior year tax return (filed by self or another tax preparer) and send it to our office through the secure platform.
- Our office will confirm the documents are received and then assign you to a seasoned tax accountant.
- The tax accountant will prepare your tax return and contact you via phone and email for any missing information, additional information requestions / clarifications, etc.
- The tax preparer will send you a link to set up a remote or in-person appointment based on your schedule.
- In this appointment, your tax accountant will review the tax return, address any questions you have regarding the tax return and finalize the return for e-filing.
- Once you have approved the tax return for electronic filing, the tax preparer will process our service fee. FACT Professional, Inc. uses a secure method to draft payment for our services from the bank account or credit card provided.
- The tax preparer will electronically file your return. Once the tax return has been accepted by the Federal & State government (if applicable) you will receive a secure encrypted copy of your tax return. If you would like a physical copy as well our office would be happy to send this to your current mailing address.
Does FACT Professional Inc. file taxes for all corporation types?
Our firm is experienced in filing all corporation tax forms.
Listed below are the federal tax forms our firms prepare & file:
- 1120S – S Corporation
- 1065 – Partnership Including Limited Liability Companies (LLC) & Limited Partnerships (LP)
- 1120 – C Corporation
- 1041 – Estates / Trusts
- 990N – Non-Profits
What If my corporation wasn’t set up as the correct type?
If you are concerned about the structure of your corporation our tax preparers provide advice and steps on how to structure your corporation. To move forward with this consultation, book an appointment with one of our tax preparers.
Does FACT Professional Inc. file corporation tax returns for multiple states?
Our tax professionals have knowledge of filing requirements in all 50 states. If your corporation has activity in multiple states our office can continue supporting you in your tax filing.
Does FACT Professional Inc. file corporation consolidated tax returns?
Our seasoned tax preparers have specific experience in the niche of preparing consolidated corporation income tax returns. We will provide you with the organization and expertise for your corporation.
What is included in the tax filing service?
Within the cost of the tax filing our firm includes looking over your financial statements, making general recommendations on changes or corrections, and filing the income tax return. In addition, if you have tax payments due our firm will set up electronic tax payment withdrawals.
Our firm aims to be your trusted advisor for more than tax filing. If you are looking for multiple accounting, tax, and advisory services set up a time with our office to go over your business needs. Our team will create a custom package that is best suited for your corporation.
I didn’t prepare my financial statements – what do I do now?
Without your financial statements, our office can’t prepare your tax return. The government requires more information than it did in the past. Your next steps should be to either complete your bookkeeping yourself or higher our firm to quickly complete your bookkeeping.
How do I send you my tax documents?
Our firm aims to be as paperless as possible. Therefore, our clients use Intuit Link, a secure encrypted platform to send their tax documents.
When we send you your tax return, we also use an encrypted platform guaranteeing your information is protected.
What is the soonest FACT Professional, Inc. starts accepting tax appointments?
The IRS portal usually opens during the first week of February each year. Our office starts accepting tax appointments currently. We do not recommend prepping your return before
Does FACT Professional, Inc. File Corporation Tax Returns for Foreign Entities?
FACT Professional, Inc. has a diverse tax team, making our office firsthand experts on reporting and filing tax returns with foreign activity. If your company has gone international, we have the expertise and know-how to support you in the US income tax code.
For specific questions regarding foreign activities schedule a consultation with a tax accountant. Each situation is specific and FACT Professional Inc. aims to give you the most relevant advice.
What if I owe past due taxes or tax returns?
Some business owners have challenges keeping up to date on filing their tax returns and/or paying their taxes. FACT Professional, Inc. is here to help you get caught up on your situation and sleep better at night. Please refer to our Income Tax Resolution Service to see the process and next steps.
Do you offer tax planning services?
If you owe taxes year after year or have a unique tax filing situation that can produce a substantial tax liability, schedule an appointment with one of our tax accountants by December 15th at the latest. This will ensure we have enough time to assess your situation, make a plan, pay estimated taxes, and/or research alternatives to appropriately mitigate your tax liability.
Will FACT Professional, Inc. give recommendations on how to save taxes?
Corporation Income tax filing results in different solutions for different taxpayers.
The more information you supply the more of an understanding we will have to find different tax mitigation strategies for you. The service fee for filing taxes versus long-term tax planning is considered separate services and your tax accountant may schedule a separate appointment with you to address your questions appropriately.