Form 1040
U.S. Income Tax Return
for an S Corporation
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Form 1041 – U.S. Income Tax Return For Estates And Trusts
Form 1120S is used to file the U.S. Income Tax Return for an S Corporation. If your company is an S-corporation or if your company is taxed as an S corporation, you need to fill up Form 1120S to file your business’s federal income tax return. From this form, you are letting the IRS know how much your company has earned in that financial year. This includes income, credit, and deductions. If you are looking for an affordable outsourcing agency to do this somehow lengthy and complicated filing process for you, Meru Accounting is the perfect place for you.
Information Required From The Client
- In order to fill out Form 1120S on your behalf, we need these following information and documents-
- The date when your company has become an S-corp
- The date when your company was incorporated
- The business activity code of your company
- The employer I.D. number
- The details of your company shareholders
- Information about your company profits, losses, assets and deductions
- Profit-loss statement for that financial year
- Balance sheet
- Detailed information about the fixed assets of the company
- Transaction listing of the Shareholders
- Previous Income tax payment copies
- Information on the accounting method if it’s accrual or cash
- Details of stock your company owns
Some of the documents or information can be difficult to obtain. In such cases, you can always coordinate with our tax expert to ensure the information is accurate.
Due Date Of Filing
The U.S. Income Tax Return for S-corp tax seems to have more tricky deadlines than the personal tax return dates since there’s no fixed date. However, the due date for submitting Form 1120S is technically by the 15th of the third month after the end of the financial year.
Our Process
Meru Accounting provides you the most error-free and hassle-free Form 1120S filing procedure.
Step 02. Processing Documents
Preparation for Tax Return
The relevant information from the documents will be taken into a software of the client's choice by our tax professionals. The scanned copies of the original documents along with the transactions will be saved into the software in order to make them easily accessible. All the copies of the documents would be verified with the source documents.
Auditing of Tax Returns
Our experts will then verify if all the required information has been correctly entered. The Tax expert will then prepare the Tax return report based upon bookkeeping done for the given period and the information received.
Step 03. Final Preparations
Review of Returns
A draft copy of the tax return with the calculated Tax Refunds/ Liability will be sent to the client for review. The draft will include some questions or comments from the Tax expert. The client can request for multiple modifications if needed.
Submission of the Final Copy of the Tax Return to the client
After reviewing the tax returns, the final copy for the income tax return will be sent before the due date. The clients just need to sign and send the Tax return file to the Internal Revenue Service via some designated UPSC courier services like DHL Express, UPS and FedEx. We will take care of all the communications part with the Internal Revenue Service if any query arises.
Why Meru Accounting?
Meru Accounting is a well-known name in the USA for providing top-notch remote accounting services. It has a loyal client base in the USA and also all over the world. We are not only best in providing error-free and on-time services, but we also offer the most affordable price in the field.
The U.S. Income Tax Return for S-corp seems to be a bit complicated than the other tax returns. Hence you can rely on our experienced team of experts to get it done on time while you invest your own precious time into your business.
FAQs
An S Corporation is a company that meets the IRS benchmark to be taxed under Internal Revenue Code Chap-1, Sub Chap- S.
Gross receipts, interest, rents, cost of the goods sold, dividends, royalties, and capital earnings.
S corporation shareholders should be individuals, specific trusts, or tax-exempt organizations
Step 01. Document Requisition
Remote Login
Our clients can scan and upload the required documents on their server or e-fax the documents to us. Our expert team will log in to our clients' system using any secure virtual technology like Netsonic, VPN/RDP/TeamViewer and complete the procedure on their behalf.
Using Cloud based Software
The clients can upload the scan copies of the required documents on a secure FTP server or send them by e-fax messenger, Google drive or Dropbox. The client also needs to provide their login details for the online software via our secure mailing system. Our team will then sign in and complete the following procedure. The data will be saved on cloud.