K-1s that arrive too late
A K-1 delivered on 14 September forces every owner onto extension and makes personal planning impossible.
Tax service
Business tax return preparation
Returns prepared by people who understand what is behind the numbers, reconciled to the books, and delivered with enough time for you to actually read them.
The problem
What goes wrong with business returns
The return is the visible output of a year of record-keeping. Most problems originate long before the filing deadline.
Basis nobody tracked
Stock and debt basis schedules are often reconstructed years later under pressure, which is exactly when distributions turn out to have been taxable.
Books that never tie
Retained earnings that do not roll forward, Schedule M-1 differences nobody can explain, and balance sheets that disagree with the prior return.
What we do
What we prepare
Federal and state, for every common pass-through and corporate structure.
- Form 1120-S: S corporationsIncluding Schedules K-1, K-2 and K-3, shareholder basis tracking, and reasonable compensation review before the return is filed.
- Form 1065: partnerships and multi-member LLCsCapital accounts on the tax basis method, Section 704(b) allocations, guaranteed payments and Section 754 elections where a step-up is available.
- Form 1120: C corporationsIncluding Florida Form F-1120, accumulated earnings considerations, and coordination with owner compensation planning.
- Form 990: tax-exempt organizationsFull 990 and 990-EZ, unrelated business income on Form 990-T, and public support testing for organizations near a threshold.
- State and local returnsFlorida corporate income tax and tangible personal property returns, plus composite and pass-through entity tax filings in other states.
- Extensions handled properlyAn extension extends the time to file, not to pay. We compute and communicate the payment due so an extension does not become a penalty.
- Book-to-tax reconciliationM-1 and M-3 adjustments documented so next year's preparer, us or anyone else, can follow the reasoning.
How it works
A process you can follow
Four stages, with a defined deliverable at each one. You always know where the work stands.
1
Onboard
Prior three years of returns, current trial balance, and a fixed request list. No drip-feed of questions through March.
2
Prepare
Return drafted, books reconciled, and every book-to-tax difference documented as it is identified.
3
Review
A second-partner review on every return, then a walkthrough with you before anything is signed.
4
File & plan
E-filed with acknowledgement confirmed, K-1s delivered, and the planning items for next year captured while they are fresh.
Who it's for
Who we file for
We prepare returns for operating businesses and the entities around them, including the ones that only exist on paper.
S corporations Partnerships and multi-member LLCs C corporations Single-member LLCs Holding and property companies Non-profits filing Form 990 Multi-entity groups
Deliverables
What you get
- Federal and state returns e-filed, with acknowledgements confirmed in writing
- K-1s delivered with enough time for owners to file personally
- Basis and capital account schedules maintained year over year
- A documented book-to-tax reconciliation you can hand to a lender or a buyer
- A planning memo for next year, issued with the return rather than months later
15 Mar
S-corp and partnership federal deadline
15 Apr
C-corp federal deadline for calendar-year filers
2
Reviews before any return is signed
Questions
Frequently asked
For a 15 March deadline we ask for a closed trial balance by the first week of February. Earlier is genuinely better: it is the difference between a considered return and a rushed one. If the books are not ready, we would rather extend deliberately than file something we have not had time to review properly.
Not in itself, and it is often the right call. An extension is a filing extension only: any tax owed is still due on the original date, and interest runs from then regardless. The problem is not the extension; it is extending without computing the payment. We always compute it.
We will tell you what we find and what it would take to fix it. Not every error is worth amending: some are immaterial, and amending draws attention to a year that would otherwise close. We will give you the honest cost-benefit, including the risk of leaving it, and the decision is yours.
We can. Many clients keep their own bookkeeper and simply send us a clean trial balance, which is the most economical arrangement. Where the books are the bottleneck, our outsourced accounting service takes them on so the return is not rebuilt from scratch every February.
Related
Often paired with
Individual & Owner Returns
Personal 1040s that reconcile cleanly to your K-1.
Learn moreOutsourced Accounting & CFO
Books, close and reporting your advisors can rely on.
Learn moreInternal Controls & Tax Risk
Auditor-built controls that keep every filing clean.
Learn more