Business and entity returns, with the K-1s your owners are waiting for
S corporation, partnership, and C corporation returns, with the K-1s that go with them. Fixed fee agreed in writing before any work begins.
An entity return is not only the business's filing. Every owner's personal return waits on the K-1 it produces, so a late or wrong entity return holds up everyone's. For a partnership or an S corporation, the late filing penalty is charged for each owner, for each month.
What is included
- The federal entity return for your structure
- Schedules K-1 for each owner, prepared from the entity return
- One state return, where the state requires an entity filing
- Electronic filing, with confirmation once the return is accepted
What is not included
Stated plainly, because an unclear scope is what turns a fixed fee into an argument. Anything below can usually still be done, and is quoted separately before it starts.
- Bookkeeping, cleanup, or reconciling the books before the return can start, quoted separately
- Payroll filings, sales tax returns, and franchise or annual report filings
- The individual returns of the owners, which are priced separately
- Registered agent services or entity formation
- Representation in an audit or an appeal
Who this is for
You run an S corporation and need the 1120-S and shareholder K-1s.
You are in a partnership or a multi member LLC that needs a 1065.
You have a C corporation that needs an 1120.
You own a US LLC from outside the United States and have 5472 reporting to do.
If your situation is close to one of these but not quite the same, describe it and you will get a straight answer about whether it is a good fit.
How it works
Describe the entity
Its structure, how many owners it has, the states it operates in, and whether the books are kept through the year.
A reply within one business day
Get a fixed fee
The fee is quoted on the books as they actually are, so any cleanup is agreed before the return starts rather than found halfway through it.
Usually the same conversation
Send the books and last year's return
Access to the books or a year end trial balance, the prior year return, and any change in ownership during the year.
Once the fee is agreed
Entity return first, then the K-1s
You review and sign the entity return. Once it is filed, each owner receives a K-1 for their own personal return.
K-1s follow the filed return
What it costs
Starting fees for this service, confirmed in writing before any work begins.
| Service | Forms | Fee |
|---|---|---|
| S corporation returnFederal return with shareholder K-1s. | 1120-S, K-1 | from $650 |
| Partnership returnFederal return with partner K-1s. | 1065, K-1 | from $600 |
| C corporation returnFederal corporate return. One state included. | 1120 | from $700 |
| Foreign owned LLC filingReporting for a foreign owned single member LLC, filed with a pro forma 1120. | 5472, pro forma 1120 | from $450 |
| Additional state returnPer state, beyond the one included with the federal return. | Varies by state | from $75 |
See the full table for every service and for what changes a price.
Who does the work
- Washington State licensed CPAVerifiable through the Washington State Board of Accountancy. The CPA who prepares your return signs it.
- Five years of tax work before this practicePreparing United States returns in employment, before the practice opened.
- A fixed fee, in writingAgreed before any work starts. A change in scope is agreed before it is worked on.
Common questions
When are business returns due?
For a calendar year entity, partnership returns on Form 1065 and S corporation returns on Form 1120-S are due March 15, and C corporation returns on Form 1120 are due April 15. Each can be extended by six months. Partnership and S corporation deadlines come a month before the individual deadline on purpose, because the owners need their K-1s before they can file.
What is the penalty for filing a partnership or S corporation return late?
The penalty is charged for each owner for each month the return is late, for up to twelve months. Because it multiplies by the number of partners or shareholders, it grows quickly on an entity with several owners even when no tax is owed. The per owner amount is set by statute and adjusted for inflation.
Does my S corporation have to pay me a salary?
If you are a shareholder who works in the business, you must be paid reasonable compensation as wages through payroll before taking distributions. This is a long standing area of IRS attention, because wages carry employment tax and distributions do not. What counts as reasonable depends on the work you actually do.
I own a US LLC from outside the United States. What do I have to file?
A foreign owned single member LLC is treated as a corporation for reporting purposes and must file Form 5472 attached to a pro forma Form 1120 for any year it has a reportable transaction with its owner or another related party, even when the LLC had no income and owes no tax. Forming the LLC, putting money into it, taking money out, and the owner paying its expenses all count, so in practice most such LLCs file every year. The penalty for failing to file is 25,000 US dollars per form. The LLC needs its own EIN before anything can be filed.
My business had no activity this year. Do I still need to file?
Usually. An S corporation files for every year its election is in effect, whether or not it traded. A partnership is different: a domestic partnership that had no income and no deductible or creditable expenses for the year does not have to file, though some partnerships, such as qualified opportunity funds, must file regardless. Where a return is required, the late filing penalty applies even when there is no tax to pay. The cleanest way to end the obligation for good is to formally dissolve the entity rather than leave it dormant.
Start here
Describe your situation and you will have a fixed fee in writing within one business day. Do not send documents or identifying numbers until that fee is agreed.