Business Tax Preparation
Business returns are where small errors become expensive. We prepare federal and state returns for corporations, S corporations, partnerships and LLCs, reconcile them to your books and deliver K-1s to owners well before their personal deadlines.
How Nelson & Associates handles Business Tax Preparation
A business return is only as good as the books behind it. Before we prepare anything we review your trial balance, reconcile key accounts and adjust for items such as depreciation, meals, owner compensation and inventory. That way the return is accurate, the balance sheet makes sense and the numbers hold up if the IRS ever asks.
Florida businesses have their own obligations on top of the federal return. C corporations, and LLCs taxed as corporations, file the Florida Corporate Income/Franchise Tax Return (Form F-1120). Every entity files an annual report with the Division of Corporations, and many also owe tangible personal property tax and sales tax. We keep track of all of it in one calendar.
Who this is for
- S corporations and multi-member LLCs taxed as partnerships
- C corporations, including foreign-owned U.S. subsidiaries
- Professional practices: medical, legal, engineering and design
- Restaurants, retailers, importers and distributors
- Real estate holding companies and family partnerships
- Start-ups filing their first business return
Everything covered in our Business Tax Preparation service
- Federal Form 1120, 1120-S or 1065 with all schedules
- Florida Form F-1120 corporate income tax return where required
- Schedule K-1s for every owner, delivered early
- Depreciation schedules and Section 179 or bonus depreciation elections
- Book-to-tax reconciliation (Schedule M-1 or M-3)
- Owner compensation and shareholder basis review
- Other state returns when you do business outside Florida
- Extension filing and estimated tax calculations
The paperwork behind Business Tax Preparation
| Form 1120 | U.S. Corporation Income Tax Return |
|---|---|
| Form 1120-S | U.S. Income Tax Return for an S Corporation |
| Form 1065 | U.S. Return of Partnership Income |
| Schedule K-1 | Each owner's share of income, deductions and credits |
| Form 4562 | Depreciation and amortization |
| Form 7004 | Automatic extension for business returns |
| Florida F-1120 | Florida Corporate Income/Franchise Tax Return |
| Form 5472 | Information return for 25% foreign-owned U.S. corporations |
What we’ll need from you
Have these ready and your first meeting goes faster. Missing something? We’ll help you find it.
- Year-end profit and loss statement and balance sheet
- Bank, credit card and loan statements at year end
- Fixed asset purchases and disposals during the year
- Payroll reports, W-2s and W-3
- 1099s issued to contractors
- Prior-year business return and depreciation schedule
- Ownership changes, capital contributions and distributions
- Florida sales tax and reemployment tax filings
How it works, step by step
Review your books
We look at your financials and flag anything that needs adjusting.
Prepare the returns
Federal and state returns are prepared and reconciled to your books.
Owner review
We walk you through the results, K-1s and any planning opportunities.
File and calendar
We e-file, confirm acceptance and set next year's deadlines.
Why clients choose us for Business Tax Preparation
Books and taxes together
Our accounting team and tax team work from the same numbers.
Florida filings covered
F-1120, annual reports, sales tax and property tax on one calendar.
Foreign ownership experience
We regularly prepare returns for U.S. companies with foreign owners.
Owners first
K-1s arrive early so owners can file their own returns on time.
Business Tax Preparation across the United States
From our Doral office we provide Business Tax Preparation to clients in all 50 states and Washington, D.C. Hover over a state to see its tax profile and the cities we serve; tap it to open the state page.
Services clients often pair with this
Small Business Accounting & Bookkeeping
Monthly bookkeeping, reconciliations and financial statements that keep your business accurate, tax-ready and easy to manage.
Learn more Business Accounting & AdvisoryNew Business Formation
Choose the right entity, register in Florida, obtain your EIN and set up accounting, payroll and tax elections from day one.
Learn more Business Accounting & AdvisoryPayroll Services
Full-service payroll with direct deposit, federal and Florida payroll tax filings, year-end W-2s and new-hire reporting.
Learn more QuickBooks ServicesQuickBooks Cleanup (QuickTune-Up)
Fix messy, behind or inaccurate QuickBooks files: reconcile accounts, correct categories and catch up months or years of books.
Learn moreMore in Tax Preparation & Planning
Business Tax Preparation FAQs
8 answers to the questions clients ask most. Don’t see yours? Ask us directly.
When are business returns due?
For calendar-year businesses, partnership (1065) and S corporation (1120-S) returns are due March 15. C corporation returns (1120) are due April 15. Each can be extended six months with Form 7004.
Does my LLC have to file a Florida return?
A single-member LLC that is disregarded for tax purposes usually does not file F-1120. An LLC taxed as a C corporation does. All LLCs file the annual report with the Florida Division of Corporations by May 1.
Can you fix last year's return if it was wrong?
Yes. We can file an amended return or an administrative adjustment request, depending on the entity type, and explain any tax or refund that results.
Do S corporation owners need a salary?
Yes. Shareholders who work in the business must take reasonable compensation through payroll before taking distributions. We help you set and document a defensible amount.
My company is owned by someone outside the U.S. What changes?
A U.S. corporation that is at least 25% foreign-owned, and a foreign-owned single-member LLC, must file Form 5472 with the IRS. Penalties for missing it are steep, so we build it into the return.
Can you prepare the return if my books are a mess?
Yes. We clean up the books first, then prepare the return. Ask about our QuickBooks cleanup service.
What is tangible personal property tax?
Florida businesses that own furniture, equipment or machinery generally must file Form DR-405 with the county property appraiser by April 1. We can prepare it alongside your income tax return.
Do you offer Business Tax Preparation outside Florida?
Yes. Our office is in Doral, Florida, and we work with clients across the United States and abroad through secure uploads, phone and video meetings and e-signatures. South Florida clients are welcome to meet with us in person.
Talk to a CPA about Business Tax Preparation.
Your initial consultation is free. Call us, email us or visit our Doral office, and we’ll tell you exactly what you need and what it will cost.