Every year, your organization is required to summarize income and expenses by filing an annual tax return with the Internal Revenue Services (IRS). Corporate tax returns are due to the IRS March 15. If your organization files a corporate tax extension on March 15, the tax return will be due to the IRS on September 15.
The type of organization, corporation or partnership, will determine the form used for summary reporting. Brooks Financial Strategies files tax return type 1120, 1120S and 1065. In our summary reports, we thoroughly explain the tax return and K-1 statement along with the pass through amounts and distributions given to the owners.
The two most common Corporations are S Corporation (1120S tax return) and C Corporation (1120 tax return). The two most common entities that file the Partnership Return (1065) are Partnerships or Limited Liability Companies (LLC). The K-1 is used by a Partnership or S-Corporation to disclose the taxable income or loss to the individual shareholder, partner or member.
Documents needed to prepare your Corporate Tax Return include:
- Copy of prior year filed Federal Corporate tax return
- Copy of prior year filed State Corporate tax return
- Copy of the original letter from the IRS granting your Federal Employer Identification Number (EIN)
- Copy of the original letter from your State granting your State Tax ID number
- If a S Corporation, copy of the original letter granting you the S Corporation Status
- If a C or S Corporation, copy of the W2’s for the owners
- If a C or S Corporation, copy of the corporate minutes book
- If a Partnership, copy of the Partnership Agreement
- If a Limited Liability Company (LLC), a copy of the Operating Agreement
- Copy of annual financial statements showing income statement, balance sheet and trial balance
- Copy of general ledger detail for fiscal year
- Copy of all 941’s filed for your fiscal year