C Corporation Accounting
At Mark Bryant, CPA we’ll never say that C Corporation accounting and filing the IRS form 1120 is too hard for the business owner to file directly. But we’ll never say it’s easy either. We recommend working together through out the year to keep your bookkeeping accurate and that makes the preparation of your S-Corporation tax return a little less taxing. Other than the straightforward pitch to earn your business, there are some compelling reasons why utilizing the 18 years of experience that Mark Bryant, CPA has with Atlanta S Corporations. It’s our job to be informed of the latest audit and compliance issues that an Atlanta S corp is likely to face. We also are trained to analyze the financial statements that the tax preparation originates to report to you on the overall complete and accurate picture of your Atlanta based S Corporation or any C Corporation of the clients we serve nationwide.
Not every corporation can qualify to be taxed as a subchapter S corporation. The IRS imposes a list of limitations and restrictions that the business and shareholders must meet and continue to comply with at all times. Some of the major ones include that there must be less than 100 shareholders. The shareholders must all be natural persons (with limited exceptions) and the shareholders must be based in the US. Also, there must only be one class of stock. At Mark Bryant, CPA, we can help you navigate to the right legal entity for your business and structure your accounting services to meet your requirements.
If you own a C-Corporation, you must report your business income and expense activity on IRS Form 1120. If you have a calendar year reporting period, your corporate tax return is due on March 15. If you have a fiscal year reporting period, your corporate tax return is due on the 15th day of the 3rd month following the close of your tax year. Corporations pay corporate income tax on net profits and shareholders also pay capital gains tax on dividends received from the corporation.
Mark Bryant, CPA – C Corporation Accounting Package
Preparation and/or review of a complete set of financial statements and support schedules for your S Corporation Accounting Needs.
- Income Statement & Balance Sheet
- Complete transaction history and summary statement of each shareholder’s capital accounts
- Preparation of 1120 tax returns
- Complete Shareholder Schedule of information: name, address, and Social Security Number
- Payroll tax returns
- Preparation of W2 statements
- Sales tax returns
- Transaction Status Reports of federal, state, and local taxes
- Form 8903 – Domestic production activities
- Schedule C – Dividends
- K-1 details on corporate officer compensation.
- All Accounting Activity needed to keep your business running so you can run your business.
Some Advantages of Filing as a C Corporation:
C corporations do not need special permission to have a fiscal year end unlike S corporations and partnerships
C corporations can have various types of shareholders including corporate shareholders, other entity shareholders and foreigners; S corporations can generally only have individuals that are US citizens as shareholders