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Partnerships
If your business has more than one member and isn’t incorporated as an S-Corp or C-Corp, you will need to file a partnership return. Report income, deductions, and credits on Federal Form 1065 and, if needed, on specific state schedules. Here’s what you need to know about partnership taxation:
We ensure you complete and submit all necessary forms on time, minimizing penalties and maximizing deductions.
- Federal Filing
- Use Form 1065 to report the income, deductions, and credits of a partnership. Each partner receives a Schedule K-1, detailing their share of the partnership's income, deductions, and credits.
- State Filing
- Depending on the state where your partnership operates, additional state schedules may be required. We support filings in all 50 states.
- Default Classification
- The IRS automatically classifies a business entity with more than one owner as a partnership unless you elect to be treated as a corporation.
- LLC Partnerships
- Multi-member LLCs are treated as partnerships for tax purposes unless you choose a different classification. This includes multi-member LLCs, equity partners, and members.
S-Corporations (S-Corps)
An S-Corp is a popular small business corporation structure recognized by the IRS. It offers the benefit of decreased self-employment taxes on individual returns. Key aspects of S-Corp taxation include:
We assist with the application process for S-Corp status and ensure your annual returns are filed accurately and promptly.
- Federal Filing
- S-Corps file their taxes using Federal Form 1120-S, which reports the income, deductions, and credits of the corporation. Each shareholder receives a Schedule K-1, detailing their share of the corporation's income, deductions, and credits.
- State Filing
- Depending on the state, additional state schedules may be required. We provide support for all 50 states.
- Election Process
- You must apply for S-Corp status and receive approval from the IRS, as S-Corps are not a default classification.
- Tax Savings
- One of the primary benefits of an S-Corp is the potential for significant tax savings by reducing self-employment taxes. This can be particularly advantageous for businesses with substantial annual net income.
C-Corporations (C-Corps)
A C-Corp is a separate taxable entity that pays taxes on its income. Larger businesses and startups, especially those incorporated in Delaware, commonly use this structure. Here’s an overview of C-Corp taxation:
We guide you through the complexities of C-Corp taxation, ensuring compliance and identifying tax-saving opportunities.
- Federal Filing
- C-Corps report their income, deductions, and credits on Federal Form 1120. The corporation pays taxes at the corporate tax rate.
- State Filing
- Depending on the state, you may need to file additional state schedules. Our services cover all 50 states.
- Default Classification
- If you incorporate your business with the state or register your EIN as a corporation, it is automatically classified as a C-Corp unless you elect a different status.
- Shareholders
- C-Corps can have an unlimited number of shareholders, making them ideal for businesses seeking to raise capital through the sale of stock.
Limited Liability Companies (LLCs)
LLCs are flexible business structures with state-specific filing requirements. For federal tax purposes, LLCs can be classified in various ways:
- Single-Member LLCs
- As the sole owner, you report your LLC as a disregarded entity on Federal Form 1040 Schedule C, including the income and expenses on your personal tax return.
- Multi-Member LLCs
- With multiple owners, your LLC operates as a partnership and files Federal Form 1065, unless you choose to be classified as an S-Corp or C-Corp.
- State Filing
- Each state sets its own filing requirements for LLCs. We handle LLC filings across all 50 states.
No cost to start
Not sure which structure you should be filing as?
Partnership, S-Corp, C-Corp or LLC — the classification changes what you file and what you pay. Spend fifteen minutes with a CPA who files all four every week.
Our Offerings
Our team of experienced tax professionals provides top-tier corporate and partnership tax accounting services. Here’s why you should choose us:
Expertise
We handle complex tax situations with ease, drawing from years of experience helping thousands of businesses.
Comprehensive Support
We ensure your business complies with both federal and state tax regulations in all 50 states.
Tailored Services
We tailor our services to meet the specific needs of your business, whether you are a partnership, S-Corp, C-Corp, or LLC.
Timely Filing
We complete and submit all tax filings accurately and on time, reducing the risk of penalties and interest.
Proactive Advice
We provide proactive tax advice to help you make informed decisions and maximize tax savings.
What our clients say
“George has prepared and maintained the corporate accounting and provided consultant services for my company for a number of years. He has always done an outstanding, professional and courteous job. I feel that his rates are very fair and he provides a great value for the cost.”
“Excellent service and very professional. George and his team have been handling my business taxes for years and I couldn't be happier with the results. They are always available to answer questions and provide expert advice.”
“I've been working with Dimov CPA for both personal and business taxes. Their attention to detail and knowledge of tax law has saved me thousands. Highly recommend to anyone looking for a reliable CPA in NYC.”
Corporate & partnership tax
Let's get your business return filed right
Whether you file a 1065, an 1120-S, an 1120, or a Schedule C, our team handles the federal and state filings — accurately, on time, in all 50 states.
