Personal Tax Return – Federal and State – An individual who is a US citizen/PR or US resident is required to file personal tax return by 15 Apr every year and pay the taxes. The common type of return is 1040, 1040 NR what an individual is required to file. An individual can file form 4868 to request extension for filing the extension till 15 October. However the extension is only for filing tax return and not for the payment of taxes.
Corporate Tax Return – C Corp, S Corp, LLC – The corporations in United States are required to file the tax returns by 15 March every year and pay the taxes, The common type of returns are 1120, 1120S. Corporations can also seek extension till 15 September by filing form 7004. Again the extension is filing for tax return and not for the payment of taxes
Payroll processing – Payroll processing is integral part of any business to pay its employees and contractors on time. Besides employees/contractors you also need to pay the regulators the payroll taxes and file returns on time. The payroll form is commonly known as W2 or 1099 in United States which an employer is required to issue to the employees/Contractors. Failure to meet the about requirements may need to additional interest and penalties and audits by IRS
Payroll Return – Payroll return W2 is required to filed on yearly basis for the income given to the employees. In addition the businesses are also required to file quarterly returns (940, 941s) with IRS and remit payroll taxes. The business are also required to file the state payroll returns depending on the state they are registered with
Sales Tax Return – The businesses registered and selling taxable goods with the state are required to periodically file and remit and sales taxes. Each state has their pwn requirements and the businesses are required to comply with them
Financial Reporting – Financial Reporting is required for every business for the purpose of decision making and reducing the non value added operations. The financial reports are essential to generate the various federal and state returns. The returns should be in agreement with financial statements. The accuracy and fairness of financial statements are highly encouraged.
Accounting and Book Keeping – Quickbooks – Accounting and book keeping is a day to day requirement for any business, Accounting function is required for drawing the financial statements for any business. The annual reports are released for a business on periodic basis to keep the shareholders and investors / potential investors informed about the financial position of the business. The statements are also required by the banks/lenders for the purpose of raising the funds.
IRS Representation – Internal Revenue Service (IRS) is a tax collection agency in United States. IRS may pick up any business for the purpose of audit randomly or any other reason. We can act as a representative for any US business for the purpose of supporting and explaining the business/taxpayer situation. Most of the times IRS may reach out to us directly if we are on the business profile with CRA to ensure smooth and quick resolution of IRS query.