Corporate Tax

Do Not Pay More In Taxes, Tax Preparation, & Filing Fees Than You Have To

Corporate Tax services encompass professional support offered to businesses in handling their tax responsibilities and optimizing their tax strategies. These services commonly involve tax planning, compliance, and consulting to ensure businesses fulfill their tax obligations while minimizing tax liabilities. Corporate Tax services play a crucial role in helping businesses navigate intricate tax laws and regulations, enabling them to make well-informed financial decisions.

A C corporation is treated as an independent taxpayer for federal income tax purposes. It conducts business, generates net income or loss, pays taxes, and distributes profits to shareholders. The corporation is taxed on its profits when earned, and shareholders are taxed again when they receive dividends. This results in double taxation. Additionally, the corporation cannot claim a tax deduction for dividend distributions, and shareholders cannot deduct any losses incurred by the corporation.
Corporate Tax

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Corporate Tax Benefits

Specific tax benefits and implications of a C corporation can vary based on individual circumstances and applicable tax laws. Consulting with a tax professional is recommended for personalized advice. Some of the benefits include, potentially lower tax rates for retained earnings, the ability to deduct business expenses such as salaries, benefits, rent, and utilities, the option to provide tax-deductible fringe benefits to employees (such as health insurance, retirement plans, and educational assistance), the ability to retain and reinvest earnings without immediate tax consequences, the potential for capital gains treatment when selling appreciated assets, and the flexibility to choose a fiscal year for optimized tax planning. These benefits can help C corporations reduce their tax liabilities and support their growth and financial management strategies.

Corporate Tax Filing Process

Our Corporate Tax Accountant Team is known for providing useful advice on potential tax pitfalls, identifying areas of non-compliance, and suggest corrective actions. By being proactive, our Corporate Tax Accountant Team helps clients avoid penalties, fines, and legal issues. Below is a general process outline:
1. Receive financial records like income statements, balance sheets, and expense records through a secure portal or email.
2. Our Corporate Tax team will review the complete tax forms such as Form 1120 for federal taxes, providing accurate details about income, deductions, credits, and other relevant information.
3. Our Corporate Tax software will calculate taxable income and estimated taxes. If required, then we will request to make estimated tax payments throughout the year to avoid underpayment penalties.
4. We will submit the completed tax forms to the appropriate tax authority, like the Internal Revenue Service (IRS) in the United States by the designated deadline.
5. If there is a tax liability after deductions and credits, then we will request you to pay the remaining taxes owed to the tax authority.
6. We will assist with maintaining the copies of the filed tax returns, supporting documents, and receipts for future reference and potential audits.

1120 Form

The 1120 form, also referred to as the U.S. Corporation Income Tax Return, is a crucial document used by corporations in the United States to disclose their earnings, deductions, and tax obligations. This form must be filed annually and is typically due on the 15th day of the fourth month following the conclusion of the corporation's fiscal year. It is utilized by both domestic corporations and specific foreign corporations involved in U.S. trade or business activities. To ensure adherence to relevant tax laws and regulations, it is advisable to seek guidance from a tax professional or consult the official IRS instructions when preparing and submitting the 1120 form.

Domestic And Specific Foreign Corporations

Both domestic and foreign corporations are responsible for paying taxes. Domestic corporations are those that are legally registered within the country, while foreign corporations are incorporated outside of the United States.
For domestic corporations, they are subject to federal tax laws. These corporations are generally required to pay a flat rate of 21% as corporate income tax. Additionally, they must submit an annual tax return, known as Form 1120, to the Internal Revenue Service (IRS) and pay taxes on their worldwide income.
On the other hand, foreign corporations are subject to different tax regulations depending on their level of business activity within the United States. If a foreign corporation is engaged in trade or business operations within the country, it is generally subject to the same tax rules as domestic corporations. This means it must pay corporate income tax on income generated from US sources and file
Form 1120-F.
In cases where a foreign corporation is not involved in trade or business activities within the United States but earns certain types of income from US sources, it may still be liable for US taxation. For example, if a foreign corporation earns passive income such as dividends, interest, or royalties from US sources, it may be required to pay withholding taxes on that income.

WHY CHOOSE U​S?

CPA CLINICS offers tax preparation and filing services at unbeatable prices!

Collaboration

Our expert will have a detailed meeting with you to understand your requirements.

Corporate Tax Manager

CPA CLINICS will assign a dedicated Corporate Tax Manager for you.

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Timely Filing

Electronically and securely submit information to us for timely filing.

PRICING

CORPORATIONS, PARTNERSHIPS, AND LIMITED LIABILITY COMPANIES
Starting From
$500
For S Corporations
C Corporations
Partnerships
And LLCs
CPA / CA Tax Preparation
Drake Professional Tax Software
Tax Returns
Sales And Use Tax Filing
Value Added Tax Filing
Excise Tax Filing
Employment Taxes
Withholding Taxes
Schedule K-1 (Form 1120S And 1065)
Qualified Business Income Deduction Worksheet
Net Operating Loss Worksheet
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