C-Corp Returns
Corporate filings for Brooklyn headquartered companies with growth-ready documentation.
S-Corp and Partnership Returns
Entity returns tailored to Brooklyn S-Corps and partnerships
Coordinate bookkeeping, reasonable compensation studies, and partner allocations under a Brooklyn based CPA.
- Gusto and ADP payroll integrations for reasonable salary tracking
- Quarterly owner strategy calls for cash flow and estimated payments
- Documented workpapers for partner and shareholder basis
What you get
- Complete preparation of Form 1120S for S-Corporations or Form 1065 for partnerships
- Reconciliation of financial statements to tax return including income, expenses, and balance sheet accounts
- Preparation of Schedule K-1 for each partner or shareholder with detailed allocation schedules
- Reasonable compensation analysis and documentation for S-Corp shareholders
- Coordination with payroll providers to ensure W-2 reporting aligns with tax return
- +9 more included items
Simple process
1Financial statement review
2Income and expense reconciliation
3Payroll and compensation review
+4 more steps
Brooklyn-based CPA
Secure document exchange, same-day acknowledgement, and direct access to your tax preparer.
Comprehensive tax preparation for Brooklyn residents
We reconcile books to year-end payroll, contractor, and shareholder distributions, ensuring equity accounts align with partner agreements. Our CPAs review profit and loss statements, balance sheets, and trial balances to ensure all transactions are properly categorized. We coordinate with your bookkeeper or accounting team to reconcile income, expenses, and distributions. We ensure payroll records align with Form W-2s and that officer compensation meets reasonable compensation requirements for S-Corps.
K-1 packages are delivered with summary letters so owners understand their basis impact, distributions, and estimated payments. We prepare Schedule K-1 for each partner or shareholder showing their share of income, deductions, credits, and distributions. We calculate basis adjustments including contributions, distributions, and allocated income. We provide detailed explanations of how each K-1 line item affects the owner's personal tax return and estimated payment obligations.
State registrations across New York and neighbouring jurisdictions are monitored to avoid late filings or penalty notices. We maintain a compliance calendar tracking due dates for Form 1120S and Form 1065 federal returns, New York State returns, and multi-state filings. We coordinate with state agencies to ensure proper registration and filing requirements are met. We also monitor nexus triggers that may create new filing obligations as your business grows.
We coordinate reasonable compensation studies for S-Corp shareholders to ensure officer salaries meet IRS standards. We benchmark salaries using industry data and document the methodology to support the compensation level. We ensure payroll tax compliance and coordinate with payroll providers including Gusto and ADP. We also evaluate whether distributions should be reclassified as salary to avoid IRS scrutiny.
What's included
- Complete preparation of Form 1120S for S-Corporations or Form 1065 for partnerships
- Reconciliation of financial statements to tax return including income, expenses, and balance sheet accounts
- Preparation of Schedule K-1 for each partner or shareholder with detailed allocation schedules
- Reasonable compensation analysis and documentation for S-Corp shareholders
- Coordination with payroll providers to ensure W-2 reporting aligns with tax return
- Multi-state allocation schedules for entities operating in multiple states
- Basis calculation worksheets showing partner and shareholder equity adjustments
- Quarterly estimated tax calculations for entity-level payments where required
- New York State Form CT-3-S for S-Corps or Form IT-204 for partnerships
- City composite return preparation when beneficial for NYC partners
- Support for multi-state partner allocations and withholding certificates
- Documented workpapers showing income allocations, expense allocations, and distribution calculations
- Coordination of extension requests and monitoring of filing deadlines
- Post-filing support for K-1 questions and amended K-1 preparation if needed
Typical scenarios we handle
- Brooklyn S-Corporations with single or multiple shareholders who need reasonable compensation studies and K-1 preparation
- Partnerships with varying profit-sharing ratios who need accurate income and expense allocations across partners
- Entities with out-of-state partners who need multi-state allocation schedules and withholding certificates
- S-Corps and partnerships with significant depreciation or Section 179 deductions that need detailed basis tracking
- Brooklyn entities with mixed income sources including service income, rental income, and investment income
- Partnerships with guaranteed payments to partners who need proper allocation between guaranteed payments and distributive shares
- S-Corps with accumulated earnings and profits that need careful distribution planning to avoid dividend treatment
- Entities with partner or shareholder loans that need proper basis tracking and interest expense allocation
- Brooklyn businesses with prior year losses that need loss carryforward calculations and basis limitation analysis
- S-Corps and partnerships expanding operations who need nexus analysis and multi-state registration support
How we prepare your return
1
Financial statement review
We review your year-end financial statements including profit and loss statements, balance sheets, and trial balances. We reconcile all accounts to ensure accuracy and identify any adjustments needed for tax purposes.
2
Income and expense reconciliation
We reconcile book income to taxable income by identifying book-to-tax differences including depreciation, meals, entertainment, and other timing differences. We ensure all income sources are properly categorized and all expenses are properly documented.
3
Payroll and compensation review
For S-Corps, we review officer compensation to ensure it meets reasonable compensation standards. We benchmark salaries using industry data and coordinate with payroll providers to ensure W-2 reporting is accurate.
4
Partner and shareholder allocations
We calculate each partner's or shareholder's share of income, deductions, credits, and distributions based on the operating agreement or corporate documents. We prepare detailed allocation schedules showing the calculations.
5
K-1 preparation and basis calculations
We prepare Schedule K-1 for each partner or shareholder showing their allocable share of all items. We calculate basis adjustments including contributions, distributions, and allocated income. We provide detailed explanations of how each K-1 item affects the owner's personal return.
6
Multi-state coordination
If you have operations or partners in multiple states, we prepare state allocation schedules and coordinate multi-state filings. We ensure proper withholding and registration in each state.
7
Return filing and K-1 delivery
We e-file the entity return and provide K-1 packages to all partners or shareholders. We ensure K-1s are delivered by the deadline so owners can file their personal returns on time.
Brooklyn and New York City considerations
- We ensure New York City business tax compliance for Brooklyn S-Corps and partnerships subject to city taxes
- We coordinate NYC Department of Finance filings and handle any notices related to city tax obligations
- We understand Brooklyn-specific business expenses and ensure proper documentation for local deductions
- We coordinate with Brooklyn-based partners and shareholders on local tax implications of distributions and allocations
- We handle New York State franchise tax calculations and ensure proper credit applications for multi-state entities
- We coordinate NYC nexus analysis for entities with Brooklyn operations to ensure proper city tax registration
- We ensure compliance with New York State and NYC tax rules for pass-through entities, including estimated tax requirements
Frequently asked questions
Do you prepare city composite returns?
Yes. We evaluate whether NYC or other city composite filings are beneficial when you have nonresident partners. Composite returns allow the entity to pay tax on behalf of nonresident partners, simplifying their individual filing requirements. We prepare the necessary supporting schedules and coordinate with city tax agencies.
Can you handle out-of-state partners?
We prepare multi-state schedules for resident and nonresident partners, including Form IT-2658 for nonresident withholding when required. We calculate each partner's state allocation percentages and prepare state-specific K-1s or supporting schedules. We also coordinate withholding certificates and estimated tax requirements.
How do you support reasonable compensation studies?
We benchmark officer salaries using industry data from sources like Salary.com and Bureau of Labor Statistics. We document the methodology, compare roles and responsibilities, and prepare a written analysis supporting the compensation level. This documentation helps defend against IRS challenges to S-Corp distributions.
How do you calculate partner or shareholder basis?
Basis starts with the owner's initial contribution, increases with allocated income and contributions, and decreases with distributions and allocated losses. We maintain detailed basis worksheets tracking all adjustments and ensuring basis limitations are properly applied when losses exceed basis.
What happens if distributions exceed basis?
Distributions in excess of basis are generally treated as capital gains. We monitor basis throughout the year and provide guidance on distribution timing to avoid unexpected tax consequences. We also coordinate with owners on strategies to restore basis if needed.
How do you handle guaranteed payments to partners?
Guaranteed payments are treated as ordinary income to the partner and deductible by the partnership. We ensure proper allocation between guaranteed payments and distributive shares, and coordinate with payroll providers if guaranteed payments are processed through payroll.
Can you help with partnership or S-Corp elections?
Yes. We assist with Form 2553 elections for S-Corporation status and Form 8832 elections for entity classification. We ensure elections are filed timely and properly documented. We also help with late election relief when applicable.
How do you coordinate entity estimated payments?
Some entities may be required to make estimated tax payments. We calculate required payments based on the prior year's tax liability or current year projections. We coordinate with owners to ensure personal estimated payments align with entity-level distributions.
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