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Corporate Tax

It refers to the tax imposed on the profits earned by corporations at the federal and state levels in the United States. Corporations must report income, expenses, and credits to determine their tax liability. The federal corporate tax rate is currently 21%, though state rates vary.

Corporate taxation applies to C-Corporations (taxed separately from owners) and, in certain contexts, S-Corporations (pass-through entities where income is reported on shareholders’ personal returns). Proper corporate tax management ensures compliance, reduces risks of penalties, and helps maximize savings through strategic planning.

Work Process of Corporate Tax

  1. Initial Consultation & Data Gathering:

    • Collect details about the corporation, including financial statements, payroll data, and prior year returns.

    • Understand the company’s structure (C-Corp, S-Corp, LLC taxed as a corporation).

  2. Income & Expense Review:

    • Analyze revenue streams, operating expenses, and capital gains.

    • Identify deductible expenses such as salaries, rent, depreciation, and business costs.

  3. Tax Adjustments & Deductions:

    • Apply allowable credits (R&D credits, investment credits, etc.).

    • Identify tax-saving opportunities through depreciation, carryforwards, and loss offsets.

  4. Preparation of Tax Returns:

    • Prepare Form 1120 (for C-Corps) or Form 1120-S (for S-Corps) along with any required schedules.

    • Prepare and reconcile state corporate tax filings.

  5. Review & Compliance Check:

    • Ensure all returns meet IRS and state compliance requirements.

    • Double-check for accuracy to minimize audit risk.

  6. Filing & Submission:

    • File federal and state corporate returns electronically or by mail.

    • Provide filing confirmation and copies for company records.

  7. Post-Filing Support:

    • Assist with estimated tax payments, refunds, or installment plans.

    • Provide representation in case of IRS or state audits.

    • Offer year-round tax planning for the next fiscal year.

Special Features of Corporate Tax Services

  • Full Compliance: Ensure corporations meet both IRS and state tax requirements.

  • Maximized Tax Savings: Strategic use of deductions, credits, and tax planning methods.

  • Industry-Specific Expertise: Tailored solutions for corporations across different industries.

  • Audit Representation: Professional support in the event of federal or state audits.

  • Secure & Confidential: Protection of sensitive corporate financial data.

  • Year-Round Support: Ongoing consultation for tax strategy and estimated tax payments.

  • Customized Solutions: Corporate tax strategies designed to align with company goals.

  • Efficiency & Accuracy: Streamlined process reduces errors and filing delays.