Yes, we can prepare your quarterly estimated payments for you. We will prepare all the forms for you and provide you with some easy to follow instructions in order for you to make your quarterly payments.  Most often, businesses make estimated payments in order to help manage cash flows and prevent them from having to scramble for cash at the end of the year. Making four smaller payments is often easier than making one large payment. According to IRS standards, estimated payments should be either 90% of this year's tax liability or 100% of last year's tax liability. Making payments in accordance with that standard will help to avoid underpayment penalties.

When determining your quote for the preparation of your business return, there will be questions asking whether or not you maintain your books and records using accounting software. In the event that you require assistance with the preparation of your books and records, your quote will be adjusted accordingly given the volume of monthly transactions your business incurred. 

If you operate as a sole proprietorship or single member LLC, you will not have to file a separate business return. All you will need to file is a schedule C along with your personal return.  If you operate as a C corporation, S-Corp, not-for-profit or partnership there will be a separate filing obligation. You will need to file a Form; 1120, 1120S, 990 or 1065, respectively.

Easy... # of owners = # of K-1s. Each partner or S corp shareholder will require a K-1 from the partnership/S-corp. All the information included within the K-1 is to be reported by each respective owner in order to report the income on their personal tax return. Flow-through entities such as partnerships and S-corps do not pay taxes. Rather, the partners/shareholders within the entities are responsible for their share of the liability.

Corporate distributions are payments made by the corporation to its shareholders. Dividend payouts follow a set procedure. Board members approve a dividend on a declaration date and investors, as of the ex-dividend date ("holder-of-record" - you own shares as of the date dividend recipients are recorded), will receive payment on the payment date. In other words, did you or any other shareholder of the company receive a payment from the company that wasn't part of a regular paycheck or bonus? If yes, then your company probably made a dividend payment.   In the event your company does not have sufficient accumulated earnings, the payment made by the corporation could be considered a return of capital instead of a dividend. If this is the case, the payment would go to reducing your basis in the company rather than being taxed as income.

As long as you owe $25,000 or less and have already filed your return, you may apply for an installment plan with the IRS. Per the IRS, you will typically be informed within 30 days of submission as to whether your request is approved or denied. Remember, don't take too long to pay. Penalties and interest will continue to accrue until the full tax bill is paid. However, the late-payment penalty is cut in half for any month an installment agreement is in effect.