S Corp and Partnership Returns led by Manhattan CPAs

S corporation and partnership tax returns serve businesses structured as S-corps, LLCs taxed as partnerships, and limited partnerships. This service covers Form 1120S preparation for S-corps and Form 1065 for partnerships, including K-1 schedule creation for owners. We handle pass-through income reporting, reasonable compensation analysis, and state tax filings for multi-member businesses.

The service includes reviewing business financial records, preparing K-1 statements for each owner, and ensuring proper income allocation. We analyze reasonable compensation for S-corp officers and review partnership agreements for tax implications. For Manhattan, NY businesses, we coordinate federal returns with New York State partnership and S-corp filings.

Typical documents include profit and loss statements, balance sheets, owner distributions, and business expense records. We help with quarterly estimated tax calculations for owners and ensure proper reporting of business income and losses. The process involves separating business operations from owner activities, calculating depreciation, and preparing accurate allocations to owners.

We prepare complete Form 1120S or 1065 returns with all required schedules, create individual K-1s for owners, and ensure compliance with IRS requirements for pass-through entities. For businesses with multiple locations, we handle apportionment calculations. The service benefits business owners who need professional tax preparation for their corporate or partnership structures.