Will You Prepare Corporate and Partnership Tax Returns?

Absolutely, if you have the knowledge, experience and a good software program. You will be able to charge more for these returns because of their complexity. Another benefit is you will usually prepare the owners individual returns as well. Preparing business returns can be a real challenge, especially when a Balance Sheet and Schedules M-1 and M-2 are required.
Most business have fixed and intangible assets that should be depreciated and amortized.
If I were just starting out, I would buy a tax package that integrates with an accounting package. Such software programs allow you to transfer the accounting information seamlessly into the tax program. Creative Solutions has such programs as does Intuit. Regular C Corporations are subject to estimated tax payments just as individuals are so you won't want to forget that.

If you don't feel comfortable with business tax returns, establish a relationship with an experienced tax preparer who you can refer your corporate and partnership work to. I would even think a referral fee might be in order.

Calendar year corporations have a filing deadline of March 15th with an automatic extension of six months. Most business owners want to file on time so you will need to begin working on your corporate returns in January as soon as the December books are closed out.

 


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