Corporate & Partnership Taxation

There are three main types of business entities that require federal tax filings. Partnerships, C-Corps, and S-Corps. Without the proper knowledge, all three can be difficult to understand. Our NYC partnership and corporate tax accounting services can help. Below is a discussion of each, as well as a brief comment on LLCs:

Business Structure Taxation

At Kim, CPA, we have a wealth of knowledge and experience in navigating the tax implications of various business structures. Whether you are operating as a partnership, C-Corporation, S-Corporation, or Limited Liability Company (LLC), our team can provide you with accurate and comprehensive tax guidance to ensure that you are in compliance with all relevant regulations.

Partnerships:
In the event that your business has multiple owners and has not incorporated as an S-Corp or C-Corp, it will likely be required to file a partnership return, reported on Federal Form 1065 and (if applicable) specific state schedules. Our firm supports all 50 states.

C-Corporations:
C-Corporations are taxed as separate entities and are reported on Federal Form 1120 and (if applicable) specific state schedules. Our firm supports all 50 states. This structure is commonly adopted by NY startups and larger businesses, allowing for multiple shareholders.

S-Corporations:
S-Corporation classification must be applied for with the IRS and is often chosen for the purpose of reducing self-employment taxes. To take advantage of this tax benefit, an S-Corp election must be approved by the IRS based on specific terms.

Limited Liability Companies (LLCs):
LLCs offer limited liability protection and pass-through taxation. As a separate entity from its owners, owners of an LLC cannot typically be held personally responsible for business debts and liabilities. If you have any questions regarding LLC taxation, please do not hesitate to contact us for more information about our LLC tax services.

Our team is committed to providing you with the most accurate and trustworthy information and guidance, so do not hesitate to reach out to us to discuss your business structure and its tax implications.

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