Corporate Tax Returns, Partnerships
Single- Member LLC
We offer a fee range of $350 to $800 for your partnership tax returns (Form 1065) and corporate tax returns (Form 1120 and 1120s). The range might seem broad, but typical corporate tax returns are $450 to $600. It depends largely on the quality of your accounting records, the past accuracy of your balance sheet and how much clean up is required. If we prepare your accounting records throughout the year, then your fee is fixed at $450. Some partnerships and S Corp taxes are straightforward- not too many things going on, simple balance sheet, no shareholder capital or basis account issues. In these cases, these tax returns can be done for approximately $350 to $400. We can take spaghetti and turn it into a solid tax return, but unraveling and re-assembling takes time. Yet as you can tell, we are reasonable with our fee structure.
A single-owner (single-member) LLC’s income or loss will flow onto the owner’s Schedule C within their personal tax return. Therefore, a corporate tax return is not required. The fee for this situation is incorporated in the fee for your personal tax return (typically between $225 and $275). However bookkeeping services in conjunction with the tax preparation is available and might be required.
As mentioned, most partnership and corporate tax returns can be prepared between $450 and $600. Having said that, if you maintain your own financial records or accounting books, our past experience has suggested that an extra 3-5 hours will be required to properly prepare your corporate tax return. Specifically most errors center on general balance sheet issues, retained earnings and payroll. And these areas of your corporation’s financial records are critical in terms of accuracy.
Any corporate tax returns that require paper filing $25
Copying and returning of original tax documents $50
QuickBooks help, reconstructing financial statements $100 / hr
Business owners who introduce significant changes oradditions after a preliminary tax return is prepared $100 / hr
Corporate tax consultation and audit assistance,coordinating with attorneys, business consultation,extensive research, writing correspondence $150 / hr
Note: some of these additional fees may be waived depending on the circumstances. For example, extensive research is charged at $150 per hour, however since we are expanding our scope of knowledge in the process we tend to heavily discount this fee. Please keep in mind that we pride ourselves in not being the nickel and dime type of tax preparation firm. At the same time, there is not enough fluff in our tax preparation fees to subsidize additional services.
If you need prior year accounting plus a corporate tax return, we typically offer a discount for those combined services. Depending on the number of transactions and the overall complexity of the bookkeeping, we offer a fee range of $950 to $1,450 which includes the tax preparation. Additional factors that are considered are number of bank accounts, credit cards, personal versus business use of funds and how quickly we can translate the statements into accounting records.