Financial statement review
We review your year-end financial statements including profit and loss statements, balance sheets, and trial balances. We reconcile all accounts to ensure accuracy and identify any adjustments needed for tax purposes.
Tax services
Entity returns tailored to Queens S-Corps and partnerships
Coordinate bookkeeping, reasonable compensation studies, and partner allocations under a Queens based CPA.
- Gusto and ADP payroll integrations for reasonable salary tracking
- Quarterly owner strategy calls for cash flow and estimated payments
- Documented workpapers for partner and shareholder basis
Tell us about your needs
Service details
Everything you need to know about s corp and partnership returns
This service handles tax return preparation for S corporations and partnerships operating in Queens, NY and beyond. We prepare Form 1120S for S corporations and Form 1065 for partnerships, ensuring accurate income allocation, proper basis tracking, and compliance with federal and state requirements.
Our CPAs reconcile financial statements to tax returns, coordinate with bookkeeping teams, and prepare K-1 packages for all partners and shareholders. We review profit and loss statements, balance sheets, and trial balances to identify book-to-tax differences and ensure all transactions are properly categorized.
For S corporations, we evaluate reasonable compensation for shareholder-employees using industry benchmarking and document the methodology to support IRS standards. K-1 packages include detailed allocation schedules showing each partner's or shareholder's share of income, deductions, credits, and distributions.
We calculate basis adjustments including contributions, distributions, and allocated income to ensure accurate reporting on personal returns. Multi-state operations are supported with proper allocation schedules and nexus analysis. New York State returns including Form CT-3-S for S corporations and Form IT-204 for partnerships are prepared along with any required city composite returns.
We coordinate with payroll providers like Gusto and ADP to ensure W-2 reporting aligns with tax returns. Extension requests are prepared when needed, and we monitor filing deadlines to avoid penalties. Post-filing support includes K-1 amendments if corrections are needed and responses to IRS or state inquiries.
The process ensures entities remain compliant while maximizing tax benefits for owners.
Service overview
How we help with s corp and partnership returns
We reconcile books to year-end payroll, contractor, and shareholder distributions, ensuring equity accounts align with partner agreements. Our CPAs review profit and loss statements, balance sheets, and trial balances to ensure all transactions are properly categorized. We coordinate with your bookkeeper or accounting team to reconcile income, expenses, and distributions. We ensure payroll records align with Form W-2s and that officer compensation meets reasonable compensation requirements for S-Corps.
K-1 packages are delivered with summary letters so owners understand their basis impact, distributions, and estimated payments. We prepare Schedule K-1 for each partner or shareholder showing their share of income, deductions, credits, and distributions. We calculate basis adjustments including contributions, distributions, and allocated income. We provide detailed explanations of how each K-1 line item affects the owner's personal tax return and estimated payment obligations.
State registrations across New York and neighbouring jurisdictions are monitored to avoid late filings or penalty notices. We maintain a compliance calendar tracking due dates for Form 1120S and Form 1065 federal returns, New York State returns, and multi-state filings. We coordinate with state agencies to ensure proper registration and filing requirements are met. We also monitor nexus triggers that may create new filing obligations as your business grows.
We coordinate reasonable compensation studies for S-Corp shareholders to ensure officer salaries meet IRS standards. We benchmark salaries using industry data and document the methodology to support the compensation level. We ensure payroll tax compliance and coordinate with payroll providers including Gusto and ADP. We also evaluate whether distributions should be reclassified as salary to avoid IRS scrutiny.
What's included
Comprehensive s corp and partnership returns service
- Complete preparation of Form 1120S for S-Corporations or Form 1065 for partnerships
- Reconciliation of financial statements to tax return including income, expenses, and balance sheet accounts
- Preparation of Schedule K-1 for each partner or shareholder with detailed allocation schedules
- Reasonable compensation analysis and documentation for S-Corp shareholders
- Coordination with payroll providers to ensure W-2 reporting aligns with tax return
- Multi-state allocation schedules for entities operating in multiple states
- Basis calculation worksheets showing partner and shareholder equity adjustments
- Quarterly estimated tax calculations for entity-level payments where required
- New York State Form CT-3-S for S-Corps or Form IT-204 for partnerships
- City composite return preparation when beneficial for NYC partners
- Support for multi-state partner allocations and withholding certificates
- Documented workpapers showing income allocations, expense allocations, and distribution calculations
- Coordination of extension requests and monitoring of filing deadlines
- Post-filing support for K-1 questions and amended K-1 preparation if needed
Common situations
Who benefits from s corp and partnership returns
- Queens S corporations with multiple shareholders who need reasonable compensation analysis and proper salary versus distribution planning
- Partnerships with partners in different states requiring multi-state allocation schedules and withholding coordination
- Entities with complex capital accounts and distributions that need detailed basis tracking and K-1 preparation
- Queens businesses that acquired or disposed of partnership interests during the year requiring basis adjustments
- S corporations undergoing IRS examination of reasonable compensation levels and distribution reclassification
- Partnerships with guaranteed payments or nonrecourse deductions that require special allocation tracking
- Entities with qualified business income deduction calculations affecting partner and shareholder allocations
- Queens partnerships with foreign partners requiring withholding and reporting on Form 1042-S
- S corporations with accumulated adjustments account calculations for distributions
- Multi-member LLCs taxed as partnerships needing coordination between operating agreement and tax allocations
Our process
How we handle your s corp and partnership returns
Income and expense reconciliation
We reconcile book income to taxable income by identifying book-to-tax differences including depreciation, meals, entertainment, and other timing differences. We ensure all income sources are properly categorized and all expenses are properly documented.
Payroll and compensation review
For S-Corps, we review officer compensation to ensure it meets reasonable compensation standards. We benchmark salaries using industry data and coordinate with payroll providers to ensure W-2 reporting is accurate.
Partner and shareholder allocations
We calculate each partner's or shareholder's share of income, deductions, credits, and distributions based on the operating agreement or corporate documents. We prepare detailed allocation schedules showing the calculations.
K-1 preparation and basis calculations
We prepare Schedule K-1 for each partner or shareholder showing their allocable share of all items. We calculate basis adjustments including contributions, distributions, and allocated income. We provide detailed explanations of how each K-1 item affects the owner's personal return.
Multi-state coordination
If you have operations or partners in multiple states, we prepare state allocation schedules and coordinate multi-state filings. We ensure proper withholding and registration in each state.
Return filing and K-1 delivery
We e-file the entity return and provide K-1 packages to all partners or shareholders. We ensure K-1s are delivered by the deadline so owners can file their personal returns on time.
Queens expertise
Local knowledge for Queens taxpayers
- We ensure New York City business tax compliance for Queens S-Corps and partnerships subject to city taxes
- We coordinate NYC Department of Finance filings and handle any notices related to city tax obligations
- We understand Queens-specific business expenses and ensure proper documentation for local deductions
- We coordinate with Queens-based partners and shareholders on local tax implications of distributions and allocations
- We handle New York State franchise tax calculations and ensure proper credit applications for multi-state entities
- We coordinate NYC nexus analysis for entities with Queens operations to ensure proper city tax registration
- We ensure compliance with New York State and NYC tax rules for pass-through entities, including estimated tax requirements
Important compliance information
We provide tax preparation services for S corporations and partnerships. We do not provide legal advice. Entity structure decisions, partnership agreement interpretations, or complex tax planning may require additional professional services beyond basic tax preparation.
Real-world example
How we help with s corp and partnership returns
Example of the type of engagement we can handle
Service Type
S-Corp and Partnership Returns
Client Situation
A Queens-based S corporation with three equal shareholders, one active in management, requiring proper compensation analysis and profit distribution
Our Approach
Review financial statements, benchmark reasonable compensation, prepare Form 1120S, calculate shareholder allocations, prepare K-1s with basis adjustments, and coordinate with payroll records
Expected Outcome
Compliant S corporation return with properly documented reasonable compensation, accurate K-1 distributions, and basis tracking for shareholder tax planning
Contact us to discuss your S corporation or partnership tax situation in Queens, NY. We can share references upon request.
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Frequently asked questions
Answers for Queens, NY taxpayers
Do you prepare city composite returns in Queens, NY?
Yes. We evaluate whether NYC or other city composite filings are beneficial when you have nonresident partners. Composite returns allow the entity to pay tax on behalf of nonresident partners, simplifying their individual filing requirements. We prepare the necessary supporting schedules and coordinate with city tax agencies.
Can you handle out-of-state partners from Queens, NY?
We prepare multi-state schedules for resident and nonresident partners, including Form IT-2658 for nonresident withholding when required. We calculate each partner's state allocation percentages and prepare state-specific K-1s or supporting schedules. We also coordinate withholding certificates and estimated tax requirements.
How do you support reasonable compensation studies for Queens S-Corps?
We benchmark officer salaries using industry data from similar Queens businesses and document the methodology to support the compensation level. We coordinate with your payroll provider to ensure proper W-2 reporting and evaluate whether distributions should be reclassified as salary to avoid IRS scrutiny.
Do you handle K-1 amendments for Queens partnerships?
Yes. If a K-1 needs correction, we prepare amended K-1s and coordinate with all partners to ensure their personal returns are updated accordingly. We track the amendment process and ensure proper documentation for audit support.
Ready to get started with Queens tax preparation?
Connect with a CPA who understands Queens tax requirements. We prepare and file your returns with accuracy and care.