A. Taxation

• Corporation
  • Corporation Income Taxes
    • Corporation US Form 1120
    • S-Corporation US Form 1120-S & S Elections
    • State Returns: Texas Franchise and other state Income & Franchise tax returns
  • Partnership & Limited Liability Co.
    • Pass Through Entity Returns
      • US Form 1065 and US Form 1120-S available for LLC’s making an S Election
      • Actively Participating Clients should consider converting to an S-Corp to save on the Medicare Taxes on earnings and investment income
      • Single member LLCs can file on Schedule C of Form 1040
    • Sole Proprietors
      • Reports business income on Schedule C of personal tax return
      • May have other filing requirement but not separate business income tax returns
    • Franchise Tax
      • Most States where a Company has established nexus are required to file a state franchise tax and income tax return. Texas Franchise Tax is a Margin Tax calculation that is substantially different than the Federal Income Tax calculation. Clients need to be aware of significant expense deduction limitations due to combined reporting requirements for entities with common ownership greater than 50%
    • Payroll Tax Returns and Payroll Tax Deposits
      • Payroll Tax returns have a variety of tax filing requirements at both the State and Federal level which may be due quarterly or annually depending on the form.
      • Perhaps more important than the filing of the tax forms is having a thorough understanding of the timing of making federal payroll tax deposits. Depending on prior filing and the amount due, the payroll tax deposit deadlines can be as often as the next day but typically are weekly or monthly.
        • For small companies the deposit may only be quarterly.
      • Penalties for late payment after a few days go to 10% of the amount due, and the IRS has the authority to pursue the entity’s officers personally if payroll taxes are not remitted.
      • Texas and most other states have at a minimum quarterly unemployment reporting and tax remittance requirements
      • Relevant Forms:
        • Employer Quarterly Payroll Tax Return – Form 941
        • Annual Federal Unemployment Tax Return – Form 940
        • Annual Federal Wage Reporting – Forms W-2 & W-3
        • Forms 1099’s and the related form 1096 are due annually as well
        • Texas Workforce Commission Form C-3

B. Payroll Services

• Weekly, Bi-weekly, Semi-Monthly and Annual processing
  • We provide payroll services to meet the specific needs of our clients
  • We provide payroll tax reporting for our non-payroll clients, as well

C. Attestation – Financial Reporting

• Compilation without disclosure
• Other Comprehensive Basis of Accounting
  • Income Tax
  • Cash Basis
• Bookkeeping
  • Basic transaction recording: checks, deposits, Bank Reconciliations
  • Monthly, Quarterly, or Annual service

D. Other Business Reporting Services

• Federal Census Reports
• Sales Tax Reporting
• Taxability of Goods & Services
• Harris County Personal Property Renditions

A. Personal Income Tax Returns

• Federal and State reporting of Income Taxes for Single, Married, Surviving Spouse and Married Filing Separate Returns
• Estimated Payment Computation and Tax Planning Services
• Relevant forms: Form 1040 and applicable state returns for resident and non-residents
• With the popularity of Master Limited Partnership investments, many individuals may be unknowingly subjecting themselves to non-resident state income tax return filing requirements.

B. Trusts and Estates

• Federal and State reporting of Income Taxes
• Relevant forms: Form 1041 and applicable state returns for resident and non-residents