At Vertix Tax Solutions LLC we help our clients understand and manage tax compliance and reporting obligations responsibly and proactively. We help them assess, improve and monitor their tax function’s processes and controls. We offer the following services for Partnerships, S and C Corporations :

1. Entity Planning
2. Accounting Services
3. Payroll
4. Tax Compliance

Partnership:

Whether you are a sole proprietor or the owner of an LLC, a partnership or a small corporation, we can help with your tax returns. We work with bookkeepers if you need bookkeeping services.

S Corporation:

An eligible domestic corporation can avoid double taxation by electing treatment as an S Corporation (SCORP). Like a partnership, an SCORP is a flow through entity. Generally, an SCORP is exempt from federal income tax other than tax on certain capital gains and passive income. On their tax returns, the SCORP shareholders include their share of the corporation’s separately state items of income, deduction, loss and credit and their share of non-separately stated ordinary business income or loss reported to them on Schedule K-1 (Form 1120S).

We at Shoonya can assist you in forming an SCORP and help you in being compliant with your responsibilities as a corporation. We can assist you in choosing the right entity type and making the election to be treated as a SCORP.

We can assist you in doing the entity accounting and payroll and assist you in generating the K-1’s for the shareholders and filing of Form 1120S.

C Corporation:

Unlike the S Corp and Partnership discussed earlier, C Corporation are taxable on their earnings and pay taxes. The distributions from earnings and profits are treated as dividends for U.S. Income Tax purposes.

In the United States, corporations are formed under laws of a state or the District of Columbia. Procedures vary widely by state. Some states allow formation of corporations through electronic filing on the state's web site or very quickly. All states require payment of a fee upon incorporation. Corporations are issued a “certificate of incorporation“ by most states upon formation. Most state corporate laws require that the basic governing instrument be either the certificate of incorporation or formal articles of incorporation.

Tax rates for C Corporations range from 15 % to 35 % at graduated rates. We at Shoonya help you in tax compliances required for C Corporations and help you in being compliant.We help in filing Form 1120 and generating Schedule K-1 (1120). We can also assist in preparation of Financial Statements for C Corporations.