Business tax returns
TaxFM prepares Forms 1065, 1120-S, and 1120 for closely held businesses, coordinating the return with the company’s accounting, owners, payroll, assets, and required disclosures.
Choose the filing structure
Each form reports income and deductions differently and creates different reporting for owners.
Usually used by partnerships and multi-member LLCs taxed as partnerships.
Used by a corporation or eligible LLC with an effective S corporation election.
Used by a domestic corporation taxed as a C corporation, including an LLC that elected corporate taxation.
Tax classification should be confirmed from formation documents, prior returns, and any Forms 8832 or 2553 — not guessed from the words LLC or Inc.
Core preparation
The quoted scope depends on the entity and facts. For a standard engagement with tax-ready books, preparation generally includes:
The pricing calculator provides a preliminary estimate. The engagement letter controls the final scope and fee after the records and filing requirements are reviewed.
Before preparation begins
Yes — the detailed document list is already in the TaxFM business checklists. Start with the checklist for the return your company files.
Prior-year federal and state returns, formation documents, EIN notice, and tax elections.
Year-end profit and loss, balance sheet, general ledger, trial balance, and reconciled bank and credit-card accounts.
Owner details, ownership changes, contributions, distributions, loans, and capital or basis records.
Payroll reports, Forms W-2, 1099s, fixed-asset activity, inventory or cost-of-goods-sold records, and estimated tax payments.
Notices, transactions in additional states, and any foreign owners, accounts, entities, or related-party transactions.
Documents for partners, capital accounts, liabilities, K-1 reporting, and partnership activity.
Open checklistDocuments for shareholders, payroll, reasonable compensation, stock basis, distributions, and K-1 reporting.
Open checklistDocuments for officers, corporate tax, equity, dividends, shareholder transactions, and ownership disclosures.
Open checklistPossible additional work
The return fee assumes complete, internally consistent, tax-ready records. Work outside the standard filing scope is identified before it begins whenever the issue is visible from the records provided.
K-1s beyond the number included in the base fee, ownership changes, partner exits, liquidations, and complex allocations.
Returns, registrations, apportionment, composite filings, or withholding obligations in more than one state.
Depreciation, amortization, asset sales, installment sales, cost of goods sold, credits, and basis or capital-account reconstruction.
Amended returns, late elections, prior-year corrections, notices, and priority work close to a filing deadline.
Reconciliation, reclassification, missing entries, uncategorized transactions, payroll corrections, and preparation of tax-ready financial statements.
Forms and schedules triggered by foreign owners, foreign entities, foreign accounts, foreign operations, or related-party transactions.
Books before returns
If the balance sheet does not balance, bank accounts are not reconciled, owner payments are mixed with expenses, payroll does not agree to filed forms, or prior-year balances do not carry forward, the books may need review or cleanup before the return can be prepared accurately.
Foreign ownership and activity
Foreign ownership does not create one universal extra form. The required reporting depends on the entity, ownership percentages, related parties, transactions, assets, and countries involved.
Form 5472 and a related Form 1120 filing may be required for reportable transactions with foreign related parties.
Depending on the facts, reporting may include Forms 5471, 8865, or 8858 and related international schedules.
Schedules K-2 and K-3 may be required when operations or owner-level items have international tax relevance, subject to applicable filing exceptions.
Foreign branches, assets, bank accounts, signature authority, and transactions with related parties should be disclosed during intake so the complete filing obligation can be evaluated.
International forms are not included automatically in the standard return fee. They require a separate eligibility and scope review, and some carry significant penalties when required but omitted.
Plan the filing
Use the calculator for a preliminary price, then select the correct checklist to prepare the company’s records. If the entity type or international reporting is unclear, schedule a consultation before filing.
General information for the 2026 tax year, not advice about your situation. Rules, amounts and dates are current as of the date of publication and can change. What applies to your return depends on facts we would go through together.