Guidelines For Compliant Corporate Tax Preparation

Corporate tax preparation is crucial because corporate taxes are responsible for hundreds of billions of dollars annually paid to the government. For guaranteed compliance of guidelines and proper preparation of forms, it is best to hire a professional with experience in filing corporate taxes. Below are a few tips on what you’ll need and corporate tax questions to ask the tax preparer.

Questions to Ask

The first thing you should always ask about are new changes to tax and policy guidelines. Not only will the tax preparer fill you in on what has changed, but if you are working with somebody for the first time, this is an easy way to judge their experience in the area of corporate taxes. Other questions to ask are:

  • general government standards
  • filing dates and the possibility of extensions
  • tax breaks you may be eligible for

What You Need

With a complete set of financial statements, including income statements and balance sheets, filling out the corporate tax forms is a fairly straightforward process. Other documents you will need include a summary of all transactions and details on shareholder information, including name, address, SSN, and capital accounts.

This just scratches the surface of corporate taxes, but it gives you a place to start. As mentioned above, talk to a professional to get a clear idea of the guidelines you need to follow in corporate tax preparation.