Finaloop's tax services include the following:
1. Preparation of the relevant federal income tax return:
C corporations - Form 1120
S corporations - Form 1120-S and Schedules K-1
Tax partnerships (e.g., multi-member LLCs with no S corp or C corp election) - Form 1065 and Schedules K-1
Sole proprietors or single-member LLCs - Schedule C of Form 1040. You or your individual tax preparer will need to prepare the actual Form 1040 tax return.
Certain additional tax forms, e.g., international tax forms 5472, 5471, 1042-S, etc., and non-standard tax forms such as Form 2553 are outside the scope of our services.
2. Preparation of State income tax returns
Finaloop's tax services include the preparation of 1 State income tax return only. Each additional State or jurisdiction tax return, if required, is subject to an additional fee of $380 at the time of filing.
3. Form 1099-NEC filing
Finaloop's tax services include up to 10 Forms 1099-NEC. Each additional form, if required, is $25 at the time of filing.
You are responsible for collecting Form W-9s from your vendors and providing them to us by Jan 5 of the following year. We’re responsible for filing the 1099-NEC forms and emailing them to each of your vendors.
Finaloop does not file or prepare franchise tax or sales tax returns but your Finaloop books will always track the overall sales tax liability you owe to ensure everything is accurate for accounting purposes.
4. Tax optimization
We'll work to get you all the tax benefits and deductions available.
5. Tax support
Our team of CPAs, specializing in ecommerce, will help you answer all your burning tax questions.
Tax fees listed above do not include any applicable taxes and e-filing fees.