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 Schedule K-1s

  • Tax partnerships (e.g., multi-member LLCs with no S corp or C corp election) - Form 1065 and Schedule K-1s

  • 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

  • For additional tax forms, e.g., international tax forms 5472, 5471, 1042-S, etc., an additional fee may be charged.

2. Preparation of State income tax returns

Finaloop's tax services include the preparation of 1 State income tax return only. Each additional State, 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 Form 1099-NECs. 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 sales tax returns but your Finaloop books will always track the sales tax liability you owe.

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