Basic tax filing requirements for U.S. companiesInformation includes:

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1) Company’s registration certificate, Tax file number, and director information

         The accountant needs to know all the basic information about your company, such as: company's EIN, address, phone number, incorporation date, company executive information (position, name, SSN/ITIN, address, phone number, email, joining time, shareholding, salary remuneration, etc.), equity structure, the company’s industry and main business, etc. ​

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2) Tax returns from previous years

        As with personal tax returns, it is generally necessary to provide the accountant with the tax return filed in the previous year as a reference for the current year's return. If you change accountants, please be sure to provide the previous year's tax return for the new accountant's reference, and try to provide some details or explanations of special circumstances from previous returns. If you hired an accountant for previous tax returns, you can ask the previous accountant for your previous tax return records. According to industry regulations, accountants will save the client's recent tax return information. If you choose Tax Panda to file your company's taxes, we will carefully review the tax returns filed in previous years, comprehensively and coherently consider your company's tax treatment, and identify and fill any gaps.

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3)Estimated corporate tax ​

          Generally, the IRS and state tax bureaus require companies to pay company quarterly estimated taxes every quarter (before April 15, June 15, September 15, and January 15). If the company has paid estimated taxes during the tax filing year, please collect payment receipts and provide them to the accountant. Tax Panda’s one-stop service can estimate the next year’s estimated tax when filing your year-end tax return, reminding and assisting you in making each quarter’s estimated tax payment..

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5) Accounting forms (balance sheet and income statement) and income and expenditure vouchers (any company with more than 250,000 must provide).

           Financial statements generally include: Income Statement, Balance Sheet, and Cash Flow Statement. But for tax purposes, the Income Statement and Balance Sheet are the most important financial statements. For the financial statements you provide, Tax Panda's accountants will help you check the content when filing your tax return, and assist you in sorting out important financial items in a reasonable and compliant manner.

In addition, it is best to provide the accountant with a summary of the company's assets and expenses.

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There are two special expenses that require extra attention to record and provide, as this will potentially save you a lot of money in taxes:

• Business Meals and Entertainment

 

You must make sure that only dining or entertainment expenses for business purposes are deductible. 50% of the total cost is deductible. Also note:

• Deductible meals are usually eaten with business contacts.

• Business entertainment is usually followed by a business meeting.

• Write on the receipt who you met and the business purpose of the meeting. Keep these receipts with your other tax records.

• Vehicles used in your business

Allowable costs include parking, tolls, gas, oil changes, tires, repairs, preventive maintenance, insurance and registration fees and depreciation.

                                                                        Income and expense statement 2023.xlsx

 

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