S Corporation, Partnership, LLC and C Corporation Tax Returns

Yes. R Tax Services prepares S corporation returns (Form 1120-S), partnership and multi-member LLC returns (Form 1065), C corporation returns (Form 1120), and single-member LLC reporting on Schedule C, along with the owner K-1s, the Indiana and Kentucky filings that go with them, and the personal returns of the owners. We are an Enrolled Agent led firm in Evansville, Indiana, working with business owners year-round, in person and through our secure client portal.

Who this is for

We work with owner-operated businesses: contractors, professional practices, family farms and rental partnerships, retailers, and service companies with a handful of owners. If you formed an LLC, elected S corporation status, or went into business with a partner, you now have a return of your own to file, or at least a new way of reporting business income on your personal return.

What we handle

LLCs and entity classification

An LLC's tax treatment depends on how many owners it has and what it elects. Under Treas. Reg. section 301.7701-3, a single-member LLC is disregarded by default and reported on the owner's return, while a multi-member LLC is taxed as a partnership unless it elects otherwise. We help you confirm how your LLC is classified and file accordingly.

S corporations (Form 1120-S)

An S election under IRC section 1362 is made on Form 2553. To take effect for the current year, it generally has to be filed no more than two months and 15 days after the year begins, and relief for late elections is available in some cases (Form 2553 instructions). Once you are an S corporation, income and deductions pass through to shareholders on Schedule K-1 under IRC section 1366.

Two areas need care every year. The first is shareholder basis under IRC section 1367, tracked on Form 7203. The second is reasonable compensation: the IRS says distributions to a corporate officer must be treated as wages to the extent they are reasonable pay for services (IRS guidance on S corporation compensation).

Partnerships and multi-member LLCs (Form 1065)

We prepare the partnership return and a Schedule K-1 for each partner, keep capital accounts in order, and make sure guaranteed payments and distributions are reported the way your operating agreement describes them.

C corporations (Form 1120)

A C corporation pays its own tax at the flat 21 percent rate in IRC section 11(b), and owners are taxed again on dividends, so owner pay, retained earnings, and the timing of distributions all matter. A calendar-year Form 1120 is due April 15 under IRC section 6072(a). Form 7004 gives calendar-year C corporations an automatic six-month extension, to October 15, under Treas. Reg. section 1.6081-3 (Form 1120 instructions).

The qualified business income deduction

Owners of pass-through businesses may qualify for the deduction under IRC section 199A. The One Big Beautiful Bill Act made it permanent, and for tax years beginning after 2025 it widens the phase-in ranges and adds a minimum deduction for owners who materially participate (IRS QBI deduction page). We compute it on the owners' returns using the information reported on the business return.

Indiana and Kentucky pass-through filings

• Indiana. S corporations file Form IT-20S and partnerships file Form IT-65, due by the 15th day of the fourth month after year end (IT-20S booklet, IT-65 booklet). Indiana generally requires composite filing for nonresident owners (Information Bulletin 72), and businesses can elect the Indiana pass-through entity tax on the return (Information Bulletin 72B). Whether that election helps depends on the owners, so we look at it each year.
• Kentucky. Pass-through entities doing business in Kentucky file Form PTE, which also covers the limited liability entity tax, and nonresident individual owners are subject to withholding (Kentucky pass-through entities).

What to bring or upload

• Year-end financial statements: profit and loss, balance sheet, and general ledger or bookkeeping file access
• Bank and credit card statements for December, plus loan statements
• Payroll reports (Forms 941, W-2, W-3) and any 1099s you issued
• Fixed asset purchases and sales, with dates and costs
• Ownership changes, distributions, and contributions for each owner
• Your operating agreement or shareholder agreement, and the IRS letter accepting your S election
• Prior year business returns and K-1s, if you are new to us

Common mistakes we see

• No owner salary in an S corporation. Taking only distributions invites the IRS to reclassify them as wages.
• Basis never tracked. Losses and distributions both depend on it, and rebuilding years of basis is slow work.
• Personal expenses run through the business. They make the books harder to support and can create taxable distributions.
• Missing the March deadline. Partnership and S corporation returns (Forms 1065 and 1120-S) are due March 15, a month before individual returns, and owners need their K-1s to file. A calendar-year C corporation's Form 1120 is due April 15.
• Ignoring nonresident owners. Composite and withholding requirements apply even when only one owner lives out of state.

How the engagement works

Before any work begins, you receive an engagement letter listing the business and owner returns we will prepare. You can meet with us at our office at 1102 E Virginia Street in Evansville or share your books and documents through our secure client portal. How We Work explains each option.

We review your books, ask about anything that does not tie out, prepare the business return and owner K-1s, and walk through the results before filing. When the K-1s are ready, we can prepare each owner's individual return as well. Entity selection and year-round planning questions are covered on our services page, and process questions on our FAQ page.

Written and reviewed by Jeremy Roman, EA, owner of R Tax Services and an Enrolled Agent licensed by the IRS. This page is general information, not advice for your specific situation.