Sung & Associates CPA, LLP provides tax services for various types of businesses. We pride ourselves in our expertise in tax planning and tax preparation.

 

C-Corporation
A Corporation C needs to file an income tax return on form 1120 by the 15th day of the third month following the end of its tax year. Income of the C Corporation is taxed to the corporation first and then the distributed income in form of dividends is taxed to the shareholders.

 

S-Corporation
 A Corporation S needs to file an income tax return on form 1120-S by the 15th day of the third month following the end of its tax year. Generally a corporation S does not pay federal tax. Instead income or loss generated by a corporation S is passed through to shareholders and reported on the shareholders personal income tax return.

 

Partnership
A Partnership needs to file its income tax return on form 1065 by the 15th day of the fourth month following the end of its tax year. A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead it “passes through” any profits or losses to its partners. Each partner includes his or her share of the partnership’s items on his or her tax return.

 

Individual
Sung & Associates CPA, LLP provides tax services for individuals. We like to work with clients in advance of actual filing dates to prepare and plan for the future.  The standard form for a U.S. individual filing a tax return is the 1040, which accounts for the gross income a person has earned annually. Filing requirements vary depending on marital status, dependents, and deductions that apply to the individual, including homeowners, students, and the self-employed.