Ceterus Tax Overview: What to Expect

The most successful entrepreneurs have access and take advantage of a professional accountant to guide them through their tax and compliance needs. The Ceterus solution works with your existing trusted CPA, if you have one. If you don't, we can provide you with a complete solution that includes done-for-you accounting and benchmarked reporting as well as tax and compliance consulting. Here's what to expect if you have added (or are considering adding) Ceterus Tax as a part of your Ceterus experience.

Why Ceterus Tax

It's no secret that for some entrepreneurs (whether they are new to the business or have been an owner for years) can provoke anxiety, confusion, and many headaches right after a busy holiday season. We set out to deliver a done-for-you accounting and benchmarked reporting solution that would help entrepreneurs and their accountants. What we found was many entrepreneurs don't have a CPA to help with tax planning and preparation. We are here to change that.

Ceterus tax allows you to have your cake and eat it too. With a done-for-you accounting solution and benchmarked reporting combined with tax planning and preparation, our service replaces your many tax questions with expertized answers, anxiety with relief, and headaches with contentment knowing that your returns are in trusted hands. Pairing technology with a team of specialized CPAs means we can handle the complex task of your taxes. If you already have a trusted CPA, we can work with them to simplify your tax preparation.

Tax Deadlines

The IRS mandates tax returns be completed by key deadlines. The below grid should explain what is due and when depending on your tax filings required.

March 15th April 15th
S Corp Tax Returns C Corp Tax Returns
Partnership Tax Returns Personal Returns
Extensions Filed (if necessary) Non-Partner/Non-S Corp LLCs
  Extensions Filed (if necessary)
September 15th October 15th
Extended S Corp Tax Returns Extended C Corp Tax Returns
Extended Partnerships Extended Personal Returns
  Extended Non-Partner/Non-S Corp LLCs

Key Dates

In addition to the mandated IRS deadlines, there are some key dates to make sure you are well prepared for tax season.

Today!
Resolve any pending Action Center items in Edge. This is especially critical for any marked as High Priority as these will impact the likelihood of your tax returns being completed by the IRS mandated deadlines.
December
Start reviewing your financials throughout the year. This is the best time to schedule a call with your Financial Consultant to discuss any changes to your books. If you have questions about tax specific impacts, this is also a great time to schedule a consultation call with our Director of Tax, Kevin Werkman, before the bulk of tax work picks up.
Mid January
Review your final year-end financials. These are typically complete mid-January depending on your specific financials due date. Once you receive your December financials are closed notification, this will be a sign to review your year-end financials to make sure everything is up to date.
February - April
Keep an eye out and be attentive to tax related communication from us. This may come directly from a Tax Associate (support@ceterus.com) or as a Ceterus email if mass communication and alerts are necessary. Either way, this information will help you stay up to date on your specific tax filings as well as any tax announcements along the way.

Tax Pricing

Taxes with Ceterus are dependent on if you need Company Tax or Personal/Individual Tax completed by our team.

image_-_2021-11-22T142053.879.png

Questions about Tax Pricing? Click Here!

Tax Types

There are various types of tax forms the IRS may require of your business. Understanding these will be helpful in knowing what to expect during tax season and key deadlines.

Primary Tax Forms

Corporations Partnerships Personal Form 8879
The Form 1120 is used for Corporate Income Tax Returns. If you are a tax classification C Corp or S Corp you will have either a standard Form 1120 (C Corp) or Form 1120S (S Corp). This is the most common tax form for corporations. 

Additional Tax Forms

Schedule K-1 1099
Schedule K-1s are federal tax documents prepared for partnerships to be included with each partner's personal tax returns. K-1s are provided with the completed business return. Ceterus is unable to provide this prior to the business return being complete. If you require a K-1 for your personal taxes, you will need to wait until that is received before you can submit your personal tax return to the IRS.

More Questions? Email Ceterus Support

Was this article helpful?
0 out of 0 found this helpful

Comments

0 comments

Article is closed for comments.

Articles in this section