Compliance Rules

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Compliance Rules.

The taxing authorities will state that a corporation must act like a business to gain the privileges of a business.

Ensuring your S-Corporation’s compliance with state and federal laws is an ongoing process. It begins with properly electing S corporation status and continues throughout the corporation’s life. Understanding the fundamentals will help you identify areas where your S-Corporation might need to take action to become compliant with applicable laws.

It is important for S-Corporations to create and maintain records of their structure, management, finances, and actions. State laws require that certain records be kept, but corporations should strive to exceed the minimal record-keeping requirements.

Tax compliance for any business is critical. In addition to IRS requirements, businesses in different states will have to adhere to local as well as federal and state laws to stay compliant in their tax filings.

Keep meticulous and up-to-date records on all transactions, earnings and financial dealings.
Keep your records of the Employee Identification Number (EIN)
Maintain copies of company Bylaws and Articles of Incorporation agreements
Shareholders stock shares and distribution records of stock transfers.
S-Corporations must keep records for the annual renewal with the state
Track the annual meetings minutes
File the corporation and individual tax returns accurately and on time
Keep up to date with the Sales & Use Tax filings

Staying Tax Compliant

For any corporation to keep up with its local and federal tax laws, it needs a corporate tax plan. This is where a certified tax professional can help.

Once any business establishes itself as a corporation, it has an obligation to prove it as such to the tax authorities.

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I have engaged Bob Hackl, as our family tax consultant, to file tax returns for the past few years. Bob stays current with tax laws and legal codes. He also works with integrity, great attention to details, efficiency and is personable. The highest compliment I can give anyone is to refer family members and friends to them. My sister and her husband (who owns his own business) and close friend who was closing her Aunt’s complicated estate have been very pleased with Bob’s services and accountability. I strongly endorse Bob Hackl for simple to complex tax filing services.

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My son is a musician and because of his touring schedule, recently rented out his Minneapolis home. Bob Hackl was engaged to establish an LLC to reflect the usage change of his home and to establish an S Corp to accommodate his professional music business. Bob is extremely competent and an excellent resource for any small business owner. Bob is always very professional, acts with integrity, helpful, and is a great resource to business owners.

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Compliance Rules