An important step to succeed in the United States is the registration of a company. There are several types such as: the C Corporation, the S Corporation (Small Corporation) and the LLC Company (Limited Liability Company).
The main differences among them are the way the income is taxed, and the responsibilities of the liabilities with the company creditors.
The advice in the taxation area is related to periodical obligations, which the individuals and companies have with the different state and federal organisms.
1. Companies, according to the nature of their operations, must file:
- Sales Tax Returns (form DR-15) – Periodical (monthly, quarterly, semiannual and yearly) to the Department of Revenue of the State where the company operates.
- Quarterly Payroll Tax Returns (form 941) to The Internal Revenue Service.
- Unemployment Quarterly Tax Returns (form UCT-6) to the Department of Revenue (Unemployment Division) of the State in which the company operates.
- Annual Income Tax Returns (forms 1120 & F1120 for C Corp., form 1120S for S Corp., form 1065 for LLC) to the Internal Revenue Service and the Department of Revenue of the State in which the company operates.
- Annual Return of Tangible Assets to the Department of Revenue of the State in which the company operates.
2. Individuals must file Annual Federal Income Tax Returns to the Internal Revenue Service and depending on the state where they live, State Income Tax Returns are also mandatory.
Development of Charts of Accounts designed according to the characteristics of the companies, as well as periodical financial statements, payroll statements, general ledgers and all other related reports.
Analysis of an operating business in order to determine if it is profitable or not, and if it is up-to-date with its obligations before the Federal and State departments.
Business plans-Financial Projections
Projections of income, costs, payroll, expenses, investments and taxes of a company during a certain period of time in order to determine if said business is profitable or not.