The LLC organization, originally set up for 2003 tax season, now has a change in the member ownership. The two owners are now the sisters, Betty Olsen and Kay Buse. Every federal return, along with any number of state returns eligible are E-Filed free of charge.

1040EZ, 1040A short form, and 1040 long form returns can be prepared along with any of the taxed states that may be required by each client.

PMC can prepare amended returns for federal and/or any taxed state. Amended returns claiming a refund must be filed within 3 years of the original due date.

Homestead exemption forms can be filled in by the tax preparer using the personal income tax figures for eligible recepients. The forms can also be prepared for the client who is eligible for the exemption but is not required to file an income tax return.

$5 for E1 Visa Prepaid Card; $10 for direct deposit (Fed) + $5 for State; and $20 for a check issued from our office (Fed) + $10 for State. All are available when the IRS/State issues the refund.

A compilation of recorded transactions for a given period of time, listed by categories, for the purpose of generating a financial statement showing the status of the business for the period. The annual statement is then used to prepare the necessary tax returns for the government agencies.

Spreadsheets are a simple method of recapping a businesses' transactions, again for the purpose of creating a financial statement and/or the necessary figures to prepare the year-end tax return. Each column represents a category of income or expense. Computerized spreadsheets can then use formulas at each column's end to total the transaction amounts in that column. Depreciation Schedules are listings of all fixed assets owned by the business. They keep track of each item, the date of purchase and the life expectancy, as well as the method used to "spread" the cost of the item over the years. The calculations are used in the tax return for each year of use as an expense. The schedule is also a necessary record if the asset is sold to calculate the proper gain or loss on the return.

Banks and other lending institutions request financial statements and tax returns for several years before approving loans. The financial status of a business is best understood when the annual amounts are displayed side-by-side in a comparison format. The statements can be generated directly from the general ledger, spreadsheets, or the previously filed tax returns.

Besides the sole-proprietorship business which is reported on a Schedule C in the personal 1040 tax return, a business owner can form a corporation or a partnership. These organizations file separate tax returns from their owner(s). A corporation will file either a Form 1120 or a Form 1120S, and a partnership will file a Form 1065.

A Form 1120 corporate return reports the activities of a C-Corporation and pays it's own taxes. A C-Corp is treated as an entity capable of borrowing money and conducting business in it's own name. A Form 1120S corporate return is for the activities of an S-Corporation. Even though it is a separate entity conducting it's own business, it does not pay it's own tax. The tax return generates a Form K-1, a summary of the various types of transactions concluded during the year, for each owner. The information reported on the Form K-1 is then reported on each owner's personal tax return on various forms and schedules. An LLC, a relatively new type of entity, can be treated as a single proprietor-ship reporting activities on the owner's personal Schedule C return, a partner-ship reporting on a partnership Form 1065, or as a corpration using either type of corporate return. The partnership return also has a "pass-through" Form K-1 to report activities in the owner(s) personal return.

Accounting services can be provided in Quickbooks with data transferred back and forth online remotely, via zipped email attachments, or through various data storage devices. Business tax returns of any type can be prepared accessing client entered data files in Quickbooks also. A proprietary program designed for PMC to handle any type of business is also available for exclusive personnel data entry only. Numerous reports are available from the program (CDMS) besides financial statements and payroll reports.

We can now do e-filing of business income tax returns.

Payroll services are offered through various programs, depending on the number of employees involved and the type of reporting desired by the client. Each program calculates or starts with the furnished gross pay, calculates all required tax and requested miscellaneous deductions, and the net check amount. Payroll tax deposits and payments are reported as necessary either weekly, biweekly, monthly, quarterly, or annually.

Checks and/or pay stubs can be printed on the client's stock or plain paper, again based on the client's wishes. The client can also select which reports to receive from a list of available reports based on the type of reporting needed for the books.

Federal and State payroll returns need to be filed either quarterly or on an annual basis depending on the gross (before taxes) pay. The various programs and generated reports summarize the payroll activities on a per payroll basis for the year to assure accuracy and timeliness for the the filings. Several of the forms are filed online to eliminate the mailing process.

Year-end recaps of the payroll activities include all the information necessary to prepare the annual W-2s for the employees and the various government agencies. W-2s can either be mailed direct to the employee or handed out by the employer as desired. The Social Security Administration's copy of the W-2s are generally filed online to provide a more accurate filing and to receive immediate acceptance by the agency. Unincorporated outside contractors that are paid more than $600 per year for their services must be provided with 1099s at the year end also. PMC can recap these services from the client's records, generate reports for these activities from the general ledgers, or use the amounts provided by the client to prepare the required 1099 forms and mail them on a timely basis.

Sales tax, use tax, and/or lodging tax is reported to the State and/or County on a monthly, quarterly, or annually based on the dollar volume of the tax collected. PMC is also registered with Nebraska to do these reports online.

Personal property tax returns are prepared from the depreciation schedules of the businesses required to file these returns. These report formats vary from state to state, but generally report purchases and dispositions of fixed assets used in the production of income.