We are a full suite tax preparation and tax planning and accountingand bookkeeping firm. Please choose a tax service below to learn more.
An S-corporation, also known as an S-corp, is a pass-through entity. Corporations set up this way share the income, deductions, profits and losses of a corporation with it's owners. Shareholders are able to file their S- corp taxes at personal income tax rates as they pay taxes on their share of the S-corp's income. This allows S- corps to avoid double taxation on the corporate income.
Typically an S-corporation has employees, in this case the company is responsible for withholding federal income tax, Social Security and Medicare taxes from their paychecks requiring an S-corporation to file an IRS Form 941 each quarter to reports total witholdings.
The standard forms included with S-Corp filing are 1120S and Schedule K-1. If an S-corp has employees, a Form 940, Form 941 or Form 1099 may also be required. S-corps will also need to issue a W-2 to employees and Form 1099-MISC to independent contractors.
To qualify for S-corporation tax filing you must:
Be a domestic corporation
Have only allowable shareholder
May be individuals, certain trusts, and estates
May not be partnerships, corporations or non-resident alien shareholders
Have no more than 100 shareholders
Have only one class of stock
Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations).
Planning is the key to successfully and legally reducing your corporation's tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.
Contact Paramount Tax & Accounting CPAs of Lehi if you'd like to receive more information about our Lehi S-Corp Tax Prep Services.
Request Appointment Now!
Paramount Tax & Accounting CPAs of Lehi specializes in Employee Stock Options
Jeff was referred to us by a friend. He knows his stuff and was great in our initial call. Looking forward to continue working with him.
— Josiah Kinikini,
Posted February 28th 2023 on google
Very helpful and have a solid understanding of the tax code.
— Dustin Howell,
Posted February 24th 2023 on google
Great people
— Valeri Mower,
Posted February 23rd 2023 on google
These guys are amazing. They take the time to go through everything with you, and are super kind. They even helped me with some issues that I was having with my EIN number and helped walk me through the steps of what I needed to do. I would recommend them to anyone!
— Hunter Dawe,
Posted February 21st 2023 on google
They are amazing. They not only do your taxes but they offer you easy to understand tax advice and education on how to prepare for the best outcome. I highly suggest using them for your taxes!! Best tax team ever!!!!!
— Christina Gonzalez,
Posted February 21st 2023 on google
Been going for a couple years now. They are on it. Always treated with professionalism, respect and courtesy. They are very reasonable in pricing and I highly recommend Jeff and Lexi without any hesitation!
— Kristine Jones,
Posted February 21st 2023 on google
I have been using Paramount for nearly 5 years. This is not the first review I have been happy to write. You get what you pay for and good tax guidance is worth every penny. Love working with this team of professionals!
2nd year filing here and jeff was great, as always. Quick and easy. Helpful assistant, Riley, as well!
— sunnee mcmurdie,
Posted February 17th 2023 on google
My wife and I are self employed and invest in real estate so our taxes can get really complicated. But, Paramount & Jeff have helped us with different strategies and new ideas to help us grow our businesses!
We recommend them to everyone we meet.
— Braden Seeg,
Posted February 15th 2023 on google
Very professional and knowledgeable. They were great to explain everything and help me plan for next year as well.
— Bradley Sampson,
Posted February 11th 2023 on google
Jeff and team are always super great to work with! Very knowledgeable and helpful in personal and business tax.
— Britan Aldous,
Posted February 4th 2023 on google
Great accountant. Jeff was timely with what I required and quite personable. I would use him again!
Jeff & Sidney are the best in the business - started with our individual returns and now they manage our portfolio of businesses. You won't be disappointed!
— Tyler Winger,
Posted January 25th 2023 on google
Meeting was informative and questions I had were answered in a very clear and concise manner. Paramount seems to be a great fit for what we are needing.
— Scott Walker,
Posted January 18th 2023 on google
Jeff is awesome! Very knowledgeable, answers questions thoroughly and great customer service!
Jeff was an amazing help. He answered all of my questions very well. I left the call feeling completely confident in my tax situation with no doubts or unanswered questions left in my mind.
So glad I got linked up with these guys. They completely absorbed the workload from my previous CPA who completely dropped the ball and got me pointed in the right direction. 💪💪🇺🇸🇺🇸💸
— Justin Rogers,
Posted December 23rd 2022 on google
Free
3-Year Tax Review
We review 3 years back to find errors / missed deductions.
Many people do not know how a professional tax firm differs from a tax preparer. The main difference when working with a professional tax and accountingbookkeeping firm, such as Paramount Tax & Accounting CPAs of Lehi, is that our firm utilizes the services of CPAs, EAs, and Attorneys who are distinguished from other finance professionals by stringent qualification and licensing requirements.
Paramount has worked hard to create relationships to deliver the value that our clients expect. In fact, our goal is to be the No. 1 S-Corp Tax firm in Lehi. So when you ask yourself, "Where can I find accountingbookkeeping services near me?"... think no further than Paramount Tax & Accounting CPAs of Lehi!
Whether you are filing personal taxes or you own a business, if you are not already using a professional tax and accountingbookkeeping firm, you have most likely already missed out on major tax benefits, deductions and credits. This is because a professional tax and accountingbookkeeping firm utilizes licensed professionals such as CPAs, EAs and Attorneys, who can not only advise individuals on personal financial matters but who are qualified to advise businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial topics.
Our strict standards ensure that we understand the complicated tax laws and how to implement strategies that return the most benefits to individuals and businesses. Give Paramount Tax & Accounting CPAs of Lehi a call or visit our
tax and accountingbookkeeping firm in Lehi
for a free consultation.
Why Choose Paramount Tax & Accounting CPAs of Lehi?
Through dedication to the three underlying principles of professionalism, responsivenessandquality, Paramount is committed to providing outstanding service to our clients.
Free
3-Year Tax Review
