S-Corp Tax Prep Services in Provo, UT

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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 - Provo if you'd like to receive more information about our Provo S-Corp Tax Prep Services.

S-Corp Tax Prep Services in Provo

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After meeting with Ashley, we felt more comfortable and had more answered questions within the 30 minute conversation than the last 7 years we had used someone else. I highly recommend them!
— Amanda Stclair, Posted April 26th 2023 on google
I love working with Ashley at Paramount. She’s a breeze to work with, and makes taxes stress free!
— Megan Boyer, Posted April 5th 2023 on google
Ashley was knowledgeable, understanding, and efficient. She was thorough and made suggestions to reduce my tX liability. I'm new to the area and this was my first go at filing my taxes in Utah. I am delighted my experience with Paramount Tax was so positive. It seems they have a strong organization.
— Rick Ames, Posted March 20th 2023 on google
Ashley is super real and very helpful. She takes a relaxed approach and her knowledge is what will convince you to use her services not any shady sales tactics.
— Jacob Graff, Posted February 1st 2023 on google
Ashley has been a great help to me in setting up my business. I love the ability to virtually consult. It's very convenient for a busy schedule.
— Kate Hooley, Posted December 20th 2022 on google
Ashley Jefferies was such an awesome person to work with! I had so many questions, and even realized in my short about of time with her that I was under the wrong business entity, she told me how to go about changing things and told me what I needed to know and hear. I will be definitely filing my taxes with them!
— Shelby Lasley, Posted December 19th 2022 on google
Ashley helped me ease a lot of my anxiety centered around taxes and business advice. She was extremely helpful and knowledgeable. I feel like my business is in good hands moving forward. I will definitely be staying with her for all of my business tax and accounting needs.
— nicole1164, Posted September 19th 2022 on google
Very Professional. Ashley helped me with all the information I needed to know.
— Johnny Bench, Posted August 25th 2022 on google
I had a great conversation with Ashley and look forward to the opportunity of working with her and her firm.
— Michael Shelby, Posted July 5th 2022 on google
Had a good experience in 2021. But this year Have been trying to contact my accountants since June 1st by email and phone and no response back. They were responding up until then. Very unprofessional and rude to not even update a customer on what is going on. Feel very irritated and confused on why the customer service...
— Jodi Elmore, Posted January 20th 2022 on google
Know their stuff and quite personable
— David Lariviere, Posted May 23rd 2022 on google
My husband and I are SO happy we came to Paramount & get to now work with Ashley Jefferies. She is so knowledgeable and amazing at her job. As a new business owner, she’s helping us get everything in line, giving us the best options & helping things run smoothly this tax season. Couldn’t be more grateful to have he...
— Jaden Wright, Posted March 25th 2022 on google
Ashley J. did the impossible and got us a small refund when I thought it would be impossible for someone in our income bracket! We're self-employed and she knew all of the tips and tricks to save us money. Super happy with her work, we'll definitely be back next year!
— Abby Sudweeks, Posted March 24th 2022 on google
Ashley is very knowledgeable and helpful. Has helped get our business books back in line. We Have trusted her for many years.
— Brittani Ellery, Posted March 3rd 2022 on google
Super professional and very speedy with their work
— smelltheuniverse, Posted February 20th 2022 on google
Amazing service, always professional. I live out of state and still get my taxes done here!
— Monique Holland, Posted February 18th 2022 on google
That lexi girl be filing mad taxes
— koi Pond, Posted February 18th 2022 on google
I love this place, they're very professional!
— Amby Holla, Posted February 18th 2022 on google
Have met Ashley a couple times already to help us with our taxes and accounting and can already tell how knowledgeable she is. Would highly recommend her for your personal or business taxes.
— McKay Coombs, Posted February 14th 2022 on google
Ashley helped me with a book keeping problem. She's so knowledgeable and fast. Friendly and will put your anxiety at ease! They care about you.
— Lorraine Wilson, Posted January 21st 2022 on google

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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 - Provo, 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 Provo. So when you ask yourself, "Where can I find accountingbookkeeping services near me?"... think no further than Paramount Tax & Accounting - Provo!

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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 - Provo a call or visit our tax and accountingbookkeeping firm in Provo for a free consultation.

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Paramount Tax & Accounting - Provo

180 N University Ave
Suite 270
Provo, UT 84601

801-669-9189

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