Corporate Tax Preparation
Why Corporate Tax Preparation Matters
C-Corporations operate under complex tax rules — and mistakes can be expensive. From IRS Form 1120 to multi-state compliance and double taxation considerations, corporate filings require precision and a strategy-first approach.
At BlancPeak, we don’t just file returns. We review your structure and financials, ensure accurate reporting, and uncover deductions and credits that reduce liability. The result: compliant filings, reduced risk, and a tax strategy that supports sustainable growth.
What's Included
- Federal Corporate Return (Form 1120)
- State and local corporate filings
- Multi-state corporate compliance and apportionment
- Deduction and credit optimization
- IRS correspondence and audit defense support
We Help With
- Complex reporting requirements for Form 1120
- Double taxation on corporate income and dividends
- Missed deductions and credits that reduce tax efficiency
- Multi-state compliance for corporations operating across jurisdictions
- IRS notices or penalties resulting from filing errors
Explore More Tax Preparation Services
- Individual Tax — accurate filings and maximized deductions
- S-Corporation Tax — specialized support for S-corporations
- Partnership Tax — clear, compliant filings with accurate K-1s
- Estate & Trust Tax — filings that protect assets and meet IRS requirements
- Expat Tax — simplified compliance for US citizens abroad
- State & Local Tax — expertise in multi-state and local filings
FAQs: Individual Tax Preparation
Corporate tax filing is more complex — and higher risk — than it often appears. These FAQs cover Form 1120 requirements, double taxation, state filings, deadlines, and audit support — so you know when a CPA adds real value and how to stay compliant year-round.
What is Form 1120, and who is required to file it?
Form 1120 is the US Corporation Income Tax Return required for all C-Corporations. It reports income, gains, losses, deductions, and credits, and determines the corporation’s federal tax liability. Even corporations with no taxable income must file annually to remain compliant.
Late or inaccurate filings can trigger significant penalties and increased audit risk. Proper preparation is essential to avoid unnecessary exposure and ensure accurate reporting.
How does double taxation affect C-Corporations?
C-Corporations are subject to what’s commonly called “double taxation.” The corporation pays tax on its profits at the corporate level, and shareholders are taxed again when profits are distributed as dividends.
Strategic planning helps manage this exposure. Reinvesting earnings, optimizing deductions, and leveraging available credits can meaningfully reduce the overall tax burden.
Can my corporation reduce its tax liability legally?
Yes. While corporations cannot eliminate taxes entirely, proper planning can significantly reduce tax liability. Common strategies include deducting ordinary and necessary business expenses, leveraging credits such as the R&D credit, applying depreciation correctly, and reviewing entity structure for efficiency.
Many corporations overpay simply because these opportunities are overlooked. Our CPAs help identify and implement tax-saving strategies while maintaining full compliance.
What happens if my corporation misses the Form 1120 deadline?
Missing the deadline can be costly. The IRS imposes penalties that increase the longer a return goes unfiled, and unpaid taxes begin accruing interest immediately. For some corporations, penalties may also extend to dividend-related reporting obligations.
If your corporation has already missed a deadline, our CPAs can often help mitigate penalties through corrective filings or direct negotiation with the IRS.
Do corporations need to file state and local returns in addition to federal Form 1120?
Yes. In most cases, corporations must file state — and sometimes local — returns in every jurisdiction where they have a taxable presence (nexus). This may include states where the company has employees, property, or meaningful sales activity.
Because nexus rules vary by state, missed filings can lead to audits, penalties, or back taxes. A multi-state compliance review ensures your corporation meets all federal, state, and local filing requirements without unnecessary exposure.
How do you help corporations prepare for an IRS audit?
Corporate tax returns often face greater scrutiny due to the dollar amounts involved. We prepare every return with audit-readiness in mind — ensuring documentation, deductions, and calculations are accurate, consistent, and defensible.
If an audit occurs, we represent your corporation directly before the IRS, manage all correspondence, and provide supporting evidence on your behalf. Our CPA-prepared returns reduce audit risk and give you confidence that your filings can withstand review.
