Hi! I am wondering if I would be able to file a S corporation tax return myself without involving a CPA. I am the sole owner..there are no shareholders or partners... I do not have any direct employees.. all are independent contractors... My business address is in california but I live in Hawaii..

Hi! I am wondering if I would be able to file a S corporation tax return myself without involving a CPA.========>>>>>I guess it depends; aslongas the corp has accurate bookkeeping , then preparing Form 1120S can be straightforward. Preparing the S-Corp tax return, Form 1120S, is not hard, but it is not easy either. hiring a tax professional, Enrolled Agents and CPA, to prepare a company's tax return is beneficial in terms of analyzing the S corp's financial statements looking for a complete and accurate picture of a business or etc. tax professional is also attuned to the latest IRS audit and compliance issues that an S-Corporation is likely to face.

A tax professional is also attuned to the latest IRS audit and compliance issues that your S-Corp is likely to face.;a complete set of financial statements: Income Statement & Balance Sheet; a complete transaction history and summary statement of each shareholder's capital accounts. In addition, you may want or need additional financial records, such as: payroll tax returns, copies of W2 statements, sales tax returns, transaction details of federal, state, and local taxes paid or etc.


I am the sole owner..there are no shareholders or partners... I do not have any direct employees.. all are independent contractors..=========>As an owner/EE of the S corp, you need to pay yourself wage and issue an W2 UNLESS the corp takes losses; S corps can legally pay what is considered a "reasonable" salary to owners/shareholders who are officers of the corp and who work for the corp. An officer of an S corp is treated just like any other employee. The officer's salary on W2 is subject to employment taxation. In addition, S corp owners. EEs may take additional distributions of profit from the business with tax free up to their return of contribution.

. My business address is in california but I live in Hawaii..============>>> guess your Sc orp is a foreign corp since the corp conducts business in CA state while it was incorporated in HAWAII. And the corp needs an registered agent that is either an CA resident or corp; Most states require businesses to maintain a registered agent to accept legal and official documents on behalf of your business.
A "foreign" corp must file a notice of doing business in CA state in which it does substantial regular business. It must name an "agent for acceptance of service" in CA state, or the Secretary of State in some jurisdictions will automatically be that agent so people doing business with a foreign corporation will be able bring legal actions locally if necessary. Every state requires some sort of registration or qualification for foreign corporations. Qualification requirements for foreign corporations vary from state to state, and are regulated by the state’s Secretary of State.