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Business tax returns
SurePrep offers Business Tax Returns (BTR) service through
Business Outsource Offshore
binders. You can submit BTR from FileRoom similar to other tax return types.
Supported services
- Form 1120 – Corporation
- Form 1120S – S Corporation
- Form 1065 – Partnership
- Form 1120H – Homeowners Association
- Form 1120F – Foreign Corporation
- International Compliance (Form 5471, 5472, 8865, 8858, 1042)
Supported tax software
- CCH Axcess Tax
- GoSystem Tax RS
- * CCH ProSystem fx Tax
- Lacerte
- UltraTax
- OneSource (Select GoSystem RS Tax on the Create New Binder window)
note
Starting from the 2023 tax year, SurePrep no longer supports integration with ProSystem fx Tax
. In FileRoom and TaxCaddy, you will not be able to create ProSystem fx Tax clients, binders, or DRLs from 2023 tax year onwards. SurePrep will continue supporting the 2022 tax year and prior years.Due date overview
The due date for Outsource BTR is based on the variety and complexity of the work involved in the return. The turn-over time may vary based on the following scenarios:
Federal binder | Submitted in 3 business days under the following conditions:
|
State binder | Updates will be sent to the owner of the binder in batches of 5-10 states. |
Consolidation return | Binders get submitted when all the returns in the Consolidated return Tax Client ID/Locator get completed. Status updates will be sent to the Owner about the work that is completed and ready for concurrent review. |
Additional notes
: - For multi-state returns, SurePrep prioritizes the return based on the filing due date (e.g., 04/15, 09/15, 10/15, etc).
- There is no Expedite service for Business returns. However, we do our best to prioritize returns based on the communication received from the client, if any.
Saturday & Sunday
Saturday’s are considered a business day for the following peak processing periods only:
- During the regular tax season – February 15 through April 15.
- During extension season – August 15 through September 15.
Sunday’s are always excluded from business days.
SurePrep Holidays for Offshore and Onshore are excluded as a business day.
Preparation of return
SurePrep follows specific instructions provided by the firm user. You can add instructions in the form of a note or workpapers in the binder or through an email to the business return team.
Federal workpapers
- You can submit In-house federal workpapers to prepare or instruct SurePrep's Business Team to prepare federal workpaper in SurePrep's template and upload it to the Files
tab for you.State workpapers
– SurePrep prepares state returns on the basis of State workpaper(s) submitted by you when creating a business return. Unitary/Combined State Return
- For Consolidated return Tax Client ID/Locator (parent and subsidiary entity), SurePrep requests clients to submit all as individual (Parent & subsidiary) entity binders, wherein, SurePrep will be entering state adjustment or state apportionment which at the end will get consolidated at the Top Consolidated return's Tax Client ID/Locator.Software File/Access to PY Tax Client ID/Locator
To prepare a Business Tax Return, we require Tax Software files/access to the previous year's Tax Client ID/Locator for reference.
Print returns
SurePrep does not print DreamWorkpapers (DWP) for business returns.
FAQ
What's the difference between Individual returns and Business Tax Returns?
Individual returns are related to Form 1040 whereas Business returns are related to the above Form types. These Form types are prepared by Partnership (1065), Corporation (1120), S Corporation (1120S), Homeowners Association (1120H), and Foreign Corporation (1120F).
There is no automation of import/export functionality or printing of DreamWorkpapers, etc. Additionally, BTR turn time differs, i.e. they don’t follow 3 days like 1040 returns.
For Outsource Business return, are documents referenced in the binder or does SurePrep work on files and then send those over?
Outsource Business returns do not have reference fields in the binder like 1040 tax returns. SurePrep updates/prepares your client's workpaper/SurePrep workpaper/Custom workpaper in the Excel spreadsheet outside SPbinder then sends them to you for review.
Is creating a binder required for Business Tax Returns or does SurePrep work directly in the tax software?
Creating a binder is required to submit client documents to SurePrep for preparing the return in the workpaper and/or tax software. It is also used to account for the number of units contracted/processed by your firm for billing purposes
Does SurePrep just submit the binder once the preparation is done or does SurePrep also upload PDF/Excel documents to the firm? If Yes, how is it performed?
Before submitting the binder to a firm's user(Owner), SurePrep uploads Client workpaper/SurePrep workpaper/Custom workpaper/SurePrep Open Notes prepared by the Business Tax Return team. The team also uploads Tax software return print draft. For ProSystem fx Tax/UltraTax/Lacerte, SurePrep uploads the completed tax software file. Once the files are uploaded, the BTR team submits the SurePrep binder.
Does SurePrep's Business Tax Return processing team communicate directly with the firm user?
The Business Tax Return team communicates through SurePrep Support and/or directly with the firm's user on tax questions, concerns, missing information, updated/revised instruction from the firm.
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