S Corp Requirements AlternativeWho keeps the file with you.
You want a person who will read the election, the wage, and the March return with you. We open that file with Steven Palmieri, Tax CFO, and we leave a note on each paper before March.
One person, one file.
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The election, the wage, the closed months, and the March return are one engagement when you want them kept together. Steven and his team close the month, keep the cap table current, and prepare the company return from that file. The personal return of each owner is a related filing and it is named separately in the scope if it is in the scope.
The practice does not hold itself out as a firm that signs audit reports. The disclosures page writes down the covers we will not put our name on. Books can still be finished here. A return can still be prepared here. A cover that tells a stranger the numbers were examined is the cover we do not write.
How a first call goes.
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You name the requirement you are unsure of. We ask for the paper that would prove it. Acceptance letter, payroll report, cap table, or the last month that matches the bank. A missing acceptance letter is the finding we write down before any other advice. We do not fill the silence with a recommendation to elect, or to revoke, before the paper is identified.
The call is by video. The page names no building, and it does not claim we sit in your town. Steven and his team start the monthly file only after you both sign a page that names the year and the fee. Until that signed page, either side can end the conversation.
What we keep with you.
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Who may own the company. The election on file, with a date. A wage for the owner who works in it, set before the first payday. Months closed to the bank. A company return in March that reads those months, and a K-1 for each owner. Distributions labeled as distributions, with basis updated when the month closes.
That file is the engagement when you want it kept together. A single paper, such as a late election or a year with no wage, can also be the whole of the first scope. The written scope says whether the company return, the wage, or both are included. We do not sell a monthly close for a company whose election has already ended.
What we will not pretend.
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A draw that never ran through payroll is not the wage we will defend. We will not pretend an extension closed the months. We will not pretend a side letter left the company with one class of stock. Those are the ordinary ways a clean election starts to look like a different kind of company, and they are visible in the month they happen.
The month a side letter clears is the month we write it down. We do not wait for March to call a draw a wage, and we do not wait for a buyer to ask whether the stock is still one class.