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USTaxAdvising
USTaxAdvising, Accountant
Category: Finance
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We have setup a US INC last year. We started the bank

Customer Question

Hi, We have setup a US INC last year. We started the bank account this april and started business the same time. What are the processes to be followed for book keeping and yearly accounting and returns filing? Right now i am using quickbooks for book keeping
myself. What are some of the important dates for filing? Our business is e-commerce and we sell web hosting worldwide. Can you also suggest some low cost small business accountants who can take care of end to end of financials?
Submitted: 1 year ago.
Category: Finance
Expert:  USTaxAdvising replied 1 year ago.

Hello,

Your Delaware Corporation will have an annual Form 1120 Federal Corporate tax return filing requirement (see links below for the Form and Instructions) The due date for this Form is March 15th annually. You can however apply for an extension of time to file if you need more time. Use Form 7004 here to apply for an extension - http://www.irs.gov/pub/irs-pdf/f7004.pdf

The corporation will not have a state tax return filing requirement as there are no Corporate state taxes in the state of Delaware. The Corporation will however have to file an annual report with the Delaware Secretary of State. See link here for that Annual Report information - http://corp.delaware.gov/paytaxes.shtml

http://www.irs.gov/pub/irs-pdf/f1120.pdf

http://www.irs.gov/pub/irs-pdf/i1120.pdf

You will need to keep the books on a US GAAP basis which is very similar to IFRS which is used in the UK.

Unfortunately I cannot recommend another accountant who can assist with end to end financial statements but I am sure there plenty to choose from online. I would recommend finding a qualified CPA and then interview a few of them to see which will be the best fit for you.

Let me know if something is not clear and if you have any follow up questions and I will get back to you as soon as I can.

Best regards,