What does my Collective subscription include?
LLC with S Corp Election (creation or verify/cleanup)
Employer Registration with the State
Accounting books (creation or verify/cleanup)
Payroll with Reasonable Compensation (setup or verify/cleanup)
Accounting/Payroll/Tax Insights Call by an Onboarding Accountant
Monthly Bookkeeping by Collective
Quarterly Reasonable Compensation review
Quarterly Tax Estimate Payment calculation
Annual Filing of 1040 Personal Tax Return
Annual Filing of 1120s Business Tax Return
Daily access to the entire team of experts waiting to help you on the other end of [email protected]
What are the critical pieces of information created/verified?
If you come to us as a sole proprietor, as a partially or fully functional LLC with S Corp Election, or even with prior S Corp payroll, we will create or verify, as needed, that the following critical pieces of information all match:
LLC Name with the State
EIN Number and EIN Name with the IRS
S Corp Start Date
Pre-Collective Payroll Reports (if applicable)
What is my S Corp start date?
Your S Corp start date is called the S Election Effective Date. It can be found on any of the following:
Box E on Form 2553 (s corp application to IRS form)
Box A on the 1120s Business Tax Return
Form CP 261 (s corp confirmation from IRS form)
How long until my Training Call with an Onboarding Accountant where setup/accounting/payroll/tax insights are reviewed?
First, we'll spend 1-2 weeks working with you to create your LLC with S Corp or verify that you created it properly.
Next, you'll be presented with software login and setup steps that must be completed. Many members complete this in 1-2 days.
Next, you're given the opportunity to schedule your call with an Onboarding Accountant. Depending on the season, you'll be able to schedule within 1-10 business days.
Last, you'll have 1-2 zoom screen share calls with an Onboarding Accountant where your books and first payroll are set up. We are experts at helping you separate any previously mixed activity on business and personal checking and credit card accounts. We'll also teach you how to analyze your Profit and Loss report, the difference between paying yourself W2 earnings through payroll and taking shareholder distributions, and tax tips to accurately report your Net Income.
When can I meet with a member of the Tax Team?
Once your onboarding is complete you can email [email protected] to request a meeting with a member of the tax team.
In addition, in May, August, and December the tax team will email Quarterly Tax Estimates that include a link to schedule a zoom with a member of the tax team.