At Collective, we're here to make your business financial management as smooth as possible. Our tax and bookkeeping services are designed to support you in various aspects of your financial journey. To ensure you have a clear understanding of what we offer, let's dive into the details of our services, what's typically included, and what falls outside our scope.
Tax Services: What We Offer and What's Out of Scope
At Collective, we have a dedicated team of tax professionals ready to assist you with your business tax needs. Here's what you can expect from our Tax Services:
What's Included
Year-round tax support for your business
Annual business entity tax preparation (Form 1120-S)
What's Not Included
Preparation of tax returns for years other than what we’ve agreed to prepare
Review of or amended return preparation for tax returns not prepared by Collective
Tax audit representation and defense by tax authorities, including any proposed audit adjustments
Local county and city taxes, personal property taxes, and business property taxes.
International/Foreign taxes, Residency Certifications, and Form 1042
Reviewing, filing and paying sales, use, gross receipts tax, and franchise/excise taxes
State tax nexus analysis and determination of tax liability between states
Annual filing requirements with the US Secretary of State and Department of Labor
Form 83(b) elections, Form 1031 exchanges, and remittance of estimated payments
Services for additional household Schedule C businesses or Schedule E Flow-Through or Rental Properties
Issuance of Form 1099, Form W-2 for transactions outside Collective's payroll provider
Filing of Schedule H and guidance for non-profit entities
Specific investment recommendations or forensic audits
Attest services or cost segregation
Creation and funding of retirement accounts, health insurance plans, and tax valuation services
Fiscal year tax elections
Remember, our Tax Services are limited to the preparation of state and federal income tax returns for your business. For more information, check out our Terms of Service.
Bookkeeping Services: What We Offer and What's Out of Scope
Managing your financial records is crucial, and our bookkeeping services are tailored to help you do just that. Here's a breakdown of what we offer:
What's Included
Categorization of your business transactions
Reconciliation of bank and credit card accounts
Invoice reconciliation and support
Review of financial reports
Delivery of reports package including Profit & Loss and Balance Sheet
Year-end book closing for tax preparation
Invoice issuance training
What's Not Included
Financial advisory services
Use of Profit First, Accrual basis, or any basis of accounting other than Cash basis
Sales tax calculations
Issuance of or alterations to invoices
Invoice reconciliation and support for invoices issued before becoming an Collective member
Payroll processing, updating salaries, and training or assistance with third party accounting or payroll software
Issuing 1099s and W-2s (this is handled by your payroll provider, Gusto)
Advising on hiring W-2 employees versus 1099 contractors
Assistance with Form 1042 and international contractor withholdings
Vendor W-9 and international contractor W-8 management
Time tracking for billing or invoicing
Paying bills to your vendors
Inventory tracking
Services for companies with multiple W-2 employees
If you have any questions about our tax and bookkeeping services or need further clarification, our support team is here to help. Your financial well-being is our priority, and we're dedicated to supporting you every step of the way.
Remember, transparency and understanding are key to a successful financial partnership, and we're here to ensure you have all the information you need to make informed decisions for your business. For a more detailed description of our services, check out, check out our Terms of Service.
Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.