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Level 5

Potential S-Corp client with no record keeping

I had a potential client wanting to prep form 1120S for his new S-corp (for 2018) with no electronic record keeping other than access to bank statements, business credit card account, and ADP account (showing taxes withheld/paid from employees and checks issued etc). The client did not have any accounting software or even excel. Supporting material for revenue (a single agency was the only client, approx. $500k revenue), expenses, and owner contributions were provided by physical print-outs or hand written notes. Because this was my first client, I had to turn down the offer. Is this normal for a small cash basis S-corp? How much time would you say/estimate would be needed to fully prepare this return in order to prep a schedule K? It seemed to be a large undertaking to get all their accounting in order before preparing schedule K.  Also, I understand it depends on the market but approximately how much would you charge for this service?

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Level 20

Potential S-Corp client with no record keeping

As a tax and/or accounting professional (apparently), you should use the following web site.

 

https://proconnect.intuit.com/taxprocenter/

Level 20

Potential S-Corp client with no record keeping

To prepare a corp return you need the P&L, Balance sheet and Asset list. If they cannot provide you with such reports then they either need to pay you or someone else to do the bookkeeping ... I charge $50 an hour ... more if the records are in bad shape.... and I get a good sized retainer as well.