Filing IRS Forms 1120S and 1065 can be one of the most time-intensive and detail-oriented tasks for U.S. CPA firms during tax season. The complexity of S Corporation and partnership returns—ranging from shareholder basis calculations to capital account reconciliations—often consumes significant resources, especially when dealing with multiple clients under tight deadlines.
This is where PEAK Business Consultancy Services steps in as a reliable offshore partner. Based in India, PEAK BCS specializes in U.S. tax outsourcing with deep expertise in the preparation of Forms 1120S and 1065. We have worked with numerous CPA firms across the United States, delivering exceptional results that are accurate, timely, and fully compliant with IRS regulations.
To learn more about our firm and services, please visit: https://www.peakbcs.com
Understanding the Filing Requirements for 1120S and 1065
Form 1120S is used by S Corporations to report income, deductions, and other tax items passed through to shareholders. Form 1065 is used by partnerships to report similar data to partners. Both forms are informational in nature, and failure to file them correctly can lead to penalties and IRS scrutiny for both the entity and its owners.
Common issues include incorrect partner/shareholder allocations, missing K-1s, basis miscalculations, and omitted schedules like Schedule M-1, M-2, and L. These errors often arise from a lack of manpower during peak periods, or inconsistencies in client documentation.
PEAK’s Streamlined Process for 1120S and 1065 Filing
1. Dedicated Tax Teams for Each CPA Client
We assign specialized teams for each CPA firm to ensure continuity, familiarity with client expectations, and reduced onboarding time for each return cycle. Each team includes experienced tax preparers and reviewers with knowledge of U.S. tax code and entity-level compliance.
2. Custom Checklists and SOPs
We collaborate with our CPA partners to design entity-specific preparation checklists. These SOPs are customized to align with your firm’s documentation flow, accounting software, and review protocols—ensuring that we act as a seamless extension of your in-house team.
3. Software Proficiency
Our team is well-versed in software platforms including UltraTax, ProSeries, Lacerte, Drake, and CCH Axcess. Whether you’re using cloud-based tax prep tools or locally hosted systems, we adapt swiftly to your workflows with minimal friction.
4. Efficient K-1 Generation
We ensure timely and accurate preparation of all Schedule K-1s. Our systems flag allocation mismatches, missing ownership data, or unusual activity that requires CPA review before the return is finalized.
Value-Added Benefits for U.S. CPA Firms
1. Scalability During Peak Seasons
As your client base grows, our team can easily scale up to handle more 1120S and 1065 returns without compromising quality or delivery times. This allows your firm to accept more work without adding permanent staff.
2. Overnight Turnarounds
Thanks to our location in India, we provide overnight processing for most tax returns. You send us the data at the end of your U.S. workday and receive a completed draft by the next morning.
3. Multi-State Compliance
Many S Corporations and partnerships operate across states. Our team understands nexus rules, state-specific adjustments, and apportionment rules, ensuring that all required state filings are accounted for.
4. Quality Review & Error Checks
Each return undergoes a dual-layer quality check. This includes a technical review to ensure form compliance and a documentation review to confirm supporting schedules match return data.
PEAK Business Consultancy Services helps CPA firms focus on client engagement, tax strategy, and audit defense—while we take care of the backend preparation. To explore our full-service support, visit https://www.peakbcs.com.
Secure and Compliant Workflows
We follow industry best practices in cybersecurity and data protection:
- VPN-based access and restricted IP controls
- Two-factor authentication across tax software
- NDAs signed by all staff
- Data stored securely with tiered access levels
Types of Entities We Support
- Domestic S Corporations with multiple shareholders
- Real estate and investment partnerships
- Family limited partnerships (FLPs)
- Multi-member LLCs taxed as partnerships
- Single-member LLCs and conversions to S Corps
Hear from Our CPA Clients
“PEAK has transformed how we approach 1065 and 1120S filing. We’re handling 30% more clients during tax season without hiring an extra hand.” – A Florida-based CPA Partner
“They understand U.S. tax logic and communicate like an internal team. K-1 prep and basis tracking have never been this seamless.” – Midwest CPA Firm
Let’s Build an Offshore Filing Strategy for You
Whether you need seasonal support or year-round entity filing services, PEAK BCS is equipped to deliver. With experienced tax professionals, compliance-driven workflows, and client-first communication, we’re your ideal offshore partner.
Connect with PEAK Business Consultancy Services today at https://www.peakbcs.com and start streamlining your Form 1120S and 1065 filing process today.
