About
When you add tax services to your Finaloop plan, we introduce you to an experienced tax CPA from our partner network. The CPA prepares and files your business tax returns from your Finaloop books, and you agree with them directly on exactly what they'll handle for you.
Who is this for? Finaloop customers who've added tax services to their plan. The price depends on the scope you agree on and how complex the work is. To learn more, see Ecommerce Tax Prep & Filing by Expert CPAs.
1. What your CPA can prepare and file
Depending on what you agree with your CPA, your tax package can include:
Your business's federal income tax return
Your business's state income tax returns
International tax forms where they apply, such as Forms 5472, 5471 and 1042-S. If your company is foreign-owned, see U.S. tax requirements for a foreign-owned single-member LLC.
Other filings, such as Form 2553 (electing S corporation status) and 1099s
Your individual (personal) tax return
A tax extension, at no extra cost
Tax optimization: finding the deductions and credits your business qualifies for
Tax planning: structuring your business in the most tax-efficient way for your business, personal and estate goals
2. How it works
We introduce you to a CPA from our partner network.
You and your CPA agree on the scope: which returns and forms they'll prepare and file for you.
You complete your year-end checklist in Finaloop, called the Year-end Hub.
Finaloop closes your books for the year. This usually takes about 3 to 5 weeks after you submit your checklist (see the next section).
Your CPA prepares your returns from your closed books and files them.
3. Why closing your books takes 3 to 5 weeks
Your CPA can only file once your books for the year are final. After you submit your year-end checklist, the Year-end Hub moves through these stages:
Processing by Finaloop: our bookkeeping and tax experts review your whole year in depth, so your books are accurate and ready for tax.
Additional inputs/follow-ups: if the review turns up anything that needs your input, we reach out with questions. The 3 to 5 weeks assumes you answer these quickly.
Get your books: once we've reviewed all your answers, we lock your books for the year in Finaloop, and they're ready for your CPA.
If an earlier year or your opening balance sheet isn't finished yet, we complete those first, so it takes longer. To make sure your books are ready in time to file, submit your checklist by the checklist deadline shown in the Year-end Hub.
FAQs
Can I get a tax extension?
Yes. Your CPA can file an extension for you at no extra cost. Ask them as early as you can if you think your return won't be ready in time.
Can the CPA prepare my personal tax return?
Yes, if you include it in what you agree with your CPA.
Do I still need to file a beneficial ownership (BOI) report?
Most Finaloop customers don't. Since March 2025, companies formed in the US no longer file beneficial ownership information (BOI) reports with FinCEN, and a final rule made that permanent in August 2026. Only companies formed outside the US that are registered to do business in a US state still need to report.