No audit, more reporting
Accounting & Bookkeeping in the United States
Most US private companies face no statutory audit. They still face reporting from three directions at once.
GCC business setup specialists
No audit does not mean light reporting
Unlike jurisdictions where every company is audited, a US private company generally is not. What it has instead is reporting pressure from multiple authorities: a federal return, returns in each state where it has nexus, periodic sales tax filings, payroll filings, and information returns for payments to contractors. The books have to serve all of them, which is why a single clean ledger matters more here than an audit ever would.
- One ledger built to serve federal, state and sales tax reporting
- Contractor information reporting handled, not forgotten
- Co-ordination with your US tax preparer through the year
20+
Mainland, free zone and offshore jurisdictions we file in — so the recommendation is based on your activity, not on which authority we happen to be registered with.
7,000+
Companies successfully established.
Black Swan Business Setup Services•Black Swan Business Setup Services•Black Swan Business Setup Services
What is required
US reporting obligations
Several streams, all from the same records.
| Obligation | Position |
|---|---|
| Statutory audit | Generally not required for private companies. |
| Federal return | Annual, by entity type. |
| State returns | In each state where nexus exists. |
| Sales tax returns | Periodic, per registration. |
| Payroll filings | Quarterly and annual, where you employ. |
| Contractor information returns | Annual, for reportable payments. |
Federal and state reporting requirements, nexus rules and information return thresholds are set by the authorities and change. We handle US formation and compliance set-up and co-ordinate with a US tax adviser where advice is needed. We do not give US federal or state tax advice, and any adviser offering US tax conclusions as part of a formation package should be treated with caution.
How it works
Keeping the books properly
Built once, used by every filing.
01
Set up
Chart of accounts, accounting method, fiscal year and the tax codes needed for sales tax and state reporting.
02
Maintain
Transactions recorded monthly, reconciliations performed and contractor payments tracked for information reporting.
03
Report
Figures provided to your US tax preparer, sales tax returns prepared and payroll filings reconciled.
To keep the books
What we need from you
Contractor payments are the commonly missed item.
- Bank and card statements for all accounts
- Sales invoices and platform settlement reports
- Purchase invoices and receipts
- Payments to independent contractors
- Contractor tax forms on file
- Payroll reports where you employ
- Lease and finance agreements
- Inventory records where relevant
- Owner contributions and distributions
- States where you have nexus
- Fiscal year end
- Prior returns and bookkeeping records
Scope
What is included, and what is not
Stated plainly, so nothing is added once the engagement starts.
Included in the service fee
- Accounting set up for federal, state and sales tax reporting
- Monthly or quarterly bookkeeping
- Bank and card reconciliations
- Sales tax reporting support
- Contractor information return preparation
- Management reports
- Year-end package for your tax preparer
- Guidance where prior periods are incomplete
Not included, quoted separately
- Federal and state tax return preparation unless quoted
- US tax advice
- Audit, where voluntarily required
- Reconstruction of long-neglected periods unless quoted
- Accounting software licences
- Payroll processing unless quoted
- Penalties for periods before engagement
- Inventory valuations
Verify independently
Relevant US authorities
We file directly with these bodies on your behalf.
Secretary of State of the state of formationInternal Revenue ServiceState departments of revenueCounty and city licensing officesRegistered agent in each stateState professional licensing boards
Questions
US accounting — FAQs
Does my US company need an audit?
Generally not if it is privately held. Audits arise from investor or lender requirements rather than statute for most private companies.
Why does bookkeeping still matter so much?
Because federal, state and sales tax filings, payroll and information returns all draw on the same records. Weak books create problems in several directions at once.
What are contractor information returns?
Annual reports of reportable payments to independent contractors. Missing them is common among foreign-owned businesses and carries penalties.
Cash or accrual accounting?
It depends on your size and activity, and it has tax consequences. We set the books up on the basis your US tax adviser recommends.
Do you prepare the tax returns?
We prepare the books and the year-end package and co-ordinate with a US tax preparer. We do not give US tax advice ourselves.
Go deeper
More United States services
Careers
Apply for a role
Tell us which role you are applying for and what you have done that is relevant. If you have UAE or GCC experience, say which jurisdictions and authorities you have worked with.
Connect with us
Request a setup assessment
For founders and business decision-makers considering paid business services. Not for job applications, employment searches or personal visa-only requests.
Talk to a consultant
At Black Swan Business Setup Services, our mission is simple: to empower entrepreneurs and companies of all sizes to establish and expand their presence in the UAE, Oman, Saudi Arabia, Bahrain, and beyond.
© 2026 Black Swan Business Setup Services. All rights reserved.