Tax Filing Documents for Form 1120-S -U.S. Income Tax Return for an S Corporation
Information on your business income and expenses
Give your CPA a P&L (profit and loss, or income) statement, showing your corporate income, with specific sources of revenue, and all deductible expenses of the corporation for the year.
If your corporation sells products, you must provide information to calculate cost of goods sold
Information on your business assets
You will need to provide information on your business asset records, including business vehicles, for
Corporate Balance Sheets
You must also provide balance sheets for the corporation, for the beginning of the year and end of the year. The beginning year balance sheet must match last year's end-of-year balance sheet.
Detail Sheets
You must also provide information for
- Form 8903 - Domestic production activities
- Schedule C - Dividends
- Details on corporate officer compensation.
Information on Shareholders
For S Corporation taxes, you will need to provide information on each shareholder's portion of income, deductions, credits, foreign transactions, and other. This information is transferred to the Schedule K-1 each shareholder receives.
Take all of this information to your CPA, Enrolled Agent, or other tax preparer, or use business tax software to prepare your return.
Get more information on S Corporations, including how to form an S Corporation.
