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where do I begin on an 1120S return

sharmoren0112
Level 2

Can you please tell me where I start when preparing form 1120s? Do I begin on page or section 1?

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rbynaker
Level 11

I start with the trial balance.  Then I usually have to go back to the books and clean up all of the things that are obviously wrong.  Once you have a clean trial balance, it takes 10 minutes to drop the numbers in the boxes and then another 20 minutes to chase down the $2 rounding error that's throwing everything off-balance. πŸ™‚

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16 Replies 16
IRonMaN
Level 15

Information worksheet

 

Barber! Why didn't I think of this before? Getting paid to give out bad tax advice - need I say more? I've run with scissors for years so it is a natural fit.
dkh
Level 11

And after the information worksheet, I suggest Form 7004.  

dascpa
Level 8

And after the 7004 (extension) form which is due by 03/15/2021 I suggest continuing education classes if you have no clue where to start.  Remember to extend the state also if applicable.

sharmoren0112
Level 2

That's a date I know VERY well. It happens to my birthday as wellπŸ˜ƒ

sharmoren0112
Level 2

Which form can I exclude on 1120S return, if income is less than $150,000?

 

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IRonMaN
Level 15

Which form were you thinking you could exclude?

 

Barber! Why didn't I think of this before? Getting paid to give out bad tax advice - need I say more? I've run with scissors for years so it is a natural fit.
sharmoren0112
Level 2

Schedule M or L. I think it's M

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Just-Lisa-Now-
Level 15
Level 15
You're trying to get rid of the balance sheet? Can you do that on an Scorp, or is that only for a partnership?

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sharmoren0112
Level 2

Not trying to get rid of balance sheet. I'm trying to clear a balancing error & it seems like I could exclude one of the schedules (M or L?) to make the error go away.

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sharmoren0112
Level 2

Hi Lisa,

Not trying to get rid of the balance sheet. It was more frustration on one final error I was receiving. I had the error that my balance sheet was out of balance, so I entered the amount of net profit from last year's 1120s to the cash line in the balance sheet. That made sense because I hadn't included that figure anywhere & I felt it should. Was that the correct thing to do?

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dkh
Level 11

NO that was not correct.    Do you not have a Balance Sheet and Profit/Loss statement you are working with to enter this information into the F1120S?    You need to do so reading as to closing out one year profit/loss for the start of a new year...... it is not adding it to the cash line on the Balance Sheet.

sharmoren0112
Level 2

I only have a profit & loss statement, not a balance sheet. How do I clear the out of balance error, what do I need to read? I have the prior year 1120s also, if that helps.

 

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dkh
Level 11

File an extension.... you are running out of time to do something you aren't prepared to do.

sharmoren0112
Level 2

I did. Is there a training video I can watch or other training resource you can suggest? This is a very basic return. I just need to learn how to handle this error. I appreciate your help!

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qbteachmt
Level 15

"This is a very basic return."

No; it's a Corporate return. That's not basic, by definition. It's Corporate.

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rbynaker
Level 11

I start with the trial balance.  Then I usually have to go back to the books and clean up all of the things that are obviously wrong.  Once you have a clean trial balance, it takes 10 minutes to drop the numbers in the boxes and then another 20 minutes to chase down the $2 rounding error that's throwing everything off-balance. πŸ™‚

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