S-Corporation Returns (Form 1120-S)

What we need

• Profit and loss statement and balance sheet
• Prior year's tax return
• A list of shareholders with each owner's name, SSN, and ownership percentage
• Officer and shareholder wages — W-2s and the year's payroll reports
• Distributions paid to shareholders, and basis records if you track them
• Cash or property any shareholder contributed to the company this year — for property, include its cost and value
• Shareholder loans to the company, and any repayments — these adjust your stock and debt basis
• Health insurance paid for any more-than-2% shareholder
• A list of assets or purchases made during the year to depreciate
• Estimated tax payments made during the year

Planning point: the IRS expects shareholder-employees to take a reasonable salary before taking distributions. If you're not sure your officer pay lines up, flag it — it's one of the most common S-corp issues, and we'd rather sort it out early.

What's included

• Review of your bookkeeping, profit and loss statement, and balance sheet
• Complete preparation of your federal S-corporation return
• Schedule K-1s for every shareholder
• Reconciling book income to tax income (Schedules M-1 and M-2)
• Secure electronic filing with the IRS and your state
• A copy of your completed return in your secure client portal
• If we make an error on your return, we fix it