moneymaven
Well-Known Member
Joined: Dec 26, 2010 10:05:04 GMT -5
Posts: 1,864
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S-Corp
Feb 7, 2012 18:38:00 GMT -5
Post by moneymaven on Feb 7, 2012 18:38:00 GMT -5
Need some direction on my returns. I own an S-corp (100% owner of shares). What forms/documents do I need to file and what dates? Appreciate the direction.
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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S-Corp
Feb 7, 2012 19:05:48 GMT -5
Post by mwcpa on Feb 7, 2012 19:05:48 GMT -5
1120S 3-15-12
My suggestion, see a pro asap.... if you do not know what is required chances are that you will make a mistake.... (did you take reasonable compensation?)
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TheOtherMe
Distinguished Associate
Joined: Dec 24, 2010 14:40:52 GMT -5
Posts: 27,266
Mini-Profile Name Color: e619e6
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S-Corp
Feb 7, 2012 21:17:21 GMT -5
Post by TheOtherMe on Feb 7, 2012 21:17:21 GMT -5
Please take mwcpa's advice and see a tax pro. Have you made an election to be treated as an S Corp?
An 1120S is not a simple form to complete. A Schedule M must be prepared reconciling the differences between the tax return and the books. There is also an accounting for the Accumulated Adjustments Account and a K-1 must be prepared to flow items to the shareholder's tax returns.
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moneymaven
Well-Known Member
Joined: Dec 26, 2010 10:05:04 GMT -5
Posts: 1,864
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S-Corp
Feb 8, 2012 12:06:13 GMT -5
Post by moneymaven on Feb 8, 2012 12:06:13 GMT -5
Thank you both. Yes, I plan to work with a CPA, but want to get my ducks in a row to ensure I am getting credible advice.
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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S-Corp
Feb 8, 2012 13:04:46 GMT -5
Post by mwcpa on Feb 8, 2012 13:04:46 GMT -5
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