Which tax form do I need to use when filing for an S-Corporation?
Posted on January 30, 2009 by admin
Roland D asked:
I am helping a friend file his taxes for a small family-owned-business and am unsure of which form I need for his S-corporation. I know what info I need for the form but am unsure exactly what goes where on the form as well. Any help would be greatly appreciated.
I am helping a friend file his taxes for a small family-owned-business and am unsure of which form I need for his S-corporation. I know what info I need for the form but am unsure exactly what goes where on the form as well. Any help would be greatly appreciated.
1120-S and an accountant.
Is this a new business?
If yes, ask him to show you his stamped IRS form 2553. There’s no point in pointing you to a form 1120S unless he actually *is* an s-corp.
If no, ask to see *last* year’s 1120S.
Did your friend file for an extension? The 1120S is generally due 3/15. If he didn’t get an extension, you can help him draft the letter that says why he shouldn’t be hit with a penalty. (The penaly is $85/month per shareholder.)
Did your friend at least keep up with the paychecks, payroll taxes and the W-2s?
If you don’t know where to put the numbers, you really do need professional help to do the 1120S. A corporate return is a balancing act, based on a balanced set of books.