How to File Form 1120-S for 2022 - Restaurant Example
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- Опубліковано 6 бер 2023
- For the 2023 tutorial: • How to File a Final Fo...
In this video tutorial, I cover all of the steps to file a simple Form 1120-S for the 2022 tax year. The sample company is a Corporation operating a restaurant in Florida. The corporation is owned by two individuals (John & Jane). John acts as merely an equity investor (not an active participant) while Jane serves as the company CEO and manager of the business.
The corporation Form 1120-S covers the following elements:
1. Two shareholder corporation taxed as an "S" corporation for federal tax purposes (company filed Form 2553)
2. Complete the full Form 1120-S (Pages 1 through 5)
3. Form 1125-A for Cost of Goods Sold (COGS)
4. Form 1125-E for officer compensation
5. Form 4562 for Bonus Depreciation
6. Schedules K-1, K-2 & K-3
7. Basis worksheets for Shareholders
8. De minimis safe harbor elections Treas Reg. 1.263(a)-1(f)
For other form tutorials that might be applicable to your return, check our videos here:
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Schedule B-1 Disclosure: • Form 1120-S Schedule B...
Form 8869 Q Sub Election: • How to Prepare IRS For...
How is Income Allocated? • How Is Income Allocate...
S Corp Debt Forgiveness: • S Corporation Debt For...
S Corp Restricted Stock: • S Corporation Restrict...
Deducting Business Gifts: • Can Business Gifts Be ...
Did your S corp election terminate? • Inadvertently Terminat...
Form 1120-S with No Activity: • Do I Need to File Form...
S Corp Tax on Net Passive Income: • S Corporation Subject ...
For a larger database of tutorials, please visit our website and search for your question:
knottlearning.com/
DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#Form1120S #Scorporation #Taxes #IRS
I think all your videos are very thorough and informative. One point of clarification would be that restaurants have many employees that receive tip income. Employers often pay the SS withholding for the employees with the tip income, and the employers get a tip credit. That affects the K-1 and the Basis. I'm sure showing the how to report the credit is software specific, but at least mentioning that nuance would have been helpful.
Thank you so much. great job .. because of your videos... I always go out next day and do an act of random kindness and help others .
🤩 wow love how you explained it.
Glad it was helpful!
Love your lectures, could you please teach law firm medical offices? That will be so helpful for my work, thank you!!
HI jason awesome video! where would you put the cost of incorporating the LLC paid to a registered agent? is it okeu to you put it in line 'Taxes and licenses'
Hello sir, this is probably the best instruction video ever. How can I access the spreadsheets for the Statements in this example so I can practice in my software?
Great video tutorial! Where would you post PPP Loan Foregiveness on K-1 (I assume its Ln 16b) and on the M-2? My info indicates it is treated as Tax-Exempt income. Thanks
Thank you so much. Can you pls teach how to report S Corp income earned in other states like consulting fee?
For Line 19. Other Deductions (Attach Statement), How do you add the statement? Do you have to just print the excel and attach to the form?
Helli sir jason, sir you are doing very good job and it is very easy to learn taxation from your videos.
I have question regarding the attachments/attached forms. As you can see on the 1020s they asking to attach forms like 1125-A , 4797 etc .
If i want to submit my form 1020s by mail should i have to attach all these require forms also?? Or only i have to send the filled and signed form 1020s.
Waiting for your reply.
Thanks
Hi Jason can you do a tutorial for an owner operator?
Hi Jason, can u pls explain the other deduction more? I cant find what that number cones from, thank you!
So, Line 19 (Other Deductions) reference the following items on the excel spreadsheet: Insurance ($12,000), Computer Equipment ($1,500), Legal Fees ($1,200), Payment Processing Fees ($1,117), and Internet Service ($600)
Hi Jason, can you tell me how you got the number on 1120 s page 1, line 12, taxes and lisc. payroll taxes are 14,459 but the number on the form is 15059. not understanding the $600 difference.
So, in the spreadsheet Payroll Taxes were $14,459 and Licenses were $600 which gives you the $15,059 for line 12
do we get a return back from this ??
how do you actually file it to them is it possible to efax form 1120 to the irs owning a single member foreinger LLC? thanks a lot
Either you send them via email or file it electronically through their website.
Sir , if it is llc elected as s corp, sine there are no shares what do you enter for item h shareholder number of shares in schedule K
If the entity is an LLC, you can use the number of LLC units issued pursuant to the LLC operating agreement
Can I submit 1120 return online ??
Can I submit 1120 return online ??
Yes! Your tax returns can be filed electronically using an IRS approved tax preparation software. However, the IRS website does not currently have a direct file system. You need to have tax preparation software in order to submit electronically. Visit the IRS website for more information:
www.irs.gov/e-file-providers/efile-with-commercial-software