How to File a Final Form 1120-S for the 2023 Tax Year - Step-by-Step Guide

For more Form 1120-S tutorials, see our playlist:
• Form 1120-S (S Corpora...
In this example, we look at an S corporation for a business that closed down and dissolved the entity during the 2023 calendar year. The S corporation must file a short-period tax return to report the activities of the business.
For the prior year tax return for this example, see the 2022 tutorial:
• How to File Form 1120-...
For more videos on issues covered in this tutorial:
Form 7203: • Form 7203 Basis Calcul...
Form 2553 Filings: • Entity Classification ...
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[@CINEMATIK]

Thanks for posting this video. Am I understanding correctly that, in the section titled 'Schedule K Shareholders' Pro Rata Share Items,' on line 16d - Distributions, I have to enter the amount of my owner's draw for the tax-reported year? For instance, if I withdrew about 100k in cash as an owner's draw from my business account and transferred this amount to my personal account, is this considered a cash distribution that needs to be reported on line 16d? Is it also necessary to fill out line 16d, or it can be skipped?

[@xclservices]

Hi Jason! Thank you for your video. I was wondering if you can help me with a question I have. I had to file an 1120-S return for tax year 2022 as Final Return, however, a vendor still made payments to the corporation's name during 2023 that the owner didn't disclosed to me so I need to prepare and file a return for 2023. Apart from the trouble of figuring out the accounting part of it, strictly speaking about the status of the return, could I just file 2023 and flag it as Final Return again or do I need to first "re-activate" the business with the IRS before submitting a new Final Return? I appreciate your help. Thanks.

[@rayzucchero9478]

Hi Jason. How would you treat ERTC credit in this return (S-Corp)? I reduced wages by that amount, but then which schedules are exactly affected by this? Should we increase basis by this amount, 7203 "Other Increases to Stock Basis"? How about sch K, "Other Income" (ZZ code)? And finally, Sch M-1 and/or M-2? Thank you much,

[@NewJerusalemBaptist.Church]

is the 20% QBI deduction applied to the left over money in the SCorp after all deductions?
And if it is, is that number subtracted from the salaried employee?
also if you have multiple employees is the 20% applied to all employess or is that 20% divided amongst them