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.
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?
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,
I have a question related to 1120S QBI. is it 20% of net income of 28,596? or 20% of gross profit 221,918 -wages (both ee and officers 142,000+18,500) ?
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
Excellent!!!
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.
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?
Does 1120S form include QBI deduction line?
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,
I have a question related to 1120S QBI. is it 20% of net income of 28,596? or 20% of gross profit 221,918 -wages (both ee and officers 142,000+18,500) ?
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