top of page

FORM-1120

C-Corporation Tax Preparation (FORM-1120)

Form 1120 is your annual corporate tax return. Form 1120 also includes Schedule C. Form 1120 requires basic information about the corporation, such as the employer Identification number, a list of any deductions and compensation to your officers or board of directors. Form 1120 also includes lists of other schedules that may or may not apply to your business. For example, Schedule A includes the cost of goods sold, and Schedule K lists information about your corporation, such as your accounting and business type.

 

At EJ Tax & Immigration Services, our firm assist clients such as Corporations that can generally electronically file (e-file) Form 1120, related forms, schedules, and attachments, Form 7004 (automatic extension of time to file) and Forms 940, 941, and 944 (employment tax returns). If there is a balance due, the corporation can authorize an electronic funds withdrawal while e-filing. Form 1099 and other information returns can also be electronically filed. The option to e-file does not, however, apply to certain returns.

FORM-1120 Corporation and Its Schedules

At EJ Tax & Immigration Services, we can help you to fill out all the Schedules that are crucial to support Form-1120. Some schedules are required (like the balance sheet), and others must be provided if information is listed on the return.

Reminder: 2018 C-Corporation Taxes Return is Due on

April 15th, 2018

Completed     Missing Info
Completed     Missing Info
Completed     Missing Info
Completed     Missing Info

Basic Information

 

Identify business return type for filing as registered with the IRS (Form 1065, 1120, or 1120S). If not sure, contact the IRS Business help line at 1-800-829-4933.

 

Employer Identification Number (EIN) as registered with the IRS. If you don’t have an EIN, apply online at IRS.gov

 

List of states and state ID numbers in which your business has nexus or a presence that requires reporting.

 

Copy of articles of incorporation or bylaws including any Amendments.

 

If entity has an accepted S election to be taxed as an S corporation, IRS acceptance letter or Form 2553, review current year filing requirements.

 

Copy of Form 8832 if a check-the-box election was filed to be taxed as a corporation.

 

Last year’s federal, state, and local tax returns.

 

All amounts and dates for federal, state, and local estimated tax payments made.

 

Information for each individual or entity owning 20% or more of corporation’s stock.

Forms/Documents Received

 

All Forms 1099-B, 1099-DIV, 1099-INT, 1099-K, or 1099- MISC received (or other records for dividends, interest, or business income).

     

Schedule K-1 received from entities that your business owns (lower tier entities).

 

All granted credit certificates issued by federal or state taxing authorities.

Business and Financial Records

 

Trial balance report from company books.

         

Bank and credit card records to support interest and other day-to-day business. expenses.

 

Copy or summary of all Form 1099 and W-2 issued.

                                   

Reports detailing all federal unemployment, Social Security, and Medicare tax paid (Forms 940 & 941).

                                               

Reports of state and local payroll tax paid.

 

If business was conducted in multiple states, compile a report of sales, payroll, and property values for each state that you have nexus with.

                                   

Schedule of carryover losses, deductions, or credits from prior year tax returns.

 

Reports for inventory including cost of goods or materials purchased for resale or manufacture and the total value of goods or materials at the end of year.

Asset Business Records

 

Prior year depreciation schedules detailing asset cost, date placed in service, prior depreciation, and business use percentage.

 

Date of purchase, cost, trade-in allowance, and business use percentage for all assets acquired during the tax year.

 

Date of purchase, cost, sales proceeds, trade-in allowance, expenses of the sale, and accumulated depreciation for all assets disposed of during the tax year.

 

Mileage log for each owned or leased vehicle (business use and total use).

 

Reports for business use percentage and actual expenses for each owned vehicle (gas and maintenance costs).

bottom of page