Hi everyone, in this lesson, we're going to really get into the parts of Schedule K that will matter the most to you and how to treat them as you're building financial statements and entering this information into Halon. We're gonna drill on Schedule K a bit here because it is very important, as I said in my 1120s lesson. Schedule K can be a bit tricky, and I want you to understand what it is. Now rest assured, Halon is going to do all this work for you, and the CPA tax team reviews all of this. So it's not that you're actually going to be completing any Schedule K's, but we want to make sure that you're doing the bookkeeping in a manner where Halon can read it correctly and be efficient in the preparation of its tax return. And if clients ever ask you a question about it, I want you to have some idea of what these things are, why they're there, and doing a deep dive is going to help us do that. Let me first start with a slide that I used in the last lesson when we were talking about the Schedule K and the 1120s forms. Let me go back to this slide and kind of refresh our memory about how the Schedule K works. So this is it. Remember, I've got kind of an income statement on the left here that has sales and interests and dividends. And then, as we understand, it breaks out into two different pieces. Just to recap, in the 1120s, some of the items are reported on the Schedule K. Anything that is not reported on the Schedule K is reported on page one of the 1120s. These items that go into Schedule K are easy...
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1120-S (Schedule K-1) Form: What You Should Know
A. A corporation may be required to file a return, in lieu of the tax return, for any taxable year for which it has not had its tax liability properly A. The IRS does not require you to file an annual return or to file an amended or supplemental tax return during the same tax year for which you have not had your tax A. You may provide additional information to the IRS regarding your nonconcurrent return by A. filing Form 4868, “Notice of Non-Concurrent Returns,” with the IRS (or filing Form 4465, “Notice of Non-Concurrent Returns for Members of Trust Funds or Estates”) and paying the required filing fee. A. Do not enter a negative amount if your corporation has received a notice from the IRS to file a return. A. Keep an additional copy of Form 4211, and its A. For Schedule K-1 (Form 1120-S), enter “Schedule N” on line A. Enter “Schedule N” on line B. Enter “Schedule N” on line C. Enter “Schedule N” on line D. Enter “Schedule N” on line E. The corporation must file Form 4211, Annual Information for Individuals, Businesses and Other Entities, if they are tax-exempt organizations. A. You must notify the IRS of any nonconcurrent returns by April of each year. A. You are required to notify the IRS by April 1 of the tax year the corporation is required to file a return. A. For Form 706 and Forms 706-EZ, enter your taxable year on line A. For Form 1120S, enter “Calendar year” on line A. A. In general, any nonconcurrent returns are filed with the required forms. A. For Form 706, enter the taxpayer's name, address and TIN on Form 706. A. For Form 1120S, your filing status is Generally, Filing Status, Single, Married, or Married Filing Jointly. A corporation that is a corporation is required to file as a corporation when filing separately for tax year 2025 and after. A. Enter the name of the corporation or the individual owner on A. Filing status is: Married filing jointly A. Enter the name or Social security number of the corporation or the individual owner on Schedule N. A.
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