Hey guys and welcome back we're going to continue to build off of our prior video example where we filled out a form 10 at 65 we're going to carry that over into this schedule k-1 you're gonna have to fill out a separate schedule k-1 for each partner that's in your business for our example we're just doing a simple general partnership LLC that has two partners in it each 50 50 owners in the profits or the losses cash-based accounting method so just to do a quick overview if you guys are doing cash accounting and you're just a simple LLC you're not gonna have to fill out the large majority of this particular form so part one you're probably have to fill out three of the four boxes part two you're probably gonna have to fill out maybe about half of these things and then part three you're probably only gonna have to fill out about two three or four of these particular boxes and again if you're a more complicated business that has foreign transactions or foreign entities or you're a publicly traded company or you do accrual accounting instead of cash all of these type of things that makes it more complicated I do recommend going with a professional but for those of you that are just simply running an LLC perhaps out of your house maybe it's just a part-time a business kind of thing or you know just doing it yourself without a whole lot of partners you should be able to fill out this form yourself I run a small business myself I fill out these schedule K one's every single year it's not an issue and I haven't had any issues with the IRS so I'm just gonna go through and...
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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 2023 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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