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Form 1120-S (Schedule K-1) for Raleigh North Carolina: What You Should Know
It includes the following: Overview of the Company (Step 2: Formation, Step 1: Formation Preparation) The Corporation (Steps 25-28) S Corporation Income Reporting (Step 2-3) The Internal Revenue Code and Schedule Q The Corporate Income Tax (Step 3-4) The Capital Gains and Losses (Step 4-5) The Taxation of S Corporation Investment Income (Step 6-7) The Taxation of S Corporation Business Asset Acquisition and Disposition (Step 8-9) This training is designed to get the accountant up-to-speed quickly with S-corporation formation and preparation issues as well as a complete tax accounting for a corporation's profits, income, deductions and credits. It includes the following: Step 5: The Form 1120S and Schedule K Forms 1120S/K — (Form 1120-S) and Schedule K — (Schedule K) The following information must be included on the Schedule K: (1) Name and principal address of the corporation or the S corporation (2) Name of each director and officer (including their addresses and titles) The following information must be included on the Schedule K: (1) Principal place of business, principal office of organization, principal place of business of each officer, principal place of business for each director during the taxable year, and (2) Total amount of receipts and amounts paid in. The total amount of gross receipts and gross income includes income from all sources. Gross income includes: (a) Net income; (b) Interest, dividends and rents; (c) Gross receipts from sales of property or services; (d) Income from the sale of property; (e) Profit; (f) Distributions; and (g) Other amounts not elsewhere classified. Other amounts not elsewhere classified are any net capital gains. The sum of all gross income (plus capital gains) is the total of all taxes. Note 2: If you have an S corporation that did not file in the state it is located in, you must enter on line 27 of the Schedule M (and on the Schedule K) the amount of any tax that has been paid to your state for that state.
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