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West Palm Beach Florida Form 1120-S (Schedule K-1): What You Should Know

Forms 1120-S, Schedules K-1 and Schedules K-2) Sep 11, 2023 – 6699 will be replaced with Form 6251. This form calculates the tax, or penalty, for the period of time the corporation has failed to report the appropriate required information. The form provides a list of the information to be reported. It also shows the penalty, if any, that must be paid. The penalty is computed based on net income minus taxes and interest, and then divided by  200,000, if the corporation is a C corporation, or by  600,000, if the corporation is an S corporation.

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