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Information needed to prepare your S-corp tax return

To accurately prepare an S corporation's tax return, we will need to collect the following information from you by February 15th (Reminder: Entity returns for S-Corps and Partnerships are due March 15th, not April 15th):


General Information

  • Entity Information (this can usually be obtained from the prior year tax return)

    • Legal name

    • Employer Identification Number (EIN)

    • Date of formation

    • Principal place of business

    • Fiscal year-end

  • Shareholder Information:

    • Names, addresses, and Social Security Numbers of all shareholders   

    • Number of shares owned by each shareholder   

    • Date of acquisition of shares   

    • Basis in each share


Income and Expense Information (a reconciled Profit & Loss statement is ideal)

  • Income:

    • Gross receipts from sales and services

    • Interest income

    • Dividend income

    • Rental income

    • Capital gain/loss income

    • Other income (specify)

  • Expenses:

    • Cost of goods sold

    • Officer salary

    • Salaries and wages paid to employees

    • Rent expense

    • Utilities expense

    • Insurance expense   

    • Interest expense

    • Taxes and licenses

    • Legal and professional fees   

    • Office supplies and expenses

    • Travel expenses   

    • Other expenses (specify)


Payroll Information

  • W-2 Forms: For yourself (and all employees if applicable)

  • W-3 Form: Summary of W-2 wages and taxes

  • 941 Forms: Employer's Quarterly Federal Tax Return   

  • 940 Form: Employer's Annual Federal Unemployment (FUTA) Tax Return

  • State and Local Payroll Taxes: Information on state and local taxes withheld from employee wages


Other Information

  • Bank Statements: To verify income and expenses, especially year end statements that match reconciled balances on balance sheet.

  • Loan Documents: For any loans taken out by the corporation

  • Lease Agreements: For any leased property

  • Insurance Policies: For any insurance coverage

  • Prior Year Tax Returns: To compare and identify any changes

  • Proof of purchase: for any major equipment or assets bought during the tax year

  • Proof of sale: for any assets sold or date of disposal for any assets disposed of during the tax year

  • Any other relevant documents: Such as contracts, invoices, receipts, accountable plan, etc.   


I hope this list is helpful in gathering the information that your tax professional will need to complete your S-corporation tax return.

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