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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