How to Prepare S-Corp Tax Return - ProSeries Software

[@eataxresolutions]

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[@klspillai]

This video helped me understand the simple 1120S retained earning reconciliation. I would appreciate it if you could post a video of a more complex reconciliation that includes income and expense adjustment entries as well. Thank you very much.

[@eataxresolutions]

Will do!

[@shalondawallace3165]

Do you have a video on a LLC being taxed as a scorp for the 1st time?

[@BlancaRodriguez-ih9uy]

Wow Senorita, very educational, I will need some training from you!!!

[@ollatn3617]

Thank you! please show how to do if 1120S corp has PAYROLL AND SALE TAX

[@TUSHARHii]

Thanks for the video, i am tax Preparer and you told right most important thing is the retained earnings.

[@Willishere]

Can you show how the worksheet calculated depreciation for $6400?

[@rulax8254]

Thank you

[@WalterCueva]

Would that same steps apply for C-corp?

[@eataxresolutions]

Unfortunately not. The C-Corp is a totally different tax return.

[@carrie4579]

Is it allowed that 1120S keeeps retained earning? Whether retained earnings is supposed to be distributed by K1 to be taxed on 1040?

[@eataxresolutions]

You are allowed to have retained earning with the S-Corp

[@marketbuy]

Question #11 in the Schedule B under 1120S. Does the corporation satisfy BOTH of the following conditions? My answer is NO a. Corporation’s total receipts for the tax year were less than $250,000? b. Corporation’s total asset at the end of the tax year were less than $250,000? If “YES”, the corporation is not required to complete Schedule L and M-1 Question, my answer to above for A) NO. B) YES Since I did not satisfy both conditions as “YES”, it sounds like I may not need to complete Schedule L and M since I only satisfied one of the two conditions as YES. Confused….. Please help to confirm. Thank you 🙏

[@eataxresolutions]

You are correct. You will need to complete schedule L and M-1 since the corporations assets were more than $250,000.

[@wattsobx]

What was the answer?

[@ashm2249]

What credentials are needed to prepare taxes for an Scorp? Can this be done as just a PTIN holder?

[@Goddess8888-Winner]

File form 2553 for s corp tax election. Tax year can be backdated. Just state reason such as " not informed that LLC can be elected to be tax as a S corp".

[@klspillai]

Yes, a PTIN holder who knows prepare S Corp tax returns can prepare and file. Additional credentials are not required.

[@Goddess8888-Winner]

So i most likely have excess distribution since the S corp purchased personal properties under my name. I am 100% shareholder. How can i avoid taxes on this distribution??

[@eataxresolutions]

Hey! I went over your comment in my most recent livestream! Hope this helps! If you have any other questions I go live every Monday at 4P.M. PST. Be sure to stop by and ask your TurboTax Question. The link is time stamped to when i answered your question. kzbin.infoozFJYOmHHdI?si=JDt4OLQl8EtMQQix&t=2509

[@themeditationshaman815]

I'm not sure I'm understanding as to why you are comparing the balance sheet for end of year for 2018 to the balance sheet of the end of 2019? Of course they are going to be different they are from two different years. Shouldn't you be comparing end of 2018 with beginning of 2019?

[@eataxresolutions]

Good question, the Tax Return ending Retained Earnings for 2018 is the final number (adding the net income minus distribtuions) whereas in the Books you see those numbers displayed separately. That's why you need to look at the following year's retained earnings and that will total the same amount as the tax return for the previous year.

[@xiulingsu5175]

The END of 2018 and BEGINNING of 2019 is the same number

[@CarlosMoran._.137]

Does S-corp have retaining earnings?

[@eataxresolutions]

Yes, it can

[@Willishere]

She sounds latina, great explanation 🎉