Does an S Corporation file one 1120-S for multiple businesses structured under its legal umbrella?

Forum|Forum|6 years ago
December 7, 2019
1 reply
19 views

Client has an S Corporation that operates multiple businesses. Can he file one 1120-S for all DBAs formed under the same S corporation? And if yes, how to report earned income and expenses from each DBA on the same 1120-S as a single filing? Do we need to attach statements, specifying which income/expense belong to which DBA?

ProSeries Professional

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Best answer by sjrcpa

One 1120S. Do a "comsolidation" spreadsheet and enter the totals in the software.

sjrcpaAnswer

Level 15

One 1120S. Do a "comsolidation" spreadsheet and enter the totals in the software.

The more I know the more I don’t know.

rbynaker

Level 13

For QBI reporting purposes you might have more than one activity. Something to consider if you think things may matter downstream (i.e. if one or more shareholders is over the $157/315K threshold.) I have one of these, one S Corp, two completely distinct activities (separate bank accounts, separate business licences, separate Quickbooks files). One owner who's under the $157.5K so I'm probably not going to bother spinning my wheels on activity reporting but if I didn't know he's under $157.5K and wages/ubia might matter I would probably report them as two activities. I have yet to jump through ProSeries hoops to figure out how (if?) this can be done. Don't know your situation, just thinking out loud.

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