Level 4

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where do I begin on an 1120S return

Forum|Forum|5 years ago
March 14, 2021
16 replies
78 views

Can you please tell me where I start when preparing form 1120s? Do I begin on page or section 1?

ProSeries Professional

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Best answer by rbynaker

I start with the trial balance. Then I usually have to go back to the books and clean up all of the things that are obviously wrong. Once you have a clean trial balance, it takes 10 minutes to drop the numbers in the boxes and then another 20 minutes to chase down the $2 rounding error that's throwing everything off-balance. 🙂

IRonMaN

Level 15

Information worksheet

Slava Ukraini!

dkh

Level 15

And after the information worksheet, I suggest Form 7004.

dascpa

Level 11

And after the 7004 (extension) form which is due by 03/15/2021 I suggest continuing education classes if you have no clue where to start. Remember to extend the state also if applicable.

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sharmoren0112Author

Level 4

That's a date I know VERY well. It happens to my birthday as well😃

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sharmoren0112Author

Level 4

Which form can I exclude on 1120S return, if income is less than $150,000?

IRonMaN

Level 15

Which form were you thinking you could exclude?

Slava Ukraini!

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sharmoren0112Author

Level 4

Schedule M or L. I think it's M

rbynakerAnswer

Level 13

I start with the trial balance. Then I usually have to go back to the books and clean up all of the things that are obviously wrong. Once you have a clean trial balance, it takes 10 minutes to drop the numbers in the boxes and then another 20 minutes to chase down the $2 rounding error that's throwing everything off-balance. 🙂

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