For the 2023 tutorial:    • How to File a Final Form 1120S for t...  

In this video tutorial, I cover all of the steps to file a simple Form 1120S for the 2022 tax year. The sample company is a Corporation operating a restaurant in Florida. The corporation is owned by two individuals (John & Jane). John acts as merely an equity investor (not an active participant) while Jane serves as the company CEO and manager of the business.

The corporation Form 1120S covers the following elements:

1. Two shareholder corporation taxed as an "S" corporation for federal tax purposes (company filed Form 2553)
2. Complete the full Form 1120S (Pages 1 through 5)
3. Form 1125A for Cost of Goods Sold (COGS)
4. Form 1125E for officer compensation
5. Form 4562 for Bonus Depreciation
6. Schedules K1, K2 & K3
7. Basis worksheets for Shareholders
8. De minimis safe harbor elections Treas Reg. 1.263(a)1(f)

For other form tutorials that might be applicable to your return, check our videos here:

S Corp Health Ins:    • How to Deduct Health Insurance for S ...  
Schedule B1 Disclosure:    • Form 1120S Schedule B1....Disclosur...  
Form 8869 Q Sub Election:    • How to Prepare IRS Form 8869  Qualif...  
How is Income Allocated?    • How Is Income Allocated for an S Corp...  
S Corp Debt Forgiveness:    • S Corporation Debt Forgiveness  Is i...  
S Corp Restricted Stock:    • S Corporation Restricted Stock Disclo...  
Deducting Business Gifts:    • Can Business Gifts Be Tax Deductible?  
Did your S corp election terminate?    • Inadvertently Terminate your S Corpor...  
Form 1120S with No Activity:    • Do I Need to File Form 1120S if no A...  
S Corp Tax on Net Passive Income:    • S Corporation Subject to the Net Pass...  

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DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Selfhelp services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorneyclient or confidential relationship. This video does not include information about every topic or issue related to these informational materials.

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