S Corporation Tax Organizer

  • S Corporation Tax Organizer

  • S Corporation General Information

  • Format: (000) 000-0000.
  • Did the corporation have a change of business name or address during the year?
  • Was the primary purpose of the S corporation’s activity to realize a profit?
  • Accounting method
  • Does the corporation file under a calendar year? (If no, what is the fiscal year?)

  • S Corporation Specific Questions

  • Did the corporation hold an annual meeting with shareholders with a record of minutes maintained?
  • Was the corporation a C corporation before it elected to be an S corporation?
  • Is any shareholder in the corporation a disregarded entity, a partnership, a trust, an S corporation, or an estate?
  • Did the corporation own directly 20% or more, or own, directly or indirectly, 50% or more of the total stock issued and outstanding of any foreign or domestic corporation?
  • Did the corporation own directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital in any foreign or domestic partnership or in the beneficial interest of a trust?
  • Did the corporation have any outstanding shares of restricted stock at the end of the tax year?
  • Did the corporation have any outstanding stock options, warrants, or similar instruments at the end of the tax year?
  • Did the corporation have any non-shareholder debt that was cancelled, forgiven, or had terms modified to reduce amount of principal?
  • Was the corporation’s S election terminated or revoked during the year?
  • At any time during the year, did the corporation have an interest in, or signature authority over a financial account in a foreign country?
  • Was there a distribution of property or a transfer (by sale or death) of a shareholder interest during the tax year?
  • Does the corporation satisfy the following conditions? • The corporation’s total receipts for the tax year were less than $250,000, and. • The corporation’s total assets at the end of the tax year were less than $250,000
  • Did the corporation pay $600 or more of nonemployee compensation to any individual? If yes, include a copy of Form 1099-MISC for each.

  • Principal Shareholders Ownership Information

  • Rows

  • Shareholders – Provide the following information for any shareholder who was an officer or 2% or more owner of the corporation during the year

  • Rows

  • All Clients – Additional information and documents required

    • Provide the business income/financial statements for the year (perbooks), balance sheet, depreciation schedule per books, and cashreconciliation of all business bank accounts with ending cash balances.
    • If the S corporation has employees, provide a copy of Form W-3,Form 940, Form 941, and any state quarterly tax filing reports.
    • If the S corporation made payments of $600 or more to independentcontractors, provide copies of Form 1099-MISC issued.
    • If any shareholders live in a different state or outside the UnitedStates, provide details. The corporation may be subject to withholdingrequirements.

  • New Clients – Additional information and documents required

    • Provide a copy of the Articles of Incorporation, bylaws, and anycorporate resolutions.
    • Provide a copy of the depreciation schedules for book, tax, and AMT.
    • Provide copies of returns for the last two years, including state returns. Enclose a copy of IRS Form 2553, Election by a Small Business Corporation,and IRS acceptance.
  • Date incorporated
     / /
  • Date of S corporation election
     / /

  • S Corporation Balance Sheet

  • Corporation assets at year end

  • Corporation debts and equity at year end

  • S Corporation Income (include all Forms 1099-K received)

  • S Corporation Cost of Goods Sold (for manufacturers, wholesalers, and businesses that make, buy, or sell goods)

     

  • S Corporation Expenses

  • Format: (000) 000-0000.

  • Car Expenses

  • Car available for personal use during off-duty hours?
  • Do you (or your spouse) have any other cars for personal use?
  • Do you have evidence?
  • Is your evidence written?
  • Did you trade in your car this year?

  • Car Mileage

  • Car Actual Expenses

  • Generally, you can use either the standard mileage rate or actual expenses to figure the deductible costs of operating your car for business pur- poses. However, to use the standard mileage rate, it must be used in the first year the car is available for business. In later years, you can then choose between either the standard mileage rate method or actual expenses.

    Equipment Purchases – Enter the following information for depreciable assets purchased that have a useful life greater than one year

  • Rows
  • Rows

  • S Corporation Business Credits (if answered Yes for any of the below, please provide a statement with details)

  • Did the corporation pay expenses to make it accessible by individuals with disabilities?
  • Did the corporation pay any FICA on employee wages for tips above minimum wage?
  • Did the corporation own any residential rental buildings providing qualified low-income housing?
  • Did the corporation incur any research and experimental expenditures during the tax year?
  • Did the corporation have employer pension plan start-up costs?
  • Did the corporation pay health insurance premiums for employees?

  • Tax Return Preparation

  • We will prepare the corporation’s tax return based on information provided. In the event the return is audited, you will be responsible for verifying the items reported. It is important that you review the return carefully before signing to make sure the information is correct. Unless otherwise stated, the services for preparation of the corporation’s return do not include auditing, review, or any other verification or assurance.

  • Taxpayer Responsibilities

    • You agree to provide us all income and deductible expense information. If additional information is received after we begin working on the return, you will contact us immediately to ensure the completed tax returns contain all relevant information.
    • You affirm that all expenses or other deduction amounts are accurate and that you have all required supporting written records. In some cases, we will ask to review documentation.
    • You must be able to provide written records of all items included on the return if audited by either the IRS or state tax authority. We can provide guidance concerning what evidence is acceptable.
    • You must review the return carefully before signing to make sure the information is correct.
    • Fees must be paid before the tax return is delivered to you or filed for you. If you terminate this engagement before completion, you agree to pay a fee for work completed. A retainer is required for preparation of late returns.
    • You should keep a copy of the tax return and any related tax documents. You may be assessed a fee if you request a copy in the future.
    • Signatures. By signing below, you acknowledge that you have read, understand, and accept your obligations and responsibilities.
  • Date
     - -

  • Privacy Policy

  • The nature of our work requires us to collect certain nonpublic information. We collect financial and personal information from applications, worksheets, reporting statements, and other forms, as well as interviews and conversations with our clients and affiliates. We may also review banking and credit card information about our clients in the performance of receipt of payment. Under our policy, all information we obtain about you will be provided by you or obtained with your permission. Our firm has procedures and policies in place to protect your confidential information. We restrict access to your confidential information to those within our firm who need to know in order to provide you with services. We will not disclose your personal information to a third party without your permission, except where required by law. We maintain physical, electronic, and procedural safeguards in compliance with federal regulations that protect your personal information from unauthorized access.

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