Confirmed By
S Corp Business Tax Return (1120-S Box A)
Helps Determine
S Corp Books Start Date
1st of the month of the S Corp Effective Date... if Collective is filing the S Corp's first 1120-S.
1st of the year of the first 1120-S filed by Collective... If Collective is not filing the S Corp's first 1120-S.
All business transactions, from all business and personal accounts, are imported to the S Corp's Financial Books... as long as the transaction is dated after the S Corp Books Start Date.
The transactions are categorized to produce Financial Statements
Financial Statements are:
reported in the 1120-S Business Tax Return
used in Quarterly Tax Estimate Payment calculations
used to measure the company's financial performance over time
used in loan applications
First Payroll Date
Within the first year of the S Corp Effective Date, payroll for reasonable compensation for the S Corp's Owner/Employee must be submitted with a payroll company.
First 1120-S Business Tax Return Year Start Date
The first year the S Corp needs to file an 1120-S
The first of the month of the S Corp Effective Date
Schedule C 1040 Individual Tax Return End Date
If your business had activity before your S Corp Effective Date,
and your S Corp Effective Date is February 1st or after,
you'll gather and submit all transactions for January 1 through the Month Prior to the S Corp Effective Date
Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.