Form 1120S and the Commonly Filed Forms Along With It

Form 1120S is the tax return form used by S corporations to report their income, gains, losses, deductions, and credits to the Internal Revenue Service (IRS). In addition to Form 1120S, there may be several other forms that need to be filed along with it depending on the type of business and the information it needs to report. Some of the commonly filed forms along with Form 1120S are:

Schedule K-1: This form is used to report the share of each shareholder's income, deductions, and credits from the S corporation.

Schedule L: This form is used to report the balance sheet of the corporation

Schedule M-1: This form is used to reconcile the income, deductions, and credits reported on the return with the corresponding financial statements.

Schedule M-2: This form is used to report the analysis of accumulated adjustments account (AAA) and accumulated earnings and profits (E&P)

Form 4562: This form is used to claim depreciation and amortization deductions.

Form 8825: This form is used to report rental real estate income and expenses.

Form 8995 or 8995-A: This form is used to claim the qualified business income (QBI) deduction.

Form 940 and 941: These forms are used to report and pay employment taxes such as Federal Unemployment Tax and Federal Income Tax Withholding.

Form 4797 is used to report the sale or exchange of certain types of property, including real estate, timber, coal, or iron ore. This form is used to report the gain or loss from these types of transactions, and it is typically filed along with the business's Form 1120S.

Form 1125-A is used to report the cost of goods sold for the business. This form is used to calculate the cost of goods sold (COGS) for the business and then deducting it from the gross receipts to arrive at the gross profit. The form is typically filed along with Form 1120S.

Form 1125-E is used to report compensation of officers. This form is used to report the compensation paid to the officers of the S corporation. The form is typically filed along with Form 1120S.

Other Deduction : statement need to explain for deduction .

Undeposited funds" typically refers to money that a business