S corporation tax preparation requires coordination between Form 1120-S, Schedule K-1, payroll, shareholder basis, distributions, and the shareholder’s Form 1040.
Key Issues
- reasonable compensation;
- stock and debt basis;
- Form 7203;
- distributions exceeding basis;
- loss limitations;
- shareholder loans;
- health-insurance reporting;
- retirement contributions; and
- Colorado Form DR 0106.
Bundled Preparation
Preparing the 1120-S and shareholder’s 1040 together helps reduce inconsistencies and supports better planning.
Discuss Your Tax Preparation and Planning Needs
Work with a Colorado attorney and CPA for coordinated business, individual, rental, and planning services.