IRS Form 1120-S Archives - John R. Dundon II, Enrolled Agent
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IRS Form 1120-S Tag

23 Oct

Posted at 00:00h in Asset Classification, Capital Gain, Corporation, Income, Self Employ, Small Business, Sub-chapter S, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests

Unless you elect different treatment, for shareholder income tax purposes S corporation distributions are applied in the following order: 1. To reduce the Accumulated Adjustment Account (AAA) determined without regard to any net negative adjustment for the tax year but not below zero. According to IRC 1368 if...

18 Nov

Posted at 00:00h in Small Business, Sub-chapter S

For those of you just now starting to get failure to timely file notices for your Subchapter S Corporation, the only relief available to the S corporation for the failure to timely file penalty under §6699 is reasonable cause. There are no provisions like those in...

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