My 1120S balance sheet doesn’t match my Quickbooks balance sheet because I have included a value for assets of the business (primarily intellectual property and goodwill.)
I’m not sure which is more proper. Should I quit putting that value on the 1120S balance sheet (I put it in on Line 14 Other Assets) or should I somehow add it to Quickbooks? If so, how would you add it to Quickbooks?
Although an S corporation does not usually have to pay taxes, it does have to file federal taxes, which involves the completion of the federal S 1120 form. … You must keep a copy of the completed tax return and the balance sheet on file for three years since the Internal Revenue Service may choose to audit the business.