1120S Balance Sheet

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  • #5264
    SomeDude
    Participant

    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?

    #6635
    Lewis-H
    Participant

    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.

    Accountant
    O365CloudExperts

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