How to File Form 1120-S for 2022 - Restaurant Example

For the 2023 tutorial:    • How to File a Final Form 1120-S for t...  

In this video tutorial, I cover all of the steps to file a simple Form 1120-S for the 2022 tax year. The sample company is a Corporation operating a restaurant in Florida. The corporation is owned by two individuals (John & Jane). John acts as merely an equity investor (not an active participant) while Jane serves as the company CEO and manager of the business.

The corporation Form 1120-S covers the following elements:

1. Two shareholder corporation taxed as an "S" corporation for federal tax purposes (company filed Form 2553)
2. Complete the full Form 1120-S (Pages 1 through 5)
3. Form 1125-A for Cost of Goods Sold (COGS)
4. Form 1125-E for officer compensation
5. Form 4562 for Bonus Depreciation
6. Schedules K-1, K-2 & K-3
7. Basis worksheets for Shareholders
8. De minimis safe harbor elections Treas Reg. 1.263(a)-1(f)

For other form tutorials that might be applicable to your return, check our videos here:

S Corp Health Ins:    • How to Deduct Health Insurance for S ...  
Schedule B-1 Disclosure:    • Form 1120-S Schedule B-1....Disclosur...  
Form 8869 Q Sub Election:    • How to Prepare IRS Form 8869 - Qualif...  
How is Income Allocated?    • How Is Income Allocated for an S Corp...  
S Corp Debt Forgiveness:    • S Corporation Debt Forgiveness - Is i...  
S Corp Restricted Stock:    • S Corporation Restricted Stock Disclo...  
Deducting Business Gifts:    • Can Business Gifts Be Tax Deductible?  
Did your S corp election terminate?    • Inadvertently Terminate your S Corpor...  
Form 1120-S with No Activity:    • Do I Need to File Form 1120-S if no A...  
S Corp Tax on Net Passive Income:    • S Corporation Subject to the Net Pass...  

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