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For your corporate returns, 1120/1120S CORPORATION system has the program depth and ease of use you need to complete these returns with maximum productivity
1120/1120S CORPORATION Features Checklist
1120/1120S CORPORATION FEATURES
- All 1120/1120S states
- Transfer of all income, loss, and expense items needed to track AAA for S corporations
- Automatic Schedule L and M-1 rounding options
- Ability to enter Schedule K-1 information from other passthrough entities in one location for automatic transfer to forms
- Annualization of tax liabilities for short-year clients
- Multiple Forms 4562 for multiple activities including a summary
- Controlled group allocations and calculations for S and C corporations
- Automatic tracking of carryovers for NOLs, 1231 losses, capital losses, charitable contributions, general business credits, and the foreign tax credit from year to year
- Summary of rent and royalty properties for 1120S
- Handles short-year and 52/53 week clients including 2200 short-year calculations
- Prints a collated shareholder package with all the federal and state forms for each shareholder
- Ability to track shareholder stock and loan basis
- 1120S shareholder weighted average ownership percentages allowing up to 24 changes per year
- Ability to select which shareholder gets rounding amounts
- Ability to print shareholder Schedule K-1 instructions for each shareholder
- Handles up to 160 shareholders per 1120S Return
- Ability to enter all state apportionment information in one place
- Easily change client from C to S status
- 1120S shareholder calculations for termination of interest under IRC 1377(a)(2)
1120/1120S CORPORATION AUTOMATIC CALCULATIONS
- Calculation of recapture amounts under Section 179 and 280F(b)(2) when business use of an asset drops to 50% or less
- Special deductions for dividends
- Charitable contribution limitations
- Travel and entertainment limitations
- Net operating loss deductions
- Section 179 expense limitations
- Schedule M-1 book/tax differences including depreciation and amortization
- S as C Worksheet (shows taxable income of S-corporation as if it were a C-corporation)
- 1120S shareholder weighted average ownership percentages allowing up to 24 changes per year
- Large corporation estimated tax calculation
- Accrual of federal and state liabilities and the related page 1, Schedule L and Schedule M-1 adjustments
- Schedule M-1 net income per books
- Optimization between Form 1120H and 1120 for homeowners' associations
1120/1120S CORPORATION WORKSHEETS
- Adjusted Current Earnings
- Controlled Group of Corporations Election
- Diagnostics
- Dividends Received Deductions
- Estimated Tax Payments
- Foreign Tax Credit Carryover
- K-1 Reconciliation
- Late Filing Interest and Penalty
- NOL and Contributions Carryover and carryback (Regular Tax and AMT)
- Oil/Gas Well Schedule
- Other Carryovers (general business credit, net capital loss, Section 1231 losses)
- Rent and Royalty Summaries for Corporation and Shareholder Reporting
- Shareholder Basis with Suspended and Disallowed Losses
- Small Corporation Exemption
- Tax Accrual Journal Entry
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- Tax Computation
- Tax Projection
- Two-Year Comparison
- 1120S Excess Net Passive Income Tax
- 1120-F US Net Equity
- 1120S PassThrough Sales Worksheet
- 1120-REIT Built-in Gains Tax
- 1120S Retained Earnings Reconciliation
- 1120S Rent and Royalty
- 1120S IRC 1377 (a)(2) (for corporation and shareholder reporting)
- 1120S Shareholder's Distributive Share from PassThrough Entities (for shareholder reporting)
- 1120S Schedule K-1 Summary
- 1120S Shareholder Analysis of Low-Income Housing Credit
- 1120 PHC Income Tax
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NOTE: Other worksheets available
1120/1120S CORPORATION REPORTS
- Consolidated (C Corporation)
- Depletion
- Depreciation
- Shareholder's Oil/Gas Well Income
- Shareholder's PassThrough Entities
- Shareholder's PassThrough Sales (Section 179)
- Shareholder's Rental Report
1120/1120S CORPORATION STATE and LOCAL SOFTWARE
- Alabama *
- Alaska
- Arizona
- Arkansas°
- California *
- Colorado *
- Connecticut *
- Delaware
- District of Columbia
- Florida *
- Georgia *
- Hawaii
- Idaho
- Illinois *
- Indiana *
- Iowa°
- Kansas
- Kentucky *
- Kentucky Cities
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- Louisiana
- Maine
- Maryland
- Massachusetts *
- Michigan SBT
- Michigan Cities
- Minnesota *
- Mississippi *
- Missouri *
- Missouri Cities
- Montana
- Nebraska
- New Hampshire
- New Jersey
- New Mexico
- New York *
- New York City *
- North Carolina
- North Dakota
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- Ohio *
- Ohio Cities
- Oklahoma
- Oregon°
- Oregon Business
- Pennsylvania
- Pennsylvania Cities
- Rhode Island
- South Carolina *
- Tennessee
- Texas
- Utah
- Vermont
- Virginia *
- West Virginia
- Wisconsin
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° New for 2004
* Non-calculating form
1120 CORPORATION FORMS and SCHEDULES
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851
966*
970*
982*
1120
1120-A
1120-F
1120-H
1120-POL
1120 REIT
1120SF*
1120X
1120-W*
1122
1118
1118, Pg. 3-9*
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1138*
1139
2220
2220, Sch. A
2553*
2848
3115
3468*
3800, Pg. 1
3800, Pg. 2*
4136
4255*
4466
4562
4626
4684
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4797
4835
5471
5471, Sch. J
5471, Sch. M
5471, Sch. N
5471, Sch. O
5472
5735*
5884
6198
6252
6478
6765
6781
7004
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8050
8109
8271
8275*
8283
8586
8594*
8609
8609, Sch. A
8697*
8716*
8810
8820*
8821
8822*
8824, Pg. 1
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8824, Pg. 2*
8826
8827
8830
8833*
8834*
8835*
8842
8844
8845
8846
8847*
8848*
8860*
8861
8873*
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8874*
8879-C
8881
8882
8884*
8886*
Schedule D
Schedule F
Schedule H*
Schedule N
Schedule PH
SS-4*
TD F 90-22.1*
W-7P*
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* Non-calculating form
1120S S-CORPORATION FORMS and SCHEDULES
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1120S
1120SF*
1120-W*
966*
970*
982*
2220
2220, Sch. A
2553*
2848
3115
3468*
4136
4255*
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4466
4562
4684
4797
4835
5471
5471, Sch. J
5471, Sch. M
5471, Sch. N
5471, Sch. O
5472
5735*
5884
6252
|
6478
6765
6781
7004
8050
8082*
8109
8271
8275*
8283
8586
8594*
8609
8609, Sch. A
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8697*
8716*
8752*
8820*
8821
8822*
8824, Pg. 1
8824, Pg. 2*
8825
8826
8830
8833*
8834*
8835*
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8842
8844
8845
8846
8847*
8848*
8860*
8861
8869*
8873*
8874*
8879-S
8881
8882
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8884*
8886*
Schedule D
Schedule F
Schedule K-1
Schedule N
SS-4*
TD F 90-22.1*
W-7P*
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* Non-calculating form
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1120 CORPORATION